Over 3.000 fashion wholesale brands on FashionUnited Marketplace

Following the launch of the FashionUnited B2B wholesale Marketplace earlier this year, over 3.000 fashion brands have been added to the directory and hundreds of collections have been added to the platform. Over 30.000 buyers in the FashionUnited network can now access a worldwide purchasing platform. With many brands adding collections every day, the Marketplace is quickly becoming the go-to place for buyers to source and purchase the latest trends ahead of SS21 and/or to buy current stock. The Marketplace also boasts a frequently updated collection of the most in-demand products and fashion trends, helpfully collated in one place. Uniting wholesale fashion brands in one place allows for valuable insight into the most profitable items for retailers, as consumer demand for unique items increases. Thanks to the easy to navigate menu, members are efficiently and smoothly finding exactly what product they are looking for, out of thousands of the most desirable clothing items spanning a range of categories including everything from womenswear to face coverings. Accredited buyers can become members of the rapidly expanding Marketplace for free, and have the opportunity to browse thousands of products from some of the world's most creative brands all in one place. Fashion buyers and brand owners can connect via fashionunited.com/marketplace.
http://dlvr.it/RjnZm5

HUF BLENDS SKATEBOARDING AND STREET ART IN NEW HOLIDAY 2020 LOOKBOOK

Blending skateboarding and street art, the HUF Holiday 2020 collection lookbook is set against a skateable mural installation by graffiti artist and HUF brand ambassador, Remio, accompanied by a video featuring HUF team riders Dan Plunkett and Salomon Cardenas showcasing skateboarding as a true artform with a wallride over a collage-esque preview of the collection. The Holiday 2020 collection is the final chapter of a year-long homage to HUF’s past, with nostalgic 90's skate culture reinterpreted into modern designs that offer a fresh look into the future. A seasonal-appropriate color palette—including brick burgundy, French navy, gold, and camel tan—meet winter-ready fabrics across key styles and casual fits. The matching Polarys Jacket & Pant are made of super-warm tie-dyed polar fleece, while the Glacier Puffer Jacket, in soft-touch micro ripstop nylon, is insulated for heavy weather as a nod to HUF’s international reach. New takes on heritage skate include the Sanford Long Sleeve Flannel in classic shadow plaid, the striped Bedford Knit Shirt, and the color-blocked Pops Herringbone Bucket Hat. Retro sportswear staples are reimagined in the mesh Fulton Hockey Jersey, Yorke Rugby shirt, and heavyweight Hartford Pullover Hoodie. The HUF Holiday 2020 collection drops this Thursday, October 15th, at the brand’s flagship stores and online shop. HUF HOLIDAY 2020 HIGH RES LOOKBOOK: AVAILABLE HERE Shot by Asato Iida HUF HOLIDAY 2020 VIDEO: AVAILABLE HERE Shot and Edited by Daniel Pappas HUF HOLIDAY 2020 HIGH RES PRODUCT FLATS: AVAILABLE HERE For more information, requests or to speak to the brand, don't hesitate to reach out. About HUF Founded in 2002 by professional skateboarder Keith Hufnagel, HUF is a Los Angeles based manufacturer of premium footwear and apparel designed for contemporary skate and lifestyle. Inspired by Keith’s unique experiences traveling the globe as a skateboarder—and represented by a world-renowned skate team & group of ambassadors—the clean, classic brand aesthetic of HUF embodies a diverse array of cultural inspirations and ideas. What started as a small boutique on an offbeat block of San Francisco’s Tenderloin District has now become one of the most recognized pioneering skateboard and lifestyle brands worldwide. Made by skateboarders, for skateboarders, HUF represents not only a more refined and forward-thinking skateboard brand, but also any individual inspired by the vast array of countercultures that parallel skateboard mentality. Sarah Elle Leung PR Director | Fashion Division chapter2agency.com @chapter2agency | @sarahelle_ NEW YORK | 27 West 20th Street, #1201 New York NY 10011 LOS ANGELES | 8455 Beverly Boulevard, #308 Los Angeles CA 90048
http://dlvr.it/Rjkz3D

Over 3.000 fashion wholesale brands on FashionUnited Marketplace

Following the launch of the FashionUnited B2B wholesale Marketplace earlier this year, over 3.000 fashion brands have been added to the directory and hundreds of collections have been added to the platform. Over 30.000 buyers in the FashionUnited network can now access a worldwide purchasing platform. With many brands adding collections every day, the Marketplace is quickly becoming the go-to place for buyers to source and purchase the latest trends ahead of SS21 and/or to buy current stock. The Marketplace also boasts a frequently updated collection of the most in-demand products and fashion trends, helpfully collated in one place. Uniting wholesale fashion brands in one place allows for valuable insight into the most profitable items for retailers, as consumer demand for unique items increases. Thanks to the easy to navigate menu, members are efficiently and smoothly finding exactly what product they are looking for, out of thousands of the most desirable clothing items spanning a range of categories including everything from womenswear to face coverings. Accredited buyers can become members of the rapidly expanding Marketplace for free, and have the opportunity to browse thousands of products from some of the world's most creative brands all in one place. Fashion buyers and brand owners can connect via fashionunited.com/marketplace.
http://dlvr.it/RjkyxL

BFC announces new format for The Fashion Awards 2020

The British Fashion Council (BFC) has announced a new digital format for The Fashion Awards 2020, due to the restrictions imposed because of Covid-19. The award show will celebrate brands, creatives, designers and individuals who have created positive change within the fashion industry, and will take place 3 December. There will be 20 awards presented through a short film that will document the fashion industry through 2020, while bringing together a list of next generation opinion leaders and creatives to share their personal vision on the most important moments of this year. The ‘New Wave: Creatives’ list also returns, which includes the most innovative and inspiring young creative talents from around the world, according to the BFC. Fashion Awards 2020 to go digital Caroline Rush, BFC’s CEO, said in a statement: “What the past couple of months have shown us, is that the fashion industry is in need of a reset. This is why this year, under unique circumstances, we felt that it was important to recognise the people and businesses who played a role in some of the most important and challenging issues of our generation and champion those who raised the bar in areas such as diversity, sustainability, and community.” BFC chair Stephanie Phair said: “This has been a year like no other. Fashion has probably been changed forever and businesses and designers have had to adapt to a new reality. It is more important than ever to recognise those in the fashion industry who played an important role in this extraordinary year, proving the compassion and resilience of our industry. This is what The Fashion Awards 2020 have set to do, by spotlighting those who have shown leadership and creative resilience over the past year. The BFC also announced the date for The Fashion Awards 2021, which will take place on 29 November 2021, at the Royal Albert Hall, London. Photo credit: British Fashion Council
http://dlvr.it/Rjjmf1

UK watchdog to probe Klarna over email error

The UK’s Information Commissioner's Office (ICO) has said it will launch a probe into Swedish payment provider Klarna following complaints it had sent emails to people who had never used its service. The data protection watchdog said it received a flurry of complaints of the marketing email from people who wanted to know how the fintech company got its hands on their details. The email was followed up with a message apologising for the mistake and confirming those who received the message in error had not been added to a marketing database. “We are aware that on 12 October some people received our weekly newsletter by mistake. This was a human error and the email was incorrectly sent for which we are extremely sorry,” Klarna said on its blog. In response to how it received customers’ data, it said: “The email was sent to Klarna consumers who have recently used one of Klarna’s products or services including Klarna’s checkout technology. When you use Klarna you agree to our terms and conditions and our privacy notice.” The company provides checkours for a growing list of fashion companies including Topshop, Asos, Boohoo and Nike. It said the data is used for several purposes, including helping it screen for fraud, process payments, and manage shipping. Photo credit: Klarna
http://dlvr.it/Rjg2Hr

Aritzia Q2 sales hit by Covid-19 but online sales surge

Canadian womenswear brand Aritzia has reported a Covid-related drop in revenue for the second quarter of the year, slightly offset by surging online sales. For the quarter ended August 30, net revenue at the brand fell 17 percent year-on-year to 200 million dollars, which the company attributed to occupancy restrictions, reduced operating hours and partial boutique closures related to Covid-19. That drop was partly offset by an 82.3 percent surge in e-commerce sales. At the beginning of the quarter, 31 percent of the company’s boutiques were reopened, increasing to 96 percent by the end of the quarter. Sales for the reopened stores trended on average at 70 percent of last year's productivity levels for the quarter. The company reported a net loss of 0.9 million dollars for the quarter, compared to net income of 17.9 million dollars last year. “We are pleased with the ongoing recovery of our business in the second quarter,” said founder and CEO Brian Hill. “In-boutique demand exceeded our expectations as clients returned with enthusiasm to our reopened boutiques, while the strength of our eCommerce business continued, delivering 82 percent growth compared to the second quarter last year. “Our increasing revenue combined with highly effective inventory and cost management allowed us to maintain our strong cash position.” Hill added that for the first six weeks of the third quarter, “the momentum of our business continued to grow as a result of strong client response to the launch of our on-point Fall collections and compelling marketing initiatives.” Photo credit: Aritzia I Facebook
http://dlvr.it/Rjg2FX

Chloé and Fusalp collaborate on skiwear collection

Two French heritage labels Chloé and Fusalp have collaborated on a skiwear capsule collection for winter 2020. The collection marks the first time Chloé and Fusalp have teamed up on a co-branded offering and features technical outerwear, knitwear and accessories. Designed to be suited for “both the city and the slopes” the elegant and contemporary collection fuses Fusalp’s technical, functional expertise and style with Chloé’s elevated fashion design. The capsule has been developed by Fusalp and features a quilted doudoune, a smocked jacket, fitted and high-waist boot cut pants, colour-blocked knits and a ski suit with graphic contouring offering a vintage athletic look to skiwear design. The colour palette spans navy, white, red, beige rosé and antique rust, as a nod to Fusalp’s tradition of outfitting the French national ski team, while alluding to the naturally feminine tones that are emblematically Chloé. Alongside the outerwear apparel, accessories include sporty gloves and a branded helmet and ski goggles, made by Dragon. Each piece is labelled with an insignia that unites the brands in partnership. By coincidence, Chloé and Fusalp both date back to 1952, from the heart of Paris to the French Alps, and have both established recognisable signatures and values. Gaby Aghion used the savoir-faire of haute couture to create a modern and youthful attitude, while Fusalp, founded by two tailors revolutionised Alpine ski clothing, starting with the production of the first technical contourfit ski pants worn by France’s national teams in the 1960s. The Chloé x Fusalp capsule launches exclusively on Net-a-Porter on October 15, ahead of a global rollout through both brands’ boutiques including online from November 1. Images: courtesy of Chloé
http://dlvr.it/RjdqXy

60 percent of the fashion and textile industry are eager to go green

Despite the Covid-19 pandemic, new research reveals sustainability is still ranked as the second most important strategic objective for businesses (60 percent) in the retail sector. The number one priority in the list was improving customers’ experience (64 percent), while one in six listed ‘rewarding shareholders’ as the top objective. That’s according to the US Cotton Trust Protocol and Economist Intelligence Unit (EIU), which surveyed 150 executives from fashion, retail and textile businesses across Europe and the US. The new research showed that leaders are introducing sustainability measures throughout the supply chain: 65 percent are sourcing sustainability produced materials, 51 percent are introducing a circular economy approach and cutting greenhouse gasses, and 41 percent are investing in new technologies such as 3D printing and blockchain. 70 percent of leaders are confident that affordable, fast and sustainable fashion is achievable. Data collecting crucial for sustainability In terms of how companies are prioritising their sustainable approaches, 58 percent prioritised developing an environmental sustainability strategy with measurable targets as a way of implementing sustainability, while 53 percent considered data collection crucial for sustainability. Three in ten businesses stated that the availability of reliable data holds the key to a greater understanding of sustainability over the next decade. Additionally, 73 percent of industry leaders said that support for global benchmarks and thresholds are effective ways of measuring sustainability performance and progress in the industry. However, while businesses recognise the importance of data on supplier sustainability practices (65 percent), and workers’ rights and workplace health and safety (62 percent), the research revealed a lack of data from businesses concerning sustainability sourcing. 45 percent of businesses do not track their greenhouse gas emissions across production, manufacturing and distribution of the products they sell, and 41 percent do not track the amount of water and energy used to produce the raw materials they source. 26 percent of respondents saw a lack of available and easily-accessible data as hindering sustainability progress across the industry. Collaboration is needed to drive change The report also found that industry leaders require collaboration to make sustainable change, but when it comes to external support to help guide that progress, they don’t necessarily think further regulation is the answer. The UN Sustainable Development Goals and government regulation were given equal weight of 24 percent in support of businesses for driving sustainable change, and 33 percent ranked regulatory requirements within the top three factors for helping guide the progress of sustainability. Jonathan Birdwell, regional head of public policy and thought leadership at the EIU, said in a statement: “It’s clear from the survey results and our interviews with business leaders that the industry is committed to driving progress on its sustainability performance. We were particularly struck by the fact that sustainability is largely considered as pre-competitive, behind the scenes brands are sharing resources and lessons learned.” Just over half of respondents in the survey said they thought the uncertainty of Covid-19 would make sustainability less of a priority within the industry. Photo credit: Business Wire
http://dlvr.it/RjbJHR

Network of Leicester garment factories involved in money laundering

A network of garment factories in Leicester, some of which have supplied retailers Boohoo and Select Fashion, have been involved in a money laundering and VAT fraud scandal, according to an investigation by BBC Radio 4. The activity was brought to light by a civil court case between the bosses of two clothing wholesalers. Leicester-based company director Rostum Nagra was accused of stealing a firm belonging to a business associate and then transferring all its assets to his own company, Rocco Fashion Ltd. He also took over the relationship with the company’s biggest customer, British retailer Select Fashion, which has around 170 stores across the UK. According to Nagra's business records noted in a “cash book” he carried around with him, over a period of months from October 2014 he arranged for false invoices to be produced as part of a scheme involving a network of companies with addresses in Leicester. Most of these were “shell” or fake companies. How the scheme worked According to the BBC, when Nagra took orders from Select Fashion he would send the garments to be made cheaply by a so-called “cut, make and trim” (CMT) supplier. He would pay in cash so there were no official records of the deal. Select Fashion was reportedly unaware this was taking place. Nagra would then pretend the garments were being made by another company and place a fake order, usually with a shell company. The shell company would then provide an invoice at an inflated price, far higher than what Nagra actually paid to the CMT supplier. The fake invoice also included a 20 percent VAT charge on top. Nagra would then pay the inflated amount into the shell company's bank account. Almost immediately after, the cash would be withdrawn and given to Nagra. Typically, half of the VAT would be used to pay off accomplices. The judge in the civil case concluded Nagra had operated a “fraudulent scheme to launder cash for his own benefit” over a “prolonged period”, with “very substantial amounts” of money involved. The BBC confronted Nagra, who denied involvement in fraud. Select Fashion did not respond to the BBC's requests for comment, but the broadcaster said “there is no suggestion they were aware of the fraud within their supply chain”. The BBC also examined the activities of two other companies mentioned in the court case involving Nagra. T&S Fashions Ltd, which folded in 2017, provided invoices to Nagra charging above average prices for garments, and while it didn't appear in Nagra's “cash book”, it was one of 14 other companies the judge said “may have been involved in laundering cash”. The company had the capacity to produce 30,000 garments a week when it was operating. Its biggest customer was Boohoo, which it dealt with through another company. Boohoo initially told the BBC that T&S Fashions was neither a direct nor indirect supplier. However, when the BBC mentioned the other company's name, it confirmed it had done business with it. Boohoo said it had concerns about “unauthorised subcontracting” by suppliers and had therefore already commissioned an auditing firm to map out its supply chain. “This work is well under way and once it is completed we will be publishing a list of all of our UK suppliers,” Boohoo told the BBC in a statement. Another firm, HKM Trading Limited, run by director Hassan Malik, was found to have entered into “cash laundering transactions” with Nagra. After the company went out of business, Malik set up another company in 2018 called Rose Fashion Leicester Limited, of which Nagra is currently an employee, according to the BBC. Rose Fashion Leicester Limited supplied clothing to Boohoo-owned brand PrettyLittleThing. Following the BBC’s report, Boohoo told the broadcaster it has terminated its relationship with Rose Fashion Leicester. Boohoo told the BBC it had undertaken due diligence checks on all its new suppliers, but added that “a search against Rose Fashion Leicester would not have elicited the court judgment given Rose Fashion Leicester was not mentioned.” The company continued: “We would never knowingly conduct business with anyone acting outside of the law and we have always been swift to provide information to regulatory authorities to support any investigation that they are conducting.” Malik did not respond to the BBC's questions, but lawyers acting for his company said Rose Fashion Leicester was set up after the events outlined in the court case and the company was not involved in it. Photo credit: PrettyLittleThing
http://dlvr.it/RjbJ8S

Asos Marketplace adds charity boutiques for AW20

Asos Marketplace, the platform from online retailer Asos that features more than 1,000 independent brands, is adding five new charity boutiques for autumn/winter 2020. 
 New to the platform this year are Cancer Research UK and Royal Trinity Hospice, while returning from last year’s collaboration with Asos Marketplace are Oxfam Festival Shop, Save the Children, and British Red Cross. Each charity boutique will be releasing a series of trend-led products for sale on Asos Marketplace, with collections covering trends such as 90s grunge, tailoring and Y2K. There will also be a focus on coats, jackets, jumpers and outwear, transitioning to Christmas gifting, accessories, and designer pieces in the run-up to the festive season. All proceeds from sales will go directly to each charity, with no commission paid to Asos Marketplace.
 Jo Hunt, head of Asos Marketplace, said in a statement: “This has been a challenging year for many of our charity partners, but it has also had its positives, with more clothing donations than ever before. We’re incredibly proud to be supporting the work of our partners again this season by making it possible for our customers to easily and responsibly shop vintage, and we’d encourage anyone who has fallen out of love with their clothes to donate them to a charity in need.” Daniel Holloway, director of retail at Royal Trinity Hospice, added: “We’re thrilled to be launching our boutique and collaborating with Asos Marketplace this year. All of our shops are in London so we’re especially excited to meet new customers who might not have visited us before.  “Our Asos Marketplace boutique will bring Royal Trinity Hospice shops’ signature blend of one-of-a-kind vintage, designer and high street pieces online. We’re bringing our customers the very best in preloved and vintage from McQueen tailoring, grunge-inspired leather and denim to genuine Y2K vintage, so they can build a wardrobe as unique as they are.”  Asos Marketplace launched in 2010, to offer small brands an online platform to sell vintage and independent fashion. Currently, it is home to more than 1,100 brands from around the world and over 160,000 products. Picture:Asos website
http://dlvr.it/RjZ5CZ

Klarna and Tan France support inclusivity and diversity in ‘Clothes love all’ campaign

Klarna has announced the launch of a new campaign with TV personality and stylist, Tan France. The campaign, ‘Clothes love all’, explores the idea that prejudice and discrimination within the fashion industry may come from people, and not the clothing. The global payment and shopping service said it wants to challenge shoppers’ views on fashion, from the eyes of the garments themselves. Tan France has developed eight principles with Klarna which support a more inclusive and diverse way of life. An example of one of France’s philosophies is: “You love who, and what, you love.” The topics include respect, gender identity, race, sexuality and disability. Tan France spoke about the partnership in a statement: “The philosophy is incredibly important as diversity in fashion should not be a deterrent for shoppers, it should instead make the majority feel more included.” A series of curated wish lists celebrating diversity have been created within the app, using Klarna’s new wish list feature, including Tan France showcasing his personal style. David Sandstrom, chief marketing officer at Klarna, added: “We want to encourage people to embrace difference in fact, reflecting on different perspectives and challenging our own thinking is how we grow. “We are delighted to be working with Tan on our latest campaign that shows that it doesn’t matter your age, gender, skin colour, size, shape or sexuality; fashion is for everyone and we look forward to bringing this to life for our consumers in the Klarna app.” Photo credit: Klarna
http://dlvr.it/RjWY2r

Aspinal of London CVA gets the green light

British luxury retailer Aspinal of London has received the green light from creditors to go ahead with its proposed company voluntary arrangement (CVA), meaning all 10 of its stores will be permanently closed. The CVA was “comfortably” approved by over 75 percent of its creditors last week, a source close to the retailer told Drapers. Founded in 2004, the luxury handbag and accessories retailer employs over 300 staff and has 10 stores across the UK as well, an ecommerce business, and also operates concessions in Harrods and Selfridges. In its most recent quarterly figures published in January, Aspinal of London reported widening losses despite increasing revenue. The company called in advisory firm KPMG to launch its CVA proposal back in September after being “profoundly impacted” by the Covid-19 pandemic and months-long store closures. None of its 10 stores had reopened after the UK lockdown was lifted on 15 June. Focus on core online and premium concessions channels Will Wright, proposed nominee of the CVA and partner at KPMG, said at the time: “Covid-19 has presented a number of challenges for those operating in retail and the luxury goods sector, not least the impact of reduced footfall across high street stores. “If approved, the CVA proposal provides Aspinal with a platform from which it can refocus its business on its core online and premium concessions channels, providing a solid and sustainable grounding for the future.” A long list of British fashion companies have launched CVAs in recent months as they struggle to cope with the impact of Covid-19, including AllSaints, Bair Group, Hotter Shoes and Monsoon Accessorize. More recently in September, high street retailer New Look got the green light to go ahead with its CVA which looks to reset the majority of its UK stores to a turnover rent model. Photo credit: Aspinal of London
http://dlvr.it/RjWXxV

Asos Marketplace adds charity boutiques for AW20

Asos Marketplace, the platform from online retailer Asos that features more than 1,000 independent brands, is adding five new charity boutiques for autumn/winter 2020. 
 New to the platform this year are Cancer Research UK and Royal Trinity Hospice, while returning from last year’s collaboration with Asos Marketplace are Oxfam Festival Shop, Save the Children, and British Red Cross. Each charity boutique will be releasing a series of trend-led products for sale on Asos Marketplace, with collections covering trends such as 90s grunge, tailoring and Y2K. There will also be a focus on coats, jackets, jumpers and outwear, transitioning to Christmas gifting, accessories, and designer pieces in the run-up to the festive season. All proceeds from sales will go directly to each charity, with no commission paid to Asos Marketplace.
 Jo Hunt, head of Asos Marketplace, said in a statement: “This has been a challenging year for many of our charity partners, but it has also had its positives, with more clothing donations than ever before. We’re incredibly proud to be supporting the work of our partners again this season by making it possible for our customers to easily and responsibly shop vintage, and we’d encourage anyone who has fallen out of love with their clothes to donate them to a charity in need.” Daniel Holloway, director of retail at Royal Trinity Hospice, added: “We’re thrilled to be launching our boutique and collaborating with Asos Marketplace this year. All of our shops are in London so we’re especially excited to meet new customers who might not have visited us before.  “Our Asos Marketplace boutique will bring Royal Trinity Hospice shops’ signature blend of one-of-a-kind vintage, designer and high street pieces online. We’re bringing our customers the very best in preloved and vintage from McQueen tailoring, grunge-inspired leather and denim to genuine Y2K vintage, so they can build a wardrobe as unique as they are.”  Asos Marketplace launched in 2010, to offer small brands an online platform to sell vintage and independent fashion. Currently, it is home to more than 1,100 brands from around the world and over 160,000 products. Picture:Asos website
http://dlvr.it/RjVKs7

Facebook unveils #BuyBlack initiative to support Black-owned businesses

Facebook announced #BuyBlack Friday in the US, aiming to celebrate and support small Black-owned businesses and their communities in the upcoming holiday season. The initiative is part of a three-month long Season of Support that was launched to provide free resources, education and training to help businesses across the world. Starting October 30, the social media giant will introduce features in the Facebook app that encourage people to create posts supporting Black-owned businesses. In a blog post, Sheryl Sandberg, Chief Operating Officer, said, "Black-owned businesses have been hit especially hard by the pandemic, closing at twice the rate of other small businesses. But we know that millions of people want to help. More than 3.5 million people on Facebook in the US have joined new groups created to support Black-owned businesses since March." Regarding #BuyBlack Friday, the company said it will offer interested businesses a toolkit to get involved, so they can amplify #BuyBlack through their own channels. The company is also planning a range of events and resources within Facebook's Lift Black Voices Hub and on the Facebook App Facebook Page. They include the #BuyBlack Friday Show, which will air live every Friday from October 30 to November 27. The show will feature Black businesses, musical artists and entertainers like stand-up comedian and New York Times best-selling writer and actress, Phoebe Robinson. Later in October, Facebook will introduce The Facebook #BuyBlack Friday Gift Guide, which will showcase products from US Black-owned businesses across categories from beauty to home to fashion. Further, Businesses Nearby tool will help people find local businesses, including those that have chosen to self-designate as Black-owned. Facebook will also work with the US Black Chambers, an influential network of Black entrepreneurs, to encourage people to #BuyBlack over the holidays. Many individuals and companies are coming forward to help struggling Black businesses and communities amid the worsening coronavirus pandemic. Mastercard, Inc. in September had announced its commitment to invest 500 million dollars for Black-owned businesses and Black communities over the next five years as part of its efforts to build a more inclusive global digital economy. AT&T Inc. also had said it was on track to meet its commitment to spend 3 billion dollars with U.S. Black-owned suppliers by the end of this year. In September, R&B songstress Alicia Keys teamed up with the NFL to launch a 1 billion dollar endowment fund aimed at supporting Black businesses and communities.(DPA) Photo by freestocks.org  from Pexel
http://dlvr.it/RjRt2Z

Dorothy Perkins, Burton Menswear and Miss Selfridge announce new partnership with First Insight

Fashion retailers Dorothy Perkins, Burton Menswear and Miss Selfridge have announced they are partnering up with predictive analytics platform First Insight. Using the company’s consumer-driven predictive analytics, the brands will now be able to “operationalise product testing, allowing them to make faster and better merchandising decisions to show which products present the greatest opportunity”. First Insight uses online social engagement tools to gather real-time customer preference, pricing and sentiment data on potential product offerings. “Knowing and understanding the customer is the only way retailers and brands can stay ahead in today’s ever-changing retail landscape,” Greg Petro, CEO and founder of First Insight, said in a statement. “By incorporating the voice of the customer, the brands can be sure they are making optimal decisions about selecting the right range of products to bring to market.” John Kenchington, multichannel director of Dorothy Perkins and Burton Menswear, commented: “First Insight enables us to reduce our reliance on historical sales data, store testing and pure instinct and instead place our customers at the heart of our decisions by directly asking them about new products before we go to market.”
http://dlvr.it/RjRszx

Pre-pack administration deals to face mandatory independent scrutiny

The UK government has announced new laws requiring mandatory independent scrutiny of pre-pack administration deals. Pre-pack sales are a type of rescue deal that involves arrangements to sell part or the whole of a struggling company’s business or assets prior to it entering into administration. The sales are typically secured on or shortly after the appointment of an administrator, which helps preserve the value of the business and jobs. However, the fast-track insolvency process has come under increasing scrutiny as it is not always in the best interests of creditors, for example when the sale is made to a connected party such as the company’s directors or shareholders. Contentious pre-pack deals to come under scrutiny “Pre-pack sales play an important role in rescuing viable businesses, while protecting jobs and supporting our economy,” minister for corporate responsibility Lord Callanan said in a statement. “As we continue to tackle Covid-19, it is more important now than ever that people have confidence in the insolvency process. “This new law will ensure all sales to connected parties are properly scrutinized - protecting the interests of creditors and the general public, as well as the distressed company.” TM Lewin and M&Co are just a few of the British retailers to have announced pre-pack administration deals in recent months as they struggled to cope with the impact of Covid-19. The government said further details on exactly how mandatory scrutiny will be enforced will be provided in due course. Colin Haig, president of insolvency and restructuring trade body R3, said: “Pre-pack administration sales involving connected parties are an important rescue tool as they are often the best way of preserving a business and ensuring maximum returns to creditors. “The insolvency and restructuring profession is very sensitive to the impact of pre-packs on creditors, and there is a careful balance to strike in these situations between transparency, protecting creditor value, and business rescue, which these proposals support.” Photo credit: Pexels
http://dlvr.it/RjQkBp

Zalando expands sustainable fashion assortment

Zalando is extending its assortment of fashion items to serve a growing demand from its customers for more environmentally friendly products. The online retailer has expanded its assortment in its sustainable category from 27,000 fashion items in 2019 to over 60,000. More than 40 percent of Zalando customers are choosing more sustainable fashion items in Q3, this is up 20 percent from Q1, and 35 percent from Q2. The company has also expanded its beauty category, and now has around 1,000 products highlighted with one of six sustainability attributes: organic, natural, less packaging, forest-friendly, biodegradable or kind to animals. Sara Diez, vice president of the women’s category at Zalando, said in a statement: “It is great to see the number of customers buying more sustainable fashion at Zalando increasing enormously and resulting in around 15 percent gross merchandise value (GMV) coming from more sustainable products.” By 2023, Zalando’s ‘do.More’ sustainability strategy plans to design its packaging to minimise waste and keep materials in use, specifically eliminating single-use plastics. It also aims to generate 20 percent of the company’s GMV with more sustainable products and apply the principles of circularity to at least 50 million fashion products. “Today, more sustainable fashion makes up ten percent of Zalando’s overall assortment, a number we want to grow continuously in the future,” Diez concluded. Photo credit: Zalando
http://dlvr.it/RjNfqS

Jaeger owner Edinburgh Woollen Mill on brink of administration

Philip Day’s Edinburgh Woollen Mill Group (EWM) has filed a notice to appoint administrators in a bid to save the company amid “brutal” trading conditions, a move reportedly putting 24,000 jobs at risk. The group, whose portfolio includes brands Jaeger and Peacocks, said its stores will continue to trade as insolvency firm FRP spends 10 days carrying out a review of the business. The company said it has received “a number of expressions of interest for various parts of the group”. EWM chief executive Steve Simpson described the past seven months as “extremely difficult” and said the last few weeks have been particularly hard as false rumors about EWM’s outstanding supplier debt adversely impacted its credit insurance. “Traditionally, EWM has always traded with strong cash reserves and a conservative balance sheet, but these stories, the reduction in credit insurance, against the backdrop of the lockdown and now this second wave of Covid-19, and all the local lockdowns, have made normal trading impossible,” Simpson said. “Through this process I hope and believe we will be able to secure the best future for our businesses, but there will inevitably be significant cuts and closures as we work our way through this.” An FRP spokesperson said: “Our team is working with the directors of a number of the Edinburgh Woollen Mill Group subsidiaries to explore all options for the future of its retail brands, including Edinburgh Woollen Mill, Jaeger, Ponden Mill and Peacocks.” Photo credit: Jaeger, Facebook
http://dlvr.it/RjNflY