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 Aug
 30
 2019



Christopher

Hello,

Welcome to the final August 2019 edition of The Spin. (Can you believe September is a mere two days away?) Today you'll learn who's the latest retailer to seriously consider declaring bankruptcy, see how Trump's tariffs are already harming two fashion powerhouses and discover why now might be a good time to enter the Indian market. And a programming note: due to the Labor Day holiday here in the US, we will not publish on Monday or Tuesday of next week. We'll return on Wednesday, September 4. Enjoy your weekend – whether it's a long one or not! Best, Christopher



retail

Nothing lasts forever. Teen retailer Forever 21 is considering filing for bankruptcy according to anonymous sources familiar with the matter. Options to restructure its debt have thus far not panned out, which may make filing Chapter 11 – and lots of store closings as a result – its only option. The massive and often mall-based chain operates 815 stores globally that have suffered due to falling foot traffic at shopping centers and the company's failure to keep up with its competition.


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Tariff tumble. Abercrombie & Fitch cut its full-year forecast yesterday after reporting weaker than expected Q2 results, which it partially blamed on the new tariffs on Chinese-made products imposed by President Trump. While it had previously expected total 2019 sales to rise by 2 to 4 percent, it now projects that they will be anywhere from flat to up 2 percent. The company has also appointed (paywall; translated by Google) two new group vice presidents: Daniel Le Vesconte for Europe, Middle East and Africa (EMEA) and Olga Wu for the Asia-Pacific (APAC).





brands

Tariff tumble 2. PVH Corp, the parent company of such brands as Calvin Klein and Tommy Hilfiger, also lowered its full-year forecast when its released its Q2 numbers on Wednesday. Like Abercrombie & Fitch, it too said tariffs were one of the reasons for its revised revenue outlook of a rise of 1 percent instead of the previously projected 3 percent. However, the period did see better than expected sales, including an 8 percent rise at Tommy Hilfiger, its biggest brand.



Cat in Manhattan. Puma opened its first North American flagship store on NYC's Fifth Avenue in midtown yesterday. The large (18,000 square feet) two-level space features high-tech digital features and a customization area. The store is the latest move of the booming brand to increase its already impressive growing sales in the US and further fight rivals Adidas and Nike which also have flagships on the famous street.



Passing fad perhaps? Streetwear bigwig Supreme has just launched a new sneaker with Nike and will soon release a branded smartphone that is already generating hypebeast hoopla. The 26-year-old brand has a great history of offering limited edition items that fetch highly inflated prices at auction. However, some are now wondering whether investing in Supreme's offerings and collectible streetwear in general is a wise financial decision in the long run.





markets

Relaxed rules. In an effort to foster job growth India's government has altered its rules about foreign monobrands setting up a retail presence in that country. Previously, they had to open physical stores before they could operate an online shop. Now they are allowed to have an online presence first and won't have to open brick-and-mortar locations for two years. The requirements about sourcing materials locally have also been relaxed, which should lead to more outside companies distributing in India.





people

Powdered pioneer... Teddy Quinlivan made history this week by becoming the first openly trans model to front a Chanel campaign. The 26-year-old Boston native joyously announced on her Instagram account that she is the new face of Chanel Beauty. She has walked in Chanel shows before but said that she was certain that the brand would never hire her again after she came out publicly as trans two years ago.



...and tiny trailblazer. Daisy-May Demetre, a nine-year-old English model who had both her legs amputated as a baby due to a birth defect, will make her New York Fashion Week debut next month when she'll walk the runway at the Lulu et Gigi Couture runway show. Now an official brand ambassador for the line, she previously modeled it at London Kids' Fashion Week. She is the first kid of her kind to model at NYFW.







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