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ANZEIGE



 Feb
 07
 2019



Christopher

Hello,

Welcome to a new edition of The Spin. Versace's new parent company seems to have some winning and not so winning labels in its stable but now says it will have a better than expected year. Retailers are struggling across the board and NYC seems to have lost its interest in menswear a bit. Enjoy the read. Best, Christopher



brands

Capri's quarter. Capri Holdings (fka Michael Kors) released its Q3 results yesterday and they were mixed. Net income was down due to slowing jewelry and watch sales and a 4 percent drop in sales at the Michael Kors brand. However, adjusted earnings were up and exceeded analysts' expectations because revenue at Jimmy Choo rose nearly 41 percent. The conglomerate did not include numbers from its most recent acquisition, Versace, but increased its annual sales guidance to $5.22 billion from $5.13 billion.



Emasculating. Although many consider last night's uncharacteristically understated Tom Ford show the kickoff to the latest edition of New York Fashion Week, the event actually began on Monday and included three days of men's shows and presentations by mostly up-and-coming designers and labels. Three years after the CFDA decided to launch a dedicated event for menswear, interest in it has waned (paywall) and financial support has been rescinded. However, weakened as it is, it continues to soldier on.



Sneaker scuffle. They settled a trademark infringement lawsuit about a year ago and now Skechers and Adidas are back in court over whether the former has copied the latter's signature three-stripe design. After getting cease and desist letters from Adidas over the four-stripe Goldie-Peaks model, Skechers is suing Adidas in a California federal court saying that the claim is "baseless." As evidence, it has included pictures of sneakers by other brands with multicolored side stripes.



Pandora's plan. Troubled Danish jewelry company Pandora is on a mission to turn itself around and seems to already be doing so as its Q4 revenue beat expectations and rose nearly 4 percent. To further improve things, its so-called Now program (press release) aims to cut about $184 million in costs by reducing promotions, buying back inventory and upgrading its stores, products and marketing. Its organizational structure will also soon be altered.





people

David departs David. David Thomas, who has served as the CEO of Australian department store David Jones for nearly a year and a half has resigned due to "personal reasons." His yet-to-be-named successor will be the store's fourth CEO in five years. South African Woolworth Group acquired David Jones, which recently reported improving sales in the first half of its fiscal year, in 2014.





retail

Treading water. A newly released survey by professional services firm BDO reveals that more than half (54 percent) of the 300 retail companies worth $50 million to $3 billion questioned say they are merely surviving rather than thriving in the current business climate. Most say they are just breaking even rather than seeing extensive growth. The survey included specialty, discount, big box and department stores and pure-play e-comm players.



Abandoning appliances. Struggling US retailer JCPenney will stop selling appliances and most furniture at the end of February in order to concentrate on apparel sales. New CEO Jill Soltau has also approved a store redesign and an overall reduction of inventory as part of her promise of "quick action" to revitalize the chain, which has operated in the red since 2010.





markets

Recycling report. The UK's Waste and Resources Action Programme, or WRAP, has just published a new report that outlines the practicality of using post-consumer content clothing and textiles in that nation. It recommends using recycled cotton and polyester and reducing the use of dyes and trims to make recycling easier, among other suggestions.







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