Advertisement
ANZEIGE



 Aug
 12
 2019



Caroline

Hello,

Welcome back to this new edition of The Spin. During vacation time, it's business as usual. The American giant BlackRock invests $875 million in ABG and the New York Stock Exchange threatens two retailers with delisting. In other news, the CEO of Swiss department store Jelmoli is out and so is the newly appointed Chinese ambassador for Versace. Enjoy the read. Best, Caroline.



markets

Licensed to grow. The largest investment firm in the world BlackRock is infusing (paywall) $875 million to Authentic Brands Group (ABG) to help the company expand globally and digitally. Two other funds Jasper Ridge Partners and GIC Private Limited add $230 million to the pot. ABG, an American leader in the licensing industry which was founded (paywall) in 2010, has more than 50 brands in its portfolio, among which are Nautica, Aeropostale, Vince Camuto, Nine West, Juicy Couture...


Advertisement
ANZEIGE



Hudson Yards too? It turns out that Stephen Ross, the billionaire hosting a fundraiser for president Donald Trump's reelection campaign is not just the main investor in fitness brands Equinox and SoulCycle. He also is (paywall) the chairman of Related company, the founder of mega mall Hudson Yards in New York that is the future home of the shows at New York Fashion Week. The fashion industry, which wants to be the antidote of the president's bigotry, has a hot potato in hands: boycott Hudson Yards, too?



Delisting threat. Once two flourishing American retailers, Pier 1 Imports and JC Penney have been notified by the New York Stock Exchange that they could be removed from trading. Pier 1 Imports is violating the market cap threshold of $50 million, JC Penney stock has been below $1 for too long. Their business model is out of favor: too many stores in too often mediocre malls.





people

Scandal spilling. Alibaba group president Michael Evans faces criminal charges in the Malaysian bond scandal. Evans, the international face of China's e-commerce, is (paywall) among 17 current and former Goldman Sachs bankers, accused of having mislead investors when Goldman Sachs was arranging deals for the Malaysian state owned fund investment 1MDB. The president, recruited by Alibaba in 2015, was instrumental in the company's push into Southeast Asia.



The boss is out. Franco Savastano, the CEO of the Swiss department store Jelmoli is leaving (in German, translated by Google). The store owner, the real estate company Swiss Prime Site (SPS) has recently announced his departure. Franco Savastano, who stayed 7 years a the helm of the retailer, did initiate changes. Soon Jelmoli will offer botox treatment to its customers and a new online shop will open in 2020. Nevertheless, the company posted a 4% sales decline for the first semester.





brands

Blunder. Barely two months after been appointed Versace's ambassador in China, the popular actress Yang Mi abruptly terminated (paywall) her contract. The culprit? A T shirt designed by Versace. It mistakenly labeled Macau and Hong Kong as separate entities from China. For the actress, these T shirts are damaging "China's territorial integrity". During this sensitive time, when Hong Kong protesters are visible all over the world, the actress couldn't ignore Versace's blunder.





retail

Just Power it. The sportswear retailer Foot Locker is teaming up with Nike to improve the interactive experiences in its new stores. The Power store in Washington Heights, New York is , for the first time, offering Nike apps at retail, that were heretofore exclusive to Nike stores. Foot Locker has the ShoeCase machine that gives loyal club Nike members early access to future sneakers release. Foot Locker could open as much as 50 Power stores in the next 3 years.



Blue experiment. Levi Strauss needs to replace Sears sales. The group has lost shelf space at hundreds of closed Sears stores in America. So Levi Strauss is introducing (press release) the Red Tab Label in 50 Target stores, near college campuses and busy urban areas. Not so long ago, Levi Strauss considered that Target was just a big box, but lately the Minneapolis group has targeted Target as its new department stores.







logo-small   

is a product
delivered to you by
textilwirtschaft.de | Imprint