Friday, January 12, 2024

Under Armour names new CPO and Americas president

Under Armour Credits: Liverpool One



Under Armour has announced two new leadership appointments, both of whom are set to join the company either at the end of the month or in February.


Among the new arrivals is that of Yassine Saidi, who will be taking on the role of chief product officer, for which she has been tasked with building “winning product strategies” for each category and managing overall global product vision.


Saidi has previously worked at the likes of Adidas and Puma, bringing to the table past experience in the sneaker and performance markets.


She is joined by Kara Trent, who is to serve as the brand’s new president of the Americas, after formerly holding the position of managing director of EMEA at Under Armour since October 2021.


Trent initially joined the company in 2015, however, and has since been credited with driving a “performance-based culture focused accountability, consistency and execution”, resulting in double-digit revenue growth and a strengthening of the brand’s premium presence.


Prior to Under Armour, she had held various merchandising and planning roles over her eight-year tenure at Puma and a five-year span at Reebok.


In a release, Stephanie Linnartz, Under Armour’s president and CEO, said on the appointments: "In the past year, we have added incredible executive talent to Under Armour, and I am confident that Yassine and Kara's demonstrated track records of leadership and expertise will further strengthen our ability to build an even more powerful brand.


"We will continue to advance our growth strategies, driving greater demand for the brand through groundbreaking innovation and design."


http://dlvr.it/T1Jcw5

Gildan Activewear names Vince Tyra CEO

Gildan Activewear headquarters Credits: Gildan Activewear






Gildan Activewear Inc. (GIL), an apparel
manufacturer, Friday announced the appointment of Vince Tyra as its
chief executive officer and president, effective February 12.





Tyra will take over from the previous CEO and co-founder of the
company, Glenn Chamandy, who was ousted from the firm after 20 years
at the helm.



Previously, Vince Tyra grew his own activewear business with Gildan
as the key supplier before joining Fruit of the Loom and becoming its
president.



On Thursday, Gildan Activewear shares closed at 31.55 dollars, up 0.29 percent on
the New York Stock Exchange.(DPA)


http://dlvr.it/T1Jcfv

Innovation in fashion: Climate organisation Parley launches investment arm

‘Adidas Football x Parley Boot Pack’. Credits: Adidas



Parley for the Oceans is launching an investment arm to support material innovation in a bid to secure a more sustainable future for fashon deisgn.


The environmental organisation, which works with brands such as Adidas and Dior to turn plastic pollution into product components, is aiming to provide long-term funding to next-generation start-ups - namely those that address the environmental and social problems caused by plastic - according to Business of Fashion (BoF), which initially reported the news.


If it were up to Parley, the company itself would be the one to introduce the next generation to new materials. "We don't see good investors," Parley founder and CEO Cyrill Gutsch told the media outlet. "There is too much influence on the wrong side, which is too quick to commercialise and driven by short-term returns."


Parley uses knowledge of supply chains and its strong links with designers to bring new materials to market. The company's first investment is in Bananatex, a five-year-old company that makes materials from banana plants. As such, Gutsch is calling on designers to work with this material.


Gutsch has already introduced banana plants to Kim Jones, Dior's menswear designer, in the past, leading to the creation of a Dior coat utlising the material. "Designers in fashion houses are more or less the best advocates for us," Gutsch told BoF.


http://dlvr.it/T1JGtB

Mytheresa and DHL strike up partnership for more environmentally friendly air transportation

Credits: Jens Gyarmaty / Mytheresa / DHL



Mytheresa has signed a contract with DHL Express for low-emission air transport of goods. The Munich-based fashion retailer is participating in the international shipping provider's 'GoGreen Plus' service, as announced by the company in a release. The initiative uses an aircraft fuel made from alternative raw materials, which is intended to enable lower-emission shipping.


Mytheresa plans to invest several million euros in the service as part of a five-year contract. By using used cooking oil, corn, waste and hydrogen instead of conventional petroleum-based paraffin, DHL Express 2023 created a way to reduce the emissions associated with the air transport of shipments. Agreements with the British oil company BP, the Finnish fuel manufacturer Neste and the international organisation for energy producers World Energy have made this project possible.


"The partnership with Mytheresa has been in place since 2006," said Mustafa Tonguç, managing director for DHL Express Germany. "Since then, we have worked closely together to continuously develop our service in the interests of Mytheresa's customers. Our work together goes beyond business, because we also share common values for a better future. That makes me particularly proud and the five-year GoGreen Plus agreement we have now signed is another milestone on this partnership journey."


http://dlvr.it/T1JGYZ

Snipes names Dennis Schröder as new CEO

From left to right: Dennis Schroeder (new CEO) and Snipes founder Sven Voth. Credits: Snipes



Cologne-based streetwear retailer Snipes has appointed Dennis Schröder to the role of CEO.


Schröder, who has been general manager at the company since last April, succeeds Sven Voth, Snipes SE announced on Friday. The founder will remain with the company until the end of 2025. In a two-year transition, Voth will be responsible for the areas of expansion, wholesale, product trends and innovations, cooperations and the US business. He will then switch to an advisory role at the beginning of 2026.


"As founder and long-standing CEO, Sven Voth has shaped Snipes for over 25 years and uniquely positioned it strategically," said Schröder. "He has made Snipes what it is today. I look forward to continuing the story of this great company in my new role."


Schröder came to Snipes from 11teamsports, an online retailer for sporting goods in Baden-Württemberg, Germany. He has also worked for the sporting goods manufacturers Nike and Puma.


Snipes founder hands over the helm




Voth, who founded Snipes in Essen in 1998, sold the majority of his company's shares to the shoe retail group Deichmann in 2011. Following the sale of "the last shares", he will switch to an advisory role in 2026, according to the press release.


"Snipes is my life's work and will always be a part of me. I realise that it is time to hand over the baton and Dennis Schröder already enjoys the recognition of all colleagues in the company after a very short time," said Voth. "He brings with him experience from the retail business and brand side and is already noticeably enriching the company with his expertise and ideas in a very short space of time."


In addition to Schröder and Voth, the management team now consists of COO Peter Buse, CRO Daniel Bontjer and CFO Tim Spickenbom. Jim Bojko will continue to manage the US business as president of Snipes USA.


http://dlvr.it/T1JGD2

Thursday, January 11, 2024

Very Group fashion sales fall, yet retail sales rise elsewhere

Lionel Desclée, CEO of The Very Group. Credits: courtesy of Very Group



The Very Group has reported its trading for the Christmas and Black Friday period, spanning seven weeks to 22 December 2023, during which it saw UK retail sales grow 3.4 percent year-on-year.


The performance, which the company said was “consistently ahead of the UK online non-food retail market”, also represented a growth in market share over the period, and was largely led by toys, gifts and beauty, for which sales rose 8.8 percent YoY.


While for these categories, as well as electrics, sales were on the up, the same could not be said for the group’s home and fashion divisions, where sales fell 2.9 percent and 3.9 percent, respectively.


For fashion, however, Very did report “good growth” in the realm of premium fashion, for which sales had increased 14.7 percent YoY.


For the group as a whole, which also includes Littlewoods and Very Ireland, sales rose 2.1 percent, led by an elevated product range, strong pricing, marketing campaigns and an improved online experience.


This was noted by group CEO, Lionel Desclée, who said in a release: “As expected in the current economic climate, consumers were on the lookout for amazing deals. We served these to existing customers and plenty of new customers during our Black Friday campaign with games consoles, wireless earbuds and perfume among our best sellers.


“Whilst we are pleased with these results, we also know that the year ahead will be challenging for all retailers. However, our operating model, which combines multi-category digital retail and flexible ways to pay, will remain resilient and continue to provide families with a one-stop-shop for everything they need.”


http://dlvr.it/T1Fq8G

Andam 35th anniversary: Saint Laurent’s Anthony Vaccarello joins as president

Anthony Vaccarello at the Cannes Film Festival, May 2019 Credits: LOIC VENANCE / AFP



Now coming into its 35th year, the Andam Fashion Awards is preparing for its next edition, continuing in its mission to identify both French and international fashion talent that will “actively contribute to the vitality and attractiveness of the French fashion industry”.


Commenting on the milestone year in a release, Nathalie Dufour, Andam’s founder and director, said: “I founded the Andam Fashion Awards in 1989 to reveal and support the emerging talents in contemporary fashion.


“Today, Andam’s mission has extended to all sectors of our cultural industry and the dialogue that we create between the young designers and innovative start-ups that we reward and our sponsors is essential to think together and effectively initiate the necessary transformation of our industry. I am very proud of this unique virtuous ecosystem that we have gathered over 35 years.”


For this edition, the organisation announced that Saint Laurent’s creative director Anthony Vaccarello was to come on as the awards’ president of the jury and mentor of the Grand Prize.


Alongside direction from Vaccarello himself, held through Andam’s global mentorship programme, the winner of the core award will receive 300,000 euros, with a Special Prize of 100,000 euros to go to one of the Grand Prize finalists.


A sum of 100,000 euros will also be granted to winners of other categories, including the Pierre Bergé Prize, mentored by Mytheresa CEO Michael Kliger, and the Accessories Prize, with guidance from Eva Chen, VP fashion partnerships, Instagram.


The same can also be said for the Andam Fashion Innovation Prize, which will support either a French or international start-up, willing to develop their project in France, on their mission to offer innovative solutions that “contribute to the ecological shift of the industry” in varying fields.


Founder and president of Creative Valley, Yann Gozlan, will offer a fellowship of one-year to the winner to help them develop their structure and get access to consulting.


http://dlvr.it/T1FppL

American Vintage opens two stores in Ireland

American Vintage boutique in Cannes. Credits: Courtesy of American Vintage



French ready-to-wear brand American Vintage has cemented its presence in Ireland with the opening of two stores in Dublin.


Located at 34 Exchequer street, the womenswear store offers a wide selection of essentials, colourful knits, long coats and close-fitting tops. The outlet adopted the look of a retro-style café, with warm-toned pendant lights, walls covered in mosaic-effect tiles and a neon sign in the shape of the brand's logo.


A few metres further down the street, at number 32, American Vintage has also set up its men's boutique. It features thick down jackets, wool sweaters, cotton jackets and straight pants. The range is rounded off by hats and scarves. The brand was already sold in Ireland through an outlet in the Kildare Village shopping center.


On Instagram, American Vintage simultaneously announced the release of the second edition of its "The Amv Journal". It is now available for all purchases made on the brand's e-shop or in a selection of its boutiques, including its locations in Amsterdam, Milan, New York and Paris.


Launched in 2005, American Vintage has an international reach. The brand has its own boutiques in almost 20 countries, including Portugal, the US, Austria, Germany and the United Arab Emirates.


http://dlvr.it/T1FpNN

Sosandar increases sales by 23 percent in the third quarter

Credits: Sosandar Clothing via Facebook



British clothing supplier Sosandar Plc welcomed positive trading in the weeks leading up to Christmas and set a new sales record in the third quarter of the 2023/24 financial year.


According to an interim statement published on Wednesday, sales in the months from October to December amounted to 14.3 million pounds. This corresponds to an increase of 23 percent compared to the same quarter last year. By restricting price discounts, the gross margin was also increased on a comparable basis, the company explained.


The clothing supplier also confirmed its expansion plans. The first stationary stores are to be opened in the UK this spring. The aim is to increase annual sales to over 100 million British pounds in the medium term, the company further noted.


For the current financial year, which closes at the end of March, the management continues to expect results "in line with market expectations". The latest momentum is expected to continue in the final quarter, according to a statement.


http://dlvr.it/T1Fp14

Renewcell to cut 25 percent of workforce as part of restructuring

Credits: Renewcell



Following a lacklustre sales period, Renewcell has said it will be pursuing an organisational restructuring of the company, with job losses expected across its workforce.


The circular fibre manufacturer has begun negotiations with Swedish trade unions regarding the scheme, which could lead to the elimination of 25 percent of its workforce, amounting to just over 30 people.


Through the reorganisation, the company is hoping to “improve efficiency while maintaining focus on sales”, which have suffered in recent months due to lack of product demand.


Through the job cuts, Renewcell said it was expecting annual savings of approximately 35 million Swedish krona (2.7 million pounds) in total per annum once finalised.


In a regulatory filing, Magnus Håkansson, acting CEO, commented: “This kind of decision is never easy to make and would not be planned for unless it was absolutely necessary for our long-term success.


“The planned restructuring of the organisation means that Renewcell will maintain conditions for efficient production while continuing to focus on the development of sales to fibre producers as well as focusing on marketing activities to the major clothing brands that determine the final demand in the supply chain.”

Read more:



* Renewcell ends 2023 on upbeat production note






* Renewcell secures SEK 100 million capital injection amid strategic review






* Renewcell reduces production as demand wanes


http://dlvr.it/T1Fnkr

Wednesday, January 10, 2024

Pitti Uomo Peacocks: Bold styles and business buzz

Pitti Uomo Credits: FashionUnited



The Pitti Peacocks were out in force on the opening day of the Florentine trade show at the city’s enchanting Fortezza da Basso. Marking the official start to the men’s calendar, Pitti Uomo has, in its decades of showcasing Italy’s classic fashion brands, ensured that innovation has been at the forefront of its development and growth. It has also welcomed a generation of international emerging brands and smaller labels to showcase their collections.


The term "Pitti Uomo peacocks" was coined to describe the fashion-forward and flamboyantly dressed men, showcasing bold, extravagant, and often eccentric styles. Some brands hire models and use the event as a platform to show their fashion, aiming to make a statement within the fashion community and, of course, be photographed by one of the many paparazzi.


These "peacocks" are not just attendees; they are often fashion influencers, bloggers, editors, buyers, or industry insiders who use the Pitti Uomo fair to make a strong sartorial impression. The presence of Pitti’s Peacocks has become a notable and anticipated aspect of the fair, adding an extra layer of excitement to its roster of brands and designers.


The opening day attracted a healthy contingent of foreign buyers, brands, retailers, stylists, and journalists, delivering a sense that business is conducted here too, not solely during the more prominent fashion weeks in Milan and Paris.


In fact, Pitti Uomo is known to generate substantial economic activity, although the exact order revenue is not known. The fair facilitates numerous business transactions, including wholesale orders, collaborations, and partnerships between fashion brands, designers, and retailers. The economic impact goes beyond immediate sales, as exposure and networking opportunities often lead to long-term business relationships.


Fashion fairs like Pitti Uomo are crucial for the men’s industry's growth, providing a space for brands to connect with buyers, secure orders, and establish their presence in the market.


Pitti Uomo Credits: FashionUnited



Pitti Uomo Credits: FashionUnited



Pitti Uomo photographers Credits: FashionUnited


http://dlvr.it/T1CJCl

Dior heading to New York to show pre-fall 2024

Dior Fall 2024 Credits: Dior by Laura Sciacovelli



Christian Dior is continuing its love affair with New York, following its holiday takeover at Saks Fifth Avenue, with a catwalk show in the city for its women’s pre-fall 2024 collection on April 15.


The show will take place at the Brooklyn Museum as a tribute to the “unwavering ties forged between Dior and the United States from the very beginning of the house,” explained Dior in a statement.


The collection, designed by Maria Grazia Chiuri, the artistic director of women’s haute couture, ready-to-wear and accessories collections, will celebrate the founding couturier’s passion “for the fascinating American metropolis,” as well as reaffirming the “symbolic and powerful alliance” uniting Dior and the Brooklyn Museum.


Last year, Dior showed its pre-fall 2023 collection at the Gateway of India in Mumbai as an ode to the country’s artisanship. The show, which drew an international audience of 850 people, including actors, celebrities, editors and influencers, featured a collection inspired by classic Indian silhouettes, from sari-like gowns in vibrant silks to embroidered evening jackets and elegant evening wear with intricate beadwork.


http://dlvr.it/T1CHwf

Casio to celebrate Baby-G anniversary with Hello Kitty

Casio x Hello Kitty Baby-G Credits: Casio



Watch brand Casio is collaborating with Hello Kitty, a character from the Japanese entertainment company Sanrio, on a new Baby-G shock-resistant watch.


The collaboration watch marks both the 50th anniversary of Hello Kitty and the 30th anniversary of the Baby-G and is based on the BGD-565, which inherits the design of the first Baby-G model.


The design features the white, red, and blue colour scheme of Hello Kitty's debut designs from 1974, alongside a total of 50 Hello Kitty details, including printed faces of the charming, animated character from the 1970s laughing, winking, and looking surprised.


Other highlights include Hello Kitty’s eyes, nose, and whiskers appearing on the watch LCD when the backlight is on and a red ribbon design on the dial to complete the Hello Kitty face.


The special watch also comes in special packaging featuring a cloth pouch inspired by the watch design.


http://dlvr.it/T1CHV2

Sainsbury's Tu Clothing Christmas sales drop 6 percent

Credits: Tu Clothing via Facebook



J Sainsbury reported third quarter clothing sales declined 1.7 percent and Christmas clothing sales were down 6 percent versus the same period last year.


Sainsbury’s said Tu clothing regained some momentum in a market that remains highly promotional, partially reflecting unseasonably warm weather, particularly over Christmas. Partywear and family Christmas pyjamas were popular with customers.


Commenting on the trading update, Simon Roberts, chief executive of J Sainsbury plc, said: "More customers are choosing to shop at Sainsbury's, recognising our determined focus on value, product innovation and service. We enter 2024 with strong momentum and next month we will share our updated strategy, building on all we've done to put food back at the heart of Sainsbury's over the last three years."


In a trading update for the 16 weeks to January 6, 2024, the company added that total retail sales increased 6.5 percent in the third quarter and Christmas sales rose 4.9 percent.


General merchandise sales were down 0.6 percent, but rose 1.5 percent excluding the impact of Argos closure in the Republic of Ireland.


Christmas general merchandise sales declined 3.7 percent and dropped 1.3 percent excluding impact of Argos closure in the Republic of Ireland


The company continues to expect underlying profit before tax in 2023/24 of between 670 million pounds and 700 million pounds, with a strong grocery performance offsetting weaker general merchandise and financial services contributions.


http://dlvr.it/T1CH6h

Pitti boss Napoleone: 'PittiTimes' trade fair concept symbolises changes in the fashion industry

Pitti boss Raffaello Napoleone Credits: Pitti Immagine


Under the motto "PittiTimes", Pitti Uomo is kicking off the fall/winter
2024 season this week and turning its Florentine home into the epicentre of
fashion for a few days. At the start of the fair, Pitti boss Raffaello
Napoleone explained why Florence is an essential location for the men's
fashion fair and how the role of Pitti and its organiser Pitti Immagine has
changed with the times.

The 105th Pitti Uomo is being held under the banner of 'PittiTimes'.
How did this central theme come about?



After the events of the last four years, we firmly believe that now is
the time to really make an effort to understand what is going on, to act
and make decisions - that was the starting point for the motto.



Times have changed, fashion and fashion weeks have changed completely.
Brands show in India, Cuba, Hong Kong or Shanghai on different dates and
with different collections. We are dealing with a new concept here, and
this raises not only the question of time, but also of timing. 'PittiTimes'
was the best way to convey a message that cuts across the fashion system.
It is also time for the fashion industry to rethink its distribution.

Times are changing, what are the biggest challenges in the industry at
the moment?



The big problem is the change in the distribution system and e-commerce.
Online sales are suffering and this is changing the distribution structure.
No one is sure which channels to focus on now.



There are changes not only in e-commerce, but also in the trade fair
landscape. While many trade fair concepts are currently being reconsidered
or even discontinued, Pitti Uomo seems to be growing.



We have never thought about size, but about creating spaces where
visitors can see the best of the collections. Now more than ever, shoppers
are not looking for quantity, but for choice, quality and identity, and
they don't want to waste time.



What makes Pitti Uomo and Florence so unique?





If you want to use a metaphor, you could use a Formula 1 racetrack. If
you're in the Formula 1 business, you have to be on the right circuit, and
there are only a few that are really relevant. Pitti is the right circuit,
if you like. It's the Grand Prix Formula di Monza of fashion, where
everyone goes because it's steeped in history. We have history. Pitti was
born in 1951, we are the father and mother of Italian fashion.



Florence is also very small. Even if you leave the Fortezza [editor's
note: Fortezza da Basso, the venue of Pitti Uomo], there is a 90 percent
chance that you will meet someone over dinner, a drink or at the hotel who
is interesting for you and your business and from whom you could benefit -
be it in terms of distribution, manufacturing or suppliers. It's the only
place where the menswear community can really meet and come together. You
can't say that about New York, Paris, London or Milan. It's impossible.

Are there nevertheless changes that you are observing at Pitti Uomo and
among the visitors?



In the past, the big department stores came to Pitti Uomo with a convoy
of buyers, 10, 20 buyers at a time. Because that was also an opportunity to
learn, to teach the staff and to understand what makes the market tick. Now
they only come here with two people, the general merchandise manager and
the menswear manager. So the scenario has completely changed because
everyone has to cut costs, and yet they come to Pitti to compare and
understand what drives menswear, and so we are very careful and precise
with what we offer and the way we design the show.

How do you see your role as a trade fair organiser? To what extent can
Pitti support buyers and visitors?



We are trade fair organisers, but I prefer to see us as exhibition
organisers. If you look at the program of events, we are not a fashion
week, we don't want to be a fashion week, but we want to find and highlight
voices with a meaningful vision and present brands and designers that can
really inspire. We try to have our antennas everywhere, in the US, Germany,
Japan, Korea, China, and of course we follow the fashion weeks and the
events worldwide. But above all, we try to understand what drives the
industry.



So we are not just organisers of trade show booths. We offer much more
than just a product. Fashion, especially in this day and age, obviously
needs to provide information, connections, contacts and business
opportunities, but you can't underestimate the importance of emotion. For
those who buy and for those who sell, not to mention the people who
produce. You need that kind of sensitivity, that kind of feeling. If you
just look at fashion as a commodity, it gets boring very quickly.

Is there anything you are particularly curious or excited about at this
edition of Pitti?



I am very excited about the number of participants this year, especially
the international participants. As far as the offer is concerned, we
already know where the journey is heading. We know exactly how many
exhibitors we will have: 832, but as far as visitors are concerned, that
remains to be seen. We know how many stores were closed last year, not only
in Italy, but also in Germany, France, England and the US.



It is confirmed that the top buyers of the big department stores will
come, not least because of our hospitality program, which we owe to the
Italian Trade Commission, but whether the rest will come remains to be
seen. I am very curious to understand the real retail economy, including
the small retailers. The question is really whether they will participate,
how many of them and which countries they come from. That is the big
curiosity.


http://dlvr.it/T1CGhK

Tuesday, January 9, 2024

Amazon unleashes AI-powered sizing-focused initiatives

Amazon introduces AI-powered features to website. Credits: Amazon.



E-commerce marketplace Amazon has introduced a series of artificial intelligence (AI) backed initiatives to its website that look to both personalise and enhance fit features for products.


Such projects look to improve customer experience while further addressing sizing challenges that come with shopping online, the company said in a blog post.


One feature, for example, centres around AI-driven size recommendations, through which Amazon is looking to provide customers with more personalised offerings by taking into account sizes bought by similar customers or similar-fitting products.


Another, dubbed ‘Fit Review Highlights’, offers customer feedback that is relevant to recommended sizes in order to help determine how a style will fit, putting to use information derived from other reviews of the product. An “easy-to-read” review highlight will summarise such information on a product page so that users don’t have to then scour reviews for feedback.


Size charts are another area that have received the AI treatment from Amazon. According to the platform, the technology has helped it to improve the accuracy of size charts in order to present relevant information in “a more visually engaging way”.


Extracted data from multiple sources is now transformed into standardised size information, removing duplicates and auto-correcting missing or incorrect measurements for more accuracy.


A further addition is the AI-backed Fit Insights Tool, provided to brands as a method of easily incorporating insights on fit, style and fabric into data that can identify defects in size charts, outline customer fit issues and improve the communication of sizing for customers.


http://dlvr.it/T18nSs

Boohoo said to be considering closure of Leicester factory

Karen Millen campaign imagery. Credits: Boohoo Group.



Fast fashion giant Boohoo is understood to be mulling the closure of its controversial Leicester “model factory” amid plans to drive efficiency at the business.


The e-tailer said that it had entered into a consultation last month regarding the possible closure of the Thurmaston Lane facility, with a relocation of its operations believed to be in the process.


The news was confirmed to Drapers by a spokesperson for the company, who told the media outlet: “As in any retail business, the role of our sites continues to evolve over time and, following significant investments at our Sheffield distribution centre and the opening of a new distribution centre in the US, we must now take steps to continue to ensure we are a more efficient, productive and strengthened business.”


The statement continued: “All these factors have led us to make the difficult decision to consider relocating some of the operations at Thurmaston Lane and consider the closure of the site in due course. We are now in a period of consultation and are working closely with all affected colleagues to ensure they are fully supported during this process.”


Opened in January 2022, the so-called “model factory” came under scrutiny following a BBC Panorama investigation in late 2023, which revealed that a number of orders placed through the factory were actually being produced in several factories in both Morocco and Leicester.


It built on further allegations mounted against Boohoo in recent years, including that of unfair labour claims against some of its facilities.


http://dlvr.it/T18n6b

MycoWorks announces first harvest of leather alternative following new plant opening

MycoWorks first harvest Credits: MycoWorks



Biotechnology company MycoWorks has confirmed that its commercial-scale fine mycelium plant in South Carolina, US, has successfully harvested the first 1,000 sheets of its luxury leather-alternative biomaterial.


The sheets have left the plant to be delivered to MycoWorks’ partner tanneries across Europe to transform the fine mycelium innovation into products, including the company’s own flagship material Reishi, a fully grown, customisable, and low-carbon biomaterial with the strength, hand-feel, and durability of the world’s finest natural leathers.


In a statement, MycoWorks said that the fine mycelium growth at the South Carolina plant has already “exceeded the quality standards of typical sheets grown at the company’s California pilot plant due to the implementation of years of quality and scale-up learnings from the pilot”.


It adds that three years of research and development at the pilot plant paved the way for quick scalability and that its proprietary process is operating as expected with quality achieved ahead of schedule, proving the company’s proprietary tray-based process can be performed virtually anywhere.


Doug Hardesty, chief operating officer at MycoWorks, said: “In 2023, MycoWorks achieved multiple manufacturing milestones, most notably start of production of the world’s first commercial-scale mycelium biomaterial in South Carolina as well as the first harvests of high-quality sheets of Fine Mycelium using this facility’s new systems and process automation.


“Our teams redesigned and scaled up our one-of-a-kind tray-based process to achieve low cost and high quality production all while delivering Fine Mycelium to the market ahead of schedule, only 17 months after breaking ground. MycoWorks South Carolina is a remarkable achievement, now delivering the quality from craftsmanship via a scalable tray.”


http://dlvr.it/T18mnC

Douglas reportedly mulling European listing

Credits: Douglas media centre



Douglas is said to be eyeing a potential IPO listing in the first quarter of 2024 in what would be a major test of the European stock market at the beginning of the year.


The German cosmetics retailer is understood to be preparing the release of its earnings over the Christmas period within the coming weeks, in which it is expected to outline details of a potential listing on the Frankfurt Stock Exchange in March, sources for Reuters said.


Such a listing would possibly secure a seven billion euro valuation for the private equity-backed company, a person familiar with the matter told the media outlet.


It was warned that no final decision had been made on the move, and that IPO could possibly be delayed. Douglas had declined to comment on the matter, Reuters added.


Proceeds from the listing could potentially be used to help pay off debt for Douglas, which had amounted to a net total of 3.4 billion euros according to the company’s financial report at the end of September.


In December, however, the retailer closed the 2022/23 financial year with adjusted sales of 4.1 billion dollars, up 12.1 percent compared to the year prior.


This was led by a 13 percent increase in store sales and a 10.3 percent increase in e-commerce sales, while its EBITDA also was up 22.3 percent.


http://dlvr.it/T18mSS

Lectra acquires majority stake in Launchmetrics

Launchmetrics logo Credits: Launchmetrics



Lectra, which offers industrial intelligence solutions in the fashion, automotive, and furniture sectors, has acquired a majority stake in American company Launchmetrics, an innovative cloud-based SaaS marketing solutions platform.


In a statement, Lectra said the acquisition would expand its activities into marketing for fashion, which would strengthen its position as an essential industry 4.0 player, as Launchmetrics, founded in 2015, specialises in brand performance analytics for the fashion, lifestyle, and beauty sectors, leveraging industry 4.0 technologies such as artificial intelligence and cloud computing.


In 2023, Launchmetrics’ revenues are expected to be around 45 million US dollars, including more than 40 million US dollars in recurring revenues, and an adjusted EBITDA of around 5 million US dollars generated from close to 1,700 customers in around 20 countries, including prestigious fashion brands.


Michael Jaïs, founder and chief executive officer of Launchmetrics, said: “Launchmetrics wanted to join forces with the Lectra Group in order to accelerate the development of its offering on a global scale, alongside a fashion technology leader.


“The alliance of Launchmetrics and Lectra will enable us to enrich our respective offers with even more artificial intelligence and complementary data – both product and marketing – to provide our customers with a unique value proposition.”


Lectra expands fashion activities with Launchmetrics acquisition




Lectra has acquired around 50.3 percent of Launchmetrics shares for approximately 85 million US dollars, dependent on the company's 2023 recurring revenues and EBITDA. Acquisition of the remaining capital and voting rights is planned in five stages: in 2025, 2026, 2027, 2028 and 2030. The total acquisition price should be between 200 and 240 million US dollars, based on expected double-digit growth in both recurring revenues and EBITDA over the 2024-2029 period.


Daniel Harari, chairman and chief executive officer of Lectra, added: “This acquisition naturally fits with Lectra’s approach to expanding its presence in the Fashion market, by covering additional strategic links of its customers’ value chain. Combining our existing solutions with those of Launchmetrics establishes the Group as the only technological actor to support its customers from product development to production, then from collection management to marketing, e-commerce, and traceability.


“After seven acquisitions over the past six years, this new strategic step enables Lectra to continue to push the boundaries by defining a new framework for Industry 4.0 in Fashion and is fully aligned with the 2023-2025 strategic roadmap, presented in February 2023.”


Bpifrance, a reference shareholder in Launchmetrics, will sell part of its shares during this transaction and will remain in the company’s capital until 2027.


http://dlvr.it/T18m6y

Monday, January 8, 2024

After strong Christmas business, Lululemon raises forecasts

Lululemon storefront. Credits: Lululemon Athletica.



Canadian sportswear provider Lululemon Athletica Inc. raised its sales and earnings targets on Monday, for the final quarter of the 2023/24 financial year.


"We are pleased with our results in the festive season," said chief financial officer (CFO) Meghan Frank ahead of a conference with analysts and investors. "Our sales trend across all sales channels, categories and regions allows us to increase our guidance for the fourth quarter and close out another strong year."


Specifically, the Vancouver-based yoga apparel specialist is now forecasting sales growth of 14 to 15 percent to 3.17 to 3.19 billion US dollars for the quarter that runs until the end of January. Previously, sales in the range of 3.135 to 3.170 billion dollars had been expected.


The forecast for diluted earnings per share in the final quarter, which had previously been between 4.85 and USD 4.93 dollars, was raised to between 4.96 and 5.00 dollars. The company is now also more confident with regard to the gross margin: according to current information, it is expected to reach 58.6 to 58.7 percent, after previously forecasting 58.3 to 58.6 percent.


http://dlvr.it/T16K2x

Castore appoints new investment director

Flagship store of Castore in London Credits: Castore



Sportswear brand Castore has appointed Stuart Puddy as its newest investment director. Puddy confirmed the new position in a post on LinkedIn, where he said he was looking forward to working with the team “on the next stage of growth”.


He joins the company from JD Sports, where he spent nearly eight years overseeing mergers and acquisitions, initially as a manager before becoming head of the division in November 2021.


During his time at the sportswear giant, Puddy was credited with driving “rapid growth partly fuelled by acquisitive expansion into key global markets”.


Prior to JD, Puddy had served as an associate director for AlixPartners for over one year, working on both in solvent and insolvent scenarios in the realm of legal, sport and retail.


His experience in retail also extends to his work as an interim restructuring officer of Mamas & Papas, a role he held over seven months and revolved around working alongside an interim CEO to assist in the operational restructuring of the business.


His appointment at Castore comes at a time when the company is setting about on major expansion plans, having recently secured a 145 million pound investment back in November 2023 to fund such growth.


With the capital raise, the company said that it was hoping to further develop its global franchise portfolio, while expanding the reach of its mainline product range and investing in infrastructure systems.


http://dlvr.it/T16Jlq

Crocs expects 2023 revenues to reach 3.95 billion dollars

Credits: Crocs Inc.



Crocs, Inc. expects 2023 revenues of approximately 3.95 billion dollars, representing over 11 percent growth compared to 2023.


"2023 was a strong year for Crocs, Inc. that culminated in a successful holiday season with market share gains for both brands. Fourth-quarter revenue is now expected to exceed our former guidance and we are raising our operating margin target for the year,” said Andrew Rees, the company’s chief executive officer


Our strong free-cash flow generation enabled us to pay down 277 million dollars in net debt in the quarter, bringing our full-year debt pay down to 665 million dollars," Rees added.


The company expects fourth quarter revenues to grow over 1 percent compared to 2022, above its guidance for a decline of 4 percent to 1 percent, with the Crocs Brand growing almost 10 percent and Heydude down 19 percent.


Full year revenues are expected to grow over 11 percent, slightly above the company’s guidance of 10 percent to 11 percent growth, with Crocs Brand growing over 13 percent surpassing the 3 billion dollars mark and Heydude revenues of approximately 949 million dollars.


The company expects full year non-GAAP operating margin to now be in excess of 27 percent.


With respect to 2024, Crocs expects revenue growth of 3 percent to 5 percent compared to 2023 comprising 4 percent to 6 percent growth for the Crocs brand and flat to slightly up for Heydude brand and non-GAAP operating margins of approximately 25 percent.


http://dlvr.it/T16JPk

Mamas & Papas plans expansion as profits rise

Credits: Mamas and Papas



Mamas & Papas is understood to be planning a ramp up of its expansion strategy as profits at the baby clothing retailer continue to rise.


The company is said to be mapping out 10 more concessions in Next and Marks & Spencer, according to The Mail on Sunday, ahead of what could be a record-breaking year for the firm.


This insight was outlined by chief executive Nathan Williams, who told the media outlet that the company had “a phenomenal golden quarter of peak trade”.


In the 13 weeks to December 31, Mamas & Papas reported a 7 percent increase in underlying sales, while profits had risen a further 50 percent.


Meanwhile, for the retailer’s holding company, Stork Beta Ltd, the year to March 2023 saw sales of 144 million pounds, up from 126 million pounds in 2022. Pretax profits, meanwhile, were up from 6.2 million pounds to 8.2 million pounds.


Williams noted that growth had been seen across all of the company’s channels, including its owned stores, concessions and online platform.


A further expansion would build on the retailer’s current 33 ‘store-in-store’ spaces, existing both in Next and Marks & Spencer, with a further expansion also set for Spain, Thailand and Indonesia.


http://dlvr.it/T16J8D

Nearly 120,000 UK retail jobs lost in 2023

Leeds, UK. Credits: Unsplash.



A new report by the Centre for Retail Research has found that almost 120,000 retail employees lost their jobs throughout 2023 amid the closure of over 10,000 shops.


The organisation noted that the sector was faced with the biggest tax increase in 33 years in April of 2023, one of the causes behind the slew of closures throughout the year.


While the figures appeared to be a continuation of a string of poor years for the UK’s retail sector, the number of store closures was actually down from 2022 by 38.8 percent, while the numbers of redundancies also dropped by 21.3 percent.


In a release, Joshua Bamfield, director of the Centre for Retail Research, said that “this ‘improvement’ is probably best viewed as a trend that is ‘less bad’ rather than ‘good’ and doesn’t reflect any real strength in the sector”.


Bamfield added: “The cost-of-living crisis, inflation and increases in interest rates have led many consumers to tighten their belts, reducing retail spend.


“Retailers themselves have suffered increasing energy and occupancy costs, staff shortages and falling demand that have made rebuilding profits after extensive store closures during the pandemic exceptionally difficult.”

Read more:



* Administrations, liquidations and debt: UK fashion financial woes of 2023


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