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ANZEIGE



 May
 22
 2019



Ulrike

Hello,

Welcome back! Some unexpected news items spice up today's issue of The Spin. Urban Outfitters plans to join the profitable fashion rental market with its newly-created Nuuly service. Prada aims for greater margin control by reducing the number of its wholesale clients as it looks to expand with digital players. And Stefan Larsson is joining PVH as possible heir apparent. Enjoy the read and feel free to share! Best, Ulrike



markets

Hanging on a shoe string. 170 shoe companies including Nike and Adidas jointly sent an open letter to US President Trump urging him to remove footwear from the proposed next round of tariffs on Chinese exports. Although some shoe production has moved to Vietnam in recent years, China still counts for more than 70 percent of all footwear imports to the US. Therefore, US shoe companies expect a catastrophic impact of those tariffs.





retail

Retail numbers. Due to strong store traffic and growing sales, TJX Companies raised its full-year guidance. Meanwhile, Kohl’s had to slash guidance as sales and profits went south. Hopes are high for Kohl’s new Jason Wu holiday capsule collection (press release). Over at JC Penney, which just hired (press release) a new chief customer officer, comparable sales fell 5.5 percent.



Nuuly created. This summer, US retail chain Urban Outfitters will launch (paywall) a rental service for women's fashion called Nuuly. For a monthly fee of $88, members can borrow six items from Urban Outfitters’ labels including Free People and Anthropology as well as about 100 additional brands and selected vintage pieces. If desired, the items can also be bought. According to UO, the retail value of each box is $800 (press release). The division will be run separately by the UO’s chief digital officer, David Hayne.



Shuttering Shanghai. 10 Corso Como in Shanghai is going to close by the end of May, ending the concept's run in China. Opened with Trendy Group and Samsung in 2013, it failed to gain traction, prompting the companies to not renew the partnership. A 10 Corso Como store in Beijing has been closed in February 2017. 10 Corso Como has been a fashion institution in Milan since 1991, and still operates outposts in Seoul, Tokyo and New York.





brands

Margin call. To regain control over its pricing and strengthen margins, Italian luxury label Prada is going to reduce its wholesale network in Italy and other European countries. Going forward, the company, which decided to stop doing markdowns last March, plans to gradually replace its wholesale clients with new digital and eCommerce companies.





people

Heir apparent. PVH has named (press release) Stefan Larsson to the newly-created position of president, effective June 3. The move is supposed to strengthen PVH’s leadership team and establish a management succession plan for the company behind brands like Tommy Hilfiger and Calvin Klein. Larsson, who last held the CEO position at Ralph Lauren and also worked for Gap Inc and H&M, will head (paywall) all PVH brands with particular focus on Calvin Klein.



New horizons. After more than a decade of service, Marcel Hossli has left (paywall; translated by Google) the CEO position at Zimmerli of Switzerland to take up new challenges. Hossli came to the Swiss luxury underwear maker from Patek Philippe in 2009. He started his career at the weaving machine manufacturer Geb. Sulzer in Zuchwil and also worked for ETA in Grenchen and Carl F. Bucherer in Lucerne. Zimmerli is still searching for a new CEO.





tech

If the suit fits... Walmart-owned online tailor Bonobos has successfully been testing (paywall) a try-before-you-buy service at three of its guideshops in the Boston-area. According to the New York-based company, about 65 percent of clients using the service are repeat customers, and those who use the service generally spend more than those who don't. Therefore, the company plans to expand the program to some of its West Coast locations.







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