Iso.Poetism wins the Wessel & Vett Fashion Prize 2022

Image: Wessel & Vett Fashion Prize 2022; Iso.Poetism by Tobias Birk Nielsen Danish menswear label Iso.Poetism by Tobias Birk Nielsen has won another accolade, adding the Wessel & Vett Fashion Prize 2022 to the Zalando Sustainability Award it picked up during Copenhagen Fashion Week earlier this year. The Wessel & Vett Fashion Prize is the Nordic region’s most prestigious and influential design award to support emerging talent, and this year saw Iso.Poetism by Tobias Birk Nielsen scoop the honour ahead of finalists Birrot, Nicklas Skovgaard and Sophia Khaled. The award, formerly known as the Magasin du Nord Fashion Prize, has been renamed to mark the prize’s independence, explains organisers, while celebrating the entrepreneurship and innovation of the department store Magasin du Nord’s 19th-century founders, Theodor Wessel and Emil Vett. 2022 also marks the tenth anniversary of the award and included a new grand prize of 500,000 Danish Krone awarded to Iso.Poetism. In addition, each of the finalists has been rewarded 10,000 Danish Krone for “their mutual effort and participation” alongside mentoring from a network of industry experts, advising on sales, production, PR, and business development. All the finalists presented their collections and business concepts to an international jury of industry experts and were praised for their design talent, sustainable vision, innovation, creativity and business entrepreneurship. On winning the award, Iso.Poetism, said in a statement: “Being a Danish brand, winning the biggest and most prestigious fashion prize in the Scandinavian region really validates the purpose and vision of the brand, not to mention the hard work that the whole team puts into the brand every day. “We are confident that we are heading in the right direction. We would like to thank our loyal partners, customers, and everybody who has supported us on our journey along the way. As a small brand and company, the award and earnings mean a lot to our continued growth and allows us to spread our brand, vision and aesthetics further.” Magasin du Nord Fashion Prize renamed Wessel & Vett Fashion Prize Iso.Poetism added: “Winning this award means we have the opportunity to get started on new and exciting projects sooner than anticipated and continue doing what we love most. This award has given us more momentum to keep growing the business and allow us to create artefacts people can connect to. We are optimistic for the future and can’t wait for what’s to come!” The Wessel & Vett Fashion Prize also announced a significant expansion to its award, which is designed to be Scandinavian’s answer to the LVMH Prize, including the launch of a strategic partnership with Copenhagen Fashion Week via the recently established talent support scheme, CPHFW NewTalent. The collaboration will support, promote and nurture Nordic design talent for domestic and international growth and impact, and will see the Wessel & Vett Fashion Prize winner enrolled into the CPHFW NewTalent scheme and added to the official show schedule for three consecutive seasons. This means that as the winner, Iso.Poetism will be offered the opening show slot for the autumn/winter 2023 season and a spot in the CPHFW NewTalent spring/summer showroom, alongside mentoring, communications, and inclusion in all CPHFW official activities and opportunities. Crown Princess Mary, Crown Princess of Denmark, which supports the prize, said: “Recognising the integral role of young designers in contributing to the necessary transformation of the fashion industry to a sustainable one is critical. "The Wessel & Vett Fashion Prize is about just that; recognising upcoming Danish designers who are showing the way – taking their role seriously by designing responsibly and sustainably.” Previous winners of the Magasin du Nord Fashion Prize have included Cecilie Bahnsen and A. Roege Hove.
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In the run-up to Christmas, cautious consumers are keeping footfall below expectations

Image: London's Regent Street via Pexels As the UK awaits the Government’s Autumn Budget update on Thursday, the expected tax rises and spending cuts are keeping shoppers at bay. New data released by retail experts Springboard, show footfall rose by just 1.3 percent across UK retail destinations last week, despite the run-up to Christmas expected to improve trading conditions. Footfall rose by 2.1 percent in high streets and by 0.9 percent in shopping centres whilst remaining flat from the week before in retail parks. The rise in footfall in high streets and shopping centres occurred across the majority of UK geographies, with just Wales recording a decline, of -2.6 percent in high streets and -14.6 percent in shopping centres, and a drop in high street footfall of -10.7 percent in Northern Ireland. Diane Wehrle, Insights Director at Springboard, says: “Following a large decline in footfall in the week before last, last week footfall in UK retail destinations rose only marginally. Under normal trading conditions we would expect footfall to bounce back in the week following a decline however, the modest uplift last week is a clear indicator of the increasing cautiousness of consumers in terms of making trips and spending.” “The results also indicate the change in consumer behaviour that is starting to become evident as a consequence of hybrid working, with the weekend increasing in significance for shopper activity. Footfall over the working week rose last week, however, the increase only partially made up for the drop in activity in the previous week. The largest rise over the Monday to Friday period last week occurred on Wednesday, reflecting our insights that identifies Wednesday as the most popular day for office working and Monday and Friday the least popular. Over the weekend, the double digit rise in footfall was more than twice the magnitude of the decline in the week before last, suggesting that consumers delayed trips to destinations until the weekend which prior to hybrid working may have been taken during the working week.”
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Joules to appoint administrators, trading suspended on AIM

Image: Joules The board of Joules has decided to appoint Will Wright, Ryan Grant and Chris Pole of Interpath Advisory Limited as administrators to the company and Joules Limited after discussions to raise funds collapsed. Joules has 1,600 employees and 130 UK stores. Additionally, the company will appoint Will Wright and Ryan Grant as administrators to The Garden Trading Company Limited and Joules Developments Limited. In light of the above, the board also announces that it has requested a suspension of trading in the company's ordinary shares on AIM with effect from 07.30 a.m. today. Joules on brink of administration The company said in a statement that the Joules board is taking this action to protect the interests of its creditors. On November 7, 2022, Joules announced it was in advanced discussions with a number of strategic investors to provide a cornerstone investment in an equity raise process. The company also said that it was in discussions regarding a bridge financing proposal. However these discussions with various parties have now been terminated. Earlier this year, high street giant Next was gearing up to invest 15 million pounds into Joules. But that deal was scrapped after Joules warned it expected to deliver a full year loss before tax and adjusted items “significantly below current market expectations”. In May, Joules issued a profit warning, with the company citing that the cost-of-living crisis was impacting its sales across its full-price range and gardening products. The news Monday comes after British retailer Made.com collapsed into administration last week.
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Maryland governor-elect Wes Moore steps down from Under Armour board

Image: Under Armour Wes Moore has stepped down from Under Armour, Inc. board of directors effective immediately due to his election as governor of the state of Maryland. "On behalf of the entire team, I'd like to congratulate Wes, and thank him for his dynamic leadership as well as the significant contributions he made as a member of Under Armour's board of directors," said Kevin Plank, the company’s executive chair and brand chief in a release. "It has been a pleasure serving on Under Armour's board and sharing my passion for purpose and community with the brand," added Wes Moore. Moore, the former CEO of the Robin Hood Foundation, joined the board in October 2020 and served as a member of the corporate governance and sustainability committee.
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Finland is crowned Europe's most sustainable shopping country

Image courtesy Savoo Finland is Europe’s most sustainable destination for shoppers according to new research. The Northern European nation ranks the highest in a Sustainable Development Report of all UN member states, scoring 86.51 out of a possible 100. Research from Savoo measured the country’s recycling rate, consumption footprint, waste per capita, and the number of flea/street markets and antique stores. While its consumption footprint was down 20 percent between 2010 and 2020, Italy, Sweden and Greece had greater reductions. In its methodology, Savoo said a country’s consumption footprint refers to the size of the area needed to produce the materials it consumes, combined with the area needed to absorb the waste. Denmark places second in the ranking, having reduced its consumption footprint by 14.26 percent between 2010 and 2020 and scores 85.63 out of 100 in the Sustainable Development Report. In 2020, more than half (53.9 percent) of Denmark’s waste was recycled. Textile waste is also relatively low in comparison to other countries with the country producing 18,134 tonnes each year. When it comes to flea markets and antique stores, Denmark’s second-hand scene is slightly better than Finland’s, with 89 of these types of outlets compared with Finland’s 53. The UK has the most flea markets and second-hand stores Slovenia, Austria and Sweden complete the top five, with the UK, Netherlands, Belgium, Spain and Germany rounding out the top ten. In sixth place is the UK, while despite not scoring the highest on the Sustainable Development Report, it has the most flea markets and antique shops per capita, 1,300 for a population of 68 million. Europe’s least sustainable shoppers can be found in Malta Malta has the lowest recycling rate with just 10.5 percent of its total waste saved from landfill in 2020 and tops the list of Europe's least sustainable shoppers. Other nations that need to improve their shopping habits include Ireland, Greece, Luxembourg and Romania. Data shows Ireland to be the country with the largest increase in consumption (-42.86 percent) in the 10 years leading up to 2020. Not surprisingly, Ireland is the founder home of fast fashion chain Primark. Greece is Europe’s third worst culprit for unsustainable practices with household waste estimated to be 142 kg per capita per year. The country scores low on the availability of pre-owned fashion and goods, with just 53 flea markets and antique stores. In Savoo’s analysis of second-hand marketplaces Nike scored highest as the most popular brand. This was followed by Adidas, Levi’s, Zara and Rolex. The research was gathered across Depop, eBay, Etsy, and ASOS Marketplace. How to become a more sustainably-minded shopper Savoo suggest shoppers to use the 30 wears test as a benchmark. “Next time you see an on-trend item that you can’t wait to add to your basket, think about whether you’d wear it a minimum of 30 times before getting rid of it. This is a great test for making sure you're thinking consciously about textile waste while helping you get the most out of your money.” “Shopping is one of life’s greatest pleasures, and we’d never want to deprive ourselves of that new jeans feeling. But that doesn’t mean everything we buy has to be brand new. You can get high quality items for an affordable price by purchasing on reseller platforms like Vinted or using a clothing rental service for special occasions rather than heading to the high street. It’s also worth searching for online discount codes to see if you can cut the prices down by a few pounds.” Underpinning its research Savoo ranked the 30 most populous European countries across their Sustainable Development Report ranking, recycling rate, consumption footprint, waste per capita, and the number of flea/street markets and antique stores. Article source: www.savoo.co.uk/resources/sustainable-shoppers
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British womenswear brand Ro&Zo secures 1.5 million pound investment

Image: Ro&Zo British womenswear brand Ro&Zo has received an investment of 1.5 million pounds from a venture capital trust. London-based Pembroke VCT said its investment will be used to drive Ro&Zo’s direct-to-consumer business by raising brand awareness, developing its operations capability, and scaling the business in the UK. Launched in 2020 by Rosie Bowden and Zoe de Abreu, Ro&Zo sells fashion for women in sizes 6 to 20. “Today there is a strong demand in the market for accessible, quality fashion that can be versatile while still being stylish,” said founder and CEO Rachel Heather. She continued: “Ro&Zo’s styling is about attitude not age with a focus on day to night dressing. We have established a strong understanding of our customer and are excited to gain this funding from Pembroke VCT to grow and better serve their needs.” Ro&Zo is currently stocked at retailers including Next, John Lewis, and Zalando, with plans to open its first high street store. A planned date was not disclosed. Andrew Wolfson, CEO of Pembroke Investment Managers, said: “In these extraordinary retailing times we are living in, it was going to take an extraordinary fashion brand for Pembroke VCT to invest in this sector. “When we met Rosie, Zoe and Rachel we realised they had done something unique – they had turned their wealth of experience in supply chain and eye for design into a new omnichannel fashion player. “The business has performed strongly in major retail stores and we look forward to working with the team to drive its DTC offer and launch their first physical store.”
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Law Roach to receive CFDA inaugural stylist award

Image: Law Roach via CFDA.com Law Roach is to receive the CFDA’s inaugural Stylist Award at it this year’s ceremony and celebration. The Los Angeles-based stylist is one of the most in-demand fashion stylists today with a career spanning twenty years. Mr Roach has transformed the looks of many celebrity clients including Celine Dion, Zendaya and Hunter Schafer, as was as being West Coast Editor of British Vogue and a judge on America’s Top Model and the HBO Max show Legendary. In an interview with CFDA Law Roach said: “My job is really emotional. My relationship with clothes and fashion is emotional, almost spiritual in a way. So I’m always looking for things that evoke that feeling for me. I’m a dreamer. If I look at it, I remember it and I dream about it, then probably that’s the one.” The role of styling in fashion should not be underestimated. It is the stylist as image-architect that defines the zeitgeist in fashion magazines, just as much as it is the stylist that creates unforgettable red carpet moments. Many creative directors work closely with stylists to sharpen their brand identity, as it is often the stylist that acts as an external eye. Think of Nicolas Ghesquière and Marie-Amélie Sauvé at Louis Vuitton, Demna and Lotta Volkova at Vetements and Balenciaga, and Marc Jacobs and Katie Grand. The CFDA Awards will be held on 7 November in partnership with Amazon Fashion.
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Is Adidas recruiting Puma's former ceo?

Puma on Friday announced Bjørn Gulden will exit the German sportswear giant on January 1st, with incoming chief Arne Freundt taking over the role. The news obscured the short announcement from another German sportswear giant, Adidas, who said it is in talks with Mr Gulden to succeed its CEO, Kasper Rorsted. Mr Rorsted is expected to exit Adidas by mid-2023, after announcing his departure in August. Adidas and Puma share a long history, founded by brothers Adi and Rudi Dassler in the early 20th century. After forming a business together, they became rivals after the second world war, separately founding Adidas (Adi Dassler) and Puma (Rudi Dassler). In a short statement Adidas said: Adidas AG confirms that it is in talks with Bjørn Gulden, CEO of PUMA SE, as a potential successor to Adidas AG CEO Kasper Rorsted. No terms or potential starting date were announced.
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Frasers acquires 95 percent of Mysale shares, could trigger acquisition and AIM delisting

Image: MySale, Instagram After undergoing a lengthy process, Frasers Group has announced that it has acquired 95.35 percent of Mysale’s shares as its offer period for the Australian marketplace's shareholders came to a close. As of November 1, the group said it now owns or has received valid acceptances totaling over 991.5 shares, representing a percentage that will enable it to follow through with its takeover acceptance conditions. Following the announcement, Frasers once again confirmed that, on acquiring an excess of 75 percent of shares, it would explore its intention to apply to cancel the admission of Mysale shares to trade through AIM. In a regulatory filing, it further noted, upon cancellation, the liquidity and marketability of the marketplace’s shares would be significantly reduced. Frasers also said it intends to exercise its rights to acquire compulsorily the remaining capital under the same terms of its initial mandatory offer of two pence per share. Lengthy acquisition process It comes after the group, which owns the likes of Sports Direct and Flannels, began the long-winded process to acquire the retailer on August 17, when it first revealed its plan to make an offer on Mysale’s entire issued share capital. MySale had initially rejected its offer to buy a 100 percent stake in the company in September, stating to shareholders that the cash offer “undervalues the business”. It later reversed its decision, and instead recommended for its shareholders to accept the group’s offer despite initial concerns. Frasers announced that its mandatory offer had become unconditional on October 18. Acquisition hungry Frasers Group became the marketplace’s biggest shareholder in June when it bought a 28.7 percent stake in the business. On the first announcement of its plans, Frasers said a takeover would allow the group to grow its presence in Australia and the surrounding regions, and would also help its own portfolio of brands to clear their end-of-line products via Mysale’s established clearance channel. Frasers Group has made a number of acquisitions in recent months in a bid to expand its high street empire. This year alone, the group has bought British fast fashion retailers I Saw It First and Missguided, as well as value e-commerce platform Studio Retail.
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Marks & Spencer threatens to exit Oxford Street flagship

Image: Marks & Spencer The evolution of London’s Oxford Street could see a future without the iconic Marks & Spencer flagship. The retailer has threatened to exit if redevelopment plans designed by Pilbrow & Partners are rejected. The plans, which would see the demolishing of M&S’s current Art Deco building near Marble Arch, were initially approved by Westminster City Council and London Mayor Sadiq Khan in June. It was later withdrawn by then Secretary of State, Michael Gove. Others opposing the retailer's project is Save Britain's Heritage, a group founded in 1975 by architects, historians and journalists, with the aim of safeguarding the country's historic buildings. According to the collective, M&S rejected the idea of a refurbishment of the current building, thereby not in line with the preservation of Oxford street's heritage. The group said it would divert from the need to invest in the historic street in order to improve the West End's position, as a globally competitive commercial destination. Environmental impact Construction of the new complex would also have a huge impact on the environment, releasing 40,000 tons of CO2 into the air, in an area that is as much commercial as it is residential. M&S said any carbon footprint made by the demolition would eventually be offset by the new, more sustainable building. M&S argues there is "no heritage reason" why the three buildings on the site should not be demolished, as they are not listed, and do not sit within Westminster's conservation areas. "Any heritage harm will be significantly outweighed by the benefits," M&S representative Russell Harris KC said in the opening statement of the inquiry. Many Oxford Street flagships, from Debenhams to BHS to Topshop, have been shuttered in the past few years, with some officials citing the street’s current architecture as ‘failing’. A revamp of the building and store is vital to Oxford Street's future, Mr Harris said as "it has a smell, a tangible, unmistakable expression of decline". He added the retailer would "not be made to trade" in the current buildings and that it would not invest further in the site if its plans were refused. He also warned "no other retailer" would take over the site. Article source: BBC
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Revlon considers sale offers amid bankruptcy

Image: Revlon Struggling beauty giant Revlon is reportedly considering a sale offer, its bankruptcy attorneys told the US Bankruptcy Court for the Southern District of New York last week. It comes as the cosmetics company explores ways to exit from its Chapter 11 filing as quickly as possible, with it now said to be engaging with possible buyers. According to Reuters, Revlon lawyer Paul Basta told the court that the company was ready to move onto the next stage of its bankruptcy after it managed to stabilise its relationship with vendors and complete a long-term business plan. The publication said that the firm is exploring a possible sale of the company and has begun sending nondisclosure agreements to interested parties. In August, Revlon received approval for a 1.4 billion dollar bankruptcy loan to aid in its strategic organisation and improve its long-term outlook. The loan required the company and its lenders to reach a bankruptcy restructuring agreement by mid-November. However, lawyers for Revlon’s junior creditors said that the deadline would not allow enough time for stakeholders to review the new business plan. Revlon has until January 19 to formally propose a bankruptcy plan, with its junior creditors also expected to file a legal challenge on the company’s 2020 restructuring that allowed it to take on more debt while transitioning brands and assets to a subsidiary.
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Rise in living costs to cut into Christmas spending

Image: Pexels by Jill Wellington The run-up to the holiday season is well underway, with retailers predicting a lacklustre Christmas as soaring inflation digs into consumer purse strings. While the end of the year is meant to be a bonanza for retailers and brands, companies from Adidas to Asos are cuttings their forecasts, with H&M responding to the current crisis by launching a cost-saving exercise of 177 million dollars. Data from Reuters says the European retail sector has tanked 40 percent on the stock market. “Consumers are under a lot of pressure and are going to reduce some of the discretionary spending, while costs for retailers are going up,” Ciaran Callaghan, head of European equity research at Amundi, Europe’s biggest asset manager, told Reuters. Investors and strategists expect retailers’ margins to be squeezed well into next year as cost pressures are further exacerbated by weakening currencies and collapsing consumer demand. Spending less this Christmas Market research firm Kantar said half of Britons expend to spend less on Christmas this year compared to last year. In its survey 37 percent said they were struggling with their financial situations, a figure that will no doubt impact retailers this Christmas. Kantar also said one in three of those planning to spend less would cut gift budgets for family and close friends by more than 25 pounds per person. “It’s been another tough year for many people and brands need to be careful to get the right tone this Christmas,” said Kantar head of creative excellence Lynne Deason. “We’ve seen a significant jump in the number of consumers who are worried about money and the emphasis for many will likely be on getting back to the true meaning of the festive season, focusing on togetherness, kindness and generosity.” “Brands must be sensitive to this emotional context and the reality of people’s financial positions, particularly in their advertising campaigns. There’s been a clear shift in public sentiment around Christmas ads and brands will need to balance celebration and excess in their content in 2022.” Articles sources: Reuters, Retail Gazette Blog
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Europe's e-commerce set to soar, with fashion a top category

Image: E-commerce via Pexels The European B2C market is expected to grow by 14.96 per year, and forecast to reach 1,010 billion dollars by the end of this year. New data from Research and Markets says online commerce in Europe is an attractive growth story, expected to be worth 1,565 billion dollars by 2026. The pandemic accelerated online shopping across categories, with fashion continuing to drive digital sales, with more consumers buying clothing and accessories. Other items, like food, beauty and healthcare are also growing categories. Research and Markets states the e-commerce market is expected to record strong growth over the next three to four years, offering personalized and improved customer experience is projected to remain a key growth driver for players in the industry. France, Germany and the UK are Europe’s top e-commerce countries Across Europe, Germany is one of the fastest-growing economies and has a dynamic startup-up ecosystem. Moreover, along with the United ingdom and France, Germany is among the top European performers in the e-commerce industry. These countries together generate 60 percent of the total e-commerce revenue in Europe. With the German e-commerce industry expected to record strong growth from the long-term perspective, global e-commerce investors are expected to pump millions of euros into the country. Canadian e-commerce investor Clearco said it would invest 500 million euros into the German market. To date the company has financed over 7,000 companies with an investment topping 3 billion euros. The UK, one of Europe’s leading digital economies, is an attractive market for global players, according to the research. Delivery service giant ParcelHero said companies such as Walmart could consider launching an online marketplace in the UK. By doing so it would become a welcome competitor to Amazon. Other data from ParcelHero shows Amazon attracts 86 percent of the UK’s digital shoppers. This summer Amazon debuted its Amazon Fashion Concept in Europe, after it launched in in the US in 2020. In addition to its expansion in the UK, Amazon is also expected to expand the fashion shopping experience France, Germany, Spain, and Italy. For more information about this report visit https://www.researchandmarkets.com.
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Kanye estimates two billion dollar losses following anti-Semitic rants

Kanye West lost two billion dollars in a single day, he said Thursday, as business partners rushed to dump the rapper in the wake of a series of anti-Semitic outbursts. The music and fashion mogul has seen lucrative commercial tie-ups shelved as companies including Adidas and Gap took fright at comments dubbed hate speech by activists. "I lost two billion dollars in one day. And I'm still alive. This is love speech," West, who is also known as Ye, wrote on Instagram in a post that had been liked over a million times. "I still love you. God still loves you. The money is not who I am. The people is who I am," the post said, naming Emanuel Ari, the CEO of entertainment company Endeavor, who had urged companies to sever ties with the rapper. German sportswear giant Adidas said Tuesday it was ending its partnership with West after his "unacceptable, hateful and dangerous" comments. Adidas also said it would end production of the highly successful "Yeezy" line designed together with West and "stop all payments to Ye and his companies". The move is expected to lop around a quarter of a billion dollars off Adidas's bottom line this year alone. West, who is open about his struggles with bipolar disorder, has long been outspoken, having half-heartedly run for US president in 2020 and then thrown his weight behind Donald Trump. His willingness to go beyond the pale is a double-edged sword for business partners, who have benefited from his high profile and his frequent media appearances, but who risk being tarnished by association. While they weathered previous comments, including when West called slavery a "choice", things began to unravel this month with his appearance at a Paris fashion show wearing a shirt emblazoned "White Lives Matter", a slogan created as a backlash to the Black Lives Matter movement. Days later he was temporarily locked out of Twitter and Instagram for threatening to "Go death con 3 on JEWISH PEOPLE", using a misspelled reference to US military readiness. That sparked alarm, including apparently from his ex-wife Kim Kardashian, who wrote on social media "Hate speech is never OK or excusable," in posts that did not name West. Last weekend a banner was hoisted over a busy Los Angeles freeway that read "Kanye is right about the Jews" and "Honk if you know." Several people were photographed making "Heil Hitler" salutes. Escorted out Adidas's announcement was followed hours later by US company Gap, which said it was taking "immediate steps to remove Yeezy Gap product from our stores" in addition to shutting down YeezyGap.com. Paris-based fashion house Balenciaga also ended ties with the rapper last week, saying it "no longer (has) any relationship nor any plans for future projects related to this artist". One of Hollywood's biggest talent agencies, CAA, said it was dropping West, while film and TV producer MRC said it was shelving an already-finished documentary about the artist. On Wednesday, West was escorted out of the corporate offices of shoe company Skechers in Los Angeles after showing up uninvited with a film crew, the firm said.(AFP)
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