Watch reseller Wristcheck raises 8 million US dollars

Image: Wristcheck Hong Kong-based luxury watch consignment retailer Wristcheck has raised 8 million US dollars in a seeding round led by Gobi Partners GBA, which manages Alibaba’s Hong Kong Entrepreneurs Fund and AEF Greater Bay Area Fund, with participation from K3 Ventures. Since launching in 2020, Wristcheck reports that it has experienced 75 percent year-on-year growth in its total value of consigned watches and reported a 127 percent year-on-year growth in its number of consignors. The platform, founded by 25-year-old Austen Chu and Sean Wong, is looking to revolutionise the way people buy and sell watches by taking a fixed rate from each sale. It takes 8 percent from the seller and 4 percent from the buyer, unlike traditional dealers, competitors and auction houses. Austen Chu, co-founder and chief executive of Wristcheck, said in a statement: “Transparency is infused into every aspect of our ethos at Wristcheck and guides our mission of revolutionising the space from one that has been traditionally shrouded in obscurity to a more equitable playing field. “Buyers know what sellers net, and sellers know what buyers pay. We’re incredibly excited to further build our vision of democratising the secondary watch space with our new partners.” Hong Kong-based Wristcheck secures investment led by Gobi Partners GBA To date, Wristcheck has amassed more than 50,000 community members and adds that its primary demographic is the next-gen watch enthusiasts. As 43 percent of its paying customers are under 30 years old, which it states signals a previously untapped segment of the market - young high net worth individuals with increasing spending power. It also opened its first flagship space in Landmark, Hong Kong in 2021 to bridge the gap between offline and online retailing. Image: Wristcheck Wristcheck’s new funding will enable the second-hand luxury watch platform to expand into “underserved” markets regionally in Asia, as well as develop a state-of-the-art web platform and launch a mobile app in Q2 2023. The new Wristcheck platform will offer users an improved, seamless online-offline experience with fully authenticated timepieces, safe transactions, and other professional services that are currently under development to drive further efforts to build an inclusive global community. It is also looking to become the first second-hand luxury watch platform that utilises AI and deep learning capabilities for its authentication process. With watches being one of the most counterfeited product categories in the world, Wristcheck's founders are hoping to make this industry a safer environment for consumers. Chibo Tang, managing partner of Gobi Partners GBA, added: “Combining Hong Kong’s competitive edge as a global-facing watch market with Wristcheck’s leading team and capabilities, we are confident that the company will be able to continue building on their current momentum and become a dominant player in the global secondary watch market.”
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Richemont Q3 sales up 8 percent despite Covid impact in mainland China

Image: Richemont Swiss luxury giant Richemont has reported an 8 percent increase in sales in the third quarter of the year despite a resurgence of Covid impacting its important mainland China market. Total group sales came in at 5.4 billion euros in the three months to December 31, up from the 4.98 billion euros reported a year earlier. On a constant currency basis, sales were up 5 percent as tourism returned in force following the end of most restrictions in international markets. Excluding the impact from Russia, sales rose by 7 percent at constant exchange rates. The group, whose portfolio includes Chloé and Cartier, saw its strongest growth once again in Japan, where sales jumped 30 percent, followed by Europe where sales rose 17 percent. International tourism boosts Richemont in Q3 In Europe, growth was driven by continued strength in local and tourist demand, particularly from the US and the Middle East. France, Italy, and Switzerland were standout performers. In the Middle East and Africa sales increased 20 percent, and in the Americas sales rose by 16 percent. The only region where Richemont recorded a drop in year-on-year sales was Asia Pacific, which was down 7 percent. The region was “significantly impacted” by Covid restrictions in mainland China, where sales dropped 24 percent. Overall sales increased across all distribution channels, with online retail sales up 12 percent, physical retail sales up 9 percent, and wholesale and royalty income up 5 percent. In terms of business area, sales across Jewellery Maisons increased by 11 percent, and in ‘Other’ - which includes fashion and accessories brands - by 10 percent. Sales at Specialist Watchmakers dropped 3 percent. For the nine-month period, group sales increased 18 percent, or up 12 percent at constant exchange rates.
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TEXHIBITION Istanbul Fabric, Yarn and Textile Accessories Fair - March 8.-10. 2023

Image courtesy of Texhibition via Jandali PR Third edition of Texhibition Istanbul will take place from 8-10 March 2023 at the Istanbul Expo Center Organizers focus on growth: more than 25,000 international visitors are targeted for March 2023 More than 400 exhibitors show fabrics, yarns and accessories at the Istanbul Expo Center Trend seminars and trend area with special focus on sustainability presents the trends for spring/summer 2024 The third edition of Texhibition Istanbul Fabric, Yarn and Textile Accessories Fair, 8-10 March 2023 builds on the successful editions of the fair last year. The fair is organized by the Istanbul Textile Exporters' Association (ITHIB) and with the support of the Istanbul Chamber of Commerce (ICOC). More than 400 exhibitors from the areas of knitwear, woven fabrics, denim, yarns and accessories will present their 2024 spring-summer collections on 15,000 square meters in the Istanbul Expo Center. These include well-known names such as Kipaş, Bossa, Yünsa, Btd, Çalık, Hefa, İskur, Universal, Gülle, and Migiboy. At the last event in September 2022, a total of 20,606 visitors took the opportunity to start business discussions and place orders. Among them international visitors from 97 countries, including the EU, UK, USA, North Africa and the Middle East. Over 25,000 visitors are expected at the upcoming Texhibition in March 2023 such as large clothing manufacturers, purchasing managers of international chain stores and department stores, managers of international brands and chains with their own brand collections, managers of online sales platforms, importers, wholesalers, distributors, designers, etc. “With Texhibition Istanbul we have created a platform that efficiently networks high-quality Turkish textile production and the international fashion business. Texhibition meets the industry's need for secure nearshore supply chains. Texhibition is a catalyst to boost Türkiye's exports,” said Ahmet Öksüz, Chairman of ITHIB (Istanbul Textile Exporters' Association). With an export volume of approximately 13 billion US dollars in 2022, the textile industry achieved its best result and exported to a total of 200 countries and regions. An export volume of around US$ 15 billion is targeted for 2023. Because of its high quality products, reliability and short delivery times, Türkiye ranks fifth in the world and second in the EU as an important sourcing market for all over the world. Vice Chairman of the Istanbul Textile Exporters Association (İTHİB) and President of the Fair Committee, Fatih BİLİCİ, after the conclusion of Texhibition 2022: "Our exhibitors have given us unanimously positive feedback. The fair is a suitable platform for making new business contacts and opens up access to new markets. The quality and quantity of visitors was convincing. Numerous cooperation talks took place with visitors from all over the world. Texhibition has contributed significantly to our companies being able to increase their exports. The great attention the fair has received from exhibitors and visitors strengthens our opinion that this platform meets the needs of our industry." Texhibition made a significant contribution to ensuring our companies achieve exports with bigger added value while also facilitating entrance of our companies to new markets and establish new cooperations with the range of visitors that attend the exhibition from all across the world. The profound attention of both exhibitors and visitors reinforced our opinion that this exhibition meets a major need of our industry.’’ The trend area at Texhibition will show the spring-summer 2024 trends with a focus on sustainable aspects. Texhibition Istanbul completes the full package offer in combination with IFCO, Istanbul Fashion Connection, which takes place from 8.-11. February 2023, also for the third time at the Istanbul Expo Center.
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Vogue magazine to reduce print issues to 10 editions per year

Image: Jean Picon / Saywho The future of printed fashion magazines has once again come under scrutiny, as Vogue, arguably the world’s most recognisable style publication, is to shrink its schedule to 10 issues per year. The number of publications will be reduced from 11, a schedule Conde Nast has adhered to over the past three years, prior to being a monthly release. With the most recent issue called “Winter” issue, it will likely combine two months. The publisher also combines its June and July issues since 2020. Many publications have ceased print issues or drastically reduced their physical magazine presence as consumer shift to digital. In a digital-first world, content connects people, engages readers, and build brands, in addition to allowing publishers to track data and readership.
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YNAP fined 5.25 million euros by Italian watchdog for misleading pricing

Image: YNAP Luxury pureplayer YNAP, which operates the Net-a-Porter and Yoox e-commerce businesses, was fined 5.25 million euros by Italy’s antitrust body. The hefty fine for misleading prices came as the etailer was alleged to limit the right to return merchandise purchased between 2019 and 2022 Shoppers experienced limited rights to return merchandise with the websites blocking completed online orders, without informing customers, when certain return levels were breached. Other allegations by the antitrust say YNAP misrepresented sale prices and the discounts that were effectively applied. The retailer advertised reductions on products on which the final sale price was “substantially the same” said Reuters. Yoox has 60 days to inform the regulator on the measures it has implemented to be in compliance. In 2022 Swiss luxury group Richemont sold YNAP to Farfetch and Emirati businessman Mohamed Alabbar.
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Nordstrom’s chief merchandising officer Teri Bariquit to retire

Image: Nordstrom Nordstrom, Inc. announced that its chief merchandising officer Teri Bariquit is retiring. To ensure a smooth transition, the company said in a release, Bariquit will remain in her role until the company identifies her successor. Throughout her 37-year career at Nordstrom, the company added, Bariquit has held a variety of leadership roles across the company's merchandising organisation, supporting inventory audit, merchandising technology, planning and more before becoming the company's first-ever chief merchandising officer in 2019. "We're extremely grateful for the contributions Teri has made to our company over the past 37 years," said Pete Nordstrom, president and chief brand officer of Nordstrom, adding, "During her tenure, she's transformed every element of our merchandising organisation and positioned our merchandising team for continued success." "It has been a privilege to spend my career at Nordstrom and work alongside such a talented team – one with a relentless focus on providing customers with the most relevant and inspirational products from the world's best brands," added Bariquit.
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KidSuper’s Colm Dillane co-creates Louis Vuitton AW23 collection

Louis Vuitton look from the Fall-Winter 2023 Homme pre-collection "The Desert Race". This collection was designed by the Louis Vuitton Men's Ready-to-Wear Studio Following the death in 2021 of creative director Virgil Abloh , the Louis Vuitton Homme studio team took the reins and imagined, season after season, the men's collections of the luxury label. But things are changing. Louis Vuitton's autumn/winter 2023/24 collection was, this time, co-designed with Colm Dillane, founder of the KidSuper label. The information, posted on Vogue magazine's website, stated that the collection “was created by the [Louis Vuitton] studio 'with the participation' of Colm Dillane”. This appointment is also temporary. The American does not replace the great Abloh, and the questions about the potential successor therefore do not end. During a conference organised by Women's Wear Daily in early November 2022, Louis Vuitton CEO Michael Burke confirmed that the French luxury brand was in no rush to find a successor to Abloh. "We're not trying to replace Virgil, not because he's irreplaceable but because he's unique," Burke said. Who is Colm Dillane? Winner of the Karl Lagerfeld Prize (awarded as part of the LVMH Prize and including Virgil Abloh on its jury) in 2021, Dillane created KidSuper in 2018 and is based in Brooklyn. The arty label, for men and women, presents itself as a creative collective that designs and manufactures clothing but also organises art exhibitions, records music, shoots films and music videos. Dillane is therefore, in a way, what is called a “jack of all trades”. In a video interview with the FHCM (Fédération de la Haute Couture et de la Mode) in 2021, Colm Dillane said: "For me, it's about telling stories and building a fan base who appreciate your vision that they don't care what it is.” The Louis Vuitton Men's collection will be unveiled on January 19, 2023, as part of Paris Fashion Week. The KidSuper label will also show within the official calendar, on January 21, at 9 p.m. This article originally appeared on FashionUnited.FR. Translation and edit by: Rachel Douglass. Read more: * Louis Vuitton after Virgil Abloh: A ship without a captain?
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L’Oréal makes minority investment in metaverse startup Digital Village

Image: Digital Village Beauty giant L’Oréal has announced a minority investment in metaverse platform and NFT marketplace Digital Village through its venture capital fund, Business Opportunities for L’Oréal Development (BOLD). The investment will be the first of its kind by L’Oréal in the metaverse and Web3 space, as well as the first to be part of its recently launched BOLD’s Female Founders initiative. “As L’Oréal continues to explore and define what beauty means in Web3, we seek to work with the most promising startups who adhere to the highest possible visual and technical standards,” said Camille Kroely, chief metaverse and Web3 officer at L’Oréal, in a release. Kroely added: “We are excited to be partnering with Digital Village, whose solutions will be powerful enablers for our brands and whose ideals of sustainability, accessibility and interoperability in the metaverse or Web3 are ones we share.” Launched in 2021, Digital Village is operated by an international team spanning the US, Europe and Asia, offering scalable technology solutions for the creation and interaction of digital identities. Among its members, it counts founder and CEO Evelyn Mora, who was also behind the creation of Helsinki Fashion Week, as well as top executives from Pangaia and open-world platform The Sandbox. Speaking on the investment, Mora said: "We are excited to be backed by BOLD and look forward to collaborating with L'Oréal to revolutionise the beauty industry through the creation of cutting-edge virtual experiences for L'Oréal's renowned brands. “Together, we are setting the bar for beauty in the metaverse and Web3, pushing the boundaries of what is possible and setting a new standard for the industry to follow.”
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Trendstop SS23 Women’s Accessories

Trendstop brings FashionUnited readers an insight into the key Spring/Summer 2023 accessory trends from international Fashion Month. The new season’s accessory designs cross continents and even universes, reviving the crafts of eras past and a reinventing them for a modern audience. Heritage techniques and creative DIY takes on traditional constructions combine with digital age influences, youthful colorways, and statement silhouettes to create intriguing aesthetic hybrids. Creatively Upcycled Designers give a second life to existing materials and components, creatively upcycling them in to new, expressive accessories. Fabric off-cuts and deadstock materials are pieced and patched into colourful, contrast panel corset belts whilst leather buckled shoe straps are repurposed as DIY earrings. Even discarded waste materials are reused, with graphic printed plastic bags encased in ice to make an environmental statement. Playful Metaverse Accessories Accessories worthy of any avatar combine virtual world unreality with a fun and playful feel. Cartoonish leather companions, alien-esque skull caps and quirkily knitted arm warmers come in youthful, metaverse landscape-inspired shades. Exaggerated forms and augmented reality style adornments create unexpected silhouettes informed by the gaming characters inhabiting digital realms. The Global Statement Piece Traditional world crafts are reinterpreted for the contemporary consumer in a celebration of multicultural outlooks. Exploded wax and batik geo patterned head scarves, exaggerated wound and plaited headpieces and oversized jewellery revive global heritage print, metalwork and weaving techniques whilst creating a bold, statement aesthetic through modern silhouettes and color combinations. Exclusive Offer: FashionUnited readers can get free access to Trendstop’s Spring Summer 2021 Key Jewellery & Softs Directions report. Simply click here to receive your free report. Trendstop.com is one of the world's leading trend forecasting agencies for fashion and creative professionals, renowned for its insightful trend analysis and forecasts. Clients include H&M, Primark, Forever 21, Zalando, Geox, Evisu, Hugo Boss, L'Oreal and MTV.
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Aritzia reports record revenue in Q3 as profits widen

Image: Aritzia, Facebook Canadian womenswear brand Aritzia has reported a 37.8 percent increase in Q3 revenue to 625 million Canadian dollars (around 465 million US dollars), its strongest quarter ever. That was driven by the US market, with revenue up 57.8 percent to 313.5 million Canadian dollars, comprising 50.2 percent of overall revenue. Breaking it down by channel, retail revenue was up 38.6 percent to 423.2 million Canadian dollars, while e-commerce revenue rose 36.1 percent to 201.4 million Canadian dollars. “All geographies and all channels contributed to our better than anticipated results, fueled by a tremendous client response to our collection of beautiful products and our Everyday Luxury experience,” said CEO Jennifer Wong in a statement. Net income for the quarter widened to 70.7 million Canadian dollars from 64.9 million Canadian dollars a year earlier. “Our strong performance has carried into the fourth quarter to date, with client demand balanced across our product assortment,” Wong continued. Looking ahead, she said the company will continue to strategically invest in the infrastructure “that will allow us to execute on our long-term growth plan and beyond”.
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Buff, the headwear outfitter, acquires B Corp certification

Image: Buff Original Buff, a headwear and neckwear accessories outfitter based in Barcelona, has acquired B Corp certification. Buff joins the growing list of 6,000 plus companies that are pursuing sustainable business, measuring success not just by financial metrics but also the wellbeing of people, communities and the planet. "From day one, we have been committed to choosing the responsible path with every decision. We are honoured to stand alongside other sustainable organizations leading the global movement for an inclusive, equitable, and regenerative economy," said David Camps, Buff CEO. "It's a proud moment to receive validation for our teams' work to help forge a brighter future. It doesn't end here; we are more excited than ever to push further, build better, and design cleaner." Recognised for prioritising people and the planet in all facets of business, B Corporations must pass a rigorous 360° evaluation to become part of the community of companies striving not only to be the best in the world, but also the best for the world. This evaluation covers five key impact areas of Governance, Workers, Community, Environment and Customers. Image: Buff Buff, a family-owned business, manufactures ninety percent of its products in-house using 100-percent renewable energy. In 2022 year the company reached a milestone of recycling over 41 million plastic water bottles to make its best-selling products. 41 million plastic water bottles recycled The Spanish outfitter also launched a garment-making school to create local job opportunities and give people at risk of social exclusion the skills needed to succeed in a textile manufacturing career. “Our goal is to continually improve and be the best that we can for our consumers, retailers, employees, and the planet,” said Marta Torner, sustainability manager at Buff. “Over the coming years our goal is to further reduce our carbon footprint, with a focus on supply chain and with an interim milestone of becoming carbon neutral in our own operations by 2023.”
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Guerlain launches collaboration with Maison Matisse

Beauty Image: Guerlain via LVMH French beauty house Guerlain has collaborated with Maison Matisse, the legacy company founded by painter Henri Matisse's great grandson, on a limited edition collection based on the late painter’s palette. Guerlain, which is owned by LVMH, said it had a close relationship with art since its inception in 1828. Over the years, generations of Guerlain perfumers have found inspiration in the avant-garde artists of their times to elevate their creations. This connection has grown more tangible since 2005 with the launch Guerlain Haute Parfumerie. “We are extremely fortunate to have Maison Matisse show its trust in us for these new creations. Our partnership is anchored by shared values of excellence, exacting standards and elegance, joined by a mutual love of beauty, nature and art,” says Ann-Caroline Prazan, Guerlain Director of Art, Culture and Heritage. Jean-Matthieu Matisse, founder of Maison Matisse, notes: “My great-grandfather’s works are very multi-sensory, his was a world full of plants and flowers and they became recurring motifs in his work. There are thus myriad compelling connections between his work and the artistry of Guerlain perfume. That’s why we were delighted to embark on this collaboration, especially since we share values, exacting standards, a respect for precision and a love of color. This celebration of happiness is a beautiful initiative and a first for Maison Matisse.” The Exceptional Piece – The Bee Bottle Maison Matisse Edition The Maison Matisse edition of the Bee Bottle is entirely decorated with emblematic motifs inspired by La Musique, a work from the artist created 1939. A fragrance inspired by Matisse’s colours, Jasmin Bonheur, is limited to just 1,000 pieces worldwide. While LVMH does not break down financial figures for its individual houses, its perfume and cosmetics division last year saw revenue of 6.6 billion euros, slightly below pre-pandemic sales when it reported 6.8 billion euros in sales in 2019.
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Boy Meets Girl teams up with Blueberry for digital wearables capsule

Image: Boy Meets Girl; Boy Meets Girl x Blueberry digital wearables for Roblox Digital fashion brand House of Blueberry is teaming up with contemporary streetwear brand Boy Meets Girl on a debut collection of digital wearables for Roblox. The digital collection includes four unisex Boy Meets Girl branded wearables for your avatar, including leggings, a short sleeve and long sleeve tops, and a beanie, all inspired by the brand’s “cool kid” style. The collection will be available for purchase in House of Blueberry’s shopping experience on Roblox and will retail from 65 to 85 Robux, less than 1 US dollar per item. Mishi McDuff, chief executive and founder of House of Blueberry, said in a statement: “We love the mission behind Boy Meets Girl and are excited to bring these iconic looks and style into the metaverse. “We think the iconic Boy Meets Girl branding will really come to life on Roblox and make for a fun, welcoming virtual experience for our community.” Stacy Igel, founder and chief creative officer of Boy Meets Girl added: “As someone who was an early adopter of virtual markets, this was a natural partnership for me. I’m thrilled to bring Boy Meets Girl into the metaverse in collaboration with House of Blueberry. “It is important that while in a digital world, confidence and courage never go out of style. During Covid-19, my son, Dylan, got to learn a lot about virtual worlds and has been teaching me about Roblox. So, you can imagine how excited I am to share this collaboration and how excited he is too.”
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Bed Bath & Beyond report falling sales following bankruptcy warning

Bed Bath & Beyond store, health and beauty section. Image: Bed Bath & Beyond, Facebook Following an initial warning that the company had been weighing bankruptcy, Bed Bath & Beyond published its financial statement for Q3 2022, with a loss in net sales starkly prominent among the results. The lifestyle retailer said its net sales of 1.259 billion dollars declined 33 percent, citing its lower in-stock position and decrease in customer traffic among the causes. Its GAAP Gross Margin was adjusted to 22.8 percent from 22.1 percent, as it continues its clearance activity in line with the discontinuation of its Owned Brands merchandise and increased promotional activity. The company noted it was on track to complete around 150 store closures for the end of fiscal year 2022, with further incremental cost reductions of approximately 80 to 100 million dollars across its corporate spending. Ultimately, its net loss for the quarter included 100.7 million dollars of non-cash impairment charges, while its operating cash flow sat at 307.6 million dollars and its liquidity at 500 million dollars. “Our plan has two anchors…” The report comes after Bed Bath & Beyond issued a troubling business update last week, in which it said it would need more time to complete its quarter-end close procedures and said it would be taking steps to improve cash position. It noted that there was “substantial doubt” about the company’s ability to continue, with it set to consider all strategic alternatives, including restructuring or refinancing its debt, seeking additional debt, reducing business activities, selling assets or other strategic transactions that could include a bankruptcy filing. In the regulatory filing, Sue Gove, president & CEO of Bed Bath & Beyond said, "We have a clear vision for the future of the company. Today's announcement underscores the importance of having initiated a turnaround at the start of the third quarter and why we strengthened our leadership team to execute each step with precision. “Our plan has two anchors: the first enables us to refocus merchandising and inventory, operate more efficiently, and grow our digital and omni-capabilities, and the second focuses on strengthening our financial position. “Transforming an organisation of our size and scale requires time, and we anticipate that each coming quarter will build on our progress."
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Macy's expects inflation and low consumer sentiment to impact holiday quarter sales

Image: Macy's media gallery Macy’s, Inc. expects net sales to be at the low-end to mid-point of the previously issued range of 8,161 dollars to 8,401 million dollars while adjusted diluted earnings per share to be in the previously issued range of 1.47 dollars to 1.67 dollars for the fourth quarter. The company said in a release that on a percentage basis, total end-of-quarter inventories are on track to be slightly below last year and down mid-teens relative to 2019. “Black Friday/Cyber Monday sales were in line with our expectations, while the week leading up to and following Christmas were ahead. However, the lulls of the non-peak holiday weeks were deeper than anticipated,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc. “Based on current macro-economic indicators and our proprietary credit card data, we believe the consumer will continue to be pressured in 2023, particularly in the first half, and have planned inventory mix and depth of initial buys accordingly,” added Gennette.
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