Friday, July 22, 2022

Amazon to acquire One Medical in 3.9 billion dollar deal

Image: Amazon Online marketplace Amazon has announced that it has signed an agreement with One Medical that will see it acquire the US primary care organisation for approximately 3.9 billion dollars. One Medical’s mission is to make healthcare more accessible and affordable through in-person, digital and virtual care services. Its offer allows healthcare providers across the US to integrate its services to enable patients to schedule appointments, renew prescriptions and access health records online. Through the agreement, which is still subject to customary closing conditions, Amazon will acquire One Medical for 18 dollars per share in an all-cash transaction, including the organisation’s net debt. On completion, Amir Dan Rubin will remain as CEO of One Medical. In a release, SVP of Amazon Health Services, Neil Lindsay, said that health care is in need of reinvention, adding that Amazon sees “lots of opportunity to both improve the quality of the experience and give people back valuable time in their days”. Lindsay continued: “Together with One Medical’s human-centred and technology-powered approach to health care, we believe we can and will help more people get better care, when and how they need it. We look forward to delivering on that long-term mission.”
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JD Sports potentially considering Footasylum sale

Image: JD Sports JD Sports could be looking into selling Footasylum to Aurelius Group, a private equity investor, following a lengthy battle with a UK competition watchdog. According to a report by Sky News, the sportswear retailer has entered into exclusive talks with Aurelius to sell the Footasylum chain, although the terms of the potential deal are currently unclear. A source for the publication, from one of Footasylum’s losing bidders, said that the nature of the order from the Competition and Markets Authority (CMA) meant that JD Sports’ status as a forced seller could reduce the price it had hoped to obtain for the chain. Long-winded battle It comes after a costly tussle between JD Sports and CMA, which fined both the retail group and Footasylum nearly five million pounds, earlier this year, for sharing commercially sensitive information. The battle began in 2019, when JD bought Footasylum for 90 million pounds, an acquisition that was later investigated by the CMA after it found the two companies breached its order. CMA also said that the bosses failed to report the breaches, impacting its ability to “swiftly stop the information from being shared further”. In November 2021, the organisation ordered JD Sports to sell Footasylum, ruling that the merger between the two sportswear retailers would “leave shoppers worse off”. Following the ruling, JD Sports’ executive chairman Peter Cowgill and Footasylum CEO Barry Brown further breached CMA rules by meeting in a car park, as reported by the Sunday Times. The Lancashire-based company has also faced more scrutiny from the CMA in regards to the sale of Rangers FC merchandise alongside Elite Sports. According to the watchdog, the duo may have broken competition law by illegally price-fixing certain merchandise and carrying out anti-competition behaviour. The investigation is still taking place, with each party allowed to make representations to the CMA before the final decision is made.
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JD Sports expects FY profit to match record prior year

Image: JD Sports UK sportswear giant JD Sports expects profit for its current year to match its all-time highest level based on its year-to-date sales growth. At the company’s AGM meeting later on Friday, it will tell investors that group sales in the first five months of the year were 5 percent ahead of the previous year. Based on that growth, it said it expects headline profit before tax and exceptional items for the year ended January 28 2023 to be in line with its record profit the prior year. It also expects the phasing of the profit in the current year to “reflect a more normalised trading pattern”, with approximately 35 percent to 40 percent of profits generated in the first half. In the year to January 29 2022, the group posted a headline profit before tax and exceptional items of 947.2 million pounds, more than double the 421.3 million pounds it reported a year earlier. In the same period, revenue was up 38.8 percent to 8.56 billion pounds. JD Sports also said Friday that Andy Higginson, who joined the board as chair on July 11, is “fully involved” in the process of recruiting a new group CEO. in the meantime, Kath Smith is serving as interim chief executive.
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Bachelor party in Ibiza: Baldessarini wants to celebrate with a younger target group

Report Baldessarini event in Ibiza. Image: Baldessarini A party in Ibiza, new markets and more modern collections - Baldessarini's realignment is picking up steam since Florian Wortmann took over as managing director. The brand, founded in 1993, is approaching a younger target group with influencers and representation in social media but it also wants to retain its existing customer base. Saying ‘yes’ to ready-to-wear For this, the brand recently invited partners, press, influencers and select customers to Ibiza. At the end of May, Baldessarini presented its wedding capsule ‘White Collection’ on the party island, where the brand focused especially on bright colours like white and cognac for shirts and suits, as well as matching accessories like pocket squares and bow ties - saying ‘yes’ to the return of ready-to-wear. The pandemic forced men to dress in comfortable and loose pieces like sweatpants and sweatshirts, but this casualisation was only due to circumstances, Wortmann does not see it as a trend. Presenting the ‘White Collection’. Image: Baldessarini “We’re realising that ready-to-wear is coming back. We're responding to that with ‘Baldessarini White’; a cool, casual look for all kinds of celebrations,” said Wortmann, who himself sported the casual look at the Ibiza event with a peaked cap, aviator sunglasses, an unbuttoned shirt with blue and brown stripes, long, slightly rolled up trousers and brown, comfortable mules, as well as tattoos and jewellery. “From wedding to divorce, one finds something for every occasion with us. Returning to the formal look, we show that it can be cool, not just boring and unsophisticated.” Florian Wortmann (left) with influencer Bene Schulz (right) during the event in Ibiza. Image: Baldessarini And that during times still marked by the pandemic, a depressed mood due to the war in Ukraine and global supply chain problems. However, the Baldessarini head is getting good customer feedback, as he told FashionUnited in Ibiza. “The relaunch is going great, we're not scaring away old customers and we're getting many new ones,” reports Wortmann. “We have a completely different visibility and radiance as a brand. Right now, I have to say, we're still living in a very good cosmos here.” This cosmos allows the brand to pause the reality for an evening and hold an event focused on the wedding theme that looks like something out of the Millennial generation’s dream: a candy bar, a ping-pong table with red cups for playing the drinking game beer pong, a pool with inflatable hearts and wedding rings awaited the guests. On top of that, a tattoo artist gave guests a souvenir for eternity in a Las Vegas-style wedding chapel. A tattoo artist gave guests a special souvenir. Image: Baldessarini Even the location could not have been more suitable: the outdoor area of a hotel that embodies the vibe of the US in the ‘70s. This fits not only the theme of the event but also the style of the casual yet well dressed brand, which draws inspiration from the Hollywood style of the period. Baldessarini thus aims to become “one of the firm pillars” in the premium segment again. ”We don't want to be comparable at all for the customer because of this unique lifestyle. If you go through a premium department store with Boss, Joop and then on to Zegna, Windsor, Sandro and all the contemporaries, we are a good link that bridges the gap between ‘You know what you're getting’, but you're also always ‘fashionably on point’ without looking dressed up,” Wortmann said, describing the direction. Photo wall. Image: Baldessarini To ensure that the lifestyle also resonates with a younger target group, the brand offered its guests in Ibiza numerous photo spots - like an Instagram museum. Influencers could pose in front of a white stretch limousine and in a heart-shaped pool, and bring out their brightest smiles in front of a typical photo wall. But also moments like the cutting of the wedding cake, accompanied by guests with sparklers, offered Baldessarini-clad content creators a special photo opportunity. The brand used the location and influential guests for its social media presence and posted several Instagram stories during the event. Among others, influencers like DJ Justin Prince (200,000 followers on Instagram), model Luca Heubl (412,000 followers on Instagram) and Tobias Reuter (779,000 followers on Instagram) were seen playing a game of beer pong, which the brand titled “Team Don Promillos” - scenes that could also come straight from a bachelor party and strengthen the young image of the brand. Image: BaldessariniGuests playing beer pong. Image: Baldessarini Baldessarini does not want to have its cake and eat it too This image seems to be well received not only in the domestic market, where Baldessarini is focusing on expanding its bricks-and-mortar retail, but also in neighbouring countries. Poland is currently the strongest export market for the brand, but growth rates are high in Belgium, Luxembourg and the Netherlands too, as well as in Switzerland and Great Britain, according to the Baldessarini MD. In addition, the brand is now also active in Italy, where it presented itself for the first time since 2016 at the international menswear fair Pitti Uomo in Florence. But Baldessarini also still supplies the much-discussed Russian market, as partner stores “are run locally by Ukrainians,” explained Wortmann. In Spain, on the other hand, the brand is not currently represented, despite the party taking place in Ibiza, as this is a very complex market due to the many department stores. “You either go in with a shop-in-shop or leave it for now,” he stated. “It is also important not to have one’s cake and eat it too, but to first take care of one’s pre-markets, set them up properly and not fall for internationalisation.” However, the brand still wants to visit all weddings - step by step though. Image: Baldessarini 79-euro shirts are not “brand appropriate” Despite the party atmosphere at Baldessarini, the brand cannot avoid price increases in face of strained supply chains and rising energy prices, and had to raise them by 10 to 15 percent. However, initial price points would no longer be particularly relevant to the brand. “I don't need jeans for 99 euros or a shirt for 79 euros at Baldessarini. That is not brand-appropriate. We want to get out of that valley,” he said. “We are upper-premium, but still affordable luxury design, which refers to luxury when it comes to design, not price. With us, a shirt costs 119, 129, 139 euros, while elsewhere one would pay 350 or 400 euros.” Wortmann sees greater problems with the issue of core price levels in the mass market, where the price increase is more noticeable to customers. But he is confident that anyone who previously bought a pair of Baldessarini jeans for 129 euros would also buy them for 139 euros. Tapping tradition Baldessarini was founded in 1993 as part of the Hugo Boss AG and named after fashion designer and manager Werner Baldessarini, who also held management positions for the German fashion group. In 1998, late fashion designer Karl Lagerfeld photographed the catalogue for the spring/summer season, and since 2002, fragrances have also been part of the range. In 2006, Baldessarini was acquired by German fashion group Ahlers AG, which also owns brands such as Pierre Cardin and Pioneer. Image: Baldessarini Florian Wortmann now wants to lead the brand to its former glory and exploit its actual potential. “I chose the Baldessarini brand at the time because it was clear to me that the brand is capable of much more than it is currently performing,” said the Baldessarini head of his decision to return to the Ahlers Group and lead the brand. He thinks that “there is still enough room out there for authentic brands that tell a story you can identify with. With the relaunch, we've been very successful and above expectations. We were only able to do that because we aligned the brand in a very clear and polarising way.” But Baldessarini has also set itself tight revenue targets and wants to become a brand “that goes towards 100 million euros. In the first step, we want to crack 50 million and then we'll take it from there.” FashionUnited was invited by Baldessarini to the Ibiza event. This article was originally published on FashionUnited.de. Edited and translated by Simone Preuss.
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Vera Bradley CEO Robert Wallstrom to retire

Image: Vera Bradley, Facebook Vera Bradley, Inc. has announced the planned retirement of president and chief executive officer Robert Wallstrom. The company said in a statement that Wallstrom will remain in his role until a successor is named, which is expected by the beginning of 2023. Wallstrom will work with the board of directors in their national search for his successor. Commenting on the announcement, Robert Hall, chairman of the company’s board of directors, said: “Rob is a bold leader, an innovator, and a visionary who has worked tirelessly to evolve the company and position it for growth. As we search for Rob’s successor, we are in the desirable position of having two strong, iconic brands – Vera Bradley and Pura Vida – with loyal and dedicated customer bases, a solid balance sheet, and a talented leadership team.” The company added that Wallstrom has led Vera Bradley, Inc. as president and chief executive officer since 2013, executing the company’s business transformation while also championing corporate social responsibility, associate engagement, and philanthropy initiatives. Wallstrom oversaw the expansion of the company’s portfolio in 2019 with the acquisition of lifestyle brand Pura Vida, which achieved B Corp Certification in 2022. Under Wallstrom’s leadership, in 2022, Vera Bradley, Inc. was named America’s #1 Best Midsize Employer and #11 Best Employer for Diversity by Forbes and Statista. “It has been my great privilege to serve as president and CEO of Vera Bradley, Inc. over the last nine years, and it has been a tremendous honour to work with our highly talented, creative, and dedicated team of associates,” added Wallstrom.
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Thursday, July 21, 2022

Frasers Group FY profits surge, ups FY23 outlook despite headwinds

Image: Frasers Group Frasers Group has increased its guidance for the fiscal year 2023 after reporting record profit in its most recent annual results. The group, whose portfolio includes Flannels, Sports Direct, House of Fraser, and Jack Wills, made a pre-tax profit of 344.8 million pounds in the year to April 24, compared to a loss of 39.9 million pounds a year earlier. It came despite a “significant increase in general running costs” amid rising inflation and widespread supply chain challenges, which it warned could persist. Still, the group upped its FY23 outlook, and now expects adjusted pre-tax profit of between 450 million pounds and 500 million pounds. Group revenue surges Excluding acquisitions, group revenue for the most recent year was up 30.1 percent to 4.75 billion pounds as the company benefited from shoppers flocking back to stores following the end of Covid restrictions. Revenue at the group’s premium lifestyle division jumped 43.6 percent to 1.06 billion pounds, while revenue at its UK sport retail division was up 31.2 percent to 2.58 billion pounds. Breaking it down by geography, revenue in European retail was up 28.4 percent to 790.2 million pounds, while retail revenue in the rest of world was down 1.6 percent to 150.3 million pounds. Chief executive Michael Murray hailed a “record-breaking year” despite “significant economic headwinds and well-chronicled challenges across the sector”. He said: “It's clear that our elevation strategy is working and we are building incredible momentum with new store openings, digital capabilities and deeper brand partnerships across all of our divisions. “We've got the right strategy, team and determination to keep driving our business from strength to strength.”
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Lululemon eyes China expansion, launches through JD

Image: Lululemon Lululemon has officially debuted its digital flagship store through China’s JD, bringing its yoga and fitness products to the e-commerce site’s J Shop. According to the platform, the new addition falls in line with the current growth in popularity of fitness and sports in the country, as well as the increasing demand for sports equipment. It adds to the site’s J Shop offer, an “improved” subsidiary of JD’s fashion and lifestyle business which looks to help brands expand in China and accommodate the needs of the region’s consumers. The news comes shortly after the CEO of the Canadian retailer, Calvin McDonald told China Daily of the brand’s intention to rapidly expand in the country. In an interview with the publication, McDonald said: “Our new goal is to quadruple our international business again by 2026. The Chinese mainland will be a big part of that opportunity as we continue to invest in the market, in stores, in digital and build a community.” McDonald noted that, while the brand currently has 71 stores in China, it intends to grow this to 220 over the next five years, with the majority to be located in Mainland China. Additionally, the retailer is also expecting its digital expansion in the market will double its revenue over the same period after it reported that it had tripled between 2018 and 2021. Brand backlash Despite Lululemon’s positive outlook, the fitness label has also received significant backlash in the country after it was fined more than 12,000 dollars by the Beijing Xicheng District Market Supervision Board for selling poorly made products in May. Following the news, the brand trended on the country’s popular social media platform Weibo through the hashtag ‘#Lululemonsellspoorlyqualifiedproducts’. Lululemon quickly apologised via Weibo but turned off its comment section to avoid negative interactions, according to Jing Daily. However, JD hopes the brand will return to favour with the Chinese market through its community-centric strategy and use of exclusive materials.
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High cost of living is squeezing households and retailers alike

Image: Pexels The increasingly high costs of living are squeezing fashion and retail businesses, particularly with customers shopping for bargain prices and goods on sale. British jeweller Joules in a trading update this week said its gross margins remained under significant pressure with consumer appetite weighted towards mark downs amidst a heavily promotional environment. Discount supermarkets Lidl and Aldi have seen sales soar, claiming a combined market share of 16 percent as shoppers continue to look for ways to keep costs down amid soaring inflation and rising grocery prices. On its European online stores Lidl is currently selling duo packs of shorts for 6.99 euros and jeans for 13.99. Customers are choosing own label brands over established names, not just in grocery but also fashion. Store’s own brands, or private labels, are typically price points that are the openers in a specific category and therefore more accessible. The Office for Nation Statistics (ONS) reported real basic wages are falling at their fastest rate on record, with the public sector worst hit. It means the high cost of living will continue to squeeze households and therefore retailers alike.
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Macy’s to open eight small format stores in 2022

Image: Market by Macy's, Business Wire Macy’s has announced that, as part of its Polaris strategy, the company will open four new off-mall, small-format stores this fall. By the end of 2022, Macy’s plans to expand Market by Macy’s to eight total locations. The four locations will include Market by Macy’s, a smaller store that offers customers its curated assortment of the latest fashion trends, as well as the first-ever dual Market by Macy’s and Macy’s Backstage off-price location. “As exciting brand extensions, Market by Macy’s and Macy’s Backstage each offer unique shopping experiences – one celebrates discovery and convenience, while the other appeals to the customer who loves the thrill of the hunt for a great value,” said Marc Mastronardi, chief stores officer at Macy’s in a statement. Throughout Fall 2022, the company added Market by Macy’s will open in Johns Creek Town Center, in the St. Louis area on THF Blvd. in Chesterfield Commons, while the first dual Market by Macy’s and Macy’s Backstage store will open in Chicagoland with Market by Macy’s located on the first floor and Backstage on the second floor. As part of Macy’s ongoing assessment of its store portfolio, it has decided to close the Macy’s Chesterfield location and will replace it with the new Market by Macy’s near Chesterfield Commons.
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Nordstrom announces appointment of two senior executives

Image: Nordstrom Nordstrom, Inc. has announced the appointment of two new senior executive leaders. The company said in a release that Deniz Anders was promoted to senior vice president and chief marketing officer, and Nina Barjesteh, a senior executive at Dick's Sporting Goods, will join the company as president, Nordstrom Product Group. "Deniz is a proven leader with the ability to drive integrated marketing strategies and plans to grow the business and connect with customers in meaningful ways across all channels and touchpoints" said Ken Worzel, chief customer officer at Nordstrom. Nordstrom promotes Deniz Anders to SVP and chief marketing officer In her new role, the company added, Anders will lead all marketing efforts on behalf of the company, including brand programs, digital marketing, creative strategy and corporate affairs. Anders has been with the company for 22 years, most recently serving as vice president of marketing. Anders steps into the role previously held by Scott Meden, who announced his retirement earlier this year. Nina Barjesteh to join as president, Nordstrom Product Group Barjesteh joins Nordstrom from Dick's Sporting Goods, where she served as senior vice president of product development and design, leading the strategy, management, and execution of the company's product development organisation. "Nina's experience leading and transforming private label businesses will position us to take full advantage of this growth opportunity, and to continue building Nordstrom Made products that put our customers first through design, quality, and value," said Pete Nordstrom, the company’s president and chief brand officer. Prior to joining Dick's, she served as chief merchant of Rue 21, and spent 20 years at Target Corporation in various roles including vice president general merchandise manager women's apparel, vice president merchandise manager kids, and vice president apparel and accessories branding.
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Wednesday, July 20, 2022

Curbing retail staff abuse as UK and US cases soar

Image: Retail Since the pandemic, violence against retail staff is at an all time high, with the UK and US seeing a surge in cases. In America, from 2018 to 2020, assaults reported to the F.B.I. by law enforcement agencies rose 42 percent, according to the New York Times. In the UK, abuse against retail staff was already at record high with over 400 incidents per day, but data from the British Retail Consortium (BRC) Crime Survey 2022 Report revealed that incidents of verbal and physical abuse targeting retail workers nearly tripled in number year on year during the 12 months ended 31 March 2021 to 1,300 every day. The #shopkind campaign, an initiave from the UK’s biggest retailers, the Home Office and Crimestoppers, aims to counter this, urging the public to be kinder to shop staff, emphasizing that we should all treat workers and other customers with respect, kindness and gratitude. Verbal abuse has a detrimental effect on retail workers According to the report, verbal abuse can have a huge impact on the health and wellbeing of retail workers. 100 percent of retailers in the BRC’s report said they saw violence as a top threat. In the US, a bid to reduce incarceration rates have made punishments more lenient for retail theft, where a 1,000 dollar theft threshold in many states for shoplifting sets a bar for priorities. Thefts of lesser value may go unpunished or not be prioritised. “Violence and abuse towards shop workers is utterly despicable and unacceptable, everyone has the right to feel safe at work. As the daughter of shopkeepers, I fully support ShopKind, a reminder to customers to consider their behaviour towards shop staff, and I would encourage all retailers to fully support it," said Priti Patel, Home Secretary, UK Government. In the US, the mantra "the customer is always right" is embedded into the American retail experience. According to Business Insider this has created a sense of entitlement among shoppers that has led to aggression and even violence toward retail workers. There should be no place in retail for abuse and violence. For now, government intervention may be the only solution to ending curbing abuse.
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PVH appoints David Savman as chief supply chain officer

Image: Tommy Hilfiger, Facebook PVH Corp. has appointed David Savman as executive vice president and chief supply chain officer (CSCO). The company said in a statement that he will join PVH in late 2022 from H&M Group where he spent 19 years, most recently as head of global supply chain. Savman succeeds Sarah Clarke, who is leaving PVH as of October 31, 2022 to pursue other interests. Savman, the company added, will be responsible for the global supply chain and sourcing strategy for PVH’s global brands, including Tommy Hilfiger and Calvin Klein, and will report to CEO Stefan Larsson. Commenting on Savman’s appointment, Larsson said: “With David’s proven ability to simplify complexity, strong ability to create value through a demand and data driven value chain, deep experience in international markets and commitment to sustainability, he will play an important role driving our PVH+ plan forward.” At H&M Group, Savman led all sourcing, procurement and warehouse operations and managed an organisation across over 80 countries. He previously managed key functions including supply chain, production and purchasing, and worked in several international markets across Asia and Europe. “I am excited to be joining at this pivotal time for the company, and will be focused on pursuing opportunities to add significant value and make lasting, positive contributions to deliver on the PVH+ plan. I look forward to supporting Stefan and the entire PVH team to deliver sustainable long-term growth,” added Savman.
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US skincare brand Proven to launch in EU and UK

Image: Proven Skincare Proven Skincare is set to make its first international expansion into the EU and UK after its launch in Canada in July 2021. The company’s decision to expand into new regions is based on the global demand for personalised skincare solutions, it said in a release, and comes after a period of “significant” growth for the brand. Since its founding in 2017 and its official launch in 2019, initially in the US, Proven has secured a patent protecting its skincare solution and “solid” seed funding led by Social Capital. The brand utilises artificial intelligence (AI) and big data to develop the five products it currently offers, applying its proprietary Skin Genome Project, a beauty database, to help craft the personalised solutions. In light of its expansion into the UK and EU, Proven said it has gathered local environmental data on the region and executed a “major tech build to incorporate it into Proven’s existing AI”. The brand’s co-founder and CEO, Ming S. Zhao said: “Too many customers still rely on one-size-fits-all skincare products that do not take into account their unique concerns and needs. Proven provides personalised, adaptive, effective skincare solutions that take into account a person’s skin, life and environment.” Customers in the UK and EU will now have access to Proven’s cleaner, moisturiser, night cream, day eye cream and night eye cream, each of which can be purchased either as collections or separately.
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Tuesday, July 19, 2022

Wolford chief operating officer Andrew Thorndike resigns

Image: Wolford; Andrew Thorndike and Silvia Azzali Luxury skinwear and hosiery brand Wolford has confirmed that its chief operating officer Andrew Thorndike has resigned and is exiting the company at the end of July. In a short statement, Wolford said that Thorndike, who is a member of the management board, and the supervisory board have “mutually agreed to terminate [his] board mandate effective July 31, 2022”. No additional reason was given for Thorndike’s exit. Thorndike has been chief operating officer of the business since October 2019, tasked with completely restructuring the company, and in 2021, Wolford reported its EBITDA in 10 years, with double-digit growth in turnover and earnings, as sales hit 108.9 million euros. Wolford added: “The supervisory board expressively thanks Andrew Thorndike for his commitment to the company.” The skinwear and hosiery brand said that the process of appointing a new member of the management board has begun. Until an appointment is made, management board member Silvia Azzali will run the business as sole director.
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Next apologises after IT failure left staff underpaid

Image: Next Plc Next has issued an apology to its staff after the integration of a new computer system failed and left many underpaid for months. The British retailer has been working to resolve issues caused by outsourcing its payroll functions to Oracle, a US technology company, which it struggled to merge with its own software. Initially reported by the Sunday Times, problems first arose in February and have affected both weekly and monthly paid employees. The publication said that employees have been underpaid by up to 200 pounds a month, with some having to rely on food banks to make ends meet. In response, Next reportedly assigned a dedicated team to spot errors and pay the missing money each week. According to The Guardian, the retailer has declined to say how many of its workers have been affected, but a spokesperson for the company told the media outlet that the number has declined since its peak. The spokesperson continued: “Over the last few months we have experienced a number of issues with our new payroll system and have been tackling them as a matter of urgency. This is one of the very few instances where Next has outsourced critical software and we have learnt some important lessons about integrating our in-house applications with third-party platforms. “We are acutely aware of the problems these payroll errors have caused some of our colleagues. We sincerely apologise to all those affected and assure them that we are resolving these problems as a priority.”
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Richemont fund manager requests board change

Image: Richemont Compagnie Financière Richemont has said that Bluebell Capital Partners, a fund manager, has requested a number of board changes be added to the agenda for the luxury conglomerate’s upcoming annual meeting. As part of its request, Bluebell is asking that the company designates a representative of the holders of ‘A’ shares, which are listed on the SIX Swiss Exchange, and elect that representative to the group’s board. It is also requesting to increase Richemont’s minimal number of board members to six and each of its ‘A’ and ‘B’ shareholders to have an equal number of representatives. Richemont said it will be submitting the proposals to shareholders at the upcoming meeting, which is to be held on September 7.
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Saks appoints DEI exec

Image: Saks Game Day Campaign Luxury e-commerce platform Saks has announced it has appointed Alicia Williams as vice president, diversity, equity and inclusion (DEI), effective immediately. As part of the ESG team, led by Cara Chacon, Williams will be responsible for boosting Saks’ DEI efforts and commitments across the company while formulating its future strategy. Williams joins the company with more than 15 years of experience in similar roles, including at Morgan Stanley where she led the bank’s DEI strategy, talent management and business impact. In a release, chief people officer of Saks, Sarah Garber, said DEI commitments and ensuring an inclusive culture were priorities for the company and its leadership team. Garder continued: “Alicia has an exceptional track record in launching and implementing DEI initiatives, and we look forward to benefiting from her deep expertise as we build on the progress we have made to date and strengthen our efforts across our business.”
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Source Fashion to replace Pure Origin from February 2023

Image: Pure London July 2022 UK sourcing trade show Pure Origin will be replaced by Source Fashion from February 2023 as part of a “brand evolution reflecting a new vision for sustainable, ethical, and inspirational material and textile sourcing”. Pure Origin, which runs alongside womenswear trade fair Pure London, focuses on all things sourcing, from raw materials and trims to fabrics and packaging. The current edition is taking place from Sunday 17 July to Tuesday 19 July at Olympic London. The first Source Fashion will run alongside Pure London at the same location from Sunday 12 February to Tuesday 14 February. Organisers of the show, Hyve Group, said Source Fashion will also “place research at its core by announcing a call for content to invite the fashion community to share innovations in process, sustainability, and materials”. Suzanne Ellingham, Hyve Group’s director of sourcing, said: “We believe that Source Fashion represents an important step change in responsible sourcing that the Fashion community craves.” Hyve Group said the new show will have four key values: responsibility, sustainability, inspiration, and ‘creating connections’. Ellingham continued: “Against the backdrop of shifting supply chains and consumers demanding more sustainable options from retailers we believe that Source Fashion arrives at the right time to drive momentum of sustainable and responsible sourcing. “We have had enormous support for this show from the buying community and international governments and look forward to building Europe’s most important sustainable sourcing show, here in the UK.”
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Monday, July 18, 2022

Frasers Group reportedly considering I Saw It First bid

Image: I Saw It First Frasers Group could be swooping in on another fast fashion retailer soon, as reports have stated that Mike Ashley’s retail group is considering a takeover of I Saw It First, an online brand owned by Boohoo founder Jalal Kamani. According to The Telegraph, the group, which owns the likes of Sports Direct, Flannels and House of Fraser, could be adding the e-commerce brand to its growing portfolio over the coming weeks. However, the publication’s sources said the deal could still fail to go ahead. Kamani launched I Saw It First in 2017 after helping his brother Mahmud found Boohoo in 2006. Frasers continues chain of acquisitions As direct competitors, Boohoo and Frasers Group have previously battled over struggling retailers, the most recent being online fashion site Missguided. Despite reports that Boohoo was making a move, Frasers acquired the struggling retailer at the start of June after it collapsed into administration. Since the acquisition, former Missguided CEO and founder Nitin Passi returned to the helm of the brand, stating at the time that he was “committed to rebuilding [its shareholder’s] trust”. Frasers has also been snapping up stakes in various retailers over the past few months, including Australian-based fashion marketplace MySale and Hugo Boss, for which it has upped its stake three times since the start of the year. Now holding a 4.9 percent stake, the group initially invested in the German fashion brand in 2020 as part of its ongoing elevation strategy, which looks to reposition the group as a more up-market business.
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Blenders Eyewear debuts new philanthropic initiative

Image: Blenders Eyewear Blenders Eyewear launched a new charitable giveback programme 'Blenders Cares' to support impactful non-profit organisations “to make positive and long-lasting change for important issues”. Since its inception in 2012, Blenders Eyewear has supported and celebrated causes including breast cancer awareness and LGBTQIA+ rights. The Blenders Cares initiative is about continuing and amplifying the company’s “philanthropic endeavours and ongoing mission in encouraging all to live boldly and participate in causes that they’re passionate about”. To kick off the new charitable initiative, Blenders Cares’ teamed up with San Diego Pride as the official sponsor of the parade, which took place on July 16. Christian Scott, vice president of marketing at Blenders Eyewear, said in a statement: “Blenders Eyewear was founded upon the motto of, ‘Life in Forward Motion,’ a notion close to our hearts that goes beyond our products. “We’re excited to carry out this mission and inspire others to get involved through Blenders Cares. San Diego Pride’s year-round philanthropy within and beyond the San Diego community embodies this mission. Partnering with and supporting them for the Pride parade is the first of many initiatives that we’re thrilled to unveil as part of the Blenders Cares programme.” In addition, Blenders Eyewear has also launched new limited-edition Pride North Park X2 sunglasses featuring rainbow mirrored lenses. 100 percent of the proceeds from the sunglasses will go directly to San Diego Pride.
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Ted Baker reportedly under cashflow pressure

Image: Ted Baker media gallery Ted Baker is facing the heat as credit insurers reportedly pulled their cover on the fashion retailer’s suppliers during the pandemic. According to The Sunday Times, the British brand has been trading without credit insurance since 2020, when big insurers such as Euler Hermes and Atradius cut ties with the apparel firm. The publication said it has placed Ted Baker under cashflow pressure as it was left with just 3.1 million pounds in net cash in January after it garnered more stock in anticipation of a post-Covid recovery. Without the insurance cover, it is likely that suppliers will seek tighter payment terms, causing a strain on cashflow. The report comes amid the company’s lengthy sale process, which it initiated in April following an unprovoked takeover offer from Sycamore Partners. Since its launch, the sale has been said to have attracted a number of interested bidders but was thrown into doubt after Ted Baker’s preferred bidder, reported by Sky News to be Authentic Brands Group, backed out of sale discussions.
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H&M Group begins ‘winding down’ in Russia

Image: H&M Following its decision to pause all sales in Russia, as announced March 2, the H&M Group has now said that it will be taking steps to wind down its business in the country, citing “operational challenges and an unpredictable future”. As part of the process, the group, which has been operating in the region since 2009, will temporarily reopen its physical stores to sell its remaining inventory. “After careful consideration, we see it as impossible given the current situation to continue our business in Russia,” said Helena Helmersson, CEO of the group, in a statement provided to FashionUnited. Helmersson continued: “We are deeply saddened about the impact this will have on our colleagues and very grateful for all their hard work and dedication. Furthermore, we wish to thank our customers for their support throughout the years.” New laws in Russia The fast fashion group said that it “regrets” that it could not continue its operations, however, it noted its intention to ensure a responsible winding down process and support of its colleagues over the coming months. H&M added that it expects the winding down to cost a total of approximately two billion Swedish crowns (160.99 pounds), one billion of which will have a cash flow impact. The full amount will be included as one-time costs in its results for the third quarter of 2022. It joins a number of Western companies making the step to fully exit Russia since its invasion of Ukraine in February. Most recently, US sportswear giant Nike completely cut ties with the market, while LVMH-owned beauty retailer Sephora sold its Russian subsidiary. The latest spate of exits comes ahead of new laws set to be introduced in Russia, which will allow the state to seize assets of companies that have suspended business in the country.
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Science fiction influences shape the future of leather

FashionUnited Science fiction is a tool for ambitious thinkers. This was the message running through the leather trend presentation at Lineapelle in NYC last week. But just as science fiction is difficult to define, ambiguity is omnipresent in trend forecasting with references to science, technology, AI and human exploration, and the enormous global uncertainty touching every facet of our industry. We are recalibrating, moving into unknown territory, rejecting the past yet pointed towards a future that is unclear. We are the Timothée Chalamet character in Dune, heirs to a legacy but one which comes with enormous obligations and struggle. Color palettes for fall 2023 feature neutrals—beige, sand, concrete—elevated with shades of tamarind, coriander, nutmeg, caraway, turmeric, chili and cardamon, indeed the spice at the center of Dune's conflict, the substance necessary to give users vitality and power which has caused the war in the desert planet of Arrakis. Verdant tones mixed with moody and glacial blues close out the palette and suggest better days to come. FashionUnited There is perhaps no other apparel material more representative of the struggle in this not-always-hospitable landscape than leather. A creature is terminated and its skin harvested to provide us with this luxury material yet we were also being told throughout the presentation that nothing is obsolete; nothing is destroyed; everything is transformed and designed to be reused. Ethics and Ingenuity Fashion must be in constant motion and everything is fluid so there is an acceptance of this superficial harmony. Science fiction is speculative and dependent on human imagination. Our constant scrolling must have content and there is freedom and possibility in that. But while science fiction often creates a sense of wonder, there is a general feeling of having been here before. We will click Like anyway, because we must in order to advance. Ethics and Research are constant bedfellows. Undyed, natural materials which save water, energy and reduce pollution are key but have been around for seasons. Extraneous steps will now be removed from the manufacturing processes while technology ensures that we will not lose essential elements. Glues, for example, will be replaced by technology that molds a garment together in a single step. Leathers will be augmented with technology for increased performance. Retro-Future For Fall 23 we will be revisiting heritage and exploring our archives but applying modern know-how and cutting edge technology. Chanel-style tweeds, for example, will be repurposed, and embroideries and jacquards manufactured with less operations. Artisanal crafts and traditions from around the world will be discovered by the younger generations. Shiny, cozy and padded will exist together, for example, in one oversized jacket molded from luxury lightweight nappa and elevated with an eco-friendly dewy sheen. In the “Reptilarium”, alligator and snakeskin effects will be achieved with visionary print treatments. In this world, neither new, nor old, possibility is endless and hybrids are ubiquitous. We’re starting anew at zero and science and technology define the terms of collaboration, cooperation and coexistence we need to succeed. FashionUnited Digi-Real As reality and the virtual overlap, we enter a hyperreality. Pretty but subversive fabrics emerge that evoke cellular structures glimpsed under the microscope or beautifully colored micro pixels—perhaps shadows of our shared pandemic experience and too much time sitting in front of screens. “I want to be perfect and unique. Like everyone else.” We enjoy templates, filters, backgrounds that hide our messy lives on zoom, but we still value a sense of individuality. In this vein, next fall will see classics imbued with novelty. The traditional romance of the open road has been replaced by the mysterious call of navigating a foreign landscape. We are time acrobats, responding to blurry sounds and vibrations, glimpsing visions of the future, just enough to keep us going. Innovations have only just begun and we need new words to define these new concepts.
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