Third quarter sales at J. C. Penney Company, Inc. reported total net sales decrease of 10.1 percent to 2.38 billion dollars. JCPenney’s comparable store sales decreased 9.3 percent for the quarter. For the third quarter, the company’s net loss improved from 151 million dollars or 48 cents per share last year to 93 million dollars or 29 cents per share, this year. Adjusted net loss was 97 million dollars or 30 cents per share compared to 164 million dollars or 52 cents per share, last year.
“The past quarter was an exciting and energizing time at JCPenney as we made significant progress on our efforts to return JCPenney to sustainable, profitable growth,” said Jill Soltau, Chief Executive Officer of JCPenney in a statement, adding, “We are beginning to see results – both in our numbers and how we operate as a business.”
Updating its expectation for adjusted EBITDA, the company now expects it to exceed 475 million dollars for full year fiscal 2019. In addition, the company has also reaffirmed its prior financial guidance for full year fiscal of comparable store sales to drop in the range of 7 percent to 8 percent and adjusted comparable store sales, which excludes the impact of the company’s exit from major appliances and in-store furniture categories to decline the range of 5 percent to 6 percent.
Formed in the Hangzhou flat of co-founder
Jack Ma in 1999, Alibaba has ridden the seemingly insatiable Chinese appetite
for online shopping to become one of the world's most valuable companies.
On Friday, the US-listed company confirmed plans to add its value further,
but listing additional shares in Hong Kong in an offering worth around 13
billion US dollars.
Here are the answers to key questions about the company:
- How did the idea to create Alibaba come about? -
Ma, a former English teacher who claims to have never written a line of
computer code, had dabbled in various ventures with mixed success before
friends introduced him to the internet while on a 1990s trip to the United
States.
With Amazon already making waves in online shopping, Ma convinced a group
of Chinese and foreign friends to front 60,000 USD in 1999 for a
business-to-business e-commerce venture.
Ma dubbed it "Alibaba" because the name is easily pronounced in virtually
any language, including Chinese, and because the "open sesame" catchphrase
signified that its platforms "open a doorway to fortune for small businesses",
according to the company.
- Secrets behind the ever-expanding Alibaba's success? -
Alibaba was founded at a time when Chinese incomes were soaring after
decades of rapid economic growth and the country was becoming increasingly
digitalised.
That allowed Alibaba to easily facilitate commerce between consumers
increasingly hooked on the ease of online shopping, and the country's
countless manufacturers of cheap goods.
Today, China has the world's largest online population -- in excess of 850
million -- most of them smartphone users deeply immersed in the country's
growing digital ecosystem and e-commerce.
The business generated by Alibaba's own mobile monthly active users --
which reached 785 million in the most recent financial latest quarter --
propelled rapid growth, and in September 2014, the company listed on Wall
Street, raising 25 billion USD in what remains the largest IPO ever.
- What is Alibaba exactly? -
E-commerce remains the company's bread and butter, conducted mainly via its
largely consumer-to-consumer Taobao site and the more business-to-consumer
Tmall, and typically paid for via its digital-payments unit Alipay, which has
become a pioneer in that sector.
Through Alibaba's platforms, Chinese consumers can buy a wide array of
products from clothing to electronics, food, luxury products and even more
unusual goods -- including Boeing 747 cargo planes.
But Alibaba's success has seen it invest heavily in new business lines as
well.
It owns leading Chinese video streaming website Youku, and its Alibaba
Pictures unit in 2016 bought a stake in Steven Spielberg's Amblin Partners,
which owns DreamWorks Pictures, among other entertainment ventures.
It also is investing in cloud computing and other aspects of China's
growing digital ecosystem including the acquisition of Chinese food-delivery
leader Ele.me.
- What is the company's current size? -
Alibaba is now the most valuable public Chinese company, with a market
capitalisation of around 477 billion US dollars as of this week, and one of the top-10
most valuable in the world, though still trailing US e-commerce counterpart
Amazon, which is worth around 870 billion USD.
Alibaba now claims nearly 104,000 employees at its headquarters in Ma's
hometown of Hangzhou in China's eastern province of Zhejiang, but also around
China and overseas.
The company has in recent years taken steps to go global, primarily in
Southeast Asia where it runs the Lazada e-commerce platform.(AFP)
Otherworldly: Performance, Costume and Difference is opening at Parsons
School of Design's Arnold and Sheila Aronson Galleries at 66 Fifth Avenue.
The exhibition is curated by its faculty members Francesca Granata,
Associate Professor of Fashion Studies in the School of Art and Design
History and Theory and Charlene K. Lau, Andrew W. Mellon Post-Doctoral
Curatorial Fellow at Performa and Visiting Scholar at the Parsons School of
Design.
The artists in this exhibition construct their own worlds where they can
realize and negotiate non-normative identities. In this sense,
"world-making" is political and presents alternatives and possibilities for
new utopias.
Machine Dazzle is an artist known for his creation of elaborate costumes
(for genderqueer playwright and performer Taylor Mac, among others). He
crosses borders of design, music and performance on and off the stage. His
maximalist creations speak to notions of camp and drag queen culture to
create a new kind of surrealism.
Narcissister is an artist and performer who troubles fixed identities
while engaging her culturally and racially hybrid self through the use of
masks and elaborate costumes. Using grotesque humor, she challenges racial
and gender archetypes and stereotypes in her graphic performances.
Rammellzee was a prominent figure in the New York Street Art scene in
the 1980s alongside Basquiat and Keith Haring. The American artist is known
for his graffiti and mixed-media sculptures, as well as a pioneer of early
Hip Hop, recording Beat Bop with K-Rob in 1983.
The exhibition officially begins on November 15 with an opening
reception to take place on the evening of November 21 at L105 (2 West 13th
Street).
In his opening speech of the 35th IAF World Fashion Convention in Lahore (Pakistan), IAF President Han Bekke remarked that the event is held against the background of different disruptions in the apparel supply chain. “Apparel retail is in the grip of a radical transformation that we should not underestimate. The pace of change is sometimes faster than we think. There are many examples of European and US High Street retailers who have not been able to transform themselves in time. If retail changes, supply chains must change”, Bekke said.
“Manufacturers must understand what is being demanded by the end consumer (who is the only player in the supply chain who actually puts money into the system). The buyers only insert more money if they perceive more value. Better materials, more in line with fashion, more functionality, longer lasting, more sustainable, better story”, Bekke added. He advised apparel manufacturers to act proactively. They cannot wait until the buyers dictate the terms he said. Buyers must take responsibility and adjust their buying behavior so that manufacturers have a fair chance to comply with buyers demands and receive a fair price.
Talking about sustainability, the IAF President also indicated that buyers, consumers, NGOs, investors and governments are demanding for improvements in the sustainability of apparel products. He mentioned initiatives like the Copenhagen Fashion Agenda, the French Fashion Pact, the Agreement on Garments and Textiles in The Netherlands, the Textilbundnis in Germany, the Accord and Alliance on Bangladesh, that are in his view good examples of taking responsibility to improve. The IAF President pleaded though for more international coordination to be more effective. IAF will take the lead in trying to bring them together, he announced.
The IAF World Fashion Convention is held for the first time in Pakistan and organized with IAF member and co-host PRGMEA. The welcome dinner for all delegates was also attend by the President of Pakistan, Dr. Arif Alvi and his wife. Please find more information on: www.iafconventionlahore.com.
Total sales at John Lewis, for the week to November 9, 2019, were down 2.3 percent on the same week last year but the company said in a statement that customers enjoyed shopping promotions across lighting, fashion and beauty. Fashion sales for the week were up 2.4 percent, while beauty, wellbeing & leisure sales were up 11.6 percent as the company price matched competitor promotions across these categories.
Last week, John Lewis launched its 12 days of Christmas dresses, which was the company’s best performing category in womenswear, with the Hush dress proving particularly popular with customers.
The company said, home sales were down 3.1 percent, however, lighting sales were up 21 percent as customers prepared their homes for winter evenings and shopped promotions in this area. Electrical and home technology sales were down 7percent, while sales of small electrical sales were up 30 percent on the same week last year.
We don’t know about you, but we at FashionUnited get pretty excited
every month when we compile the sustainability efforts and see the list
growing and more and more fashion companies jumping on the bandwagon. In
October, it was refreshing to see that recycling initiatives are on the
rise among brands and retailers, with proceeds being donated to charity.
Also, clothing rentals are catching on and reducing, reusing and recycling
when it comes to packaging. FashionUnited has put together 14 such efforts
that were announced in the month of October alone.
The Fashion Pact met for its first working meeting in October after 32
brands originally joined the coalition for a more sustainable fashion
industry in August. Comprised of a diverse group of fashion and textile
companies, the Fashion Pact is a pledge to work towards sustainable goals
in climate, biodiversity and oceans. The coalition announced 24 new
signatories following its recent meeting, bringing its total signatory
count to 56 and number of brands involved to around 250. New companies to
the Fashion Pact include Bally, Calzedonia Group, Farfetch, Figaret, Gant,
Mango and The Visuality Corporation.
Nike has teamed up with nonprofit environmental advocacy group Ocean
Conservancy to launch a new campaign against Arctic shipping routes. The US
sportswear giant has launched the Arctic Shipping Corporate Pledge,
encouraging other businesses and industries to avoid travelling through the
Arctic’s shipping routes, an area that is becoming increasingly accessible
as climate change causes its ice to melt. Sending vessels through the route
poses an environmental risk to one of the world’s most fragile regions,
with temperatures rising in the Arctic at twice the rate of the rest of the
planet.
US clothing retailer Everlane is bringing sustainability to the inside
of its clothing. The brand has launched its new Re:Down line of outerwear
made with cruelty-free recycled fill. Typically, down filling in jackets is
made using cruel living-plucking practices, as Everlane explained on its
website. Its Re:Down fill is made from 100 percent recycled down comforters
and pillows. Similarly, all of the jackets in the Re:Down line features 100
percent recycled shell fabric, using post-consumer recycled plastic as with
its ReNew line.
New Zealand fashion brand Karen Walker has announced a new collaboration
with Outland Denim. The women's ready-to-wear label and sustainable denim
brand have partnered on a limited-edition collection of six pieces that
take a new take on signature Karen Walker styles. These styles are all
crafted from off-white denim that is made from organic cotton, staying true
to Outland Denim's commitment to using only sustainably-produced cotton.
H&M is launching its first clothing rental service at its newly
refurbished Sergels Torg store in Stockholm, Sweden. Members of H&M’s
loyalty programme will be able to rent selected party dresses and skirts
from its 2012-2019 Conscious Exclusives collection - the sustainable arm of
the Swedish fast-fashion giant. The rental space will also offer a
selection of unique pieces designed with inspiration from this autumn's
Conscious Exclusive collection, all made from more sustainable materials.
British high-end department store chain John Lewis & Partners has
launched a pilot at its Oxford store to encourage shoppers to reduce, reuse
and return packaging. The pilot, which John Lewis said will potentially
save thousands of tonnes of plastic from going to landfill, will focus on
eight ways the retailer and its customers can reduce their impact on the
planet, and will act as a blueprint to be expanded to other stores.
Online fashion giant Zalando has committed to a net-zero carbon
footprint across its own operations, deliveries and returns. The German
retailer announced a number of initiatives at the end of October as part of
a new “do.More” sustainability strategy, including meeting the goals of the
Paris climate agreement for its own operations ahead of the agreement’s
schedule, repositioning its private Zign label as a “sustainable” brand,
and aiming to be single-use plastic-free in its own packaging by 2023. In
2019, the company switched to over 90 percent renewable energy across all
locations. Carbon emissions that are not eliminated by operational
improvements such as renewable energy, order bundling or green delivery
options, are now being offset.
British luxury online retailer Farfetch has teamed up with on-demand
donation service Thrift+ to allow its customers to earn money and donate to
a charity of their choice by giving away clothes they no longer use. Once
an item is sold, a third of the proceeds are donated to a charity of the
customer’s choice, a third is given to the customer as Farfetch credit, and
a third is used to cover Thrift+’s costs. Customers are also given the
choice to forgo Farfetch credit and send that third of the money to their
chosen charity, too.
The Lyocell market is expected to grow globally at a substantial rate of
over 7 percent by 2023. According to an announcement by Radiant Insights
Inc., sustainable fiber, which is made from bleached wood pulp, will be
used in more products including rope, bandages, and more—including
clothing. According to the report, factors like the rapid and continuous
changes in fashion trends have contributed to the lyocell fiber market’s
growth, along with development in technology, increase in demand for
biodegradable fibers, and awareness.
Net revenues at Brunello Cucinelli, for the first nine months of 2019 totalled 459.2 million euros (507 million dollars), a rise of 8.8 percent at current exchange and 7.7 percent at constant exchange rates compared to last year.
Commenting on the preliminary update, Brunello Cucinelli, the company’s Chairman and CEO, said in a statement: “We have nearly reached the end of 2019, an excellent year for our business in terms of both results and image. The fall/winter sell-out rate was very good, and our brand seems to be enjoying much appreciation. Based on these results, we can already envisage the year closing with a good revenue growth of around 9 percent coupled with a healthy profitability rise”.
Highlights of Brunello Cucinelli’s performance
Italian market revenues at 76.1 million euros (84 million dollars) increased 2.2 percent, while European market posted a growth of 9.6 percent, with sales of 139.5 million euros (154 million dollars). Sales in the North American market increased 9.2 percent, with revenues of 148.2 million euros (163.7 million dollars). Sales in China grew 14.4 percent, with sales of 43.5 million dollars, while Rest of the World revenues increased 11.3 percent to 51.9 million euros (57.3 million dollars).
Sales of retail monobrand channel increased 11.2 percent to 229.2 million euros (253 million dollars). The company said, first nine months of 2019 posted a positive like-for-like trend, supported by the solid sell-outs of the spring/summer and fall/winter collections. There were 103 boutiques in the network at September 30, 2019, compared to 100 in the same month end last year, with three openings taking place during the year.
Wholesale monobrand channel sale grew by 3.2 percent, with revenues reaching 25 million euros (27.6 million dollars). The network consisted of 29 boutiques at September 30, 2019 compared to 27 last year. Wholesale multibrand channel posted an increase of 6.9 percent, with sales reaching 205 million euros (226.4 million dollars).
Net revenues at Brunello Cucinelli, for the first nine months of 2019 totalled 459.2 million euros (507 million dollars), a rise of 8.8 percent at current exchange and 7.7 percent at constant exchange rates compared to last year.