Apr
 01
 2019



Christopher

Hello,

Welcome to a new week, a new month and a new edition of The Spin. Roberto Cavalli has exited from America after more than 20 years and Tom Ford may not have realized that California law forbids public use of a person's name or likeness until 70 years after his or her death. China continues to be an important market for foreign brands and a rapper and his wife have entered the fashion resale sphere. Plus you'll learn about the mysterious disappearance of a very valuable sneaker. Enjoy the read. Best, Christopher



brands

Bye-bye, American pie. Troubled Italian brand Roberto Cavalli has pulled the plug on its US subsidiary, ArtFashion Corp (founded in 1997), and ended all operations in the US. Its seven directly operated stores, one corner and four outlets there went out of business after closing on Saturday evening and all of ArtCorp's 93 employees have been let go. The US market accounted for 22 percent of the brand's direct sales. The company continues to develop a restructuring plan in its home country.



Sweater suit. Tom Ford, Neiman Marcus and Bergdorf Goodman are being sued by the son of late actor Steve McQueen for trademark infringement, false endorsement and unfair competition for selling cardigan sweaters by Ford called the McQueen Collection. The complaint, which Chadwick McQueen filed in a Los Angeles court on Friday, says that the designer and two retailers falsely give the impression in their promotions that the items have been authorized by McQueen's estate. It seeks at least $2 million in damages.





markets

Fine China... The current edition of Shanghai Fashion Week, which launched on Wednesday and runs until April 8, is a major draw for international brands. All told, 426 brands from 28 countries will participate in the event this season. Foreign names showing their collections include Reebok, which kicked off the week, Nicole Miller (paywall) and a several UK labels that received support to attend from the British Fashion Council.



... gets a tax break. Starting today China is reducing its VAT, or valued added tax, from 16 percent to 13 percent in an effort to boost the economy by about $90 billion. As a result of the cut, foreign brands including Louis Vuitton, Montblanc and Piaget are lowering their prices by 3 percent and retail platform Tmall Global is also adjusting them accordingly. The government hopes the reform will boost domestic sales and encourage consumers to buy at home instead of overseas.





retail

Skoal! The Q1 2019 numbers released by H&M on Friday seem to indicate that the fast-fashion chain is finally rebounding from its lackluster performance of late and seeing results from its plan to reduce discounting and invest more in e-commerce. Although pretax profit dropped for the seventh quarter in a row to 803 million Swedish kronor ($86.4 million), it was ahead of analysts' expectations of SEK525 million. In addition, net sales rose 10 percent. H&M shares rose nearly 16 percent in wake of the announcement.





people

Arabian accolades. Several Middle Eastern designers were honored at the very first Fashion Trust Arabia Prize ceremony in Doha, Qatar last Thursday. The winners, who will receive mentorships and up to $200,000 in funding included Salim Azzam and Roni Helou (ready-to-wear), Krikor Jabotian (womenswear) and Mukhi Sisters (jewelry) – all of whom are from Lebanon. Moroccan brand Zyne won for footwear and Egypt's Sabry Marouf took the best bags award. The event's high-profile attendees included Naomi Campbell and Victoria Beckham.



Reselling rapper. Stylish singer Gucci Mane and his wife Keshia Ka’oir are apparently Marie Kondo-ing their wardrobes and are now selling their fashion castoffs on their newly launched website called The Wopsters Closet. The celebrity couple's pre-owned assortment, much of which is already sold out but will be added to weekly, includes designer sneakers from him, high heels from her plus clothing and accessories from both.





last

Kidnapped kick? The infamous Nike basketball sneaker that burst on the foot of college star Zion Williamson during a game on February 20 causing him to injure his knee has gone missing. When asked about it recently, neither Williamson, his coach nor Nike said they knew there whereabouts of the defective and now disappeared shoe, which could supposedly fetch up to $250,000 if it were ever to be auctioned as a sports collectible.







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