Happy Wednesday and welcome back to The Spin! Saks Off 5th is closing its German division, LVMH is eying blockchain, and Fosun has made a final offer for Tom Tailor. We also tell you, how two members of the industrious Kardashian clan are aiming to keep ahead. Enjoy the read and feel free to share! Best, Ulrike


Sacking Saks Off 5th. After less than two years, Saks Off 5th is going to close (paywall; translated by Google) its eight stores in Germany. Although HBC never published figures, experts assert that the European division of its off-price chain did not perform as expected. With the takeover of the majority of Galeria Kaufhof by Karstadt-owner Signa last autumn, the concept no longer had a chance. The majority of the locations are going to be converted into Karstadt Sport stores.

Splitting the assets. As it continues to liquidate more than 500 stores, bankrupt US women’s fashion chain Charlotte Russe Holdings is selling its namesake brand and intellectual property to Canadian fashion company YM Inc, while its Peek Kids brand and related intellectual property is being acquired by New York-based women and children clothing manufacturer Mamiye Brothers.

Service for ladies. On the heels of the recent Neiman Marcus opening, US luxury retailer Nordstrom is getting ready to open its first women’s flagship in New York City this fall. Located across from the Nordstrom men’s store, the 30,000 m2 flagship (paywall) will sprawl over seven floors offering services like consultations, personalization and alterations. Since New York is Nordstrom’s largest online market, it will also feature many services for digital shoppers including hyper localized delivery and express returns.


LVMH's new Aura. Several big players in the luxury market are experimenting (paywall) with blockchain to keep track of every step in the production cycle and secure product authenticity. Following mass retailers like Walmart and Alibaba, French luxury company LVMH is expected to test the technology with its Louis Vuitton and Dior brands this June, planning to offer its so-called Aura service to other brands in the future.


French Shuffle. Following a lower forecast, French fashion holding SMCP has named (press release) Isabelle Allouch, formerly CEO of its Claudie Pierlot fashion label, CEO of its Sandro brand. At Claudie Pierlot, Allouch will be succeeded by Jean-Baptiste Dacquin, who previously held the position of human resources director at SMCP. Reaching 1,466 points of sale, SMCP, which is controlled by China’s Shandong Ruyi, reported over €1 billion in sales last year.


Just not that into you. Hong Kong-based fashion giant Fosun has made a final offer (paywall; translated by Google) for German fashion company Tom Tailor. At €2.31 per share, compared to €2.44 on the open market, it values the Hamburg-based company at just under €98 million. It also indicates (in German), that its interest is rather lukewarm.

Keeping up the kash flow. Following the announcement of her Poosh label, US reality star Kourtney Kardashian has launched a comprehensive Poosh lifestyle site. Named after the nickname for her daughter Penelope, the site focuses on subjects including health, motherhood and traveling. Much like Gwyneth Paltrow’s Goop, Poosh will also offer a range of products including fashion and sports clothes, home decor, kids, wellness and beauty.


Missguided move. In additional Kardashian news, British fast fashion brand Missguided has failed to respond to a $10 million lawsuit filed by Kim Kardashian alleging trademark infringement and unfair competition. Therefore, the reality star has been able to reach a default judgement with the courts, but still has to prove damages. Meanwhile, Missguided still has a chance to appeal.


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