Apr
 12
 2019



Christopher

Hello,

TGIF and welcome to this new edition of The Spin. J. Crew is weighing its options to get out of debt and there are executive changes at both Zalando and Ted Baker. Patagonia is hoppin' mad about an unrelated beer that bears its name and Mary-Kate and Ashley Olsen are going much more mainstream. You'll also learn how social media has exposed problems with young Chinese models and is showing the controversial (read: expensive) finery worn by many a preacher. Enjoy the read – and your weekend. Best, Christopher



retail

Possible IPO. J. Crew announced yesterday that it is entertaining the idea of spinning off its Madewell brand in an initial public offering that would occur later this year. The potential transaction would give J. Crew an influx of cash that it could use to pay off its debt of $1.67 billion. It also said that Michael J. Nicholson, its president and COO, has been named interim CEO. That top position has been vacant since November 2018.





people

A familiar seat. After losing two executives from its zLabels division earlier this week, Zalando is switching up its management roster even more. Yesterday the German online retailer appointed Cristina Stenbeck as the chairperson of its supervisory board, a position she previously held from 2014 to 2016. The board also nominated ex Netflix chief of marketing Kelly Bennett and Mariella Roehm-Kottman, head of corporate accounting at ZF Friedrichshafen, to join its ranks.



Replacing Ray. Lindsay Page, who has been serving as the acting CEO of Ted Baker since founder Ray Kelvin resigned last month amidst charges of inappropriate workplace behavior, has taken on the job permanently. As part of the announcement Ted Baker also said it has concluded the investigation of Kelvin and is now implementing new procedures and policies regarding employee conduct. Earlier this week, the company announced a joint venture in China that will add 50 new branded stores in the region.





brands

Booming bag biz. LVMH released its Q1 figures yesterday and the numbers were encouraging. Revenues rose 16 percent to €12.5 billion, an 11 percent rise on a like-for-like basis. Louis Vuitton and Christian Dior Couture were the conglomerate's top performing brands and growth in the leather goods category was up by 20 percent, evidence that "It" bags are still indeed an "It" thing. Watch and jewelry sales, however, were below analysts' expectations.



Affordable Olsens. Mary-Kate and Ashley Olsen's contemporary line Elizabeth and James will become an exclusive at budget retailer Kohl's starting this holiday season. The new partnership was forged to attract more millennials to the 1,150 Kohl's stores in the US and to give the designer siblings a much broader audience than that of their costly collection The Row. Launched in 2007, Elizabeth and James has been dormant since fall 2018.



Brew-haha. Outdoor apparel brand Patagonia is suing the giant Anheuser-Busch brewing company for trademark infringement because it now produces and sells a beer called Patagonia with a mountain-range logo that is very similar the fashion brand's. The suit also alleges that the brewer purposely uses marketing methods that trick consumers into believing that the label is behind the beer, which is sold at some resorts that also carry Patagonia gear.





markets

Big trouble for little China. The children's modeling industry in China – a growing business – has come under fire and examination after a video showing a mother kicking her 3-year-old model daughter during a photoshoot went viral there earlier this week. Already viewed more than 600 million times, the disturbing footage has prompted over 100 Chinese retailers to vow to cut back on the use of child models and has incited calls for more industry regulation. The anonymous mother has since issued an online apology.





last

Peacocking pastors. PreachersNSneakers is a new Instagram account that much like Diet Prada calls out the people it features for fashion transgressions. But rather than exposing knockoffs, it shows the expensive outfits donned by some celebrity pastors and reveals the exorbitant prices these men of God dish out for their duds. Created by an anonymous evangelical Christian, he says he started it as a joke. But now many of its more than 100,000 followers say it's an excellent exposé of the greed and hypocrisy of some church leaders.







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