Zegna communications director to step down

Courtesy of Zegna PR and communications director of the Zegna Group Domenico Galluccio has announced his intention to step down from the company to pursue a new opportunity. The news was revealed via an internal memo by the group’s chief marketing and sustainability officer Edoardo Zegna, which was acquired by FashionUnited. Galluccio will be departing from September 30 after three years of “fruitful collaboration with the group”, as detailed in the note. Zegna went on to say: “We wish to thank him for contributing to the development of the group communication strategy.” Galluccio’s former responsibilities will be divided between two employees. Francesca Di Pasquantonio, the group’s director of investor relations, will take the responsibility of group and corporate communication. Joining October 10, Valentina Abbà will take on the role of PR & communication director, working directly with Zegna. The exec said that he hoped the new organisation will allow the company to consolidate its relationships while also wishing Galluccio luck on his endeavours.
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Checkmate secures five million dollar funding round

Image: Checkmate, Facebook Personalised smart shopping tool Checkmate has announced the closing of a five million dollar seed funding round, led by Fuel Capital. The new investment will be used to accelerate product development and customer growth, the company said in a release. The tool itself aims to offer a way of responding to current market dynamics, with its CEO and co-founder, Harry Dixon, stating that it could provide significant value to brands. “With record-high inflation, economic uncertainty and a volatile stock market, consumers are looking to save wherever they can,” Dixon said. He continued: “At the same time, skyrocketing digital ad costs mean retailers and brands need new ways to establish and build their own customer relationships.” Available as both an app and a laptop extension, Checkmate enables users to manage personalised email deals from brands and automatically apply them at checkout. The dashboard further stores gift cards and tracks orders so shoppers can see when their packages will arrive.
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Giglio.com's revenues increase driven by strong growth across markets

Image: Giglio.com, Facebook In the first half of 2022, Giglio.com earned 22 million euros in revenues from sales and services, an increase of 45 percent compared to the first half of 2021. In the second quarter, the company said in a statement, gross merchandise value grew by 47 percent despite the strong macroeconomic instability that the Ukraine conflict has generated. “We operate in a macroeconomic context that requires caution. Our forward-looking choices have allowed us not only to consolidate the significant revenues growth recorded in the last year, but also to achieve an important cost optimization, a key factor for such an evident profitability improvement,” said Giuseppe Giglio, President and CEO of Giglio.com. “The opening of a new logistics hub in Vimodrone (Milan) that allows us to optimise logistics flows and improve our fulfilment abilities by recalibrating it to our growth objectives, has greatly contributed to achieving this result,” Giglio added. Giglio.com records strong performance across core markets The company added that its poor exposure in Russia, Ukraine, and Belarus - which in 2021 only accounted for 1.2 percent of the entire GMV - helped confirm the solidity of the business model. This result stems from the company’s solid and continuous internationalisation process. As at 30 June 2022, the share of the foreign market exceeds 70 percent of total sales. The expansion of the business in the APAC region was 50 percent due to continuous developments of the company’s marketing plans and to the new Korean and Japanese versions of the e-commerce platform. The company recorded 132 percent growth in South Korea and 118 percent in Taiwan and despite the intermittent lockdowns, China recorded 89 percent growth. Strong growth of 129 percent was also recorded in the MENA region and 40 percent in North America. Giglio.com’s margin growth continues in the first half Gross profit, in absolute value, increased 63 percent compared to the first half of 2021, due to an increase of the gross profit margin of 3.1 points. Trading profit more than doubled, exceeding 1.9 million euros compared to 0.8 million euros in the first half of 2021, up 129 percent. EBITDA as at 30 June 2022 amounted to negative 1 million euros, with a negative 4.8 percent incidence on revenues, a clear improvement compared to the first half of 2021, when the company recorded a negative 8.9 percent. EBIT amounted to negative 1.6 million euros compared to negative 1.7 million euros on 30 June 2021. Net result amounted to negative 1.6 million euros compared to negative 1.8 million euros in the first half of 2021.
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Harrods launches beauty loyalty programme

Image: Harrods Harrods has announced the launch of a new loyalty programme specifically curated for its beauty customers. MyBeauty, which comes as part of Harrods Rewards, will allow members to access a number of benefits, including earning points on beauty products, event invites and exclusive promotions throughout the year. The reward programme is tailored to the retailer’s H Beauty customers in all of its five H Beauty locations throughout the UK and online. To celebrate the launch, those who sign up will receive 20 pounds in rewards points with their first 25 pound spend. In a release, Annalise Fard, director of beauty at Harrods, said MyBeauty’s release intends to aid in further connecting with the retailer’s beauty community. Fard added: “We have worked extensively to create a beauty loyalty proposition that will support the long-term engagement of our customers across all Harrods beauty channels, while complementing our existing Harrods Rewards programme.” As part of the launch, Harrods will also be hosting a ‘H Beauty Carnival’ at each of its beauty stores over the course of October and November. The events will include live DJs, masterclasses, a champagne bar and beauty vending machines.
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Religion, decolonization and identity inspire the runway looks at Parsons MFA

Dan Lecca The MFA Fashion Design and Society runway show from Parsons School of Design took place on September 13 as part of the scheduled New York Fashion Week calendar. 15 students presented their thesis collections in the first show since the director and founder of the program, Shelley Fox, stepped down from her post last December. Under new director, Lucia Cuba, the subjects explored within the students’ work were gender, culture and identity, race and decolonization, sustainability and the innovative possibilities of reusing existing materials. Dan Lecca The opening collection by WeiRan featured sculptural metal tailoring, gauzy hand knitting and molten silver accessories, including shoes which seemed to foam around the ankles, merging the aesthetic of armor with the delicacy of organza. Marlene Haase reengineered original fast fashion cotton items to propose a collection which reflects her values but also, through her process of caged construction and distressing techniques, examines the labor abuses behind some of our most popular closet staples: denim jeans, trench coats and jersey sweaters. Dan Lecca The pleasant rippling movement of Meng Ling Chung’s collection evoked her objective, as stated in her artistic statement, of celebrating the “meaningless little details which happen to everyone, which makes me feel a subtle sense of connection with others.” Pleated structures built gently in color and fanned out around the shoulders and knees or erupted playfully from tailored torsos. Sarah Hawes, specializing in Corporate Sustainability and Social Responsibility, represented the reality of being dependent on our fellow humans, bonded together towards an uncertain future with her twinning blue collar exits. A marriage of Freud's and Nietzsche's philosophies, the Japanese religion called Nichiren-Shoshu, and lived experience contributed to the majestic finale by Asato Kitamura. In a palette of scarlet, purple and teal interspersed with ecru, he created decadent fabrications and human-like appendages which gave the illusion that models were accompanied by a presence or were carrying around on their backs the weight of faith, or lack thereof. Dan Lecca
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Ralph Lauren expects mid to high-single digits growth through fiscal 2025

Image: Ralph Lauren website The Ralph Lauren Corporation expects an acceleration in revenue growth to a compound annual growth rate of mid to high-single digits in constant currency over the next three years, through fiscal 2025. The company said in a statement that operating profit growth is expected to exceed the rate of top-line growth as a result of continued operating margin expansion. The company plans to present its strategic growth plan, 'Next Great Chapter: Accelerate', to deliver sustainable, long-term growth and value creation at the investor day in New York City. Ralph Lauren will also ring opening bell of the New York Stock Exchange in celebration of the company’s 25th anniversary since IPO. “This Company started over 50 years ago with a dream and a tie – and today, while it has expanded to become a leading luxury lifestyle brand, our vision for timelessness, authenticity and a life well-lived remains constant,” said Ralph Lauren, executive chairman and chief creative officer. The company added that operating margin is expected to expand to at least 15 percent by fiscal 2025 in constant currency, driven by a combination of modest gross margin expansion and operating expense leverage balanced with continued investments in the company’s long-term strategic priorities. In addition, capital expenditures are expected to represent approximately 4 percent to 5 percent of revenue annually. The company expects to continue returning excess free cash flow to shareholders over the next three years, with plans to return approximately 2 billion dollars on a cumulative basis through fiscal 2025. The company’s board of directors also increased the regular quarterly cash dividend on the company's common stock by 9 percent to 75 cents per share at the beginning of fiscal 2023, representing an annual dividend of 3 dollars per share. The company further said that its current share repurchase authorization enables it to repurchase up to 1.4 billion dollars in shares of Class A common stock, subject to overall business and market conditions. “Since our last investor day in 2018, we have transformed our business – building a strong foundation with multiple engines of growth that are already showing momentum. Our clear and choiceful strategies are expected to deliver sustainable long-term growth and value creation – fuelled by our strong balance sheet and operating discipline,” added Patrice Louvet, the company’s president and chief executive officer.
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LVMH reveals plans to cut energy consumption

Image: LVMH, Facebook. Luxury group LVMH has announced an energy efficiency plan that falls in line with the French government’s new measures to support collective and individual energy consumption. It comes as tensions surrounding the electricity market continue to increase as winter approaches, with LVMH stating that it will begin to reduce its electricity consumption from October. Starting in France and then to be implemented throughout the group globally, the company said it will be following two key measures to enable a 10 percent consumption reduction over the course of a year. Firstly, the group will turn off the lighting throughout the night in the group’s portfolio stores, including the likes of Dior, Louis Vuitton and Fendi, as well as its administrative sites. Additionally, the company will be modifying indoor temperatures at all of its industrial sites, administrative sites and stores, while also increasing its investments towards the completion of its renewable energy transition. Ultimately, the group hopes to achieve 15 percent reduction in energy consumption worldwide by 2023, in comparison to 2021. The group’s France-based employees will also be requested to adopt certain behaviours through an awareness campaign and are to be encouraged to use the EcoWatt app allowing them to manage their at-home energy consumption.
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Barneys New York reincarnates as a beauty brand

Image: Barneys New York Beauty Barneys New York has been reincarnated as a beauty brand. Parent company Authentic Brands Group (ABG) partnered with Korean-based lifestyle company Gloent Group to launch a line of skincare. Fragrance, hair and body care, cosmetics and wellness are expected to expand the range categories. The beauty range will launch in October at new website barneys-beauty.com, in addition to premium retailers and marketplaces globally including Saks.com in the fourth quarter of this year. When Barneys filed for its second bankruptcy in 2019, its assets were sold to ABG, a management company based in New York with holdings apparel, athletics, and entertainment brands. ABG licensed the Barneys brand to Saks in 2021, opening a special department within Saks Fifth Avenue’s flagship Manhattan store. It later opened a standalone store, Barneys at Saks, in Greenwich, Connecticut. In a statement Justin Song, CEO of Gloent Group said: “We are excited to partner with Authentic Brands Group for the launch of Barneys New York Beauty. We look forward to continuing Barneys’ rich history of delivering luxury by launching premium beauty, wellness and water products for the next generation’s inner and external health.” “We are pleased to be partnering with Gloent Group to introduce Barneys New York Beauty,” added Jarrod Weber, Group President Lifestyle, Chief Brand Officer, at ABG. “Gloent Group brings expertise in beauty, and these products will expand Barneys New York’s unique luxury offerings through elevated, high-quality skincare products.”
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Calida Group CFO Sacha Gerber steps down

Image: Calida Group Sacha D. Gerber, chief financial officer (CFO) and member of the Calida Group executive management, has decided to take on a new professional challenge outside the group. Commenting on the development, Timo Schmidt-Eisenhart, CEO of the Calida Group, said: "With his high level of expertise and great commitment, Sacha D. Gerber has contributed to the successful strategic development of the group over the past four years and has been a substantial factor in the sustainable growth of the company. We thank him for his efforts and valuable contributions, with which he helped to shape the focus and most recently the internationalisation of the group." The company said in a release that Gerber has been responsible for the financial management of the group since July 2018. The process to determine his successor will be initiated immediately.
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How Turkish brands want to conquer Europe

Background Photo: FashionUnited The Turkish fashion industry wants to make it big with its own brands and no longer just act as a clothing producer in the background. The trade fair Istanbul Fashion Connection (IFCO), which took place for the second time from 24th to 26th August, should aid in this endeavour. So far, Turkish fashion brands have been more in demand in markets like Russia, North Africa and the Arab world. Now, however, the aim is to open up the West with Europe and North America, where Turkish fashion companies were previously active with their own designs and as manufacturers - but more in terms of the branding of other labels. One of the driving forces behind achieving this goal is the Istanbul Textile and Apparel Exporter Associations, which supports the new fair, but also other projects such as a fashion school and new brands. The textile association has 20,134 members. Membership is a prerequisite for local brands and manufacturers to export their products. According to IFCO, the current edition of the fair attracted 15,493 visitors from more than 100 countries, including EU countries, the UK, the USA and the Middle East. Of these, 2500 to 3000 were buyers. “Turkish brands are changing their image” Currently, Turkish brands tend to target markets such as Russia, the domestic market and the Middle East. However, they are now eyeing the European market too, which accounts for 70 percent of Turkey's textile exports, according to Cem Altan, president of the International Apparel Federation (IAF). “Turkish brands are changing their image because fashion is going through a revival. They are trying to do more European designs than Eastern or Russian ones - younger, more modern, different.” Articles at IFCO. Photo: FashionUnited At the second edition of IFCO, however, this reorientation was not yet quite noticeable. Only a few of the 300 exhibitors stood out - the exceptions being some outerwear and occasion wear - that could find a place on the European market. These, however, were surrounded by classic garments, lots of real fur and overloaded kitsch. Names like Color Colucci and Narsace, which have similarities to already established brands, could cause confusion. Fur was in demand at IFCO. Photo: FashionUnited'Narsace' booth at IFCO. Photo: FashionUnited One of the brands that could be successful with its products in Europe is Ar-ma, a casual menswear label. However, the Turkish brand has problems reaching and understanding the European market. Ar-ma sees especially Western and Northern Europe as “the most difficult market”, according to brand manager Berkay Melek, with the European northwest being particularly competitive. As a brand, Ar-ma is especially active in North Africa, the Balkan countries and the Middle East. 90 percent of its capacity is used for its own brand, with the remaining 10 percent allotted for manufacturing for other labels in France and Germany. In addition, the behaviour of the clientele is different from that in markets where the company is successful with its own brand. Nevertheless, Ar-ma wants to develop this new market for itself and is currently researching consumer behaviour. Ar-ma at IFCO. Photo: FashionUnited 2,2 billion US dollars of garment exports to Germany The Turkish garment industry exported garments worth 12.4 billion US dollars worldwide in the first six months of the year, according to figures from the Istanbul Garment Exporters Association show. Goods worth 7.7 billion US dollars alone went to the EU. Compared to the previous year, growth was 11.6 percent and 14.7 percent respectively. This year, the association expects an export volume of 23 billion US dollars. The goal is to double these exports. “As IHKIB, we have increased our target after the pandemic. We want to increase our ready-made garment exports to 40 billion US dollars in the medium term,” said Mustafa Paşahan, vice chairman of IHKIB’s board of directors. The trade fair in particular will help achieve this goal, said Paşahan. To promote exports, Istanbul Fashion Connection also offers seminars and lectures on sustainability, trends as well as export-related topics such as entering the international fashion market. Germany ranks first in exports of Turkish apparel industry, ahead of Spain, the UK, the Netherlands, France and the US. In 2020, 3.1 billion US dollars worth of apparel was exported from Turkey to Germany. In the following year, it was 3.5 billion US dollars - an increase of 13 percent. In the first six months of the current year, exports are already at 2.2 billion US dollars. Five brands for Europe und Gen Next However, the Turkish fashion association does not only want to be more strongly represented with its existing brands in western countries, but also wants to establish new ones. The official goal is to establish five new brands that will become the international shooting stars of the Turkish garment industry. Accordingly, Istanbul Moda Akademisi (IMA) was founded in 2007 to promote own brands while still in their infancy. The fashion school was founded by the association with the help of the “Instrument for Pre-Accession Funds I”, an EU funding project for EU candidate countries. IMA student creations. Photo: FashionUnited In addition to fashion design, students can also study fashion management, fashion technology and product development as well as fashion communication and media at the academy. There are also some additional courses such as styling, modelling and fashion journalism. About three out of 20 graduates of the IMA's design course start their own label, the rest apply for jobs in the fashion industry. Particularly outstanding talents are then sponsored by the association and sent to London to study at the London College of Fashion. As part of the New Gen programme, the designers return to Istanbul and show their collections at the ‘New Gen by IMA’ show during Istanbul Fashion Week. Video: IMA via YouTube In order to introduce the industry to up-and-coming designers and to bring them together with the fashion school, the IMA is also represented with its own stand at IFCO. In addition to information about training, there is also an IMA-curated trend zone at the fair. This time, the area has been divided according to the four themes “Filter Reality”, “Unity”, “Belle Epoque” and “Metaheuristic”. The inspiring colours, shapes and materials not only delighted visitors, but also attracted exhibitors from their stands. IMA trend forum at IFCO. Photos: FashionUnitedIMA trend forum at IFCO. Photos: FashionUnited IFCO’s plans for February 2023 For the next edition of IFCO in February 2023, the organisers expect more than 600 exhibitors, as was the case during the first edition. The February edition will be larger than the current summer edition because of the seasonal fluctuation - due to products such as jackets that bring in more sales - with half the exhibitors and a significantly smaller presentation area. In addition, lingerie and bridal and evening wear will also be shown in February and will be presented in a separate hall. This sector is presented seasonally only once a year in Turkey. From February 2023, there will also be an additional hall for sourcing. The IFCO organisers invited FashionUnited to the fair. This article was originally published on FashionUnited.de. Edited and translated by Simone Preuss.
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Item of the week: the corset

(From left) Image: Na-kd, Levi's, Na-kd What it is: Corsets in fashion have likely come as an offset to the ‘lingerie as outerwear’ trend, however their original purpose was as a supportive undergarment for women. Since its origins, its meaning has changed over time, and while, oftentimes, it is still used for festishistic and burlesque practices, it has also become a staple wardrobe addition for the average shopper. Designers often credited with aiding its evolution include Vivienne Westwood, who began using corsets for her punk aesthetic, and Jean-Paul Gaultier, who was most notably the brains behind Madonna’s famous pink satin corset. Despite already having a prominent place on runways in recent years, the corset’s wide use across AW22 collections suggests that its popularity won’t be declining anytime soon. Image: Levi's Why you’ll want it: The corset is often considered a statement piece for fashion-forward shoppers looking for an eye-catching layer to add to their wardrobe. However, the growing variety of iterations has meant that the corset has become an item that can be worn by almost anyone, making it suitable for those hoping to stay close to their comfort zone as well as those looking to make a statement. Additionally, its form further allows it to be a good investment item for all year round, with the option to layer it or wear it alone making it possible to wear throughout each season. Image: 11 Degrees Where we’ve seen it: Some designers for AW22 stuck to the corset’s original form, with the likes of Versace displaying the look through colourful materials and pairing it with matching mini skirts reminiscent of 90s outfits. Others instead explored the corset through more alternative routes, such as Schiaparelli, which offered up a flower embellished waist corsets or long-line silhouettes. Christiano Siriano similarly played with shape through oversized, off-the-shoulder sleeves, which contrasted from Gucci’s Adidas collaboration, where the duo displayed sportswear-inspired, structured corsets. Alternatively, Christian Dior implemented the corset into other garments, such as a dress or jacket, bringing a fresh silhouette to staple items. Image: Stella McCartney How to style it: The corset is an item that provides a wide variety of styling opportunities. When worn alone as a top, it can work with almost any type of bottom, be it a mini skirt or jeans, and particularly fits with high-waisted styles that further emphasise the waist. For colder months, layer the item with a turtleneck or button-up shirt, adding an oversized coat or blazer to accommodate the chillier seasons. The corset can also be used to bring structure to another item, achieved by placing it over a garment, such as an oversized shirt or dress, and once again accentuating the waist through the formation of a new silhouette. Image: Dorothee Schumacher The corset has a long history in fashion and has risen from a restrictive underwear garment to a staple wardrobe addition for the modern day shopper. As it continues to have an impact on the industry, it has adapted to trends and made regular runway appearances, keeping it in the spotlight and at the forefront of conversation. Image: Na-kd Similar items available for (pre)order can be found in the FashionUnited Marketplace. You can find them by clicking on this link.
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John Lewis Partnership swings to H1 loss as shoppers reign in spending

Image: John Lewis Partnership The John Lewis Partnership swung to a loss in the first half of the year amid the cost of living crisis. In the six months to July 30, the employee-owned company made a loss before tax and exceptional items of 92 million pounds compared to a profit of 69 million pounds a year earlier. Chair Sharon White said the loss was largely due to two main factors: The first is that while Waitrose and John Lewis each had more consumers in the first half year-over-year - 6 percent and 4 percent more, respectively - those customers were buying less amid rising inflation. The second factor is that post-pandemic customer trends have changed, with shoppers moving their discretionary spending from high margin, big ticket household items to restaurants and holidays, and from dining room furniture to dining out. White also noted: “It is not unusual for us to make a loss in the first half of the year - we have done so in three of the last four half years. Our trading is heavily skewed to Christmas with most of our profits coming in the last quarter of the year.” John Lewis H1 sales top 2 billion pounds Sales at John Lewis came in at 2.1 billion pounds in the first half of the year, up 3 percent from the previous year and up 4 percent compared to three years ago, prior to the pandemic. Fashion has been John Lewis’ best performing category, up 25 percent compared to last year with a particularly strong performance in holiday wear as Brits returned to travelling following the end of lockdown restrictions. Sales of John Lewis’ value own-brand Anyday increased 28 percent year-over-year as shoppers tightened their purse strings amid soaring inflation. On the opposite side of the scale, John Lewis’ home and technology categories, which had performed well during the pandemic as people stayed home, declined year-on-year. Meanwhile, Waitrose sales came in at 3.6 billion pounds, down 5 percent year-over-year and up 4 percent year-over-three-years. Looking ahead, The John Lewis Partnership said a successful Christmas “is key for the business given the first half”. It said it will need “a substantial strengthening of performance, beyond what we usually achieve in the second half, to generate sufficient profit to share a Partnership Bonus with Partners”.
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California passes bill banning PFAS in textiles

Image: Unsplash The California State Assembly has announced the passing of its ‘Safer Clothes and Textiles Act’ which would ban the use of certain chemicals in new fabrics and textiles. The law specifically targets per- and polyfluoroalkyl substances (PFAS) which have been proven by various studies to be toxic and can pose significant health risks, as noted by the Natural Resources Defence Council (NRDC). The act will head to Governor Newsom, who the Assembly said is expected to sign it into law, meaning it would come into force from January 1, 2025. If implemented, the bill would ban the manufacture, distribution, sale or offering for sale of any new textiles containing regulated PFAS. In addition, it would also require manufacturers to use the least toxic alternative when removing PFAS from their textiles in order to comply. The move builds on California’s efforts surrounding “the PFAS crisis”, with it previously implementing laws addressing the substances in food packaging and children’s toys. In a release, the state’s assembly said: “Banning PFAS in textiles not only helps prevent direct exposure to toxic PFAS, but also helps reduce the flow of PFAS into drinking water.”
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Ukrainian designer evokes the pain of war at NY fashion show

Photo de Yuki IWAMURA / AFP Fashion shows rarely begin with a moment of silence, but that is what Ukrainian designer Svitlana Bevza did Tuesday night for her country to decry the Russian invasion. She went on to present a collection rich in patriotic symbols. Bevza is an old hand at New York's Fashion Week, where she has appeared since 2017. She is based in Kyiv and has her workshops there but was forced to leave after the invasion in late February, and its endless explosions and sirens, to protect her two children. Her husband Volodymyr Omelyan, a politician who was a government minister from 2016 to 2019, stayed home to fight. You can see him on her Instagram account, dressed in military garb and carrying a gun. Bevza's spring-summer collection, entitled 'Fragile motherland' and unveiled at a building on Wall Street, was highly political. The blue and yellow Ukrainian flag was projected onto a wall. "Some people maybe do not understand that this is going for real. And today is the 202nd day of war in Ukraine. And there's thousands of people dead," she told AFP. "I was forced to leave the country with my kids. And my husband is at war," she added. She presented tops that are sensual when worn with skirts or pants but still recall bullet-proof vests. Some look like shields that expose the shoulders and navel. Grains of wheat -- symbols of fertile Ukraine as a bread basket to the world -- have a narrative stream through the collection. A Bevza necklace depicts them, charred black because "a lot of wheat was burned by Russians," she said. The ample cut of some of her skirts also recalls the fit of Ukrainian farm women harvesting wheat. "There is a deep sacred meaning of the bread itself and the wheat that came through centuries," she said, pointing to famine in the 1930s that was blamed on Stalin. "What we protect now, we protect the fertile lands. And what we are basically fighting for is to live free, to live in peace in our land," the designer said.(AFP)
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Vince Holding Corp to close Rebecca Taylor business as Q2 losses widen

Image: Rebecca Taylor, Facebook US fashion group Vince Holding Corp has announced plans to exit its Rebecca Taylor business “to focus its resources on the Vince brand”. The company said it is in talks with its lenders to finalize the wind down plan, “which is expected to include selling off its assets and exiting its various business channels”. It comes as the group's second-quarter net loss widened to 15 million dollars from 0.6 million dollars a year earlier. Group sales increased 13.4 percent to 89.2 million dollars, with Vince sales up 20.5 percent, but Rebecca Taylor and Parker sales combined falling 27.9 percent. More focus on Vince brand “Given the increased headwinds from the range of macroeconomic and pandemic related issues in the industry that Rebecca Taylor in particular has faced over the past two years, we have made the difficult decision to exit our Rebecca Taylor business,” group CEO Jack Schwefel said in a statement. He said the closure will allow Vince Holding Corp “to focus on Vince’s core businesses and our overall financial foundation for the long-term”. He said the company saw momentum in Vince across both womenswear and menswear as shoppers returned to “more normalized activities and events” following the end of Covid restrictions. He added: “While we are operating in a challenging macro environment with increased pressure on profitability, we remain focused on executing against our strategic initiatives for Vince, including the upcoming relaunch of the brand’s e-commerce platform.”
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