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 Feb
 13
 2019



Christopher

Hello,

Happy midweek and welcome to a new edition of The Spin. Both Kering and Under Armour have released their latest quarterly reports and while one is glowing the other shows problems at home. One British retailer just got a beneficial bridge loan while another continues to make inroads in India. And Hollywood legends will soon need to start forgetting about fur. Best, Christopher



brands

An excellent year. Gucci's parent Kering released its earnings report for 2018 yesterday and the news was good – especially for its breakout Italian brand. Comparable sales at the luxury conglomerate grew almost 30 percent to €13.7 billion, with Gucci sales accounting for more than €8 billion. Gucci continues to perform well in China and with millennials and Kering is confident it will continue to grow thanks to new fragrances and cosmetics products. Kering added that will also continue to pursue additional acquisitions.


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Trouble at home. Baltimore-based Under Armour also released its latest financial numbers yesterday and while they beat analysts' expectations with sales rising significantly in Asia and Europe (translated by Google) they continued to decline in North America by about 6 percent in the quarter. The company's total worldwide annual revenue was $5.19 billion.



Courting consumers. Italian footwear trade show Micam is expanding its event portfolio and will debut a new B2C sneaker gathering called Plug-Mi in Milan in September. The show (in Italian) will use ComplexCon as a template and will introduce sneakerheads to European brands and styles. In 2017 26.9 million pairs of sneakers were sold in Italy. The global sneaker market is expected to be worth $115.6 billion by 2023.



Wardrobe wanted. Wardrobe NYC is a relatively new online brand by native Australians Christine Centenera and Josh Goot that is receiving media hype for its unique concept of selling its apparel in sets only – either in four- or eight-piece wardrobes. To mark the launch of its third collection called "Street" for men and women the label has just opened its first physical store in New York's SoHo neighborhood. The shop will be open through March 24 and also stocks the brand's two prior collections, "Tailored" and "Sport."





retail

Thrown a lifeline. Troubled British retail chain Debenhams got a shot in the arm yesterday by securing a £40 million bridge loan to help it transform its business in the next 12 months. It is also now working with global apparel supplier Li & Fung to increase the quality of its in-house merchandise. The ultimate fate of the department store remains in the air however as it is due to pay back millions in additional debt next year.



Indian increase. These days Marks & Spencer is all about India, its second largest market outside its native UK. The retail chain has been present in India since 2001 and currently operates 71 stores there – with six more to be added in the next 60 days. M&S also just released its first promotional campaign created especially for the Indian market.





markets

LA limitation. As of January 1, 2021 it will be illegal to sell or manufacture new real animal fur in Los Angeles. The city counsel passed the ordinance yesterday, making LA the largest American city yet to ban fur. The move comes just a few days after the city hosted the first ever Vegan Fashion Week and on the same day that Victoria Beckham announced that her line will no longer use exotic animal skins.





people

Macy's merchandiser. Patti Ongman, a 32-year veteran of Macy's, has been named (press release) the American department store's new chief merchandising officer, effective March 1, 2019. She will replace Jeff Kantor in the position, who is retiring. Ongman is currently Macy's EVP and general business manager for home goods.







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