Ugg launches collaboration with Ovadia

Global lifestyle brand Ugg has joined forces with New York-based label Ovadia to create a limited-edition capsule collection for the Spring/Summer 2020 season. According to an announcement from the Southern California-based company, the collaboration includes two of Ugg’s silhouettes for men—the Classic Mini boot and the Tasman slipper—that have been reimagined from the cool perspective of Ovadia.

“Our design approach for this collaboration very much mirrors our design process for Ovadia. We took the Ugg brands’ most iconic silhouettes and recreated them with a focus on what matters most to us—premium materials, functionality and high attention to details,” the founders of Ovadia, Ariel and Shimon Ovadia, said in a statement.

The Ugg x Ovadia collection, which ranges from 250 USD to 300 USD will be available beginning Feb. 10 on each brand’s online website as well as select Ugg retail locations. It will also be sold at third party retailers including Extra Butter in New York, select Neiman Marcus locations and select Nordstrom locations.

Images: Courtesy of Ugg

* This article was originally published here

HanesBrands posts 24 percent increase in Q4 EPS

HanesBrands, for the fourth quarter ended December 28, 2019, reported net sales of 1.75 billion dollars, decrease of 1 percent while constant-currency organic sales increased slightly. For the full year, net sales increased 2 percent to 6.97 billion dollars. The company said in a statement that fourth-quarter GAAP EPS and adjusted EPS excluding actions were each 51 cents, increases of 24 percent and 13 percent, respectively. For the full year, GAAP EPS increased 11 percent to 1.64 dollars and adjusted EPS excluding actions increased 5 percent to 1.76 dollars.

“HanesBrands delivered a solid fourth quarter right in line with our guidance and concluded a very successful year with record operating cash flow, significantly reduced debt, continued organic revenue growth, and strong underlying business fundamentals,” said Hanes Chief Executive Officer Gerald W. Evans Jr.

Highlights of HanesBrands’ Q4 and FY19 results

Global Champion sales, the company said, excluding C9 Champion in the US mass channel, totalled 1.9 billion dollars in constant currency in 2019, an increase of 40 percent over last year as a result of expanded product offerings and increased distribution. With balanced growth in the fourth quarter, Champion sales increased 22 percent both domestically and internationally. Total International constant currency organic sales increased 10 percent in the fourth quarter and 12 percent for 2019. In the quarter, sales increased in all International regions, including the Americas, Asia, Australia and Europe.

Consumer-directed sales in constant currency increased 17 percent in the fourth quarter and 16 percent for the full year, while International segment sales increased 7 percent while operating profit decreased 2 percent. On a constant-currency basis, net sales increased 10 percent and operating profit increased 1 percent. Innerwear segment sales decreased 4 percent in the fourth quarter while operating profit increased 5 percent. Segment operating profit margin of 24.6 percent increased 210 basis points. Sales of Innerwear basics decreased 5 percent, while sales of Innerwear intimates decreased 2 percent.

US Activewear segment fourth-quarter sales decreased 7 percent, while segment operating profit in the quarter decreased 8 percent. Champion sales, excluding C9 Champion in the mass channel, increased more than 14 percent in the quarter, while C9 Champion sales decreased 26 percent as that program continued to wind down to conclusion in January 2020.

The Hanes board of directors has declared a regular quarterly cash dividend of 15 cents per share and approved a new share repurchase authorization of up to 40 million shares.

Hanes announces expectations for 2020

The company expects 2020 net sales of 6.675 billion dollars to 6.775 billion dollars, GAAP operating profit of 850 million dollars to 880 million dollars, adjusted operating profit excluding actions of 900 million dollars to 930 million dollars, GAAP EPS of 1.60 dollars to 1.68 dollars, and adjusted EPS excluding actions of 1.72 dollars to 1.80 dollars.

The company added that when comparing the midpoint of 2020 guidance to 2019 results rebased to account for the exits of the C9 Champion and DKNY programs, full-year net sales are expected to increase 3 percent, adjusted operating profit is expected to increase 7 percent, and adjusted EPS is expected to increase 15 percent.

For the first quarter, net sales are expected to be approximately 1.466 billion dollars to 1.496 billion dollars, GAAP operating profit is expected to be 118 million dollars to 128 million dollars, and adjusted operating profit is expected to be 145 million dollars to 155 million dollars and GAAP EPS is expected to be 17 cents to 20 cents, and adjusted EPS is expected to be 23 cents to 26 cents.

For the first-quarter 2020, the midpoint of guidance represents a net sales decrease of 7 percent compared with 2019, GAAP operating profit and adjusted operating profit declines of approximately 18 percent and 12 percent, respectively, and GAAP and adjusted EPS declines of approximately 14 percent and 7 percent, respectively.

Picture:Facebook/Hanes

* This article was originally published here

Global leaders from MIT visit Hainsworth's mill in Leeds

Leaders from the government, universities, businesses and entrepreneurs from around the world visited one of Yorkshire’s most renowned textile mills last Monday, January 27. Hailing from Australia, the US, Denmark, China and Norway, delegates arrived in the Leeds City Region as part of a programme led by the Massachusetts Institute of Technology (MIT). The MIT Regional Entrepreneurship Accelerator Program (MIT-REAP) provides expert guidance to support regions to accelerate economic growth. As part of an ‘ecosystem tour’ exploring opportunities available for entrepreneurship in the region, Future Fashion Factory hosted the delegates on a visit to one of their partners, AW Hainsworth. The tour delved into how the region’s long-established textile industry continues to perform among the world’s best through innovation, connectivity, and inclusivity for entrepreneurs, as well as how Future Fashion Factory supports fashion and textile businesses to access collaborative research and development.

Future Fashion Factory is a 5.4 million pounds research programme aimed at encouraging innovation in the UK’s fashion and textile industry. It is funded by the Creative Industries Clusters Programme, which is part of UK Research and Innovation (UKRI), and led by the University of Leeds in partnership with the University of Huddersfield and Royal College of Art. Headed by the seventh generation of the Hainsworth family, AW Hainsworth is still located in its original mill buildings in Stanningley, Leeds. Visitors partook in a dedicated tour to discover the innovative products and processes at the heart of a contemporary vertical textile mill while gaining an insight into the on-site Hainsworth Creative Hub which provides support for local fashion entrepreneurs. Designers from the Future Fashion Factory network across Yorkshire and London's Royal College of Art joined the visit and shared their experiences of using Yorkshire cloth and exporting worldwide.

Professor Stephen Russell, Director of Future Fashion Factory stated in a press release, “Yorkshire’s textile industry remains at the forefront of the sector worldwide, driven by innovative solutions to produce high-quality cloth for the world’s biggest brands. We are proud to welcome the MIT-REAP cohort to find out more about Future Fashion Factory’s commitment to enabling business growth.”

Adam Hainsworth, Director at AW Hainsworth added, “We’re are excited to host the MIT-REAP visit and to demonstrate the important roles that innovation and connecting with emerging talent and new businesses play within our own business model. We are fully committed to ensuring continued support for entrepreneurs and students, both through Future Fashion Factory and as an independent business, and believe the opportunity to shed light on the importance of this through the REAP visit will be beneficial to many businesses.”

Photos: courtesy of Future Fashion Factory

* This article was originally published here

Façon Jacmin launches the Denimist female collective

Belgian denim brand Façon Jacmin started a creative female collective. The collective is inspired by denim and therefore has been named Denimist (combination of denim and feminist).

Denimist aims to bring together like-minded women and focuses on "the universal, rebellious and youthful character of denim - a substance that has a long history of gender equality and empowerment," says the press release. Through creative projects will Façon Jacmin encourage women to do things they never did before.

To celebrate the launch of Denimist launches Façon Jacmin handmade vests made from upcycled jeans.

See the introduction video of Denimst.

Source: Façon Jacmin, via YouTube small

* This article was originally published here

Mike Ashley’s Frasers Group acquires 12.5 percent share in Mulberry

Mike Ashley’s Frasers Group, formerly known as Sports Direct, has announced it’ has acquired a 12.5 percent share in luxury British handbag label Mulberry as the group moves forward with plans to become more upmarket.

Though a price for the deal wasn’t disclosed, based on Friday’s share price, when the transaction was made, the stake is worth almost 19 million pounds.

“A key strategic priority for Frasers Group is the elevation of our retail proposition and building stronger relationships with premium third party brand,” the group said in a statement. “Frasers Group looks forward to working more closely with Mulberry for the benefit of shareholders of both companies.”

The move comes as the group - which also owns House of Fraser, Flannels, Jack Wills and Evans Cycles - looks to reposition itself into a more luxury market. Last year, it changed its name from Sports Direct to Frasers Group, and now plans to open a luxury mini-chain called Frasers. The first of these stores to open this year is a 94,000-square-foot flagship store in the Mander Centre, Wolverhampton.

Photo credit: Mulberry, Facebook

* This article was originally published here

Moda Operandi secures 100 million dollars in funding

Moda Operandi has raised 100 million dollars in new equity and debt financing.

The New York-based company said it would use the proceeds “to continue to invest in its core client experience, innovative shopping model, unique curation of fashion, fine jewellery, and home decor, as well as the data and technology systems that power the Moda platform.”

The funding round was led by existing investors New Enterprise Associates, Inc. and the Apax Digital Fund, with additional participation from the Santo Domingo family, Comerica Bank and TriplePoint Capital, among others.

The money brings Moda Operand’s total equity capital raised to date to 345 million euros.

“For the past nine years, Moda has disrupted the way people shop for luxury fashion,” Moda Operandi CEO Ganesh Srivats said in a statement. "This investment will enable us to build on that innovation, investing further in the client and designer experience and connecting more of the world's best fashion to more people.”

Dan O'Keefe, managing partner of Apax Digital, said: “We continue to be impressed with the power of Moda's brand and its positioning in the luxury market. Moda has been enhancing its technology capabilities as a world-leading platform for fashion discovery and is led by a world-class team. We look forward to continuing to support their expansion.”

Tony Florence, general partner and head of technology investing at NEA, said: “Moda Operandi has really disrupted the traditional e-commerce model, using technology to give people unprecedented access to fashion. It was a really big idea when we led the Series A, and today Ganesh and the team are executing on that data-enabled retail model at scale. We are thrilled to continue supporting the company in this latest round.”

Read more:

• Moda Operandi founder Aslaug Magnúsdóttir launches sustainable made-to-wear brand, Katla

Photo credit: Moda Operandi, Facebook

* This article was originally published here

Levi Strauss sales and profit dip in Q4

Levi Strauss & Co., for its fourth quarter reported net revenues decline of 2 percent on a reported basis, and flat on a constant-currency basis excluding 16 million dollars in unfavourable currency effects to 1,569 million dollars. Gross profit of 851 million dollars rose 1 percent on a reported basis, while gross margin of 54.3 percent of net revenues was up 110 basis-points. The company said in a statement that adjusted net income decreased 10.3 million dollars and adjusted diluted earnings per share were 26 cents, compared to 30 cents for the same prior-year period. The company added that increase in the company’s share count resulting from the IPO, in combination with missing the benefit of Black Friday in the current year, adversely impacted the year-over-year adjusted diluted earnings per share comparison by four cents.

Commenting on the results, Chip Bergh, President and Chief Executive Officer of Levi Strauss & Co. said: “We delivered 6 percent revenue growth for the year on a constant-currency basis, at the high end of our expectations. Underlying fourth quarter organic revenue growth met our expectations in spite of being masked by Black Friday falling in fiscal 2020. We outperformed our fourth-quarter expectations in US wholesale, gross margin and EPS. And we announced our eighth consecutive annual dividend increase.”

Review of Levi Strauss’ Q4 performance

The company said that its direct-to-consumer net revenues were flat on a constant-currency basis in the fourth quarter, as expansion and improved performance of the retail network and e-commerce growth were offset by the lack of a Black Friday benefit in the current year, which adversely impacted the year-over-year direct-to-consumer net revenues growth comparison by 7 percentage points, and the total company net revenues growth comparison by about 2 percentage points. Net revenues from the company’s wholesale business declined 1 percent on both a reported and constant-currency basis, as a 4 percent decline in the US wholesale was partially offset by growth in Europe. The acquisition of a South American distributor adversely impacted the company’s year-over-year wholesale net revenues growth comparison by about 1 percentage point, and the total company net revenues growth comparison by about half-a-point.

In the Americas, net revenues declined 5 percent on both a reported and on a constant-currency basis. The region’s direct-to-consumer net revenues declined 7 percent, reflecting the lack of a Black Friday benefit in the current year. The region’s wholesale net revenues declined 4 percent, primarily reflecting reduced shipments to the off-price channel in 2019, the Dockers line reset in the second half of 2018, and the impact of an acquisition of a South American distributor in 2019.

In Europe, net revenues grew 5 percent on a reported basis and 8 percent on a constant-currency basis, reflecting continued broad-based growth in both direct-to-consumer and wholesale channels across the region. The lack of a Black Friday benefit in the current year adversely impacted the total region’s year-over year net revenues growth comparison by about 3 percentage points. In Asia, net revenues grew 1 percent on a reported basis and 2 percent on a constant-currency basis, primarily reflecting growth in the direct-to-consumer channel. Revenue growth across most of the region’s markets was partially offset by declines in Hong Kong, reflecting the unrest there, and in India, a seasonal shift in the timing of shipments; these headwinds collectively adversely impacted the total region’s year-over-year net revenues growth comparison by about 4 percentage points.

Adjusted EBIT for the quarter declined 3 percent on a reported basis and 2 percent on a constant-currency basis as compared to the prior year. Adjusted EBIT margin was 9.3 percent, 20 basis-points lower than the prior year on a reported basis, due to the lack of a Black Friday benefit in the current year, which adversely impacted the year-over-year Adjusted EBIT margin comparison by about 70 basis points.

Levi Strauss posts 3 percent revenues growth in FY19

Full year net revenues of 5.8 billion dollars grew 3 percent on a reported basis and 6 percent on a constant-currency basis. The company added that lack of a Black Friday benefit in the fourth quarter and the acquisition of a South American distributor in 2019 adversely impacted the company’s year-over-year net revenues growth comparisons by about 1 percentage point. The company’s direct-to-consumer net revenues grew 10 percent on a constant-currency basis due to performance and expansion of the retail network and e-commerce growth; the company’s retail network had 81 more company-operated stores at the end of 2019 than a year prior.

Wholesale net revenues grew 2 percent on a reported basis and 4 percent on a constant-currency basis, reflecting international growth partially offset by a 3 percent decline in US wholesale net revenues. Gross margin was flat on a reported basis. Adjusted EBIT of 611 million dollars increased 4 percent on a reported basis and 8 percent on a constant-currency basis as a result of higher net revenues. Adjusted EBIT margin was 10.6 percent, flat compared to prior year on a reported basis, and 20 basis points higher than the prior year on a constant-currency basis.

The company further said, net income of 395 million dollars increased from 285 million dollars in the prior year due to a charge in 2018 from the impact of the change in tax law in the United States. Adjusted net income of 456 million dollars increased 9 percent as compared to the prior year. Diluted earnings per common share were 97 cents compared to 73 cents for 2018. Adjusted diluted earnings per share for 2019 increased 4 cents to 1.12 dollars; excluding the 5 cent unfavourable impact of currency translation, adjusted diluted earnings per share increased 9 cents.

Levi Strauss expects to report 7 percent revenue growth in 2020

The company’s expectations for fiscal 2020 include net revenues growth of around 7 percent in constant-currency, and around 6 percent in reported dollars; adjusted EBIT margin expansion in the range of 30-40 basis points on both a constant-currency and a reported basis; adjusted diluted EPS in the range of 1.18 dollars to 1.22 dollars on a reported basis; and nearly 100 new company-operated store openings on a gross basis, in addition to 80 stores the company will take over from the its acquisition in South America; and dividends in the range of 130 million dollars, an increase of approximately 14 percent as compared to 2019, which are anticipated to be paid quarterly.

The company’s board of directors has declared its first dividend for fiscal 2020 of 8 cents per share, payable on or about February 21, 2020, to all holders of Class A and Class B common stock as of February 12, 2020.

Picture:Facebook/Levi's

* This article was originally published here