Aug
 08
 2019



Christopher

Hello,

Welcome to today's edition of The Spin which has a lot of headlines about the retail sector. Barneys New York is getting some much-needed money, Walmart is probably selling one of its digital acquisitions, Stylebop is shutting down and Ascena Retail Group is probably going to get kicked off the Nasdaq come January. In addition, Macy's has a new men's fashion director and EA7 Emporio Armani has opened more stores. Enjoy the read and your Thursday. Best, Christopher



retail

Dollars and a deadline. Barneys New York has secured surprising new financing that will allow it to operate as it searches for a buyer. The troubled store said that Brigade Capital Management and B. Riley Financial will inject a total of $218 million, which will give it time to find a buyer by the court-appointed deadline of October 24. And while many bemoan the planned closures of 17 Barneys locations out of a total of 22 at least one author believes the downsizing could be the best thing to happen to the store in years.


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Site for sale. Although it acquired it a little over two years ago, Walmart is looking to unload the women's fashion site ModCloth according to ModCloth's CEO, who said potential new owners have made offers and that they are currently being explored. Walmart itself did not comment on the potential sale but it would make total sense as Walmart's online business is suffering with losses this year predicted to be as high as $1.7 billion.



Bye-bye, Stylebop. TextilWirtschaft has learned exclusively (paywall; translated by Google) that Munich-based luxury fashion site Stylebop intends to stop operations in 2020. It has informed its suppliers of the news and also requested a suspension of payments. The site, which carries more than 200 labels, launched in 2004 in Europe and in the US in 2006. It's also available in Asia, Australia and The Middle East.



Delisting danger. The highly troubled Ascena Retail Group could be delisted from Nasdaq Stock Market unless it gets its stock price above the required $1 to be listed on the exchange. It has until January 27, 2020 to make that happen and the stock must be worth more than $1 for ten consecutive days. As of last night, that seemed unlikely as shares in the conglomerate, which owns Lane Bryant and Ann Taylor among others, were worth just 33 cents each.





people

From mags to Macy's. Macy's, which is currently promoting its back-to-school campaign on both Snap and Tiktok for the first time and raising money in its stores to help the victims of the mass shooting in Dayton, Ohio last weekend, has a new fashion director of men's and kids'. The store has appointed (paywall) Matthew Sebra, a 15-year veteran of fashion publishing and communications to the role. He comes to Macy's from GQ where he served as deputy fashion director.



A new chapter. Contemporary womenswear designer Rebecca Taylor is leaving (paywall) her 23-year-old eponymous label to pursue new projects. The New York-based New Zealand native made the decision after living in Paris for a year and working remotely. As she and her business partner sold the brand to Kellwood Co and Sun Capital in 2011, she will also lose all professional rights to her name.





brands

Slowing sales. Capri Holdings – the parent company of Michael Kors, Jimmy Choo and Versace – released its Q1 financial report yesterday and although revenue was up nearly 12 percent to $1.35 billion, the numbers were still below analysts' estimates. Weighed down by slower sales at Michael Kors and Jimmy Choo, the company also cut its full-year sales estimate. However, Versace's revenue of $207 million was nearly $5 million more than most had predicted.



Expanding EA7. Giorgio Armani's sportswear brand EA7 Emporio Armani is enlarging its retail footprint across the world. It has just opened its first store in Russia (paywall; translated by Google) in a Moscow mall and debuted its first store in Southeast Asia, in a mall in Jakarta, Indonesia, in June. The brand is also supplying the official uniform of the Italian team at the Olympic Games in Tokyo next year.







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