Saturday, August 19, 2023

UK has over one million fake watches in circulation, says report

Rolex Credits: Pexels Recent research conducted by Watchfinder & Co., a luxury pre-owned watch specialist, has shed light on the prevalence of counterfeit goods in the market. The study revealed 14 of Britons have fallen victim to counterfeit products. Specifically, the research identified a staggering 1,010,572 fake watches circulating within the UK market alone. This issue extends globally, with an estimated 40 million counterfeit watches being sold worldwide annually, resulting in profits exceeding 1 billion dollars. Notably, among luxury watches, Rolex imitations constituted at least half of the fakes identified by Watchfinder & Co. over the past year. 40 million counterfeit watches sold every year In response to this challenge, Watchfinder & Co. has taken proactive measures to raise awareness among customers about the escalating influx of counterfeit watches. The company is also urging pre-owned traders, retailers, and marketplaces to be transparent about their authentication policies, processes, and credentials. This move aims to guide consumers toward trustworthy shopping environments. Counterfeit watches have experienced a notable increase in sales, accounting for more than 35 percent of counterfeit transactions. The sophistication of replicas has grown due to advancements in technology, such as 3D printers and CNC machines, enabling scammers to create convincing imitations. The cumulative knowledge accumulated by fake manufacturers over time has also contributed to the rising aesthetic accuracy of these counterfeits. Remarkably, Watchfinder & Co.'s experts have observed a shift in the detectability of fakes. Approximately five years ago, 80 percent of counterfeit watches were easily recognisable as such, while only 20 percent demanded closer scrutiny. Today, this pattern has reversed, with 80 percent of fakes necessitating closer inspection and only 20 percent being glaringly obvious forgeries. Nevertheless, even with the increasing resemblance of counterfeit watches to authentic ones, genuine timepieces still stand out due to their superior technology and functionality. The study unveiled that 16 percent of counterfeit watches malfunctioned after minimal usage, underscoring the inferior quality of these imitations. Arjen van de Vall, CEO of Watchfinder & Co., says the purchase of a luxury watch carries significant emotional and financial weight. Consequently, discovering that a purchased watch is fake can be devastating. The prevalence of counterfeit goods not only deceives consumers but also casts a shadow on the pre-owned market. The study found that 68 percent of individuals who fell victim to counterfeit products expressed reluctance to purchase pre-owned items again. In light of these findings, Watchfinder & Co. is advocating for transparency within the pre-owned watch industry. The company's rigorous 60-step inspection and authentication process, along with their dedicated team of authenticators and watchmakers, serves as an example of their commitment to ensuring that every timepiece they handle is genuine. This effort is aimed at instilling confidence in consumers and preserving the integrity of the pre-owned market.
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Ross Stores ups FY guidance as Q2 sales, profits rise

Ross Stores storefront Credits: Ross Stores US retailer Ross Stores has upped its full-year sales and earnings outlook after a better-than-expected Q2 performance. The discount department store chain reported a 7.7 percent increase in sales to 4.9 billion dollars in the three months ended July 29. Comparable store sales were up 5 percent, compared to a drop of 7 percent in the prior-year period. It had expected same-store sales to be relatively flat in the second quarter. The retail group made a Q2 net profit of 446 million dollars, up from 385 million dollars the prior year. Ross Stores ups guidance “We are pleased with our second quarter results, with both sales and earnings well above our expectations,” said CEO Barbara Rentler in a statement. “Along with easing inflationary pressures, customers responded well to our improved value offerings throughout our stores,” she said. The company’s second quarter operating margin remained flat at 11.3 percent. “Despite the recent moderation in inflation, our low-to-moderate income customer continues to face persistently higher costs on necessities,” Rentler said. Accordingly, the company has raised its full-year sales and profit outlook. It now expects same store sales for the year ending January 27, 2024 to be 2 percent to 3 percent higher than the prior year. It had previously expected sales to be relatively flat. The retailer now expects FY23 earnings per share (EPS) in the range of 5.15 dollars and 5.26 dollars versus 4.38 dollars last year. It previously expected FY23 EPS to be in the range of 4.77 dollars and 4.99 dollars.
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Item of the week: the print shirt

(From left) Desigual, Scotch & Soda and Selected Homme. Credits: FashionUnited Marketplace. What it is: Print shirts are a regular part of fashion week collections, however each season they are defined by current trends and the desires of consumers. For SS24 menswear, for example, the most common iteration was bold, graphic prints in a myriad of colours, mostly seen on loose-fitting shapes that bore resemblance to 80s cuts. In place of the typically popular florals, prints this season were more angular and solid in design, many appearing in primary hues that contrasted the other tones in an outfit. Superdry. Credits: FashionUnited Marketplace. Why you’ll want it: Graphic printed shirts are a fun addition to a collection, providing men with a colourful alternative to standard button-downs and tees. Such styles are particularly popular around festival season, where print shirts have become somewhat of a fashion staple among attendees who use such events to dress up and expand beyond their comfort zone. Not only that, but the oversized fit sometimes used for these pieces, has further enabled the shirt to become genderless in some ways. Women are able to also get in on the trend by sporting the menswear pieces, giving the print shirt an even wider appeal. Garcia. Credits: FashionUnited Marketplace. Where we’ve seen it: While there were a variety of different ways to explore the print shirt trend for SS24, stark, angular shapes defined the print styles this season. Belgian designer Walter Van Beirendonck, who is known for his eye-catching creations, led the way here, offering up yellow, red or black shirts that came complete with distinct graphics and were layered against contrasting prints. To create its own prints, Sacai embroidered blocked-out shapes onto its shirts, while Koché used handwriting to form distinctive designs. Feng Chen Wang and Marine Serre, on the other hand, stuck to florals; the latter utilising a patchwork effect, the former adopting the print in a more traditional sense. Komodo. Credits: FashionUnited Marketplace. How to style it: Print shirts can provide playful styling opportunities for wearers, encouraging them to break out of fashion boundaries. It can sometimes be possible to find a shirt that comes with matching shorts, providing an effortless and easy fashion-forward outfit for those that may be a little more daring in their approach. If this is not for you, tone the piece down with tailored trousers or denim shorts, each of which can be paired with sneakers or smart shoes, depending on the occasion. Layer the piece with a tank top or t-shirt underneath, letting the shirt hang open to provide depth to the look. Weird Fish. Credits: FashionUnited Marketplace. The print shirt is a fun, all-year-round wardrobe staple, which can be relevant just as much in the colder months as it can in summer. Styling options enable this ability, giving menswear a playful collection addition that appeals to a broad consumer base. PME Legend. Credits: FashionUnited Marketplace. Similar items available for (pre)order can be found in the FashionUnited Marketplace. You can find them by clicking on this link.
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Friday, August 18, 2023

The Children’s Place cuts full year outlook

Credits: Image: The Children's Place The Children’s Place, Inc. reported a decrease in net sales of 35.3 million dollars or 9.3 percent to 345.6 million dollars in the second quarter. The company attributed the decline to the impact of a slowdown in consumer demand resulting from the unprecedented inflation impacting customers, an increase in promotional activity across the sector, and the impact of permanent store closures. Comparable retail sales decreased 9 percent for the quarter. The company is narrowing its previously provided guidance for the full year and now expects net sales to be in the range of 1.575 billion dollars to 1.585 billion dollars, adjusted operating profit to be in the range of 2.7 percent to 3 percent of net sales and net income per diluted share to be in the range of 1 dollar to 1.25 dollars. Commenting on the financial results, Jane Elfers, the company’s president and CEO said: “Our Q2 results exceeded our guidance on both the top- and bottom-lines. The top-line beat was the result of a strong digital performance fueled by a strong start to back-to-school. In addition, our wholesale channel delivered another outstanding quarter driven by the strength of our Amazon partnership.” Review of The Children’s Place Q2 results The company’s gross profit decreased 27.7 million dollars to 87.8 million dollars and adjusted gross profit decreased 27 million dollars to 87.8 million dollars. Adjusted gross margin declined 480 basis points to 25.4 percent of net sales. Operating loss was 36.9 million dollars and adjusted operating loss was 25 million dollars, while adjusted operating loss declined 410 basis points to negative 7.2 percent of net sales. Net loss was 35.4 million dollars or 2.82 dollars per diluted share, while adjusted net loss was 26.5 million dollars or 2.12 dollars. The Children’s Place posts 10.2 percent decline in H1 Net sales decreased 76 million dollars or 10.2 percent to 667.2 million dollars in the six months period. Comparable retail sales decreased 8.6 percent. Gross profit for the quarter decreased 73.2 million dollars to 184.2 million dollars, while adjusted gross profit decreased 72.5 million dollars to 184.2 million dollars. Adjusted gross margin dropped 690 basis points to 27.6 percent of net sales. Operating loss was 67 million dollars and adjusted operating loss was 49.5 million dollars compared to the first half of 2022. Year-to-date adjusted operating loss declined 860 basis points to negative 7.4 percent of net sales. Net loss was 64.2 million dollars or 5.16 dollars per diluted share, in the six months ended July 29, 2023 and adjusted net loss was 51.2 million dollars or 4.12 dollars per diluted share. The company permanently closed three stores during the second quarter and has permanently closed 603 stores since 2013. The company is planning to close a total of approximately 80 - 100 stores this year. The Children’s Place cuts outlook For the back half of 2023, the company continues to expect to deliver double-digit operating margin. Net sales for the combined 3rd and 4th quarters are expected to be in the range of 910 million dollars to 920 million dollars, representing a decrease in the mid-single digit percentage range as compared to the prior fiscal year. Adjusted operating income for the six-month period is expected to be approximately 10 percent of net sales and adjusted net income per diluted share is estimated to be in the range of 5 dollars to 5.25 dollars. For the third quarter of 2023, the company expects net sales in the range of 470 million dollars to 475 million dollars, representing an approximately 7 percent decrease as compared to the prior year third quarter. Adjusted operating profit for the quarter is expected to be approximately 13.5 percent of net sales and adjusted net income per diluted share is estimated to be in the range of 3.55 dollars to 3.65 dollars based upon an anticipated weighted average number of shares of 12.7 million.
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Farfetch posts decline in Q2 revenue

Credits: Image: Courtesy of Farfetch Farfetch Limited’s GMV increased 1.2 percent in the second quarter to 1,032.6 million dollars, while revenue decreased 7.3 million dollars to 572.1 million dollars, down 1.3 percent. The company said in a statement, this decrease was primarily driven by a 42.2 percent decrease in brand platform revenue to 67.4 million dollars, as well as a 15.1 percent decrease in in-store revenue to 22.7 million dollars. These decreases, the company added, were partially offset by an increase in digital platform revenue of 10.5 percent to 482 million dollars. Commenting on the second quarter trading, José Neves, Farfetch founder, chairman and CEO, said: “Our Q2 results show Farfetch is growing, becoming more efficient, and executing on our key strategic priorities. We have also taken decisive action to adapt to the macro environment of the last 18 months. 2023 is set up to be a great year for Farfetch, toward strong GMV growth, adjusted EBITDA profitability and positive free cash flow.” Farfetch expectations for the full year For the full year, Farfetch expects group GMV of approximately 4.4 billion dollars, up from 4.1 billion dollars in 2022, digital platform GMV of approximately 3.85 billion dollars, up from 3.5 billion dollars in 2022, and brand platform GMV of approximately 0.45 billion dollars, broadly flat compared to 2022. The company forecasts revenue of approximately 2.5 billion dollars, up from 2.3 billion dollars in 2022. Digital platform order contribution margin is expected to range between 33 percent to 35 percent, up from 32 percent in 2022, and positive adjusted EBITDA margin up to 1 percent, improving from negative 5 percent in 2022. Highlights of Farfetch’s Q2 results The company’s digital platform GMV increased 61.2 dollars million to 944.3 million dollars, representing a year-over-year increase of 6.9 percent, brand platform GMV decreased 40.8 percent to 63.4 million dollars, and in-store GMV decreased 17.5 percent to 24.9 million dollars in the second quarter. Digital platform services revenue increased 9.9 percent, reflecting a 14.6 percent increase in first-party revenue and a 6.3 percent increase in third-party revenue. Digital platform fulfilment revenue increased 13.5 percent, due to an increase in duties and a decrease in Farfetch-funded promotions. Brand platform revenue decreased 42.2 percent. Gross profit decreased 24.8 million dollars or 9.3 percent, while gross profit margin decreased 370 bps to 42.5 percent and digital platform gross profit margin decreased 340 bps to 49.3 percent. Loss after tax decreased 349 million dollars to a 281.3 million dollars loss in second quarter 2023, while basic and diluted EPS was negative 68 cents. Adjusted EBITDA decreased 6.3 million dollars to a loss of 30.6 million dollars, a 26.2 percent decline compared to second quarter 2022. Adjusted EBITDA Margin decreased by 150 bps to negative 6.4 percent.
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Tracing a Trend: ‘Historical Romance’

Credits: Molly Goddard fw19/Launchmetrics Spotlight An Antidote to ‘Quiet Luxury’ It’s not exactly new, but you might want to call the ‘Historical Romance’ trend, the current antidote to ‘Quiet Luxury.’ Chiffon, tulle, voile and lace are used in big frothy volumes that emulate the crinolines of the Victorian Age. Maybe we think of them as being in black, but It is interesting to note that before the death of Queen Victoria’s beloved husband, Prince Albert, society ladies wore dresses in bright colors! Comme des Garçons ss20 look 1 Credits: Comme des Garçons ss20/Launchmetrics Spotlight Rei Kawakubo: a pioneer of the ‘Historical Romance’ trend It’s a look that has been around since the 1980s when Japanese designers such as Rei Kawakubo of Comme des Garçons championed the style, which the brand promotes to this day. Lynn Yaeger Credits: Lynn Yaeger/Launchmetrics Spotlight The editor and curator, Lynn Yaeger, is renowned as being a longtime proponent of the historical romance style. The London scene In recent years, young British designers including Emma Chopova, Laura Lowena and Simone Rocha appear to have been inspired by gothic Victorian novels like Jane Eyre and Wuthering Heights as well as venerated British houses Vivienne Westwood and Alexander McQueen. In addition to the expected black, they show voluminous confections in a variety of colors, including pink, yellow and green. When Killing Eve’s Villanelle stomped around in a voluptuous pink dress, everyone wanted to know more about its designer, Molly Goddard. She has since become one of the big names on the London Fashion Week calendar. The London fashion week schedule for ss24 has been announced and several designers known for their takes on ‘historical romance’ will be showing. Bora Aksu The Turkish designer will show his collection for ss24 during LFW on Friday 15 September 2023. Fw23: look 20 Credits: Bora Aksu fw23/Launchmetrics Spotlight A long pink satin dress with balloon sleeves and a square neck with a black voile and lace overlay. Street style Credits: Bora Aksu street style/Launchmetrics Spotlight As seen on the street in 2022 from the fw21 collection, a pale pink layered dress with ivory ruffled and floral trim. Molly Godard Molly Goddard will show her ss24 collection during LFW on Saturday 16 September 2023. Fw19 look 61 Molly Goddard fw19 look 61 Credits: Molly Goddard fw19/Launchmetrics Spotlight A bright pink dress with a heavily embellished top and a multi-layered skirt over black pants. SS23 look 11 Molly Goddard ss23 look 11 Credits: Molly Goddard ss23/Launchmetrics Spotlight A red and ivory Toile de Jouy long dress with a ruffled trim under a chiffon layer with polka dots in red. Roksanda Roksanda Ilinčić will show her collection for ss24 during LFW on Saturday 16 September. Street Style Show attendee in Roksanda Credits: Roksanda street style/Launchmetrics Spotlight A bright yellow vee neck cotton dress with billowing sleeves. Simone Rocha Simone Rocha will show her collection for ss24 during LFW on Sunday 17 September SS22 look 47 Simone Rocha ss22 look 47 Credits: Simone Rocha ss22/Launchmetrics Spotlight A long dress in a blurred floral print with ruffles over a pink embellished petticoat and a white ruffled petticoat. Fw23 look 49 Simone Rocha ss22 look 47 Credits: Simone Rocha ss22/Launchmetrics Spotlight A long transparent chiffon dress with balloon sleeves, embellished with crystals and pearls over an underlay and balled-up straw. Erdem Erdem Moralioglu will show his collection for ss24 during LFW on Sunday 17 September. Ss23 look 40 Erdem ss23 look 40 Credits: Erdem ss23/Launchmetrics Spotlight An embroidered velvet jacket under a chiffon layer over a wide net black tulle skirt with a multi-layered underskirt Chopova Lowena Emma Chopova and Laura Lowena will show their collection for ss24 during LFW on Friday 15 September. Street Style Chopova Lowena ss23 street style Credits: Chopova Lowena ss23/Launchmetrics Spotlight In 2022, Christine Bateman was seen wearing a white and red Chopova Lowena flocked dress with a pointed collar from ss21. Ss23 look 25 Chopova Lowena ss23 look 25 Credits: Chopova Lowena ss23/Launchmetrics Spotlight A long, white ruffled dress with a red print, a scoop-neck and short puffy sleeves, and a ruffled crossbody add-on with a contrast dark red print.
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10th edition of Ermenegildo Zegna Founder's Scholarship kicks off

Zegna SS24 collection. Credits: Courtesy of Ermenegildo Zegna Launched in 2014, the Ermenegildo Zegna Founder's scholarship project is now in its tenth edition. The sponsorship will continue for a further 15 years of the project's total 25 years since its inception. The programme, with an annual contribution of up to 1 million euros, allows selected students from over 20 Italian universities and schools of excellence to gain experience at prestigious international institutes, fuelling a virtuous circle of skills and competences, which upon the young creatives' return to Italy are expected to benefit the development of the country. Over the 10 years of the project 425 scholarships have been awarded and for the 2023-24 edition the 71 students selected will travel to institutes such as Harvard, Columbia and UCLA in the USA; Oxford, Cambridge and the London School of Economics in the UK; the College of Europe in Belgium; the Max Planck Institute in Germany and Eth in Switzerland; Adelaide University in Australia and Keio University in Japan. The deadlines for participating in this edition vary depending on the university the candidate chooses. "The Ermenegildo Zegna Foundation collaborates in creating a better future for the next generations. Inspired by the ethos of giving back to one's community that has guided the founder since 1910, the third generation of the family created the foundation in 2000 to give continuity to the philanthropic legacy it inherited," the note read. This article was originally published on FashionUnited.IT. Translation and editing from Italian into English by Veerle Versteeg.
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Coach parent Tapestry posts increase in Q4 profit, sales remain flat

Coach Play Chicago store Credits: Coach Coach owner Tapestry has reported widening profit in the fourth quarter despite its sales remaining flat. The group, which last week announced plans to acquire rival US fashion giant Capri Holdings, made a net profit of 224 million dollars in the three months ended July 1, up from 189 million dollars a year earlier. Sales in the fourth quarter remained flat at 1.62 billion dollars, with a 3 percent increase at its star label Coach to 1.25 billion dollars offset by a 10 percent fall at Kate Spade to 309.5 million dollars, and a 13 percent drop at Stuart Weitzman to 62.6 million dollars. For the full year, sales at Tapestry fell slightly to 6.66 billion dollars compared to 6.68 billion dollars the prior year. It had previously expected sales to hit 6.7 billion dollars. Net profit for the year widened to 936 million dollars from 856 million dollars, while earnings per diluted share (EPS) increased to 3.88 dollars from 3.17 dollars the prior year. It had expected EPS of between 3.85 dollars and 3.90 dollars. “We achieved record EPS this fiscal year, reinforcing the power of brand building, consumer-centric strategies, and disciplined execution,” Tapestry CEO Joanne Crevoiserat said in a statement. Full-year outlook Looking ahead, the group expects FY24 revenue to increase by approximately 3 percent to 4 percent to 6.9 billion dollars. It forecasts earnings per diluted share of between 4.10 dollars and 4.15 dollars, which would represent growth of between 6 percent and 7 percent. The financial update comes after Tapestry announced last week it would be forming a new US luxury powerhouse by acquiring rival group Capri Holdings in a deal worth approximately 8.5 billion dollars. That same day, Capri, the parent of luxury labels Michael Kors, Versace, and Jimmy Choo, reported a 9.6 percent drop in first-quarter revenue to 1.23 billion dollars. Capri’s net profit in the quarter narrowed to 48 million dollars from 201 million dollars the prior year, while adjusted net income fell to 88 million dollars from 215 million dollars. John D. Idol, the chair and CEO of Capri Holdings, said at the time that the merger “marks a major milestone” for the business. “We are confident this combination will deliver immediate value to our shareholders,” he said. “It will also provide new opportunities for our dedicated employees around the world as Capri becomes part of a larger and more diversified company.” Idol said the deal will provide Capri Holdings with “greater resources and capabilities to accelerate the expansion of our global reach while preserving the unique DNA of our brands”.
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Thursday, August 17, 2023

The MET’s Costume Institute to house exhibition celebrating women designers

Gabriela Hearst at the end of the Chloé autumn-winter show Credits: Spotlight Launchmetrics The Metropolitan Museum of Art (The MET) has revealed details of its upcoming ‘Women Dressing Women’ exhibition, set to take place at The Costume Institute from December 7, 2023, to March 3, 2024. Comprising around 80 objects by over 70 makers, the exhibition looks to celebrate the creativity and legacy of women designers, while also tracing a lineage of women-led fashion houses from the 20th century to the present. Among pieces included are works by the likes of Rei Kawakubo for Comme des Garçons, Gabriela Hearst, Claire McCardell, Miuccia Prada and Vivienne Westwood. The exhibition will walk through four key notions – anonymity, visibility, agency, and absence/omission – and examine the ways the industry has served as a vehicle for women’s social, financial and creative autonomy. In a release, Andrew Bolton, Wendy Yu curator in charge of the institute, said: “Women have been instrumental to the success of The Costume Institute since its inception—its founding members include several inspiring women—and the department remains dedicated to recognizing the artistic, technical, and social achievements of women. “We look forward to this opportunity to honour many of the designers, donors, and scholars who have contributed to shaping The Costume Institute and, more broadly, the history of fashion.”
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Revolutionising cotton production: Australia's climate-positive initiative

Cotton farm Credits: Supima Cotton, a staple of global textiles and the fashion industry, bears a significant carbon footprint, emitting 2-4 tons of CO2 per hectare during production. However, a pioneering venture in Australia is poised to offer a climate-positive solution to cotton cultivation, potentially transforming the landscape for international farmers and supply chains. In a strategic partnership between Hiringa Energy, a trailblazing green hydrogen enterprise, and the Sundown Pastoral Co., an agricultural and pastoral enterprise and certified B. Corp, the Australian state of New South Wales (NSW) has allocated nearly 36 million dollars in funding. The partnership involves the establishment and operation of a groundbreaking renewable ammonia and green hydrogen production facility, situated on a cotton farm within NSW. Integral to this initiative is the innovative process of generating green hydrogen through electrolysis, where renewable electricity is harnessed to split water into oxygen and hydrogen. This emission-free methodology marks a paradigm shift in sustainable energy production. An added advantage emerges in the form of low-carbon ammonia, a by-product of the process, which holds potential as a crop fertilizer. Climate-positive cotton The farm, which will be underpinned by a 27-megawatt solar farm, is projected to generate approximately 45,000 MWh of energy annually, as reported by Australia's ABC Rural news. The implications of this venture are profound: the produced hydrogen could supplant over 1.4 million liters of imported diesel fuel, thus yielding a direct offset of more than 17,000 tonnes of CO2 emissions. This initiative not only underscores Australia's commitment to fostering climate-friendly innovations but also paves the way for a new era of sustainable cotton production worldwide.
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Côte&Ciel open first Paris flagship

New Paris flagship store Credits: Côte&Ciel Côte&Ciel, the avant-garde accessories label best known for its architectually designed bags, is embracing its Parisian origins with its first store in Le Marais, the same locale where the brand was founded almost 15 years ago. In a press release the brand said the new store is a deliberate shift away from the digital realm to provide customers with an immersive and intimate encounter with its offerings. DTC brands have been facing new challenges in 2023, and many are exploring options for physical spaces to better understand their audiences and drive traffic. Founded in Paris back in 2008, Côte&Ciel emerged as a conduit for pioneering design perspectives, responding to the aspirations of progressive creatives across the globe. Characterized by its commitment to travel-inspired and conceptually driven products, the brand resonates with those seeking innovation and ingenuity. For the store's interior, the brand turns to Berlin-based studio Balzer Balzer, who also designed its Tokyo location in Roppongi Hills. The intention is to seamlessly translate the brand's external narrative into an architectural design language that exudes minimalism and functionality. Nestled in Paris' vibrant 3rd arrondissement, the store is situated on Rude du Pont aux Choux, the heart of Le Haut Marais. The locale appears to be a conscious nod to the brand's name, "Coast and Sky" in French, manifesting as a dynamic visual interplay between bright sandy hues and dark anthracite accents. This colour scheme provides a universal backdrop, allowing the products to command center stage. Paris flagship Credits: Côte&Ciel
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TJX posts Q2 sales and profit growth, raises outlook

Credits: Image: TK Maxx The TJX Companies, Inc. net sales for the second quarter were 12.8 billion dollars, an increase of 8 percent versus the same quarter of fiscal 2023. The company’s comp store sales increased 6 percent. For the first six months, the company’s net sales were 24.5 billion dollars, an increase of 6 percent, while comp store sales increased 4 percent. Commenting on the trading update, Ernie Herrman, chief executive officer and president of The TJX Companies, Inc., stated: “I am extremely pleased with our second quarter performance. Our comparable store sales increase of 6 percent, pretax profit margin, and earnings per share all significantly exceeded our plans. It was terrific to see Marmaxx, our largest division, drive an 8 percent comp sales increase.” TJX posts increase in net income Net income for the quarter was 1 billion dollars and diluted earnings per share were 85 cents, up 23 percent. Net income for the first half period was 1.9 billion dollars and diluted earnings per share were 1.62 dollars versus the first half of fiscal 2023, an increase of 37 percent, and were up 19 percent versus last year’s first half adjusted earnings per share of 1.36 dollars. TJX raises full year outlook “Our overall apparel and accessories sales were very strong. Overall home sales significantly improved and returned to positive comp sales growth, with HomeGoods posting a 4 percent comp sales increase. TJX Canada and TJX international also both delivered comp sales growth and customer traffic increases. With our above-plan results, we are raising our full-year outlook for comparable store sales, pretax profit margin, and earnings per share,” added Herman. For the third quarter, the company is planning overall comparable store sales to be up 3 percent to 4 percent, pretax profit margin to be in the range of 11.3 percent to 11.5 percent and diluted earnings per share to be in the range of 95 cents to 98 cents. For the fiscal year ending February 3, 2024, the company is now planning overall comparable store sales to be up 3 percent to 4 percent. Pretax profit margin is now expected to be in the range of 10.7 percent to 10.8 percent and diluted earnings per share to be in the range of 3.66 dollars to 3.72 dollars, while adjusted pretax profit margin is expected to be in the range of 10.6 percent to 10.7 percent and adjusted diluted earnings per share to be in the range of 3.56 dollars to 3.62 dollars. Based on the company’s third quarter and full-year outlook, the company is planning fourth quarter comparable store sales to be up 3 percent to 4 percent, pretax profit margin to be in the range of 10.7 percent to 10.9 percent and earnings per share to be in the range of 1.10 dollars to 1.13 dollars. Adjusted pretax profit margin expected to be in the range of 10.3 percent to 10.5 percent and adjusted diluted earnings per share to be in the range of 1 dollars to 1.03 dollars. During the second quarter, the company increased its store count by 19 stores to a total of 4,884 stores.
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Australia starts digital platform Circular Sourcing for surplus and designer deadstock fabrics

Rolls of pink fabric. Credits: Jonathan Borba / Pexels According to research, over 10 million kilograms of excess textiles are created, imported or accumulated from production leftovers every year in Australia, amounting to about 500 million dollars. Reason enough for the Australian circular fashion brand A.Bch World to do something about it. Thus, six weeks ago, Circular Sourcing was launched, Australia's first digital platform to recirculate high-quality surplus and designer deadstock fabrics. According to the platform, surplus and deadstock fabrics currently occupy space in over 85 percent of fashion- and textile-related businesses. “The pilot phase has been supported by Sustainability Victoria's Circular Economy Business Innovation Fund (SVCEB) and we're already seeing huge interest from both buyers and sellers,” says the initiative in a press release. A.Bch was founded in 2018 when founder Courtney Holm experienced a major shortage of circular raw materials on the market. In 2022, the online shop was transformed into a marketplace where other businesses could sell their surplus material as well. Apart from the SVCEB, the platform is also supported by project partners Full Circle Fibres, Melbourne Textile Knitting, The Social Studio and collaborators like Harvey and The Good Egg Collective. “Our goal is to radically shift the needle, supporting the Australian fashion and textile industry as it transitions to working with more surplus or recycled materials and less virgin materials,” says the initiative on its website. How does it work? Those interested in sourcing fabrics can browse the platform by categories like “new arrivals,” “collections,” “prints,” “MOQ 1 metre,”, recycled,” “organic” and “Australian milled”. Filters allow to streamline one’s search according to material, fibre, colour, quantity or price. The website also mentions how many metres of a particular fabric are in stock. There is also a Learning Hub with more information about materials, related articles and local circular economy news. This is also where customers find more information about recyclable fabrics that qualify for a take-back program: “Imagine a product stewardship that went so deep that you could pack up those offcuts and return them to the manufacturer. Welcome to actual circular sourcing.” Those who have access materials to sell can also use they platform to list what they have: They just have to apply for a seller account, list their products, send samples of their fabrics and then the listings can go live. Those customers who would like to see and feel a fabric can do so in the Circular Sourcing showroom in West Melbourne, Victoria.
http://dlvr.it/StmN7W

Wednesday, August 16, 2023

Dolce & Gabbana co-founder tells young Sicilians to "go to work"

Dolce & Gabbana boutique in Hangzhou city Credits: Imaginechina via AFP, Photo: Xiao Xiao In an outburst not unlike his previous controversial rants, Domenico Dolce, co-founder of Italian luxury house Dolce & Gabbana, on a visit to Sicily, opined its young generations are idle and lazy. The backdrop for Mr. Dolce's rhetoric was the inauguration of a photographic exposition in Polizzi Generosa, his ancestral hometown, as well as the celebration of his 65th birthday. Mr Dolce criticised local youngsters for failing to volunteer at his cultural foundation and said they should learn crafts like embroidery and bean growing. In his impassioned diatribe Mr Dolce said: “Our parents got up at 5 in the morning, today the countryside is abandoned”, according to Italy24 News. “We cannot blame the state, the institutions, the mayor: we are the institutions. Today’s generations have no dignity. They tell me I don’t do anything for them, but at the age of 18 I took a cardboard suitcase and went to Milan. Make peanuts, the badda bean, embroider, how can progress be expected if nobody does anything”. The context of Mr. Dolce's assertions resonates deeply within the broader economic framework of Italy. Italy’s youth unemployment in 2022 was nearly 24 percent but in some regions it soars to nearly 40 percent. The overall number fell from 29.71 percent during the pandemic but with the third highest unemployment rates in Europe, many young Italians emigrate to other countries to seek opportunities. Furthermore, 80 percent of Italy’s small and medium businesses are family owned and managed, making it more difficult for a new generation to gain entry and climb the corporate ladder. Mr Dolce’s comments may have generalised a generation, however. One local professional highlighted on Facebook the insularity that can accompany observations rendered from the pinnacles of luxury, prominence and opportunity.
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Peclers Paris: Tech gurus and urbanites to lead the way for SS24

Ottolinger AW23. Credits: Launchmetrics Spotlight. With the spring/summer 2024 buying season almost at its end, Peclers Paris wanted to offer some insight into what it believes will be dictating the upcoming period for those looking for some last minute inspiration. The trend analyst firm and two of its representatives took to the stage during the most recent edition of Copenhagen International Fashion Fair (CIFF) to present the trends it had forecasted. Colours of the season SS24 collections of Ludovic de Saint Sernin, William Fan and Kilian Kerner. Credits: Launchmetrics Spotlight. To start the presentation off, the team shared the top three colours that will define the season, each of which were contrasting shades alongside one another. ‘Edgy Khaki’, for example, was influenced by urban design bringing a pragmatic touch to the curation, conflicting with ‘Cherry Pop’, described by Peclers as a “fleshy red” and mirroring a retro vision of the future. Meanwhile, ‘Tech Sensitive’ was linked to nude tones that came with a “tech effect” and provided a non-binary colour choice for the season. The modernisation of classics SS24 collections of Louis Vuitton, LGN and Vetements. Credits: Launchmetrics Spotlight. One central overarching theme for Peclers focused on drawing influence from heritage designs and staple products of the past, yet in a modernised and updated fashion. This could be in the form of upsized classics, playful exaggerated proportions or 3D experimentation inspired by the rise of artificial intelligence (AI). Key products highlighted by the team included that of reworked denim jackets, flared pants and corsetry, while organic gabardine served as the essential material of choice. In terms of prints, the direction of technology was also present, with the concept of ‘Retro Glitch’ being highlighted. Primary colours in pixelated imagery and vintage-like tech effects summed up the look. The need for adventure SS24 collections of Olivia Ballard and Wooyoungmi and AW23 collection of Ottolinger. Credits: Launchmetrics Spotlight. In a complete contrast, Peclers’ second theme was dedicated to the new adventurer, triggered by the rising concern around ocean life and the increased desire for travel. Here, nautical and outdoor inspired codes are combined with the Y2K aesthetic, resulting in a modernised take on utilitarian details and technical materials. Products in the spotlight for this theme included combat pants, lightweight parkas and asymmetric dresses, all in deconstructed forms. Material-wise, ‘Dirty Denim’ was a stand out, while “distorted fauna” and macroscopic camo were definitive print directions. Read more: * CIFF x Fashion Snoops: AW24/25 defined by fortified strength and a new state of existence * When trade fairs unite: CIFF attracts more diverse crowd for SS24 * Dreamy, weatherproof and colourful: SS24 street style trends spotted in Copenhagen
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US retail sales bounce with online spending boost

Amazon Prime Day Credits: Amazon US consumer spending rose more than anticipated in July, according to government data released Tuesday, boosted by online spending in a show of resilience even as the economy cools. Retail sales in the world's biggest economy advanced 0.7 percent to $696.4 billion last month, up from a revised 0.3 percent rise in June, said the Commerce Department. Consumption has proven more robust than expected in the United States as households dip into savings accumulated during the pandemic, supporting growth while business activity slowed in recent months. Analysts noted that spending deals offered on Amazon Prime Day -- which took place in July -- likely buoyed consumer purchases online. Official data released Tuesday showed that the overall increase came on the back of a 1.9 percent rise at nonstore retailers, while sales at restaurants and bars picked up 1.4 percent from June. But sales at auto dealers dipped 0.3 percent from June to July, while those at gasoline stations picked up 0.4 percent amid higher prices at the pump. Selective spending Despite the robust headline numbers, "beneath the surface there are signs that consumers are shifting and becoming more selective with their purchases," said economist Oren Klachkin of Oxford Economics. "Spending on expensive, interest rate-sensitive items such as motor vehicles and furniture weakened, but these losses were more than offset by gains in the other components," he added. These included food services and drinking spots, alongside leisure and hospitality spending. "The bigger picture, though, is that consumption spending growth is slowing, albeit not collapsing," said economists Ian Shepherdson and Kieran Clancy of Pantheon Macroeconomics in a recent report. Clancy noted Tuesday that auto sales have come down slightly since January. At least some of the growth in nonstore sales last month, he said, could reflect shifts in the timing of Amazon Prime Day since the pandemic, impacting seasonal adjustments. "We expect a partial reversal of the July jump in the months ahead," he said. Economists have also pointed out that consumers are drawing down on excess savings while higher interest rates bite. To ease demand and sustainably lower inflation, the Federal Reserve has raised rates rapidly, bringing them to the highest level since 2001 most recently. The strong numbers on Tuesday will likely keep risks of tighter monetary policy on the table, Klachkin said. But analysts expect the restart of student loan repayments from October will likely weigh on spending. Beyond retail sales, a separate report released Tuesday indicated that business activity declined in New York State in August, according to a manufacturing survey.(AFP)
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Marimekko continues Asia expansion, steps into Vietnam and Malaysia

Marimekko's SS24 show during CPHFW. Credits: Launchmetrics Spotlight. Finnish clothing and lifestyle brand Marimekko is continuing on its path of expansion in Asia, now preparing to open in two new markets; Vietnam and Malaysia. The move comes as part of a “loose-franchise” partnership with Jaspal Group, which operates across four countries in the region and already represents the likes of Diesel and Asics. Over the course of 2023, Marimekko is set to open stores in a handful of malls in the two countries, as well as online channels for both markets. In a release, Natacha Defrance, Marimekko’s senior vice president of sales, region East, expressed the brand’s delight at entering these areas, adding: “These fast-growing markets provide interesting opportunities for Marimekko’s international growth and hence support our company’s objective to scale the Marimekko business in the upcoming years. “We look forward to introducing Marimekko’s joyful lifestyle concept to customers in both countries.” The latest expansion builds on Marimekko’s strategy period of 2023-2027, during which time the label is focused on scaling its business in international markets, with Asia being cited as its “most important geographical area”. Most recently, the company revealed plans to move into SIngapore through an expanded store network, adding to its 80 retail and shop-in-shop spaces it already operates in the Asia-Pacific region.
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Intimates brand Parade snapped up by Ariela & Associates International

Parade brand campaign. Credits: Ariela & Associates International (AAI). American intimates brand Parade has been acquired by Ariela & Associates International (AAI), making it a division of the group while it gains the accessibility and capabilities to scale in the US and beyond. As part of the deal, Parade will join AAI’s lifestyle brand portfolio, which already includes the likes of plus-size lingerie label Curvy Couture, intimates brand Smart&Sexy and activewear retailer Fruit of the Loom. Speaking on the acquisition in a release, Ariela Esquenazi, CEO and president of AAI, said: "We admire the extraordinary impact Parade has had in such a short time and are thrilled to bring a brand that shares our values of authenticity, inclusivity, and sustainability to the AAI portfolio. "Parade's commitment to inclusive fast fashion which doesn't compromise on its sustainable mission aligns seamlessly with our core principles and we believe that this union will allow us to create powerful synergies." Since its launch in 2019, Parade has become a notable frontrunner in the intimate apparel industry, with values centred around inclusivity and body positivity, as well as sustainability – as seen in its use of self-proclaimed responsibly sourced materials.
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Tuesday, August 15, 2023

M&S reports strong trading, raises profit forecast

Credits: Image: Marks & Spencer British retail giant Marks & Spencer has raised its full-year profit guidance after reporting strong sales in the year to date. The high street retailer announced Tuesday that like-for-like clothing and home sales grew over 6 percent in the 19 weeks to August 12, with strong growth in stores, and more subdued growth online. It said its sell through rates have been “robust” and “stock into sale was lower than planned”. It added that group operating margin has continued to be “robust”, driven by “strong store performance and enhanced by the store rotation and renewal programme”. Challenges ahead “There remain considerable uncertainties about the economic outlook, and there is a risk that the consumer market will tighten as the year progresses,” the company said in a statement. Nevertheless, we now expect the outcome for the year to show profit growth on 2022-23, and the interim results to show a significant improvement against previous expectations,” it said. The company’s interim results for the 26 weeks ending September 30 will be reported on November 8, 2023. In its most recent full-year results, for the 12 months ended April 1, Marks & Spencer reported a 9.9 percent increase in sales to 11.99 billion pounds, with clothing and home sales up 11.5 percent to 3.72 billion pounds. CEO Stuart Machin said at the time: “Clothing and home retained market-leading value perception, and its style credentials continue to improve. “Sales were up in store and online, supported by growth in Click and Collect sales, active App users and Sparks loyalty membership; demonstrating the emerging power of our omni-channel model.”
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Copenhagen SS24: color, print and pattern

Copenhagen ss24 Credits: Copenhagen ss24/Launchmetrics Spotlight Copenhagen Fashion Week is becoming bigger and more impressive every year. This time around there was a large contingent of international press and buyers in attendance in Denmark for the ss24 shows, held between August 7 and August 11, 2023. In living color Bright color in head-to-toe coordinated looks resonated during CHFW ss24. Wood Wood: designers Karl-Oskar Olsen and Brian SS Jensen Wood Wood ss24/Look 15 Credits: Wood Wood ss24/Launchmetrics Spotlight Look 15: a shirt and pants in bright orange technical fabric under a pointelle vest with a white trim. Stine Goya Stine Goya ss24/Look 1 Credits: Stine Goya ss24/Launchmetrics Spotlight Look 1: a hot pink ensemble including a round-necked, long sleeved chiffon blouse and a long silk split front skirt with a large pocket detail. Gestuz: designer: Sanne Sehested Gestuz ss24/ Look 1 Credits: Gestuz ss24/Launchmetrics Spotlight Look 1: a bright yellow two-piece pant suit cinched at the waist with a double belt in the same color. Baum & Pferdgarten: designers Rikke Baumgarten and Helle Hestehave Baum & Pferdgarten ss24/Look 21 Credits: Baum & Pferdgarten ss24/Launchmetrics Spotlight Look 21: a short sleeveless top in hot pink sequins with a matching midi skirt. Jeanious Denim continues to be highlighted at the designer level in all fashion cities, Copenhagen was no exception, shown in a variety of washes and styles. Ganni: designer Ditte Reffstrup Ganni ss24/Look 49 Credits: Ganni ss24/Launchmetrics Spotlight Look 49: a dark denim shirt with short sleeves, flap pockets and a deep vee neck. Teamed with a matching long straight skirt. Gestuz: designer: Sanne Sehested Gestuz ss24/Look 31 Credits: Gestuz ss24/Launchmetrics Spotlight Look 31: a raw denim jacket with oversized shoulders and a nipped-in waist, with a matching long straight skirt; both embellished with silver studs. Naja Munthe Munthe ss24/Look 55 Credits: Munthe ss24/Launchmetrics Spotlight Look 55: a loose jacket and matching shorts in a patchwork of light and bleached denim Russo: designers Paolina Russo and Lucile Guilmard Russo ss24/Look 29 Credits: Russo ss24/Launchmetrics Spotlight Look 29: a pleated mini skirt over over-long baggy jeans both with a placed stencil print. Checks and balances As has been clear in recent seasons, plaids and checks are having a renaissance in fashion. In Copenhagen, they were particularly popular in combinations of black, grey and white. Henrik Vibskov Henrik Vibskov ss24/Look 71 Credits: Henrik Vibskov ss24/Launchmetrics Spotlight Look 71: a mid-length plaid coat with a self-belt in dark grey, light grey and white checks with fringing. Baum & Pferdgarten: designers Rikke Baumgarten and Helle Hestehave Baum & Pferdgarten ss24/Look 43 Credits: Baum & Pferdgarten ss24/Launchmetrics Spotlight Look 43: a long and loose cut pleated front checked grey, black and white Bermuda shorts teamed with a grey denim bustier. Rotate: designer: Birger Christensen Rotate ss24/Look 39 Credits: Rotate ss24/Launchmetrics Spotlight Look 39: a long fitted plaid coat in grey and white checks with a matching corset. Ganni: designer Ditte Reffstrup Ganni ss23/Look 27 Credits: Ganni ss23/Launchmetrics Spotlight Look 27: a three-piece grey and white check ensemble cut on the bias; including a long loose jacket, wrap-around mini-skirt and bra top. Big and bold Designers showed large placement prints on a variety of silhouettes. Stine Goya Stine Goya ss24/Look 55 Credits: Stine Goya ss24/Launchmetrics Spotlight Look 55: a long strappy dress over matching pants with a large floral print on a black background. Marimekko Marimekko ss24/Look 5 Credits: Marimekko ss24/Launchmetrics Spotlight Look 5: a jacket and matching shorts with a large placed print in red and cream. Emilie Helmstedt Helmstedt ss24/Look 25 Credits: Helmstedt ss24/Launchmetrics Spotlight Look 25: a short dress with balloon sleeves in a hand-painted abstract pattern of blue, orange, green and beige swirls. Henrik Vibskov Henrik Vibskov ss24/Look 29 Credits: Henrik Vibskov ss24/Launchmetrics Spotlight Look 29: a bird-patterned intarsia vest in shades of blue and orange over a chiffon dress with a similar pattern.
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Fashion industry's environmental impact under scrutiny in new initiative

Project team: Dr Tom Stanton, of Loughborough University; and Dr Kelly Sheridan, Professor Anne Peirson-Smith, Dr Miranda Prendergast-Miller, and Dr Alana James of Northumbria University Credits: Northumbria University The global environmental footprint of the fashion industry, often referred to as its "dirty secret," has come under increased scrutiny, revealing a lack of comprehensive understanding. The diverse approaches to measuring and assessing the sustainability of the sector contribute to consumer unawareness about the ecological consequences of their clothing choices. Northumbria University is spearheading a substantial endeavor to address this challenge. With funding exceeding two million pounds from the Arts and Humanities Research Council (AHRC), Natural Environment Research Council (NERC), and Innovate UK, the initiative seeks to form a collaborative network involving academia, manufacturers, prominent fashion brands, and consumers. The objective is to comprehensively examine the methods employed to gauge and evaluate the environmental impact of the entire fashion and textiles industry. Led by Dr. Alana James of Northumbria University, the project aspires to align with UK Research and Innovation's (UKRI) ambition of revolutionizing the circular fashion and textiles sector. Collaborative networks will play a pivotal role in identifying and prioritizing emerging research and knowledge exchange challenges. Dr. James, whose research focuses on sustainable change within the fashion industry, is joined by experts from Northumbria, King's College London, and Loughborough University, encompassing fields such as pollution, forensic science, design, and data analytics. Key stakeholders, including fashion brands like Barbour, Montane, and ASOS, as well as sustainable clothing companies, campaign groups, and governmental bodies, will join forces over the next two years to gain deeper insights into the environmental impact assessment of fashion items. Fashion brands Barbour, Montane and ASOS amongst stakeholders Dr. James underscores the need for a more comprehensive approach beyond carbon footprint assessment, urging a broader consideration of factors such as microfiber shedding and its ramifications for environmental health. The collaboration strives to engender greater transparency, enabling consumers to make more informed decisions and support environmentally conscious fashion choices. With the fashion and textile industry contributing significantly to the UK economy (21 billion pounds) and the global environmental crisis (8 percent of greenhouse gas emissions and 20 percent of wastewater), this initiative holds the potential to instigate transformative change. Named IMPACT+: Environmental Index Measures Promoting Assessment and Circular Transparency in Fashion, the project is one of three to receive funding through UKRI's circular fashion and textile program, signaling a decade-long commitment to sustainable transformation in the sector. The collaboration will culminate in the pursuit of net-zero targets before 2050. Northumbria University's multifaceted team, encompassing expertise in forensic science, soil ecology, sustainable fashion, and air quality management, underscores the institution's dedication to interdisciplinary collaboration to address global challenges. As the initiative advances, it holds the promise of reshaping the industry's approach to sustainability and leaving an enduring impact on its future.
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New Balance signs its first ever female basketball athlete

Athlete Cameron Brink Credits: New Balance Footwear giant New Balance has announced a significant development in its athlete lineup. The Boston-based brand has secured Cameron Brink, a standout figure from the Stanford Cardinal ranks, to join its cohort of athletes. Brink's entry is particularly noteworthy as she becomes the inaugural female basketball player to align with New Balance's roster, elevating the brand's commitment to gender diversity within its sporting partnerships. Brink's reputation is underpinned by her track record of various medals and distinctions. The collaboration between New Balance and Brink extends beyond athletic pursuits, the company said in statement. They will launch community-centered initiatives intended to catalyse positive change for young female athletes, solidifying their joint commitment to social impact. Brink commented, "I am honored and excited to join forces with New Balance. Their ability to empower athletes perfectly aligns with my own values, and I look forward to this journey with them. I hope we inspire athletes around the world to fearlessly pursue their dreams." Brink is set to feature in campaigns spanning both lifestyle and performance domains. Furthermore, she will engage closely with New Balance's footwear and apparel design teams, lending her insights to shape forthcoming products. Naveen Lokesh, Head of Basketball Sports Marketing at New Balance, commented, "We are thrilled to welcome Cameron as the first female basketball player to join the New Balance family. Cameron's exceptional skill on the court and her desire to give back align perfectly with New Balance's desire to change the game for the better. We are excited to support Cameron reaching new heights in her career and contributing to the growth of women's basketball for years to come."
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Skims claims to have reinvented the pushup bra

Skims launches innovative pushup bra Credits: Skims Skims, the Kim Kardashian co-founded underwear brand, has introduced what it calls a groundbreaking pushup bra, redefining lingerie with innovative design. The bra, named the "Ultimate Bra," was created using advanced techniques like 3D scans of a multitude of different shapes and eschew the single foam pad from conventional push-up bras, instead engineering tapered foam cushions for a natural teardrop shape. In a press release the company, which was recently valued as high as 4 billion dollars, said the seamless aesthetics, concealed underwire, and innovative smoothing technology enhance wearability. The solutions-oriented brand is well-known for its body inclusivity of colours and sizes, with the latter ranging from 32A to 44D. The bra will be exclusively available on Skims’ website and retail for 58 pounds or 70 euros.
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Monday, August 14, 2023

Bestseller to expand Evoked Vila’s market presence via retail

Evoked Vila brand campaign. Credits: Bestseller. Danish fashion group Bestseller has announced it will be taking its new, plus-size label Evoked Vila into the retail space with the launch of its first stores and the expansion of its shop-in-shop locations. The news comes nearly one year on from Evoked Vila’s initial debut, created in response to an ongoing dialogue with focus groups that Bestseller said have helped qualify what women in sizes 44 to 56 want. Now, after securing a presence in 15 markets, the label is preparing to open retail stores throughout August and September, the first three being in the Danish cities of Odense, Kolding and Randers. Next to this, Evoked’s already established shop-in-shop concept will also continue to expand further into the European market, particularly in Germany where the company said a positive reception had already been cemented. In a release, Simon Khong Harberg, brand director, said: "The opening of branded stores is a clear signal that Evoked Vila has had a positive start, and we are invested in realising the brand's full potential. “Our ambition is to become a globally dominant plus-size brand, which is not an ambition everyone launches with.” Harbjerg added: "We are very grateful for the recognition and interest but for a start we will be at the helm for retail. "It is fair to say that there is a great internal pride associated with entering the new segment of the fashion market, and we want to monitor everything closely and be in dialogue with customers to ensure that we do things right.”
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L’Officiel reaches settlement agreement over failure to pay freelancers

L'Officiel Malaysia cover. Credits: L'Officiel, AMTD. L’Officiel USA, the American subsidiary of the French media firm, has announced that it has come to a final resolution over its alleged failure to pay freelancers, without the admission of wrongdoing. The agreement was reached with the City of New York, which had sued the agency back in November 2021 in light of claims that it violated the region’s ‘Freelance Isn’t Free Act’. L’Officiel must now pay more than 275,000 dollars to 41 freelancers who had come forward with related complaints, and will be required to comply with the act going forward. In a release, Mayer Eric Adams reaffirmed New York’s support of workers’ rights, adding: “We will not tolerate companies that fail to pay freelance workers what they’re owed. Under this agreement, we will ensure the 41 freelancers who worked for L’Officiel get the money to which they’re entitled and ensure these violations do not happen again. “Let this serve as a lesson: If you try to take freelance workers for a ride, we will hold you accountable. I urge any freelancer not properly paid by L’Officiel for their work to file a claim as quickly as possible.” In his own statement, Feridun Hamdullahpr, chairman of AMTD Idea’s board of directors and member of L’Officiel USA’s board, said: "We are steadfastly committed to the growth and success of L'Officiel USA. “Resolution of this matter reflects L'Officiel's overall commitment to a diverse and fair environment and its relationship with all its business partners, including the freelancers community. “This commitment reflects the spirit and goal of AMTD companies to embrace ESG and diversity.”
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Fashion week gets personal: Copenhagen drives home the emerging designer movement

Rolf Ekroth SS24, CPHFW. Credits: Launchmetrics Spotlight. Emerging designers are a vital part of the industry, with those falling under this umbrella often deemed to be at the height of innovation, producing collections that transcend fashion norms and are sometimes considered ahead of their time. However, while the industry claims that its foundations are built on the minds of such individuals, rising up the ranks can still be difficult for those on the up. In a bid to tackle these struggles, Copenhagen Fashion Week (CPHFW) launched its NewTalent programme in 2022 through a partnership with circular textile firm Cellulose. The initiative is designed to back emerging talent through mentoring opportunities, monetary aid and a spot on the CPHFW schedule. Participating in the scheme this year were P.L.N. and Latimmier, as well as newcomers Rolf Ekfroth and Nicklas Skovgaard, the Wessel & Vett Fashion Prize finalist 2022. Funding of this kind is often imperative for these designers, many of whom are entirely independent and therefore rely on such projects to grow their business. Yet while this in itself comes with challenges, designers in this category are granted a sense of freedom established brands are not entirely able to replicate, as support enables them to explore creativity on their own terms, without having to answer to another presence. In an extension of its efforts, CPHFW hosted a showroom for the SS24 season, where the collections by handpicked Nordic designers could be viewed following their shows, encouraging press and buyers to discover their work throughout the week. ‘I realised I don’t have power over myself and my success…’ P.L.N. SS24, CPHFW. Credits: Launchmetrics Spotlight. P.L.N. SS24, CPHFW. Credits: Launchmetrics Spotlight. This season, for many of those participating, deeply personal concepts led the way, with themes revolving largely around intimate stories of designers’ past, heritage and upbringing. These kinds of themes are rampant in the emerging designer world, made possible by the independence they hold and translated into lines that hold significant meaning to their creators. P.L.N.’s collection, for example, explored the designer’s – Peter Lundvald Nielsen – search for companionship. Nielsen’s collection, therefore, consisted of experimental takes on silhouettes and proportion, inviting the viewer to interpret the garment in their own way. For Nielsen, this was the third and final collection as part of the scheme, marking the beginning of a new journey ahead. Meanwhile, for newly selected Finnish designer Rolf Ekroth, it was just the beginning. Akin to Nielsen, this came in the form of sentimental storytelling, which in Ekroth’s case intertwined with his own upbringing. An integral part of the collection was the designer’s rose print, which was hand-painted by his girlfriend and referenced looking to the past through rose-tinted glasses. Other elements of the line combined sportswear, patchwork quilting and knitting, each of which were affiliated with periods past. Speaking to FashionUnited on the concept, Ekroth said: “It’s a lighthearted jab at myself for missing my teenage years. Every season I think this is the season where I start to think about something else but then I return to that time period.” Ekroth said that he typically worked towards the menswear calendar, however his participation in the NewTalent programme has led him to restructuring his process. The line, created over the course of six months, was shown to an audience of 600 people during the Danish fashion event, a step up from his previous presentation in Milan, where the slew of highly established brands drew crowds away from his showroom. Speaking on his emerging experience, Ekroth said: “As this is primarily a menswear brand, being two months late makes it a bit difficult to sell at this point. But I haven’t been stressing about sales in a long while. For me, it’s more important that we do what we do, because every season there’s a new collaboration and a new chance to do something. The sales will come when they come. When we have more financial help, it’s easier for us to think in that way. Of course, if we want to grow at some point, we need to start thinking about sales, but mostly what we hear from the bigger stores is that they want to follow your career for three years. I can’t change the system.” Rolf Ekroth SS24, CPHFW. Credits: Launchmetrics Spotlight. Rolf Ekroth SS24, CPHFW. Credits: Launchmetrics Spotlight. Another Copenhagen newcomer was Vain, a Finnish label that has already garnered a global cult-like following in spite of its short lifespan. This is in part due to past viral projects, including a capsule with McDonald’s last year or its collaborative Air Jordan 1 sneaker. Previously having shown at Pitti, the brand’s creative director Jimi Vain has his sights set on continuing to bolster this international interest, particularly in the UK, the US and Korea, where the brand has seen much of its traffic. While the ambitions of Vain are vast, he remains set in his intention to continue putting out collections that are personal and resonate with the brand’s community. This rang true for the SS24 line, formed through Vain’s own dealings with anxiety, referenced in laced up elements, funeral director jackets and body bag-inspired looks. Vain, who is entirely self-taught, also noted that while he may have access to deadstock LVMH to create his collections and has established good mentors over time, the brand is still small and doesn’t have the capability to produce on scale. He doesn’t let obstacles define him, however – a mindset that can be seen in items like suit pants with adjustable clasps on the waist to fit multiple sizes, therefore reducing the need for mass production. It is this collection that will be the first Vain puts into the wholesale system, taking the brand beyond its online site and Helsinki store, yet the designer is firm on sticking to his roots, noting: “I want to produce clothing that I and our community like to wear. We are open to exploring but it’s more than the seasons. I don’t even look at other brands, I just create for our community. It’s so organic and so passionate. Me and my team, we want to create a whole world of our own.” Vain SS24, CPHFW. Credits: Launchmetrics Spotlight. Credits: Vain SS24, CPHFW. In a contrasting take, designer Ervin Latimer, of the Finnish label Latimmier, instead used his platform as a means to challenge the current climate in which emerging talents operate. With this being his final collection with the NewTalent programme, Latimer is now set to face the wider world outside of CPHFW’s backdrop, making him hyper aware of the environment he is about to enter. Speaking on the industry’s current state, the designer said: “I’m grateful that we [emerging designers] are being cheered on, but it often doesn’t translate into sales. There is a strange unalignment, where you hear you have the talent and the interest, but you’re still trying not to make the ship sink. I realised I don’t have power over myself and my success, and that made me feel strongly about delving into the world of people who are making big decisions for all of us.” With this in mind, his collection entitled ‘Positions of Power’ took on just that, exploring those in power and the status that they hold. Taking cues from the lives of corporate executives through the lens of pop culture, such as The Wolf of Wall Street, Latimer aimed to break the boundaries of traditional menswear, playing with and restructuring staple items from the formal wardrobe – as seen in button-ups with exaggerated cuffs or blazers with a restrictive binding. One knitted sweater even depicted the exact trendline of the Lehman Brothers’ market crash in 2008, which Latimer noted wasn’t about celebrating one’s demise but instead appropriating it for the sake of discussion. If there was one thing that Latimer has gained from the involvement in NewTalent it is the confidence in his own insecurities, the designer said, making him more aware of what to show on runways versus that of showrooms. Ultimately, this has led to the development of an unwasteful mindset, making the production of his collections more intentional and thought out. On his process, he said: “I do plan things out, but there is always room for this malleability. There’s room for change, and reacting to whatever is going on in the world. You truly have to be ready to react as a smaller brand, as quickly as you can.” Latimmier SS24, CPHFW. Credits: Launchmetrics Spotlight. Latimmier SS24, CPHFW. Credits: Launchmetrics Spotlight. Now, like the aforementioned designers, Latimer is also preparing to further his reach, as he considers branching out into Asia, North America and wider Europe as the brand begins to outgrow its rather limited home market. He added: “We have a really small market in Finland, so from the get-go we knew we needed to go abroad if we wanted to get started. This is of course a challenge because a lot of the brands rely on the local market, but the amount of people we have in the country is not enough. We want to get a nice base here in Europe and then, hopefully, look elsewhere. You need to have that longevity, that’s something I have learned. It’s a matter of timing, and people having the right pairs of eyes.” ‘Responsibility shouldn’t fall on the shoulders of emerging talent…’ Conversation around this category of designer was also at the core of a panel discussion during CPHFW’s talk series, an added part of the schedule that looked to delve into different elements of the Danish and global industry. For this particular event, entitled ‘The Role of the Emerging Designer’ and led by freelance writer Lakeisha Goedluck, designers Elisabet Stamm and Cengiz Güdücu, who both founded their namesake labels in 2022, touched on their own experiences as emerging talent, with further input from Ane Lynge-Jorlén, the director of Finnish talent support platform Alpha. The discussion initially started out with looking into emerging designers’ connection to sustainability. Stamm, who won the Zalando Sustainability Award for her debut AW23 collection, highlighted the accessibility of platforms that evoke a conscious mindset and the opportunities there are to work closely with small scale manufacturers. However, both Güdücu and Lynge-Jorlén argued that the weight of responsibility for sustainable change should not fall on the shoulders of such talent. Elaborating on this, Lynge-Jorlén said: “[Emerging designers] are often put in the front as those stoking rebellions. On a small scale you can’t really push the agenda.” Stamm SS24, CPHFW. Credits: Launchmetrics Spotlight. Stamm SS24, CPHFW. Credits: Launchmetrics Spotlight. Her stance continued elsewhere in the conversation, where she later stated that these individuals hold a micro-level influence, providing small-scale change that aligns with the community they run in. Through Alpha, Lynge-Jorlén said her goal was to “change culture at large”, supporting designers through a network and widening the debate around the industry as a whole. Stamm reiterated the importance of organisation’s such as Alpha, noting that working with them was vital as they brought in people with a new perspective and connected the dots of a company beyond simply just the design aspect. Like the NewTalent designers, Stamm and Güdücu also put an emphasis on their personal stories as a setting for their creations. While Güdücu, who typically falls back on his adolescence and culture to inform his designs, said that this was made possible as they were not as bound my numbers, Stamm added that there was a need to be naturally authentic, something that is reflected in the way she uses social media and her collections – the most recent of which was accompanied by a personal essay in place of a press release. Lynge-Jorlén reaffirmed the duo’s takes, adding: “Emerging talents are ingrained in community and authenticity, something we can all strive for. They need to speak their own language.” Looking ahead, it was clear that both designers were not going to make a habit of staying in the ‘emerging’ lane. Stamm, for example, touched on her aspirations of establishing programmes to support manufacturers in a similar way to which she has been supported, in order to build bridges. She added: “For me, my purpose has to be bigger than myself. It can spring from me, but it has to be bigger than me.” Güdücu also expressed a desire that stretched far beyond himself, stating that in place of his brand influencing the industry, he would prefer to forward his knowledge to the next generation, ultimately becoming an educator that can “be the shoulder for an emerging designer to stand on”. He concluded: “The biggest goal I have is to inspire someone else to create something that is 20 times bigger than what I’ve ever done.” Read more: * CPHFW: Paolina Russo draws on folkloric fantasies and sports codes for SS24 * CPHFW: Levi’s and Marimekko talk the challenges of adopting sustainable innovation * CPHFW Talent: Latimmier delivers a new take on the catwalk format for AW23
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The world’s most valuable sneakers according to Laced.com

In Pictures Most valuable sneakers Credits: Courtesy/ Laced.com London-based Laced.com is an online marketplace for buying and selling authentic sneakers. According to Laced’s CEO Chris Gibbons, “Sneakers hold value for a myriad of reasons; rarity; scarcity; high demand; the designer. But what really tips the pricing of a certain pair into the more valuable end of the spectrum is usually exclusivity. Take the ‘Dior x Air Jordan 1 Low’ they’re an iconic collaboration between two renowned brands, and in limited supply. Collab. sneakers, especially with luxury brands, often draw much higher prices - and when you have a comparatively higher demand for these shoes, prices can skyrocket. Getting your hands on a pair of Dior X Air Jordan’s isn’t just owning a pair of extremely rare sneakers- it’s owning a part of sneaker history. Laced also enables anyone to easily purchase sneakers that might otherwise be unavailable in drops from the brand itself” The list below is the top ten most valuable sneakers currently on the Laced.com website. Dior x Air Jordan 1 low: $393,595 Credits: Dior x Air Jordan 1 low/ Courtesy Laced.com Year released: 2020 Dior x Air Jordan 1 high: $314,880 Dior x Air Jordan 1 high Credits: Dior x Air Jordan 1 high/Courtesy Laced.com Year released: 2020 Adidas Nmd Human Race Tr X Chanel X Pharrell: $157,455 Adidas Nmd Human Race Tr X Chanel X Pharrell Credits: Adidas Nmd Human Race Tr X Chanel X Pharrell/Courtesy Laced.com Year released: 2017 Nike Dunk Low Sb What The Dunk 2007: $157,445 Nike Dunk Low Sb What The Dunk 2007 Credits: Nike Dunk Low Sb What The Dunk 2007/Courtesy Laced.com Year released: 2007 Air Jordan 1 Retro High Chicago X Off-White: $62,990 Air Jordan 1 Retro High Chicago X Off-White Credits: Air Jordan 1 Retro High Chicago X Off-White/Courtesy Laced.com Year released: 2017 Nike Sb Dunk High X Supreme Orange: $31,500 Nike Sb Dunk High X Supreme Orange Credits: Nike Sb Dunk High X Supreme Orange/Courtesy Laced.com Year released: 2003 Nike Air Force 1 Low X Louis Vuitton By Virgil Abloh Metallic Gold: $26,255 Nike Air Force 1 Low X Louis Vuitton By Virgil Abloh Metallic Gold Credits: Nike Air Force 1 Low X Louis Vuitton By Virgil Abloh Metallic Gold/Courtesy Laced.com Year released: 2022 Air Jordan 1 Retro High Og X Fragment 2014: $25,990 Air Jordan 1 Retro High Og X Fragment 2014 Credits: Air Jordan 1 Retro High Og X Fragment 2014/Courtesy Laced.com Year released: 2014 Nikecraft Mars Yard 2.0 X Tom Sachs: $19,690 Nikecraft Mars Yard 2.0 X Tom Sachs Credits: Nikecraft Mars Yard 2.0 X Tom Sachs/Courtesy Laced.com Year released: 2017 Nike Air Force 1 Low X Louis Vuitton By Virgil Abloh White Royal: $19,315 Nike Air Force 1 Low X Louis Vuitton By Virgil Abloh White Royal Credits: Nike Air Force 1 Low X Louis Vuitton By Virgil Abloh White Royal/Courtesy Laced.com Year released: 2022
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Veste posts 8 percent revenue growth in Q2

Credits: Image: Dudalina, Facebook Brazilian clothing and accessories company Veste S.A. Estilo reported second quarter gross revenue of 360 million Brazilian real, up 8 percent. The company said in a release that the company achieved its ninth consecutive positive quarter of same store sales with an increase of 12.5 percent. Operational highlights of Veste’s Q2 results gross margin for the quarter of 67.7 percent, was up 3.4 p.p., adjusted EBITDA of 65.3 million Brazilian real, increased 19.6 percent, adjusted EBITDA margin of 22.6 percent, rose 2.3 p.p. and adjusted net income reached 27.2 million Brazilian real, with a net margin of 9.4 percent. Gross revenue of the B2C channel of 281.3 million Brazilian real, increased 8.1 percent despite a reduction in the store base of 10.4 percent in the period. B2C digital sales, with gross revenue of 54.7 million Brazilian real, jumped 42.2 percent and omnichannel revenue totaled 80.6 million Brazilian real in the quarter and represented 22.4 percent of the company's total sales. Outlets channel operating under the Estoque brand delivered gross revenue of 23.5 million Brazilian real in the quarter, with a stable sales level up 0.3 percent versus the second quarter of 2022. There was a decrease of 12.1 percent in sales in physical stores, totaling 18.2 million Brazilian real, while Estoque website achieved a 93.3 percent growth in the period, recording 5.3 million Brazilian real in sales. Veste’s performance across brand portfolio The company’s Le Lis brand achieved sales of 178.8 million Brazilian real in the second quarter, up 14 percent. With a strong Mother’s Day, the brand achieved a same store sales (SSS) growth of 16 percent in the quarter. The company added that in the number of doors served, growth was 5 percent, with an increase in sales revenue of 19.9 percent. With gross revenue of 56.4 million Brazilian real, up 4.4 percent and same store sales growth of 12.5 percent, Dudalina launched campaigns this quarter to attract its target audience and strengthen its positioning. John John achieved gross revenue of 52 million Brazilian real, a decrease of 12.6 percent, while the brand’s year-to-date sales reached 113.3 million Brazilian real, a decrease of 2.5 percent in comparison to the first half of last year. Bo.Bo recorded 31.2 million Brazilian real in gross revenue, an increase of 36.4 percent and year-to-date, the brand delivered revenues of 59.6 million Brazilian real, a growth of 42 percent. The brand’s same-store-sales reached 37.9 percent in this quarter, while e-commerce increased by 17.2 percent. In the quarter, Individual sales increased 48.1 percent to reach 19.2 million Brazilian real.
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