L Brands appoints two new independent directors

L Brands, Inc. has announced that Francis Hondal, president of loyalty and engagement at Mastercard, and Danielle Lee, Chief Fan Officer for the National Basketball Association, have been appointed as two new independent members of its board. Additionally, the company said, L Brands founder Les Wexner and Abigail Wexner will not stand for re-election to the board at the annual shareholders’ meeting in May 2021. With these changes, in May 2021, the board will consist of 10 directors, nine of whom are independent and six of whom are women. Commenting on the development, Sarah Nash, Chair of the board, said: “Serving with Les has been an inspiration for all of us at L Brands. His thoughtful approach to developing brands and building dedicated and talented teams have enabled L Brands to evolve and succeed as a leading specialty retailer for nearly 60 years. I am so appreciative of everything that Les and Abigail have done to serve this board and L Brands’ stakeholders.” L Brands appoints two independent directors Francis Hondal, the company added, has more than 25 years of general management experience and is president of loyalty and engagement at Mastercard. She is a member of the company’s management committee and currently leads the development of products that enable exceptional consumer experiences through loyalty, rewards and performance-based marketing services for enterprises worldwide. Previously, she was executive vice president of credit and loyalty, responsible for growing usage and preference of Mastercard branded products. Hondal enjoyed a 17-year career at American Express in global and regional roles within the consumer services division and has been recognized by Fortune amongst top Hispanic women in corporate America. She currently serves on the board of Equitable Holdings, a financial service holding company comprised of two complementary and well-established principal franchises, Equitable and AllianceBernstein. She is also a board observer for Flybits, a Canadian contextual marketing fintech, and serves on the board of the FIU Foundation. The company further added that Danielle Lee is a strategic marketing executive with over 20 years of experience in brand building, media innovation and technology for some of the world’s most respected brands. She currently serves as Chief Fan Officer for the National Basketball Association where she oversees brand, creative and multiplatform fan marketing globally and is charged with elevating brand perception, cultural connection and fan engagement. Prior to joining the NBA, Ms. Lee served for four years as global vice president, Partner Solutions at Spotify, where she was responsible for developing go-to-market strategy and growing global revenue across music, podcasts and high-impact digital experiences. Prior to Spotify, Lee served as global vice president, commercial marketing at Vevo and spent seven years at AT&T and served as vice president of product marketing and innovation for AT&T AdWorks after beginning her career at Showtime Networks. “We are thrilled to welcome Francis and Danielle to the L Brands board. Their respective abilities to foster connections with consumers across in-person as well as digital channels will be invaluable as L Brands continues to execute its strategy and deliver engaging shopping experiences,” Nash added. Image:L Brands resources
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G-III reports 30 percent drop in Q4 net sales, expects Q1 gains

US fashion group G-III Apparel has reported a 30.3 percent drop in net sales for the fourth quarter of the year. For the three months to January 31, 2021, the Nasdaq-listed company’s net sales fell to 526.2 million dollars from 754.6 million dollars a year earlier. The company, which owns brands DKNY and Donna Karan, said net income for the quarter was 14.6 million dollars, down from 25.3 million dollars the previous year. G-III Apparel chairman and CEO Morris Goldfarb said in a release: “Our entrepreneurial culture, with a merchant-led focus, proved to be invaluable as we responded to the casual trend by designing the right merchandise for our retail partners. “We further elevated our position as a key supplier of choice for a broad range of apparel and accessories. We ended fiscal year 2021 with continued improvement in our wholesale operations and completed the restructuring of our retail operations.” As part of the company’s restructuring, it permanently closed its Wilsons Leather and G.H. Bass stores during the year. Included in the company’s fourth-quarter results were net losses from the Wilsons Leather and G.H. Bass store operations of 8.6 million dollars, compared to 15.9 million dollars a year earlier. Drop in full-year sales and profit For the full year, net sales decreased 35 percent to 2.06 billion dollars, while net income plummeted to 23.5 million dollars from 143.8 million dollars. Looking forward, Goldfarb said the company is entering fiscal 2022 “in a good inventory position, which is weighted toward casual product that remains in high demand”. The company said it expects net sales for the first quarter to be approximately 460 million dollars, compared to 405.1 million dollars in the previous year. It expects net income to be in the range of 0.05 dollars and 0.15 dollars per diluted share, compared to a loss of 0.82 dollars per share the year before. Goldfarb said: “As the year progresses, we believe there will be an increasing desire for dressier apparel and accessories. We are working closely with our retail and vendor partners to be in a position to bring these products to market in a timely manner. Our strong financial position and liquidity enables us to continue to fund our operations, as well as consider acquisitions.” Image: DKNY, Facebook
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Made in Myanmar: What can brands and retailers do?

Following the military coup in Myanmar on 1st February 2021, a state of emergency has been declared in the Southeast Asian country, which is an attractive sourcing location for the textile and garment industry. Tens of thousands of people are taking to the streets every day, demanding the release and reinstatement of head of government Aung San Suu Kyi. Their demands are met by the military junta with tear gas, rubber bullets and live ammunition. According to UN estimates, over 138 civilians have been killed and over 2,100 people arrested. For the textile and garment industry, it is hard to know what to do at this moment. Without being on the ground, it is difficult to assess how serious the situation is throughout the country and how it will affect local production. Major clients such as H&M and Benetton have already announced that they will withdraw from the country for the time being and not place any new orders. “Over the years, the Benetton Group has been a standard-bearer for fundamental values such as inclusiveness, integration, and non-violence. As a company, we cannot fail to contribute to the respect of these values and we intend to do our part. We will suspend orders to the country to send a strong and concrete signal,” commented Massimo Renon, CEO of the Benetton Group, in a press release. “Our hope is that the situation return, as soon as possible, to one that guarantees the people’s fundamental rights and that our Group may once again resume its action of supporting the local populations, that also involves promoting work and dignity,” added Renon. Apparel giant H&M, who has been sourcing in Myanmar since 2013 and opened its own office in Yangon in 2015, also acted fast: “Although we refrain from taking any immediate action regarding our long-term presence in the country, we have at this point paused placing new orders with our suppliers,” said Serkan Tanka, country manager Myanmar, in an email to Reuters last week. “This is due to practical difficulties and an unpredictable situation limiting our ability to operate in the country, including challenges related to manufacturing and infrastructure, raw material imports and transport of finished goods,” stated Tanka further. However, turning our backs on the country now in this difficult time - temporarily or for the longer term - is not a solution, because this hits those hardest who are already affected the most - the civilian population, which includes garment workers and suppliers. If international buyers like Benetton want to send a “strong and concrete signal”, then withdrawing or suspending orders is not the way to go, because this hits the economy and not politics. What can they do instead? What can buyers do? Organisations like the Clean Clothes Campaign (CCC) are calling on all suppliers, brands and retailers that are active in Myanmar, to publicly condemn the military coup, call for the restoration of democracy and the rule of law, and to support the people’s protests and the Civil Disobedience Movement. Brands and retailers also need to ensure that their business activities do not contribute to or aggravate human rights violations and are not directly linked to the military. “Brands and retailers sourcing in Myanmar need to exercise human rights due diligence with their suppliers and on their whole supply chain to ensure these principles are respected. Garment companies must continue to identify, document, address and remediate human rights abuses and risks in the garment sector in Myanmar,“ advises CCC. In addition, they can protect and support the labour rights movement, including trade union federations, factory-level unions, labour rights organisations and workers in defending Myanmar democracy. “Brands and retailers must condemn the military’s announcement declaring illegal labour rights organisations and prohibiting them to continue their activities. They must also voice and show their support for freedom of association and ensure their direct and indirect suppliers respect these principles,” says CCC. It is also important to protect and support workers who are exercising their fundamental rights of freedom of expression, peaceful assembly, freedom of association and right to strike. Otherwise, suppliers could punish workers, fire them or lock them up in the factory to hinder them from participating in public demonstrations. The latter allegedly happened a few weeks ago at GY Sen, a Primark supplier that locked 1,000 workers inside the factory to prevent them from taking part in a protest march in Yangon on 18th February. The workers managed to free themselves after a few hours; however, some of them were fired on the grounds that they had missed work hours due to demonstrations. A GY Sen spokesperson denied the allegations. There is much that brands and retailers can do, even remotely. In any case, they should maintain communication with their suppliers in Myanmar and find out what the current situation is, how it affects production and what can be done from the client side (staggering of orders, partial payments, advance planning and the like). In any case, a complete withdrawal - for however long - would send the wrong signal, namely that workers and suppliers are completely on their own. Also read: * Will Myanmar become the new Bangladesh? * One year later: How are garment workers and suppliers faring since the Covid-19 pandemic started? Photo: FashionUnited
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Nike posts marginal rise in Q3 sales

For its third quarter, Nike reported revenues of 10.4 billion dollars, up 3 percent compared to the prior year and down 1 percent on a currency-neutral basis led by Greater China reporting revenue growth of 51 percent. Gross margin for the quarter increased 130 basis points to 45.6 percent and net income was 1.4 billion dollars, up 71 percent. Diluted earnings per share were 90 cents, increasing 70 percent. “Nike continues to deeply connect with consumers all over the world driven by our strong competitive advantages,” said John Donahoe, Nike’s president & CEO, in a statement, adding: “Our strategy is working, as we accelerate innovation and create the seamless, premium marketplace of the future.” Strong digital growth Nike's direct sales were 4 billion dollars, up 20 percent on a reported basis, and 16 percent on a currency-neutral basis. Nike brand digital sales increased 59 percent or 54 percent on a currency-neutral basis, with strong double-digit increases in all geographies. North America sales declined 10 percent due to supply chain challenges, including global container shortages and U.S. port congestion, impacting the flow of inventory and timing of wholesale shipments. Revenues for the Nike brand were 9.8 billion dollars, a decrease of 2 percent to prior year on a currency-neutral basis, primarily due to declines in wholesale business caused by timing of shipments due to global container shortages and port congestion delays in the U.S. and mandatory store closures in Europe, which were partially offset by double-digit growth in Nike brand digital and the Jordan brand. Revenues for Converse were 570 million dollars, up 8 percent on a currency-neutral basis, led by strong digital performance in North America and Europe. Image:Nike news
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New audit rules could prevent companies like BHS and Arcadia Group from administration

After several high profile company collapses - from BHS to Arcadia to Debenhams - new audit reforms and corporate governance is meant to avoid company failures and safeguard British jobs in the future. The proposed reforms would break up the dominance of the “big four” audit firms and strengthen the UK’s position as a world-class destination for investors by improving the quality of corporate reporting and sharpening focus on long-term success of large companies. Business Secretary Kwasi Kwarteng said in a statement: “Restoring business confidence, but also people’s confidence in business, is crucial to repairing our economy.” The UK is consistently placed as one of the leading destinations for foreign investment in Europe and around the world, but in recent years, investor and public confidence in how businesses are governed has been undermined by large-scale company failures, such as BHS, leading to severe job losses and the British taxpayer picking up the bill. To improve corporate transparency the government is launching a consultation on wide-ranging reforms to modernise the country’s audit and corporate governance regime, targeting the UK’s biggest businesses and ensuring markets work effectively. Robust and rigorous scrutiny is essential to ensuring that investors, employees and consumers have an accurate picture of the health of the company. “Restoring business confidence, but also people’s confidence in business, is crucial to repairing our economy and building back better from the pandemic,” K Kwarteng said. “When big companies go bust, the effects are felt far and wide with job losses and the British taxpayer picking up the tab. It’s clear from large-scale collapses like BHS that Britain’s audit regime needs to be modernised with a package of sensible, proportionate reforms.” To reinforce investor and public confidence in audits new reporting obligations would be introduced on both auditors and directors around detecting and preventing fraud, with boards required to set out what controls they have in place and auditors expected to look out for problems. Plans also aim to make directors of the country’s biggest companies more accountable if they have been negligent in their duties – reflecting the level of responsibility that comes with holding such a position. Directors of large businesses could face fines or suspensions in the most serious cases of failings – such as significant errors with accounts, hiding crucial information from auditors, or leaving the door open to fraud. Large businesses would need to be more transparent about the state of their finances, so they do not pay out dividends and bonuses at a time when they could be facing insolvency. Directors would also publish annual ‘resilience statements’ that set out how their organisation is mitigating short and long-term risks, encouraging their directors to focus on the long-term success of the company and consider key issues like the impact of climate change. Image: London via Pexels
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ThredUp looks to raise up to 168 million dollars in IPO

Fashion resale platform ThredUp is aiming to raise up to 168 million dollars in its upcoming IPO. The US company said Thursday it plans to sell 12 million shares of its Class A common stock at a price of between 12 dollars and 14 dollars, the upper range of which would raise 168 million dollars and value the business at around 1.3 billion dollars. The San Francisco-based company plans to list on the Nasdaq Global Select Market under the ticker symbol ‘TDUP’. ThredUp is one of the pioneers in the fast-growing resale market, which in recent years has been driven by increasing consumer awareness over the damage the fashion industry - and particularly fast-fashion - is having on the environment. Resale continues to grow According to ThredUp’s most recent annual report published in June, the second-hand market is expected to hit 64 billion dollars in the next five years and overtake the fast-fashion industry by 2029. The IPO comes after Redwood City, California-based rival Poshmark went public back in January. The two companies are tapping into the same second-hand market with different business models. While Poshmark takes commissions on peer-to-peer sales - in other words, it doesn’t hold an inventory - ThredUp uses a consignment model. The company sends its users “Clean Out bags” which they fill with their unwanted items. It then receives the bags and sells them through its platform, giving the user a percentage of the price. Despite the pandemic, ThredUp reported a 14 percent increase in revenue in the year ended December 31, 2020. However, its net loss in the year widened to 47.9 million dollars compared to 38.2 million dollars the year before. ThredUp raised 175 million dollars in funding in 2019, bringing its total raised to 340 million dollars from big-name investors including the likes of Goldman Sachs and Redpoint Ventures. Since its founding in 2009, ThredUp has processed over 100 million unique second-hand items from 35,000 brands across 100 categories. The company estimates it has saved its buyers 3.3 billion dollars off the estimated retail price of their purchases. Image: ThredUp
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Ralph and Russo falls into administration

British couture house Ralph and Russo have been placed into administration, citing the impact of Covid-19. On the brand’s Instagram, Tamara Ralph, creative director and Michael Russo, chief executive of Ralph and Russo, said in a joint statement: “It is with great sadness that after 11 years we announce that Ralph and Russo has today been placed into administration. “This difficult decision has been made to help ensure the company’s ongoing success and to restructure the business after the retail economy across the world has been badly hit by the Covid-19 pandemic.” Founded in 2010, Ralph and Russo has been a fan of celebrities on the red carpet since it launched, and gained international recognition when the Duchess of Sussex wore one of the designer’s dresses in her engagement photographs. However, Covid-19 has seen orders dry up in the wake of global lockdowns and the cancellation of weddings and red carpet events, and even led to the London-based couture and ready-to-wear label cancelling its couture presentation in January. At the time, it did say that it hoped to return to the couture calendar in July. British couture house Ralph and Russo placed into administration There has been speculation over the couture house’s future following a lawsuit with one of its minority investors Candy Ventures, an investment company belonging to the luxury real estate mogul Nick Candy. The suit, filed in the High Court, involves the disputed terms of a 17-million pound loan, and Candy’s role as an investor. The statement, added: “We’re incredibly proud of our unique position in the market as one of the world’s most exclusive luxury brands, achieved through sheer hard work, determination and a love for what we do. “It is our intention that the business will continue to operate throughout this time, and we remain fully committed to supporting our incredibly loyal global clientele and our wonderful staff, who without which none of this would have been possible. With your support we remain full of hope and optimism for the future.” Ralph and Russo look to restructure business after being hit by lack of sales due to pandemic Ralph, also added a statement on her personal Instagram, saying: “I put my heart and soul into my work and everything I create and I’m incredibly proud to have been able to build a global brand in as little as 11 years. “The world has been badly hit by the financial downturn caused by the Covid-19 pandemic and we could have never predicted its impact on businesses and retailers across the globe. “I established this brand with little more than my own will, sheer determination, creativity, and a handful of my sketches. The women I create for, I admire and love. You are my constant inspiration and the reason I do what I do, and will continue to. You have become my close friends and family. “My incredibly talented and loyal staff and master craftsman who I’ve had the pleasure of working alongside over the years, you are and continue to be, the heart and soul of the house and I’m forever thankful for your passion and talent. Without you, I could never have created. You are truly special and I hope I have the honour of continuing working with you for many more years to come.” The troubling news comes just six weeks after Ralph became a mother. Ralph, added: “I am eternally thankful for those who have been there for me and supported the brand over the years and I will endeavour with all my heart to move through this period positively and to take the business forward to secure the future of the brand for my staff and my clients. “The restructure plans for the brand are to help ensure its ongoing success and to hopefully secure a solid path for the future of the company. The brand I created was only the start, and as this new chapter opens, I move into this period with positivity and strength knowing that this is only the beginning of something new.” Image: courtesy of Ralph and Russo
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How the pandemic boosted online shopping with 183 billion dollars

A full year has passed since the first lockdown swept the global retail landscape, giving an unfathomable boost of 183 billion dollars to e-commerce. As shopping habits shifted to online, a total of 844 billion dollars was spent in the US during the pandemic period of March 2020 to February 2021, according to figures from Adobe’s Digital Economy Index. Adobe’s data is the only real-time barometer of digital buying, which analyses trillions of online transactions across 100 million products. At current growth rates, Adobe expects the 2021 calendar year to bring in somewhere between 850 and 930 billion dollars. The pandemic produced a rare step change in online spending, equivalent to a 20 percent boost, and future growth is expected to build off of this gain. 2022 is expected to be the first trillion-dollar year for eCommerce. Shopping habits and purchasing power have changed The first two months of 2021 saw consumers spend 121 billion dollars online, a 34 percent growth YoY. During this time the Buy Now Pay Later scheme peaked with a 215 percent YoY growth. Consumers using this service are also placing orders that are 18 percent larger. . Retailers struggle to meet demand “Out of stock” messages first peaked in July 2020, where shoppers saw 3x more stockouts compared to a pre-pandemic period. In Jan 2021, out of stock messages were still elevated at 4x pre-pandemic levels. Branded shopping days lost importance As online shopping became a ubiquitous daily activity during the pandemic. The five days between Thanksgiving and Cyber Monday 2020 contributed 9 percent less to revenue share during the holiday season, equivalent to 600 million dollars As shoppers looked for safer ways to shop or to avoid shipping delays, buy-online-pickup-in-store (or curbside) options continued to see traction, growing 67 percent YoY (Feb 2021). In an Adobe survey of over 1,000 U.S. consumers, 30 percent of online consumers prefer curbside/in-store pickup over standard delivery options. Image: Pexels; Article source: Adobe
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Diesel steps into petwear with collection for dogs

Italian brand Diesel has taken its first foray into petwear with the launch of a collection for dogs. The aptly named Diesel Doggies collection features a selection of miniature mode for your four-legged friend, comprising denim jackets, coats and mini knitted sweaters. So how much will the clothing for your pet set you back? The most pricey piece is a denim jacket with punk embroidery, which costs 150 dollars, while a dark blue jacket with flame motifs and a sweater with a camouflage pattern each cost 130 dollars. The cheapest piece in the collection is an 80 dollar sweater with Brave Wolf graphics. Diesel joins a growing list of brands experimenting in the niche but growing market of pet fashion, including the likes of luxury labels Moncler and Moschino, as well as high street retailers like H&M, River Island and Primark. Read more: * Petwear: The emerging market in the fashion industry Image: Diesel
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NEW COLLABORATION: Lacoste x Polaroid

Lacoste is in full color for Spring 2021 with a fresh collaboration with Polaroid. The Crocodile strikes a pose in the boldest of brights from the rainbow. Get ready to let the color in with the collection dropping March 17. Lacoste is seeing life through rose—or red, green, and yellow—tinted glasses again in 2021: unfiltered, close-up, and wide-angle. It’s about changing perspective, putting your best foot forward, and living in the present. It’s a chance to make a fresh start and leave 2020 behind, to redial and rethink the landscape to get ready to make new memories. The best way to good vibes is a brand-new collaboration between the crocodile brand and the iconic Polaroid brand for a technicolor capsule collection that’s bold, colorful and fun. GOOD VIBES ONLY Polaroid has been capturing memories on glossy instant film for over 70 years— from major events to private occasions— all in vibrant colors and warm tones. For Spring 2021, Lacoste dug deep into this legendary, high-color, and cultural heritage. Inspired by Polaroid’s famous rainbow logo from its first instant color film developed in 1963, the Lacoste x Polaroid collection centers around the distinctive blue, green, yellow, orange and red rainbow from the creative brand. The Lacoste crocodile marches across bold, block-color backgrounds on classic polos and hoodies, while polo dresses and shirts in oversized stripes make for a supercharged silhouette that stands out. Accessories also feature the full-color treatment, as white sneakers get subtle color-flash accents, tennis shoes go rainbow-striped, and caps, watches and backpacks are a concentration of high-energy sporty style. Look carefully and you’ll see the crocodile has taken center stage with the pièce de résistance – a limited-edition Polaroid 600 instant camera. For Lacoste Live, archive Lacoste images are layered onto colorful oversized polo shirts, hoodies, T-shirts and track pants. LIVING IN THE HERE AND NOW Immortalized by Iconoclast in Marseille, in both natural and flash lighting, dancers and skaters create a jigsaw in perpetual movement one frame at a time, image by single image. United by the characteristic Polaroid rainbow spectrum and the Lacoste pieces in the collection, each shot is a tribute to joy, boldness, and freedom. The collaboration drops online and in-store on March 17, when the Polaroid rainbow will take the floor in a super- sized decor as the collections comes to store windows. KEY TAKEAWAYS The Lacoste x Polaroid collection will be available online and in Lacoste stores and spaces from March 17, 2021. The Lacoste Live x Polaroid collection will be available online and in selected stores in Paris, New York, Milan, London and Shanghai from March 17, 2021. ABOUT LACOSTE Since the very first polo was created in 1933, Lacoste relies on its authentic sports heritage to spring optimism and elegance on the world thanks to a unique and original lifestyle for women, men and children. At the juncture of sport and fashion, Lacoste frees us up, creates movement in our lives, and liberates our self-expression. In every collection, in every line, Lacoste’s timeless elegance is captured through a combination of the creative and the classic. Since its beginnings, the crocodile’s aura has grown more powerful with every generation who has worn it, becoming a rallying sign beyond style. Passed from country to country, from one generation to the next, from one friend to another, Lacoste pieces become imbued with an emotional connection that raises them to the status of icons. The Lacoste elegance - both universal and timeless - brings together a large community, in which everyone respects and recognizes each other’s values and differences LACOSTE is an international brand from MF Brands Group, established in 98 countries, throughout a network of 1100 shops. For further information on LACOSTE https://corporate.lacoste.com/ ABOUT POLAROID Polaroid was founded by Edwin Land in 1937 as an icon of innovation and engineering. It wasn’t until 1943 when Land’s daughter asked why she couldn’t see a photograph of herself immediately that the idea for the instant camera was born. In 1947 it became a reality with the first ever instant camera. Today, Polaroid has analog instant photography at its core and represents the brand that people all over the world came to know and love over the past 82 years. By unifying its entire product portfolio under one name, Polaroid is setting out its new vision to be one cohesive global brand that will continue to create products that bring people together in human and meaningful ways. Polaroid, Polaroid Color Spectrum, Polaroid Classic Border Logo, Polaroid OneStep, Polaroid SX-70 and Polaroid Now are protected trademarks of Polaroid.
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Dick’s Sporting Goods launches men’s athleisure brand, VRST

Dick’s Sporting Goods has launched a men’s athletic apparel brand, VRST, as it looks to tap into the fast-growing athleisure segment. As well as being available through Dick’s online and physical stores, VRST will have its own e-commerce site, becoming only the second brand exclusively sold at Dick’s to have its own dedicated website after Calia by Carrie Underwood. “With the continued intersection of casual wear and athletic apparel, we saw a white space opportunity for a men’s line,” said Nina Barjesteh, senior vice president of product development at Dick’s, in a statement. Key pieces from the new brand include a variety of commuter pants, joggers and shorts along with tees, hooded sweatshirts and quarter-zips, with prices ranging from 30 dollars to 120 dollars. Barjesteh continued: “The VRST line leverages our expertise in athletic apparel, technology and the in-house design capabilities we have been building over several years. VRST not only offers sophisticated performance apparel for running and training, but also comfortable, stylish pieces with premium fabrication that can be worn around town, out with friends or while working or working out at home.” Image: Dick’s Sporting Goods
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Video: Akris FW21 collection at PFW

In this video, Swiss fashion house Akris has presented its FW21 collection at Paris Fashion Week (PFW). Watch the video below. Do you want to see more FW21 clothing collections? Click here to view the FashionUnited Marketplace. Video: AkrisOfficialChannel via YouTube Photo credit: Paris Fashion Week
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Clarks majority stake acquisition completed, new CEO named

Hong Kong-based private equity firm LionRock Capital has completed its 100 million pound investment in Clarks. The deal was first announced back in November, with LionRock agreeing to acquire a 51 percent majority stake in Clarks provided the British footwear retailer received approval from creditors to launch a company voluntary arrangement (CVA). A few weeks later, the CVA was approved by creditors, paving the way for the retailer to switch its stores to a turnover-based rents model. LionRock also confirmed Monday that Clarks CEO Giorgio Presca has exited the company to pursue other opportunities. Replacing him is non-executive director Victor Herrero, who will also take on the role of chairman. Herrero is chairman of Bossini, a non-executive director of Viva China Holdings Limited, and was CEO of Guess between 2015 and 2019. Herrero thanked outgoing CEO Presca for his “much-valued” work at Clarks over the last two years. He said in a release: “I am excited about leading Clarks to its next level and partnering with LionRock Capital and the Clark family to build a strong and sustainable future for this iconic and much-loved global brand.” Clarks under new ownership Last month, Clarks reported an 8 percent pre-Covid drop in sales for the year ended February 2020 to 725.3 million pounds. The company said the fall reflected “continued difficult conditions in the UK and ROI retail channel as footfall declines continued”. Its operating loss was 14.1 million pounds, down from a loss of 48.7 million pounds the year before, while its loss after tax was 15 million pounds, compared to a loss of 20.9 million pounds a year earlier. “We are extremely pleased to formalise our partnership with Clarks,” Daniel Tseung, founder and managing director of LionRock Capital, said Monday. “Clarks is one of the world’s most recognised consumer names and we look forward to working with the Clark family and Clarks’ leadership team to build on its tradition of providing customers around the world with top quality products and exceptional service.” Image: Clarks, Facebook
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Graduate Fashion Foundation unveils new digital platform

Graduate Fashion Foundation has launched a new innovative digital platform using technology to boost opportunities for fashion graduates with a portfolio hub, fashion university pages, and bespoke live-streaming technology for its annual Graduate Fashion Week (GFW) event. The new platform at graduatefashionweek.com will have dual functionality, featuring two separate designs. For the build-up to GFW, the site will showcase everything about the event, highlighting the schedule, speakers and universities. During GFW, taking place from June 12-18 at Coal Drops Yard in London, the platform will be the home to all live stream event content. The event will feature 11 runway shows including the GFW International Fashion Show, alongside exclusive industry panel talks, creative university fashion films, and designer diaries and archive footage from the past 30 years of GFW. This will be accessible to all registered users. Then from May, industry and media guests will be able to scout talent from over 1,500 curated graduate portfolio profiles when the Graduate Portfolio Profile hub is activated. The hub will showcase the “very best fashion graduates” and will allow potential employers from across the industry to view work from 82 global universities, as well as use search function filters to find talent. The search filters use 40 specialisms ranging from sustainability and designing-for-disabilities to fashion business, marketing and promotion. Graduate Fashion Foundation launches portfolio hub and live-streaming platform The digital platform will mean that graduate work has a space to be on display and accessible to the industry “year round” added Graduate Fashion Foundation, as part of its remit to support graduate talent across its UK and international university members. Graduates will be able to personalise their portfolio pages by sharing a detailed overview of their work, incorporating imagery and video content, work specialisms and displays links for the industry to connect for recruitment or press requests. Following Graduate Fashion Week, the portfolios will remain active for three years. Hilary Alexander, president of Graduate Fashion Foundation said in a statement: “Following a challenging year, our 30th anniversary is the perfect opportunity to embrace the digital revolution by designing and delivery a state-of-the-art platform that will further benefit the graduates and universities we support by offering year-round access to industry to scout from the best global fashion talent. The hybrid Graduate Fashion Week ensures our guests can access the event both in person and from home.” Jane Galpin, from The Assembly, the platforms developers added: “This year has been difficult for everyone in the fashion industry and we did not want the graduates to have to suffer further with their first steps into the working world that Graduate Fashion Week has always gifted them. “The team at GFW have been pioneering to embrace the latest technologies available, to create a perfect hybrid event that will not only solve problems this year, but will build a lasting legacy with the portal that will provide additional support to graduates and the wider industry for many years ahead.” Images: courtesy of Graduate Fashion Foundation
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Mango introduces its second activewear collection

Spanish fashion retailer Mango has launched a new collection for its Active range. The collection is intended to be worn for a wide range of sport disciplines such as yoga, pilates, running, dance, and more. One critical new point for the collection is that there are no knitted garments instead concentrating on lightweight fabrics. Active SS21 features leggings, shorts, tops, short-sleeved crop tops, bodies, sweatshirts, lightweight jackets, and jumpsuits in different colorways and design patterns. It also includes useful accessories, such as yoga mat bags, yoga blocks, resistance bands, money belts, sneakers, hats, bags, and socks. Mango will also be continuing its campaign, The Wellbeing Community, inspired by Mediterranean culture and aims to foster community spirit by promoting interaction among its members, strengthening bonds, sharing knowledge, and generating conversation about physical and mental well-being. For the launch of the new activewear collection, Mango has linked with experts in the field of well-being to offer live classes via Mango’s Instagram profile throughout March, April, and May. Examples include dancer Greta Elizondo and the wellness and yoga experts Marine and Marisa Compotello. The founder of the Tihhy studio in Paris, Clotilde Chaumet, will give a class on Sound Bath, which combines meditation and relaxation through experimenting with musical sounds. Image: Mango
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Hermès reimagines Victoria travel bag in mushroom "leather"

Hermès has found a “vegan leather” option that is not plastic. The famed luxury label is set to released a reworked version of its Victoria travel bag made from Sylvania materials that were created in partnership with MycoWorks’ Fine Mycelium, a patented cultivation process that uses fungi’s capacity to bind itself to other materials. “MycoWorks’ vision and values echo those of Hermès: a strong fascination with natural raw material and its transformation, a quest for excellence, with the aim of ensuring that objects are put to their best use and that their longevity is maximized,” Hermès artistic director Pierre-Alexis Dumas said in a statement. “With Sylvania, Hermès is at the heart of what it has always been: innovation in the making.” Mycelium is considered far superior and more sustainable than plastic-based faux leather. MycoWorks spent three years working with Hermès to create a leather alternative that would be up to part with the brand’s luxury reputation. Despite the new mushroom leather alternative, Hermès has said that they will still continue offering its traditional leather options that made the brand so famous. The luxury label is world renowned for its Hermès Birkin bag, one of the most coveted handbags in the world, as well as the Kelly bag. Image; Hermès Facebook page
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Dior to show women's pre-fall collection in Shanghai

Dior has plans to stage a physical show in Shanghai for women’s pre-fall 2021. The new collection with be inspired by Dior muse Mitzah Bricard and fashion entrepreneur Elio Fiorucci. Dior is planning to show around the line at the Long Museum West Bund on April 12 during Shanghai Fashion Week. Dior has stated that the show will art touch on art references ranging from the Pop Art of Richard Hamitlon to the New Futurism of Marco Lodola. Shanghai is becoming a popular site for fashion shows, with Louis Vuitton have shown their menswear collection there last year. It’s one of the few countries where brands can stage physical shows, given how successful China was with curtailing the COVID-19 pandemic. This will mark a rare moment for Dior, as their women’s pre-fall collection typically isn’t shown in a runway show format. However, the brand has a year of runway shows to make up for after the worst of the coronavirus pandemic last year which resulted in cancelled cruise collection and physical ready-to-wear shows. photo: courtesy of Dior
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Amazon launches shopping experience for music artist merchandise

Amazon Music has integrated artist merchandise within its mobile app, creating a new way for artists to engage with their audience. Artist merchandise will now appear in the Amazon Music app on participating artists’ pages, side-by-side with their songs, albums, live streams, and music videos. By seamlessly tying artist merch and music together in the app, fans in the U.S. can now easily shop a genre-spanning selection of merchandise, a majority of which is available with Prime shipping for Prime members, from artists including Billie Eilish, Jack Harlow, King Princess, Lady Gaga, and Gucci Mane. To coincide with the announcement, Amazon Music is debuting exclusive merchandise collections from an exciting array of artists, including a new line of apparel developed by Selena Gomez to celebrate her upcoming Spanish-language EP, REVELACIÓN, and an exclusive collection celebrating legendary rock band, Weezer. Amazon Music’s exclusive offerings feature new merch from Gwen Stefani, Metallica, Queen Naija, Pentatonix, and Florida Georgia Line, and Queen. In addition, Wale has made Amazon Music the exclusive online retail partner for his merchandise collection. “Fashion is an inseparable part of music and culture, and with the addition of merchandise to the Amazon Music app, we’re making it easier for artists to connect with their fans through our app,” said Sean McMullan, Amazon Music’s director of artist product and services, in a statement. “It’s long been Amazon Music’s mission to strengthen the connection between artists and fans, and today’s launch furthers that goal by uniting streaming audio, music videos, live streams, podcasts, and now merch under one roof for the first time.” Inspired by a Mexico City mural created to commemorate her single “Baila Conmigo,” Selena Gomez’s REVELACIÓN collection includes a variety of apparel from the pop star, including a colorful hoodie, graphic T-shirts, and a hat. The collection is available exclusively on Amazon. “I wanted to offer my fans something special for the release of REVELACIÓN,” said Selena Gomez in a statement. “That’s why I worked to develop a beautiful, new collection of exclusive merch for Amazon Music. I hope you enjoy what I’ve put together.” Weezer will also debut a new collection of merchandise for the launch of Amazon Music’s merch integration. Featuring hoodies, T-shirts, and hats adorned with Weezer’s iconic “Flying W” logo, classic Blue Album colorways, and the band’s trademark earnest tribute to the undeniable power of rock music, the collection is a celebration of all-things Weezer. “Since the pandemic has temporarily eradicated the merch table, we’re really excited to have developed an exclusive collection of offerings with Amazon Music to bring the merch table directly to our fans,” said Weezer in a statement. “We can’t wait to see everyone back on the road when it’s safe again to tour!” Fans can shop the exclusive merchandise in the Amazon Music app or online or on the Amazon Music Merch Shop, a comprehensive shopping experience on Amazon.com, developed and curated by the Amazon Music team. photo: courtesy of Amazon
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MPs call for adjudicator to tackle UK garment supply chain abuses

MPs have called for the introduction of a garment trade adjudicator to help eradicate non-compliance with labour market regulation in the UK’s garment industry. It comes as the Environmental Audit Committee (EAC) said it has seen evidence of “ongoing labour abuses in the domestic and international supply chains supplying UK fashion retailers”. In a letter to the secretary of state for business, energy and industrial strategy, Kwasi Kwarteng, the EAC said it has been “shocked” over the past three years by reports of underpayment of wages and poor working conditions. The EAC said voluntary corporate social responsibility initiatives “have failed to significantly improve” the issues, and suggested therefore the government should explore the introduction of a garment trade adjudicator. It said it heard from the director of labour market enforcement, Matthew Taylor, in December, who said the idea was worth exploring. Chair of the EAC, Philip Dunne, said: “Brands and retailers often wield considerable economic power in comparison to the suppliers they source clothes from. A garment trade adjudicator could help to ensure undue economic pressure is not placed on suppliers to cut corners on pay and conditions. “We suspect this would have more effect, more rapidly, than introducing a licensing system on garment suppliers who tend to be smaller entities with less bargaining power than their customers. “Only when brands and supply chains know that there is zero-tolerance to labour market abuses can we have confidence that workers will be paid properly and have appropriate working conditions.” Image: Pexels
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33 Sustainability efforts of the fashion industry in February 2021

In February, sustainability seemed high on the agenda of fashion brands and retailers, with some like H&M, Mango and John Lewis announcing not one but multiple initiatives. Resale is also booming, with second hand initiatives, resale platforms and clothing swaps making inroads. This month, FashionUnited is highlighting 33 sustainable initiatives that were presented in February 2021. Collaborations & Projects Vanish partners with the British Fashion Council to highlight throwaway fashion Photo: courtesy of Vanish by Marco Mori Garment care brand Vanish has unveiled a Rewear Edit high-fashion shoot in partnership with the British Fashion Council as part of London Fashion Week made entirely from discarded clothing to raise awareness of the 3.5 tonnes of clothing thrown away every five minutes in the UK. Read more… Kings of Indigo links Candiani for sustainable denim capsule collection Photo: Kings of Indigo Dutch denim brand Kings of Indigo has teamed up with Italian denim mill Candiani to launch a new sustainable capsule collection. The collection is made using Coreva, Candiani’s patented biodegradable and compostable stretch denim, which for the first time is available in three colourways - blue, black and ecru. Read more… Big fashion brands back Bangladesh recycling scheme Photo: Global Fashion Agenda Over 30 fashion brands and manufacturers have joined a new initiative to collaborate on cutting down textile waste and reusing materials to create new products in Bangladesh’s garments factories. The Circular Fashion Partnership announced this week that it is bringing brands such as H&M, OVS, Marks & Spencer, Berska, Pull & Bear, C&A, Kmart Australia, and Bangladeshi recycling firms and garment manufacturers on board the movement. Read more… Related news: * Alexander McQueen partners with Vestiaire Collective Parley partners with Byborre to launch conscious textile production Photo: Parley for the Oceans / Byborre Parley for the Oceans is partnering with Dutch textile innovation studio Byborre to launch a range of innovative textiles and wearable products set to be released to retailers and consumers in autumn 2021. The two organisations explain that they have “pushed the boundaries of material innovation to create textiles” by combining Parley’s Ocean Plastic yarns made from up-cycled marine debris with Byborre’s bespoke textile production to create an eco-friendly fabric “for the next generation”. Read more… Related news: * Prada completes Ocean Beyond education programme with Unesco and schools Brands & Retailers Weekday launches jeans made from 100 percent post-consumer waste Photo: Weekday H&M Group-owned brand Weekday has launched a limited-edition pair of its popular Rowe Jeans made of 100 percent post-consumer waste. Weekday teamed up with Infinited Fiber Company (IFC) to create the jeans made from a material comprising 50 percent organic cotton and 50 percent Infinna, which comes from 100 percent reborn textile waste. Read more… Related news: * Mango’s new denim collection will save 30 million liters of water * Marks & Spencer sets out new denim sustainability standards Allbirds invests in material innovation firm, reveals ‘Plant Leather’ Photo: Allbirds Sustainable footwear and apparel brand Allbirds has added a new 100 percent natural plant-based leather alternative to its line-up of open-source eco-materials. The San Francisco-based company said that it has invested 2 million dollars in material innovation firm Natural Fiber Welding and its Mirum technology to create the new product, aptly named ‘Plant Leather’. The material, which is made with vegetable oil, natural rubber and other “bio-ingredients”, has 40 times less carbon impact than leather and 17 times less carbon than synthetic leather made from plastic, according to Allbirds. Read more… Related news: * Nike launches first sustainable basketball shoe Hush launches secondhand clothing initiative Photo: Hush Fashion and lifestyle brand Hush is teaming up with social venture Thrift+ to introduce a new recycle and reuse initiative to encourage its customers to donate fashion and accessories which they no longer wear. The secondhand clothing take-back initiative is open to all Hush customers in the UK and is part of the brand’s sustainability commitment to promoting the circular fashion movement. Read more… Related news: * Singapore swapping initiatives offer alternative to fast fashion * Zalando expands resale platform Zircle to new markets * Resale platform Reflaunt raises 2.7 million dollars in new funding * Rebag debuts image-recognition technology for luxury resale Lacoste launches eco-friendly Loop Polo Photo: Lacoste French heritage fashion brand Lacoste is launching a sustainable and eco-friendly twist to its bestseller polo, with the introduction of the Loop Polo made using recycled cotton from surplus Lacoste polos. The eco-friendly unisex Loop Polo is composed of 30 percent recycled cotton spun together with 70 percent virgin cotton, made using a “closed-loop” process, which means no two polos are identical. Read more… Related news: * Natural History Museum launches childrenswear with John Lewis * 8 by Yoox launches sustainable capsule collection * U.S Polo Association launches new sustainability initiative John Lewis to fund sustainable cashmere programme Photo: John Lewis John Lewis is to fund a sustainable cashmere programme in Inner Mongolia run by non-profit international organisation the Sustainable Fibre Alliance (SFA). The three year programme will support the expansion of the SFA’s new Cashmere Standard from Mongolia to the Inner Mongolia region of China. The SFA has developed a global standard for cashmere to promote best practice in land management, animal welfare, fibre processing and supply chain transparency in an effort to ensure the long-term viability of the cashmere sector. Read more… Related news: * John Lewis signs up to Prince of Wales Terra Carta H&M issues 500 million euro sustainability-linked bond Photo: H&M H&M has issued a 500 million euro sustainability-linked bond which the Swedish fashion giant said will encourage it to meet its previously announced 2025 sustainability targets. Unlike green bonds, where funds are linked to specific projects, sustainability-linked bonds - which are relatively new additions to the bond market - are coupled to companies meeting several defined sustainability targets. Read more… Related news: * H&M launches new sustainability concept, Innovation Stories * H&M launches ‘more sustainable’ delivery option in the Netherlands * How effective are H&M’s circularity efforts? * 42 percent of companies exaggerate sustainability claims, says new report Asket overhauls its packaging, reduces e-commerce impact Photo: Asket Instead of poly bags, Stockholm-based brand Asket now uses cards and cardboard boxes made from 100 percent recycled paper. This reduces the amount of packaging material per order by 22 percent and cuts packaging-related CO2 emissions by 47 percent. Packaging costs also fell by 45 percent. So it’s a win-win situation from an economic and ecological point of view. And not to forget, the new packaging looks much more elegant too. Read more… Related news: * VF Corp aims to eliminate single-use plastic packaging by 2025 * Mango launches new store concept with sustainably in mind Sustainable fashion platform Renoon launches new site and app Photo: Renoon Renoon, a platform that helps customers discover sustainable and ethical fashion companies, has launched a new website and app today. The Amsterdam-based fashion-tech company lets shoppers search for sustainable fashion using a range of parameters, such as materials used, carbon-neutral, vegan, blockchain traced, second-hand, and rental as well as learn more about brands’ sustainability credentials. Read more… Related news: * Depop announces new sustainability vision for the future * Fashion blockchain start-up Retraced raises 1 million euros in seed funding Companies, Events & Awards Lenzing unveils “pioneering” Tencel modal fibres with indigo technology Photo: Lenzig The Lenzing Group is expanding its sustainable offering for the denim industry with a Tencel branded modal fibre with indigo technology using a one-step spun-dyeing process to deliver indigo colour whilst using fewer resources. The new fibre has been described as “pioneering” as the technology used delivers superior colour fastness relative to conventional indigo dyeing whilst using substantially fewer resources. Due to meeting high environmental standards the fibre has been awarded the EU Ecolabel Standard for textile products. Read more… House of Dagmar wins Zalando sustainability award Photo: House of Dagmar Zalando has announced that Swedish label House of Dagmar has won its inaugural sustainability award during Copenhagen Fashion Week. House of Dagmar impressed the jury with its “strong sustainable ambition,” shown through many aspects of the brand’s supply chain, as well as its continued commitment to producing fashionable, high-quality and low-impact products. Read more… Related news: * Christian Siriano turns the NYFW runway into a resale platform Also read: * Video: Bethany Williams at LFW * Video: Tombogo FW21 collection at NYFW * LFW AW21: Molly Goddard balances tulle with practical sensibilities * What Fashion Can Learn from the Veggie Burger Boom * Frugal shoppers are buying less, putting sales volumes under pressure * Recycling fibres and textiles could revolutionise sustainable fashion * 13 Sustainability efforts of the fashion industry in January 2021 Photo: John Lewis
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L Brands raises Q1 earnings outlook

L Brands, Inc. has increased its first quarter earnings guidance from a range of 35 cents to 45 cents to a range of 55 cents to 65 cents, excluding any charges related to the early extinguishment of debt. Commenting on the update, Andrew Meslow, Chief Executive Officer of L Brands, said: “While the current environment still presents uncertainty, we have raised our earnings guidance for the first quarter due to strong sales and margin results quarter-to-date, which also contributed to an improvement in our expectations for the remainder of the quarter.” The company also announced actions it is taking further enhance shareholder value. The company’s board of directors has authorized the repayment of 1.035 billion dollars of debt through a call of all 285 million dollars of the outstanding bonds due February 15, 2022 and all 750 million dollars of the outstanding secured bonds due July 1, 2025. The company anticipates using 1.1 billion dollars in cash to complete the debt repayment. Additionally, the company said, a new 500 million dollars share repurchase plan has been approved, which replaces the remaining 79 million dollars under the previously authorized program. A reinstatement of the company’s annual dividend at 60 cents per share has been proposed, beginning with the quarterly dividend to be paid in June 2021. Image:L Brands resources
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