Aug
 06
 2019



Caroline

Hello,

Welcome back to this new edition of the Spin. Yesterday, stock exchanges all over the world shouted again their fear of a US-China currency war. In other news Sports Direct came to the rescue of fashionable Jack Wills in England and Intersport embraced ecommerce giant Amazon in Germany. The designer Francisco Costa was also all in for Amazon, but it was the real Amazon. He wants to preserve the rainforest, Enjoy the read. Best, Caroline.



markets

Currency war. China's reaction to Donald Trump's impending tariffs on $300 billion of Chinese goods has been swift. The country allowed its yuan to slip to the lowest levels against the $ in more than a decade. European countries now fear that the US China fight could escalate into a full scale currency war. Stock exchanges on Monday were in free fall hard: Germany's Dax slipped 1.7%, London's FTSE 100 slumped by more than 2% and France's CAC 40 stumbled 2%. The Dow Jones plunged 600 points.


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Empire building. British Sports Direct has bought fashion chain Jack Wills out of administration for £12.75 million. Mike Ashley, the CEO of Sports Direct has orchestrated several acquisitions in recent years: House of Fraser, Game Digital, Evans Cycles, Sofa.com...The main objective is to add Jack Wills' 100 English stores, and 6 franchises to its burgeoning high street empire. The strategy has its detractors. So far, House of Fraser, acquired last year, has lost (paywall) £50 million.





retail

Real politik. The German purchasing cooperative Intersport is changing (translated by Google) strategy. After years of unsuccessful wars with online marketplaces, Intersport direction has decided (in German) to promote the digital business of more than 900 members via new channels. Under the label Budget Sport, its members are now able to sell their remainders on Amazon. Intersport is also cooperating with Sportmarken24, so that with minimal effort, traders can present their entire holdings via the Internet.



Real growth. Fashion retailers are driving growth of online sales in England. According to the law firm RPC, the revenues of the top 20 UK online retailers have risen (paywall) 16% to £9.5 billion during the first six months of the year. "Speed to market and perceived value are clearly hitting the sweet spot" said Jeremy Drew, co-head of retail at RPC. With a 76% rise, the luxury platform Farfetch recorded the fastest growth. Farfetch, Missguided, Boohoo, Asos...all have short lead times and respond quickly to trends.





people

Banker and digital expert. The British luxury department store Harrods has poached Burberry's former ecommerce director to lead its digital and omni channel strategy. Caitlin Innes, the first ever director of digital affairs at Harrod's has spent 7 years with Burberry. Prior to joining Burberry in 2012, she was a financial advisor at the Lazard bank. In her new position, she will oversee online training, digital marketing and customer insight.



Officer and sportsman. Phil Stevens is (press release) the new chief technology officer of Sportsman's Warehouse Holdings, a chain of 94 stores in the US. He is seen as a seasoned expert with more than 20 years of experience in retail and technology companies. Prior to joining Sportsman's, he was working for the Army and Air Force Exchange services, as the CIO of a network of thousands of retails. The former student of Purdue University enjoys hiking with his family.





brands

Soul searching. Victoria's Secret is rapidly evolving. The leading American lingerie retailer is announcing (paywall) back to back that it will work with an openly transgender woman. Last year, it was still taboo to hire a transgender model, but this year, Brazilian Valentina Sampaio, 22, has been officially selected for a catalog photo shoot. She will not become an angel: The famous show is just not happening, leaked model Shanina Shaik in a Daily Telegraph interview. Oops.



Costa to the rescue. Francisco Costa, the Calvin Klein alumni designer, is having (paywall) a second act with his new clean beauty brand labelled Costa Brazil. Next month, during the United Nations Climate Change summit, the Brazilian creator will have Bergdorf Goodman windows all to himself and that good cause. The message to New Yorkers passersby: fight like hell to protect the earth. Francisco Costa will showcase a few products but his true focus is to conserve the Amazon rainforest.







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