Mar
 18
 2019



Caroline

Hello,

Welcome back to this new edition of The Spin. Today we are looking at Prada's financial results, which show the first revenue growth in 4 years. We have a sense of hopefulness with the increasing number of companies which have committed to sustainable cotton. Then we celebrate not one but two retail initiatives in New York: the Hudson Yards' mall and Showfields in the Noho district. Enjoy the new week. Best, Caroline.



brands

Crisis over. Prada is turning (paywall, translated by Google) a corner. The Italian institution reported (paywall) last week 2018' revenues of €3.14 billion, up 3%. It is the first time that the company has achieved revenue growth in 4 years. Prada is benefiting from its strategic shift 2 years ago to focus on store renovation, new products and online sales. Net profits of €205 million is still down 17.6%, but the CEO Patrizio Bertelli is trying to improve margins. Prada is scrapping end of winter and summer discounts.





markets

Better denim. A record number of brands are sourcing sustainable cotton through the Better Cotton Initiative (BCI). In 2018, 93 members sourced more than one million metric tons of "green" cotton, which represents an annual increase of 45%. There was enough cotton to make 1.5 billion of jeans. H&M, Adidas and Gap are among the top 5 BCI retailers. More is coming. Primark just launched denim jeans made from organic cotton.



Yellow fever. The Yellow vests fever erupted again, last Saturday on the Champs Elysees, in Paris. It was the 18th week of protests and several luxury stores, symbol of privilege were smashed up. The demonstrations had been shrinking from week-end to week-end, but this last saw a resurgence: The Fouquet's restaurant, Hugo Boss, Longchamp, Zara, Swarovski and Lacoste's windows were all broken. The Champs Elysees was just beginning to clean up its image with tourists.





retail

Live, work and play. Hudson Yards, the much anticipated mega development that is transforming New York City's West Side is now open to the public. With a price tag of $25 billion, Hudson Yards is an amalgam of office buildings, residences, public parks and a retail center featuring more than 100 shops. Luxury brands Neiman Marcus, Cartier, Dior...all rub shoulders with more affordable stores. The developer expects 125 000 people a day to show up, but it will take years for the offices and residences to fill up.



The alternative. In the shadow of spectacular Hudson Yards, another retail concept Showfields has opened in New York. Showfields is a 4 story building, in the Noho neighborhood. The building hosts a rotating selection of 30 digital brands, eager to tell their story in a brick and mortar space. Each brand, known for its themes of wellness, home or design, will stay put foe the next 4 to 6 months. Showfields, like Neighborhood Goods presents itself as an exciting alternative to department stores.





people

Italian divorce. Diesel CEO Marco Agnolin will step down (paywall, translated by Google) on March 28, when the board of directors meets. The former Inditex manager, who was nominated at Diesel in December 2017 was expected to generate momentum in the Italian company. The plan didn't work out: sadly, the parent group, OTB announced last year a decline of 2.4% of its €1.52 billion revenue and the US subsidiary of Diesel has recently filed for bankruptcy.



Vintage obsessed. The French woman Marie Blanchet has been appointed (paywall) CEO of William Vintage in London. The Parisian expert hails from Vestiaire Collective, where she was head of vintage. She is drown to anything Victorian, the 30s, the 60s and the 70s, epitomized by Yves Saint Laurent in his hey day. William Vintage has an online presence as well as a stand alone flagship in London. The new boss has a knack for finding Hermes bags, Yves Saint Laurent Le Smoking looks and Chanel jewelry.





last

Lagerfeld will be back. William Middleton, a former Paris bureau journalist of Women's Wear Daily is on the starting block to write Karl Lagerfeld' legend. He has signed (paywall) a book deal with Harper Collins for a biography to be published in 2021. The late designer will certainly inspire several writers, but William Middleton wants to distinguish his book by focusing on the most exciting moments of his life. For those who can't wait, there is (paywall) already Alicia Drake's Beautiful Fall, which addresses the rivalry between Karl Lagerfeld and Yves Saint Laurent.







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