Dec
 07
 2018



Christopher

Hello,

It's finally Friday – so here's one more edition of The Spin to take in before the week ends. The chairman of Sears is still trying to save the troubled chain but we won't know the end result for at least nine more days. A Chinese fashion app has gone public in the USA while a major US retailer is pulling out of China. And both Vivienne and Virgil have just launched new projects. Please enjoy the read and have a wonderful weekend. Best, Christopher



retail

Big bid. Yesterday ESL Investments, the hedge fund run by Sears Chairman Eddie Lambert, offered to acquire about 500 Sears and Kmart stores for $4.6 billion to save the now bankrupt chain from disappearing entirely. A bankruptcy court judge will need to approve the bid, which most of Sears' creditors oppose because they believe total liquidation is a better option. A deadline for additional bids has been set for December 15 and the court will decide after that what the next move will be.


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Mogu joins the market. Chinese fashion and cosmetics retailer Mogu raised $66.5 million in its initial public offering Wednesday on the New York Stock Exchange. The IPO was priced lower than expected – at $14 per share instead of $16 – and after opening at $12 the shares closed the day with a flat performance back at $14. The company, which is one of several Chinese tech firms to go public recently, is now valued at $1.3 billion and has an 8.1 percent penetration rate among apps that target women under the age of 24.



Chucking China. In other retail news relating to China, Macy's has exited from the marketplace there. The American department store is shuttering its online store on Alibaba's Tmall and will cease to have a presence in China by the end of the month. The retreat is a result of Macy's wanting to concentrate on strengthening its domestic business, which has improved of late.





brands

New name. VF Corp has rechristened its denim division which it plans to spin off by early next year into an independent, publicly traded company. Inspired by the contour of a perfect-fitting pair of jeans, the umbrella organization, which owns the Lee, Wrangler and Rock & Republic marks, is now called Kontoor Brands Inc. Once the separation is complete, Kontoor will he headquartered in Greensboro, North Carolina while VF will relocate to Denver.



Plaid pairing. Burberry has unveiled its new capsule collaborative collection with a fellow iconic British name – Vivienne Westwood. The offering includes classic Westwood pieces redone in Burberry's signature check. The campaign for the clothes was shot by David Sims and stars Kate Moss, Lady Fag and Westwood herself.



Hyped hue. The Pantone Color Institute has revealed its Color of The Year for 2019 and it's a golden orange called Living Coral. Inspired by coral reefs, it yet another choice based on nature like 2017's pick called Greenery. Patone says this rather retro shade is "humanizing" and emotionally nourishing. Living Coral unseats 2018's winner, Ultra Violet.





people

Drinking a double. Red hot designer Virgil Abloh is suddenly all about liquids. He has just been named as a new creative adviser of sustainable creative design at Evian mineral water where he will create new packaging and bottles and he has created apparel and packaging for Cha Cha Matcha, an uber-trendy tea-drink chain that will open its first location outside of New York, in Los Angeles, today. The new shop will give its first 100 customers the Abloh-designed sweatshirts and tees for free; the rest will be available for sale ($68 and $28 respectively).



Twitter toppers. Twitter has announced its most tweeted about celebrities in 2018 and the K-pop band KTS tops the list. LeBron James and Kanye West were number two and three respectively. Aside from ruling the Twitterverse, KTS are rapidly becoming "major global fashion influencers" according to Lyst.







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