Fashion
Japan Retail: slow but steady future for retail
After unexpectedly slipping into recession at the end of 2023, the Japanese economy appears to be back on track to grow 3.2% in 2024 (FMI forecast). Against this backdrop, fashion retail sales are outperforming the overall retail performance and, interestingly, footwear inflation is now below the 2% target for any economy. However, the picture is not so clear-cut. The weak yen could dampen any growth in imports and the country is still adjusting to a major change in monetary policy. Nevertheless, as predicted in our last Flash, it’s safe to say that a modest recovery has taken place in the sector
Tapestry appoints Eva Erdmann as CEO & Brand President of Kate Spade
The New York-based company has appointed Eva Erdmann as CEO & Brand President of its Kate Spade brand, effective October. She will succeed Liz Fraser, who is leaving Tapestry in September
Deflationary trend helps revitalise UK fashion retail
The UK fashion retail sector benefited from a deflationary trend in July, according to the British Retail Consortium (BRC), giving consumers a temporary respite from recent difficult months
Ted Baker to close all its UK stores
Ted Baker is planning to close all its UK stores within weeks, according to multiple reports. Hundreds of staff at the fashion retailer have reportedly been told they will lose their jobs
LVMH posts a 14% drop in net profit
The French-based luxury conglomerate has posted a 14% year-on-year fall in first half net profit amid an uncertain macroeconomic environment. Fashion & Leather Goods division hit by currency fluctuations
Mango launches first campaign entirely generated by AI
The Spanish fashion group has used generative AI to create a campaign for the limited-edition Sunset Dream collection of its youth line. The initiative underlines the company’s commitment to innovation
Uniqlo fuels growth for Fast Retailing
The Japanese fashion retailer has posted a large increase in revenue and profits in the first nine months of its current fiscal year, driven by strong performances from Uniqlo across almost all regions
Low expectations for a recovery in the Italian luxury sector
There are no signs that the downturn in the luxury sector is over, says the Confindustria Moda. Only 1 in 10 entrepreneurs expects an improvement in the second quarter of the year
UK Retail: are the winds starting to blow in retailers’ favour?
Despite a slight upturn in sales of Textile, Clothing and Footwear in March, a number of factors, including an early Easter, poor weather and the high cost of living, soon led to a visible lack of demand. This will most likely lead to a decline in the number of footwear imports, breaking the growth trend seen in the first quarter of the year. On the bright side, inflation is at its lowest since November 2021 and the economy seems to be picking up, so there is room for some improvement in consumer sentiment. With the UK on the brink of a General Election and a series of sporting events promising to bring people onto the streets, are the winds starting to blow in retailers’ favour?
H&M posts solid second quarter
The Sweden-based fashion group has reported a solid performance in the second quarter of 2024. However it has also warned of a drop in sales in June, mainly due to “unstable weather” in some of its key markets
Scotch & Soda Northern Europe will not reopen
Following the declaration of bankruptcy on the 12th of June, the administrators have announced that the northern branch of Scotch & Soda will not be reopening
Inditex joins Pack4Good initiative
The parent company of brands such as Zara, Berksha and Massimo Dutti has joined Canopy’s Pack4Good initiative to help protect endangered forests by reforming its paper packaging
Axel Arigato appoints new creative director
The Swedish footwear and fashion brand Axel Arigato has appointed Jens Werner as creative director. He succeeds Max Svärdh, who cofounded the label with Albin Johansson in 2014
Slight increase in the attendance of foreign buyers at Pitti Uomo
The first data on the final turnout at the men’s fashion fair in Florence indicates a slight increase in the number of foreign buyers, but a decrease in the number of Italian ones
JD.com partners up with Inditex
The Chinese e-commerce retailer has partnered with the fashion retailer to launch a Massimo Dutti flagship store on its marketplace, as part of Inditex’s efforts to meet the needs of China’s digital consumer base-
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