Pepco Group: Q4 revenue up 12.5 percent despite 'challenging' trading environment

Pepco storefront Credits: Pepco



Discount retail giant Pepco Group has reported strong fourth-quarter revenue growth and record full-year sales despite a “challenging market backdrop”.


The group, which owns the Pepco and Dealz brands in Europe and Poundland in the UK, generated revenue of 1.44 billion euros in the three months ended September 30, up 12.5 percent on a constant-currency basis, but up just 0.2 percent on a like-for-like basis, as it opened a record number of net stores in the quarter.


The growth was driven by a 12.6 percent constant-currency increase at Pepco and a 12.4 percent increase at Poundland Group.


However on a like-for-like basis, revenue at Pepco fell 2.4 percent in the quarter, while revenue at Poundland Group rose 4.1 percent.


Commenting on the fourth quarter results, executive chair Andy Bond said: “As first announced on September 12, the trading environment deteriorated significantly in the last quarter across Pepco’s markets, notably in Central and Eastern Europe (CEE), with weaker sales, a lower than forecast gross margin, and higher costs, resulting in a reduced level of profitability in our core markets, which we are addressing.”


He said the company’s key priorities now include “refocusing on customers in our core CEE business, implementing a more targeted growth plan in markets where we have a presence, and accelerating the transition into a single business”.


Record FY revenue driven by store openings




Looking at the company’s full-year results, Pepco group generated record revenue of 5.65 billion euros, up 17.7 percent from a year earlier, or up 6 percent on a like-for-like basis.


That came as the group opened a record 668 net new stores during the fiscal year.


“Group performance over the past year has been mixed against a challenging market backdrop,” Bond said.


In September, Pepco Group downgraded its full-year profit outlook, saying it expects to deliver underlying FY23 EBITDA of approximately 750 million euros on a constant currency basis, up from 731 million euros a year earlier.


The guidance reflected weaker-than-expected Q4 sales within Pepco’s markets. It also accounted for a lower gross margin as the group cycles more slowly through older stock and the impact of higher costs. These costs were partly due to the investment in a record number of new store openings during the fourth quarter.


Also in September, the group reorganised its management team and formed an executive committee in order to establish a strategic review to address costs and initiatives that could generate “appropriate returns in the near term” and accelerate its transformation.


That came just weeks after it was announced that group CEO Trevor Masters would be exiting the business amid plans to expand its European budget brand Pepco into new regions across Europe, including most recently to Bosnia and Herzegovina.


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Off-White teams up with Monster High

Monster High and Off-White collaboration Credits: Mattel / Monster High



Off-White, the fashion brand founded by the late Virgil Abloh, has unveiled a collaboration with Mattel doll toy brand Monster High.


The collaboration marks one of Abloh’s last projects he actively pursued before his death in late 2021 of cancer and offers a capsule collection of four original Monster High dolls adorned in Off-White catwalk ensembles.


In a statement, Mattel said that Abloh’s inspiration originated from his long-standing desire to explore the world of toys, driven by his close relationship with his children. He was intrigued by the unique appeal of Monster High, characterised by its fresh take on street-inspired style and strong embrace of individuality and he aimed to reimagine Off-White’s iconic looks with the unique Monster High ‘Monsterfication’ design language.


Kim Culmone, senior vice president and head of doll design at Mattel, said: “The genesis of this collaboration was a meeting in late 2020, where the fusion of Virgil Abloh’s creative vision and Monster High’s distinctive character sparked a groundbreaking partnership.


“The Off-White c/o Monster High collaboration signifies the celebration of creativity, non-conformity and the boundless possibilities that arise when fashion, art, and toy culture converge.”


The limited-edition collaboration includes four dolls with their own unique personalities and a musical punk twist. ‘Electra Melody,’ is a sea monster wearing a dress from Off-White’s spring/summer 2018 ready-to-wear show with mismatched gloves, Off-White-inspired clear-wrapped heels, and doll-sized versions of Off-White sunglasses and the coveted Burrow 22 shoulder bag.


While ‘Harmonie Ghoul,’ is a franken-monster straight from the lab, wearing a tiered checkered dress from Off-White’s spring/summer 2017 collection with red knee-high boots, one bearing the label ‘Not For Walking’ and the other ‘Not For Dancing’. Her look is accentuated with doll-sized versions of Off-White earrings and a Burrow 20 chain-link shoulder bag featuring a custom Monster High Skullette keychain.


‘Raven Rhapsody’ is a gargoyle wearing an entire ensemble from Off-White’s spring/summer 2017 collection, which merges sporty and elevated aesthetics, complete with wings and a horn hat, alongside Off-White accessories, including a black belt bag and neon pink logo earrings.
The final doll is ‘Symphanee Midnight,’ wearing an Off-White autumn/winter 2020 black ballgown on the dancefloor, with chain-link jewellery and an Off-White Jitney 1.4 bag.


The four ghouls will be available in-store from Off-White flagship locations in Miami, New York City, Las Vegas, Paris and Milan from October 11. 'Electra Melody' will be available on Mattel’s direct-to-consumer site MattelCreations.com and Off-White.com from October 13.


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Ben Sherman unveils collaboration with the John Lennon Estate

Ben Sherman x John Lennon Collection Credits: Ben Sherman



In Pictures


British fashion brand Ben Sherman has unveiled a limited-edition collection honouring singer-songwriter and composer John Lennon as it continues to celebrate six decades of music and fashion.


In partnership with the John Lennon Estate, the exclusive collection blends the essence of Ben Sherman's DNA with original John Lennon sketches, album artwork and song lyrics, including the singer’s timeless classic ‘Imagine’.


Ben Sherman x John Lennon Collection Credits: Ben Sherman



Lennon’s whimsical artworks, lyrics and signature can be seen across an array of T-shirts, jumpers, polo shirts, and Oxford shirts, celebrating the singer’s artistic legacy.


Mark Williams, creative director at Ben Sherman, said in a statement: "Straightaway, we loved the idea of making the lyrics structurally form part of the design. We knew this was an original approach that hadn't been explored to this level of detail."


Ben Sherman adds that many of the pieces within the capsule collection draw inspiration from Lennon's iconic looks throughout his life, paying homage to his sense of style while crafting an “exclusive collection of modern collectibles”.


Ben Sherman x John Lennon Collection Credits: Ben Sherman



Ben Sherman x John Lennon Collection Credits: Ben Sherman



Ben Sherman x John Lennon Collection Credits: Ben Sherman



Ben Sherman x John Lennon Collection Credits: Ben Sherman


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Who is Chloé's new creative director Chemena Kamali?

Chemena Kamali, new creative director of Chloé. Credits: Chloé, photo by David Sims.



For Chemena Kamali, the appointment as creative director of Chloé marks a return to her fashion roots. But who is the newly minted designer of the French luxury fashion house that will follow in the footsteps of Gabriela Hearst?


The name Kamali was probably not an instant household name to most people before her appointment on Monday, however, the 41-year-old from Düsseldorf, Germany, has been working behind the scenes of various renowned fashion houses for more than 20 years.


The choice of designers like Kamali, who has so far mostly demonstrated her skills in silence, is currently gaining in appeal in fashion. In recent years, major luxury fashion brands - with the exception of Pharrell Williams at Louis Vuitton - have seemed increasingly reluctant to hire already established designers. Rather, the tactic of paving the way for talents from their own ranks or promising design directors from other brands is currently proving successful, as was the case with Matthieu Blazy at Bottega Veneta, Sabato De Sarno at Gucci or Peter Hawkings at Tom Ford, among others. Seán McGirr is another recent example of a new arrival alongside Kamali. The recently appointed successor to Sarah Burton as creative director of Alexander McQueen has so far mostly acted behind the scenes.


From Trier, via London to Paris




Both Kamali and McGirr studied at Central Saint Martins fashion school in London under the late Professor Louise Wilson, a driving force and mentor to many English fashion designers, such as Alexander McQueen and Phoebe Philo.


Kamali's fashion journey, however, began in Germany, where she studied fashion design at the Trier University of Applied Sciences, according to the industry magazine WWD. This was followed by an initial and obviously formative period at Chloé under then creative director Philo, who was at the helm of the French fashion house from 2001 to 2006, before Kamali graduated with honours from Central Saint Martens with a Masters in Fashion Design in 2007. Stints at luxury fashion brand Alberta Ferretti and Strenesse followed over the years, before her initial return to Chloé in 2013 - this time as design director during Clare Waight Keller's time as creative director.


It is unclear exactly when Kamali left Chloé for the second time, but it was the German designer who, together with designer Lucio Finale, replaced then creative director Alber Elbaz for the autumn/winter 2016 collection at luxury fashion house Lanvin. Shortly after, she joined Saint Laurent as Women's Ready to Wear design director alongside then newly minted creative director Anthony Vaccarello. Earlier this year, the designer moved to Los Angeles to support denim brand Frame as a creative consultant for the autumn/winter 2023 collection.


Now the designer is back in Paris, and not too surprisingly, as Kamali was rumoured to be the first choice for the role of creative director at Chloé even before Hearst's official departure. Since July, reports initiated by the industry magazine Business of Fashion had been circulating about a parallel design studio headed by Kamali at the French luxury brand, even if it was still unclear at the time whether this actually pointed to Hearst's departure. For the creative director-designate, however, her return seems both natural and an absolute affair of the heart. "My heart has always belonged to Chloé," Kamali said in a statement on Monday. "Ever since I stepped through the doors more than 20 years ago. Coming back feels natural and very personal."


Chloé continues to focus on women's voice in the industry




The appointment of Kamali not only joins the current preferred choice of hidden talent, but also adds to the perennial debate about the fashion industry being dominated by male designers, especially given the history of them mostly designing ready-to-wear collections for women.


Although the design studios of industry giants such as Chanel and Dior are currently headed by women, with Virginie Viard and Maria Grazia Chiuri, the field of female creative directors is conspicuously thin on the ground. Little wonder then that the appointment of McGirr to succeed Sarah Burton at Alexander McQueen sparked a heated debate in the fashion industry, because with him, all the top creative positions at McQueen's parent company Kering, which also owns Gucci, Givenchy and Saint Laurent among others, are now held by white men.


In contrast, Chloé has been run by women since its inception - with a few, but all the more famous, exceptions such as Karl Lagerfeld - since it was founded by Gaby Aghion in 1952. These women, including Aghion, Philo, Hearst, Keller and Stella McCartney, are celebrated in the exhibition "Mood of the Moment: Gaby Aghion and the House of Chloé" at the Jewish Museum in New York, which will open its doors on 13 October.


The fashion industry will have to wait a little longer to catch a first glimpse of Kamali's vision for Chloé. Her first pre-fall collection will be unveiled in January, before a runway debut for autumn/winter 2024 in February. However, Chloé CEO Riccardo Bellini is already optimistic: "Chemena's vision, inspired by her love for the brand, will truly celebrate Chloé's unique DNA. Chemena is both the creative director of Chloé and the embodiment of the spirit of Chloé."


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JD Sports new CFO assumes position

JD Sports storefront. Credits: JD Sports.



The new chief financial officer for JD Sports, Dominic Platt, has assumed his position, succeeding Neil Greenhalgh, who announced his intention to resign in October 2022.


Platt’s appointment was first announced back in May of this year, however his exact date of entry into the company had not yet been disclosed.


Also becoming a member of the board, he joins JD from financial consultancy BGL Group, where he worked after serving in a series of senior financial roles at Darty Plc in years prior.


At the time of the announcement, Régis Schulz, CEO of JD, said: "We are delighted to welcome Dominic to JD. He brings strong international and public company expertise and a wealth of experience in consumer-focused businesses.


“Having worked closely with Dominic before, I am certain his financial expertise, deep knowledge of governance and strategic counsel will be crucial in helping to drive forward the next chapter in the global growth story of JD.”


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Sole Searching: the eco-footprint of sneakers

Nike refurbishes and resells gently worn shoes and posts product care tips online to help consumers extend their sneakers’ lifespan Credits: Nike



Pick up any pair of sneakers and their reliance on plastics and fossil fuels becomes instantly apparent. From Nike to New Balance, high fashion to high street, sneakers are the bain of footwear’s environmental footprint. With copious drops, never-ending new releases of new models and high use of virgin materials in production means much of the environmental impact is done at the manufacturing stage.


The choice of materials in sneakers is underpinned by practical considerations.




There is a reason why footwear is made of these materials. Plastics, particularly synthetic rubber and polyurethane, stand out for their unprecedented durability. They exhibit resilience against the wear and tear associated with both athletic activities and everyday wear, making them the preferred materials for sneaker soles and uppers. Additionally, sneaker manufacturers extensively employ various types of foams and cushioning materials derived from petrochemicals to deliver comfort and support. These materials excel at shock absorption and cushioning, enhancing the wearability of sneakers during prolonged usage, but they also harm the environment.


Sneakers notoriously have relatively short lifespans compared to other fashion categories, posing a growing concern related to waste disposal. Sneaker soles are typically attached to the shoe's upper using strong adhesives and cannot be replaced. This bond is meant to be permanent and is difficult to break without causing damage to the sole or upper. Furthermore, sneaker manufacturers often design their shoes to be disposable, encouraging consumers to purchase new pairs rather than repair old ones. This business model discourages easy sole replacement.


In response to consumer demands for more sustainable alternatives with reduced reliance on petrochemical-based materials, secondary fashion markets have experienced a surge in popularity. Among these markets, the pre-owned sneaker sector has witnessed notable growth.


Data released by ThredUp, a prominent online consignment and thrift platform, indicates a significant expansion of the global secondhand market, nearly doubling in size by 2027, reaching a valuation of 350 billion dollars. The U.S. secondhand market alone is projected to reach a value of 70 billion dollars.


Specifically within the realm of footwear, Cowen & Co. offers insights estimating the global sneaker resale market's worth at 6 billion dollars in 2019, with forecasts predicting a substantial growth trajectory. By 2030, the sneaker resale market is anticipated to reach 30 billion dollars, as reported by Footwear News. This trend reflects a shifting consumer preference toward more sustainable fashion choices, as they seek to reduce the environmental impact of their footwear selections.


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Nordstrom appoints new chief human resources officer

Nordstrom storefront. Credits: Nordstrom Inc.



American department store chain Nordstrom has announced its new chief human resources officer to be Lisa Price, who will step into the role from November 6.


She joins the company from Domino’s Pizza, where she had served in the same position, as well as executive vice president from August 2019.


She had further spent 20 years at Starbucks, where she had been credited with supporting the company’s growth and global expansion through various human resources roles.


Price had previously been a member of Nordstrom’s human resources team in the past, with a tenure spanning 2015 to 2019, during which time she was most recently senior vice president of human resources.


In her returning role at the group, Price has been tasked with supporting all aspects of the division, including recruitment, retention, diversity, inclusion and total rewards.


In a release, Erik Nordstrom, CEO of the firm, said: "With nearly three decades of experience driving and creating culture for large global organisations and previous experience working at Nordstrom, Lisa understands that the success of our business starts with our people.


"Great customer service begins with a great employee experience, and I'm confident that Lisa's expertise will be an asset to our team. We look forward to welcoming her back to Nordstrom."


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Chloé names Chemena Kamali creative director

Chloé's new creative director Chemena Kamali. Credits: Chloé.



Luxury fashion house Chloé has announced the successor to Gabriela Hearst, revealing that German-born designer Chemena Kamali is to now take on the creative director role.


The Central Saint Martins graduate began her career working at the brand alongside Phoebe Philo, who had previously led Chloé in the helm position, and later rejoined the company as design director for Clare Waight Keller in 2013.


From 2016, Kamali had also most recently served as women’s ready to wear design director for Saint Laurent, alongside Anthony Vaccarello.


In a release, the president and CEO of Chloé, Riccardo Bellini, welcomed Kamali to the house, adding: “Her extraordinary creative talent, extensive experience and unique connection with the brand’s legacy and values make her a natural choice for the Maison.


“Chemena’s vision, inspired by her love for the brand, will truly celebrate Chloé’s unique DNA. Chemena is both the creative director of Chloé and the embodiment of the Chloé spirit. I am excited to see her vision come to life.”


First pre-collection due January 2024




Kamali is set to present her first pre-collection for Chloé in Paris in January 2024, which will be followed by an autumn/winter 2024 collection as part of Paris Fashion Week in February 2024.


The designer further expressed her excitement to return to the brand, stating: “My heart has always been Chloé’s. It has been since I stepped through its doors more than 20 years ago. Returning feels natural and very personal.


“I am extremely honoured to be taking on this role and to be building on the vision that Gaby Aghion and Karl Lagerfeld defined early in the Maison’s history.


“I hope to capture the emotional connection and spirit of Chloé for today. I am very grateful to Riccardo Bellini, Philippe Fortunato and Johann Rupert for this opportunity and their trust.”


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Adidas veteran Andrew Rudolph joins Puma as SVP of North America wholesale

Puma Credits: Image: Robert Ascroft / Puma



Puma has announced the appointment of Andrew Rudolph (Rudi) as senior vice president, wholesale of North American sales. He will begin his journey at Puma on October 10, 2023.


Rudolph, the company said, brings 30 years of experience leading sales strategies and managing distribution decisions for some of the biggest sports accounts in the footwear and apparel industry, including more than 20 years at Adidas.


“Rudi’s proven track record of managing teams and delivering outstanding commercial results, coupled with his deep understanding of the footwear and apparel market and our key customers, will be instrumental as we support our region's continued expansion strategies,” said Bob Philion, president of Puma North America.
‌
The company added that Rudolph will report to Philion and serve on Puma North America’s executive leadership team, representing the sales function for the U.S. and Canada.


In his previous roles, he spent more than 20 years at Adidas, working his way up to vice president of sales for the U.S. Rudolph also served as the director for the mall channel of distribution, including Foot Locker, Champs, JD/Finish Line, Journey’s, and Dick’s Sporting Goods, among many others.
‌


In his most recent role as senior vice president of wholesale at Cole Haan, Rudolph achieved more than 70 percent revenue growth in three years and reached the highest revenue number in company history.


‌“I have closely followed the brand’s rapid growth over the past few years and I believe there are still many more opportunities for Puma to elevate within the North American marketplace,” said Rudolph.


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Ex-SoftBank executive Marcelo Claure named Shein's group vice chairman

Shein Marseille pop-up. Credits: Image: Shein



Online fashion marketplace Shein has appointed Marcelo Claure, a current investor in the company, as group vice chairman.


In this new role, the company said in a release, Claure will help accelerate strategic growth initiatives across all global markets where Shein has customers.


Commenting on the new appointment, Donald Tang, executive chairman of Shein said: "Marcelo's leadership and relationships have been instrumental in strengthening Shein's business development and strategy in key markets. We are fortunate to have Marcelo's unparalleled expertise at scaling global companies as we further expand Shein's marketplace model, localization strategy and other key initiatives to further meet the needs of our customers in over 150 markets."


Marcelo Claure is Shein's new group vice chairman
Claure, who until recently served as CEO of SoftBank Group International, joined Shein in January 2023 as chairman of Latin America. Since that time, he has overseen the launch of the company’s marketplace in Brazil and the commitment of 150 million dollars to localise Shein’s manufacturing operations in the country, creating an estimated 100,000 jobs over the next three years.


The company added that he will continue serving in his capacity as chairman of Shein Latin America in addition to his new role as group vice chairman, working closely with the company’s founder and CEO, Sky Xu; executive chairman, Donald Tang and the company’s executive team around the world.


"What attracted me to Shein, as both an investor and operator, is its unique business model and the way that it empowers designers and local suppliers in communities around the world. I look forward to working with the talented Shein team as the company delivers on its mission to make the beauty of fashion accessible to all," said Claure.


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Ari Mervis to replace Joanne Stephenson as new Myer chairman

Credits: Image: Myer, Facebook



After seven years on the board of Myer Holdings Limited, Joanne Stephenson has decided to retire as chairman and as a director of at the upcoming 2023 annual general meeting (AGM).


The company’s board has unanimously appointed current Myer non-executive director, Ari Mervis as the new chairman, with effect from the conclusion of the AGM.


Commenting on his retirement and new chairman appointment, Stephenson said: “After seven years on the board, I believe now is the right time for transition to an outstanding new chairman – Ari Mervis, who, with the unanimous support of the board, is the right person to oversee the next stage of Myer’s growth journey.”


Mervis, the company said in a statement, will stand for re-election as a director at the AGM.


“Joanne has led the board with resolute professionalism and has worked closely with John King and the executive team in navigating the business through the Covid 19 pandemic, delivering a stronger Myer and reinstating dividends for our shareholders,” said Myer chairman-designate, Ari Mervis.


The board has also nominated Olivia Wirth and Gary Weiss AM for election as independent non-executive directors at the upcoming AGM. Both nominees have the support of Myer’s largest shareholder.


Commenting on the development, Myer chairman, Joanne Stephenson, said: “It has always been a focus to have the right skills, experience, independence and diversity on the Myer board and I am pleased that two such outstanding candidates are standing for election as directors at this year’s AGM.”


“Weiss brings a wealth of commercial experience across a broad range of industries, including retail and property, whilst Wirth brings significant expertise in a range of areas aligned to key elements of Myer’s customer first plan, including loyalty and customer experience,” Stephenson added.


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