Mothercare reports drop in profit, appoints new CEO

Image: Mothercare, Facebook British maternity and childrenswear specialist Mothercare has named Daniel Le Vesconte as its new chief executive as its profits slumped in its most recent half-year results. The company’s profit narrowed to 0.4 million pounds in the six months to September 25, down from 3.6 million pounds a year earlier. That came as international retail sales by franchise partners dropped 12 percent to 162.1 million pounds, with the company citing the impact of lost sales in Russia. Mothercare announced in March that it had halted operations in Russia following the country’s invasion of Ukraine. The Russian market represented 20 to 25 percent of its retail sales at the time. Excluding lost sales from Russia, international retail sales by franchise partners for the most recent six-month period increased 15 percent year-on-year. Chair Clive Whiley hailed the company’s ability to remain in the black despite “the impact of Covid-19 and the war in Ukraine”. New CEO at Mothercare Whiley also announced the appointment of Daniel Le Vesconte as the group’s new CEO. Le Vesconte joins from Abercrombie and Fitch, where he served as global vice president of the company’s EMEA business, and earlier held senior roles at British bootmaker Dr Martens and Vans owner VF Corporation. “[Le Vesconte's] extensive experience in the retail direct-to-consumer, wholesale and licensing sector will be a great asset to the team and me as we focus upon restoring critical mass and driving the Mothercare brand globally over the next five years,” Whiley said. Le Vesconte commented: “I am very excited to be part of the Mothercare team and look forward to working with our global stakeholders to spearhead the growth of the iconic Mothercare brand into the next generation.” He takes on the top job at a pivotal time at Mothercare, which underwent a major restructuring in recent years only to then be hit hard by the pandemic. The company put its UK business into administration in 2019, which saw it close all 79 of its stores and reposition itself as a global franchising business. Looking ahead, Mothercare said its medium-term guidance for its franchise operations remains that it is capable of exceeding 10 million pounds of operating profit.
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Maximalism, Romanticism and Nostalgia: The best of Alessandro Michele at Gucci

Jared Leto (3rd L) and Alessandro Michele (C) pose with (from L) Damiano David, Victoria De Angelis, Thomas Raggi, and Ethan Torchio of Måneskin. Photo: Harley Gallay / Getty Images North America / Getty Images via AFP It is official, Alessandro Michele is leaving Gucci. In his nearly eight years at the helm of the Florentine fashion house, for which Michele worked for a total of 20 years, his name became synonymous with Gucci. While Fashion can be intimidating, self-indulgent and painstakingly serious, Michele infused the industry with some much-needed wonder, curiosity and whimsy. He was a child of Gucci, having gone up the ranks within the company, working both under previous creative directors Tom Ford and Frida Giannini but taking a decidedly different route with the brand when he took the helm in 2015. Alessandro Michele was “curiouser and curiouser”, leading the pack down a rabbit hole of vintage Bohemia, eccentricity and eclecticism. Revolution, nostalgia and celebrity appeal The Roman-born designer started a revolution, transforming Gucci into a symbol of eccentric and gender-fluid style after a slowly fading era of sex and glamour. His offbeat personal style, as well as his passion and love of antiques, became the style of the house. At a time when fashion was looking forward, Michele dared to make the past an integral part of his vision and simultaneously explored the metaverse. Michele's romantic, nostalgic sensibility resonated not only with industry insiders and fashion fetishists, but more famously with celebrities: Jared Leto became arguably his most famous disciple, Harry Styles a collaborator, and Florence Welsh, Dakota Johnson, and Lana Del Rey just a few of his noteworthy muses. Before the fashion world scrambles to find a potential successor to Michele, FashionUnited looks back at the designer's most memorable, bizarre and controversial fashion shows. Fall/Winter 2015: A subtly promising debut Gucci Menswear and Womenswear Fall/Winter 2015. Photos: Catwalkpictures Five days after Frida Giannini's premature departure from Gucci, a still unknown Alessandro Michele, head accessories designer for the florentine brand, stepped onto the runway and took his first bow. He was surrounded by his team, which helped the designer, who at the time had not yet officially taken up his future post as creative director, to achieve the almost impossible: a completely new collection, catwalk production and casting in less than a week. Comparing the designer's first season, both the men's collection that started it all and the women's collection that followed just a few weeks later, to the blockbuster shows Michele is now known for, they seem almost a little restrained in retrospect, but his signature is already unmistakable even at this early stage. Naivety, romanticism, sexuality and intellectualism are early leitmotifs of the Roman designer. Chiffon, crêpe and lace, bows and flowers, pleats and berets, large glasses and long, thin scarves, the very elements that made these motifs his signature in just a few seasons, were all present. In addition, several models took to the runway in the fur-wrapped Princetown loafers that season, arguably one of Michele's most famous designs for Gucci. Resort 2017: A gothic punk dream at Westminster Abbey Gucci Resort 2017. Photos: Catwalkpictures A fashion show in the cloister of London's iconic Westminster Abbey? Unthinkable for many monarchists, a Gothic dream come true for Alessandro Michele. Just weeks before England was to cast its first vote on its European future, Michele brought his dazzling Gucci universe to the historic halls of one of the Anglican church's most important buildings. The result was a collection full of contrasts, and dazzlingly beautiful opposites, brought together solely by Michele's vision: different eras and styles, punk á la Vivienne Westwood, Victorian lace, Union Jack, check patterns, wild animal prints and flea market chic. Fall/Winter 2018: Dr Frankenstein, headless creatures and a baby dragon Gucci Fall/Winter 2018. Photos: Dan Lecca / Gucci In 2018, Gucci's Fall/Winter collection seemed to have been directed not by Alessandro Michele but by Doctor Frankenstein himself. An operating room as the backdrop, a slowly beating heart as a soundtrack, and models carrying replicas of their heads under their arms - and then suddenly there were baby dragons. The fashion, which was by no means inconspicuous, literally faded into the background with so much food for thought. Spring/Summer 2020: “Mental Health is not Fashion” Gucci Spring/Summer 2020. Photos: Gucci Time and time again, fashion addresses the human psyche, yet it was jarring when Alessandro Michele sent 21 models down the runway in various Gucci straitjackets. The collection that followed, however, seemed more like a liberation than a creative prison, as Michele presented his most revealing designs to date, recalling both the sexual freedom of the '70s and Gucci's "Sex Sells" era under Tom Ford. Fall/Winter 2020: Behind the Scenes Gucci Fall/Winter 2020. Photos: Gucci In February 2019, Michele allowed viewers a look behind the scenes and promptly turned the backstage area of his fashion show into the main attraction. On a 360-degree stage, models were dressed up in front of the audience, presenting the finished look in a performance that was reminiscent of mannequins that had come to life. At the same time, however, Michele also celebrated the work of his team, illustrating the effort and meticulous attention to detail that goes into each and every fashion show. Fall/Winter 2021: Gucciaga or Balencigucci? Gucci x Balenciaga Fall/Winter 2021. Photos: Gucci Collaborations aren't necessarily groundbreaking anymore, but when the Balenciaga logo suddenly appeared on the Gucci runway, the world of fashion held its breath for a second. It should be noted that both Balenciaga and Gucci are part of the Kering Group, yet the collaboration of two designers of Alessandro Michele and Demna Gvasalia's calibre is unique thus far. But besides the spectacular staging with strobe lights and a "Gucci-Gang" soundtrack, it is mainly the fashion that impressed in this case. In addition to logomania, the collection relied primarily on tailoring. This, in turn, met glitter and elements of equestrianism, which can be seen as both a homage to BDSM culture and Gucci's early years as saddle makers for Italy's elite. Michele also bowed down to predecessor Tom Ford once again, sending a replica of a Ford-era red velvet suit down the runway. Spring/Summer 2022: Love Parade on Hollywood Boulevard Gucci "Loveparade" Spring/Summer 2022. Photos: Gucci First "House of Gucci'' hit theatres and shortly thereafter Alessandro Michele stormed Hollywood Boulevard with his "Love Parade" collection, as it became the backdrop for his Spring/Summer 2022 collection. The designs, some of which were presented on celebrities such as Macaulay Culkin, Jodie Turner-Smith and Michele look alike Jared Leto, were an ode to the film industry, screen sirens and the many, varied iconic characters of film history. Fall/Winter 2022: A sporty surprise Gucci Fall/Winter 2022. Photos: Gucci x Adidas The suit was at the centre of the Fall/Winter collection, whether for men, women or as a more athletic version. For the latter, Alessandro Michele got backup from probably the most famous three white stripes in the world of sport and fashion: Adidas. The trademarks of the sportswear company from Herzogenaurach, including not only the three stripes that adorned trouser legs, caps, corsets and jackets but also a combined Trefoil logo with a Gucci slogan, lent the glamorous collection an unusually sporty touch for Michele. Spring/Summer 2023: Seeing Double Gucci Spring/Summer 2023. Photos: Gucci And suddenly the fashion world was seeing double! Twinsburg, Gucci's Spring/Summer 2023 collection, was dedicated to the phenomenon of twins, not only in theory but also in practice, as identical looks were worn by identical twins who walked the runway hand in hand. With this, Michele not only broached a personal experience, his mother and aunt are identical twins, but made a political statement, on the eve of the elections in Italy - for unity is essential not only in Alessandro Michele's universe. It is an impressive finale for the designer because even though no one knew it at the time, this collection seems to have been his last for Gucci. Alessandro Michele's departure from Gucci is the end of an era, not only for the Florentine fashion house, whose future is still unclear to date, but also for the entire world of fashion. In recent years, the designer has amazed the world time and time again with his unique vision, but above all with his extraordinary fashion shows and presentations, even if what started as a revolution would come to feel formulaic – whimsical and magical, perhaps – but formulaic nonetheless. This article was originally published on FashionUnited.de and has been translated and edited into English.
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Richest consumers need to reduce fashion consumption to fight climate change

Image: Pixabay Consumers from countries including the UK, US, Germany, and Japan need to reduce their carbon footprint from fashion consumption to align the fashion industry with the 1.5°C temperature target of the Paris Agreement. Following COP27, the Hot or Cool Institute and the Rapid Transition Alliance have released the ‘Unfit, Unfair, Unfashionable: Resizing Fashion for a Fair Consumption Space’ report revealing that the current fashion industry is unsustainable and that its trajectory is "at odds" with global efforts to cut emissions to tackle climate change. The report argues that current fashion consumption and production is unsustainable, as well as structurally unfair, and urgent reform is needed to align with global climate agreements and binding legislation. It states that the fashion industry, from producers and manufacturers to retailers and consumers needs to make “wide-ranging changes to make it more sustainable, fairer and less polluting”. It found that fashion’s climate impact is far higher in wealthier countries, with the fashion consumption richest consumers across G20 nations 10 times higher than those from the bottom income groups within the same countries. Fashion carbon footprint driven by richest consumers in G20 nations The carbon footprint of the richest consumers from countries including the UK, US, Germany, Japan and Saudi Arabia must fall by 60 percent on average by 2030, adds the report. For upper-middle-income nations like Brazil and South Africa, the fashion footprint needs to be reduced by 40 percent by 2030, while in countries such as India and Indonesia, the average carbon footprint of fashion consumption is currently below the 1.5°C limit. To help the fashion industry align its global climate commitment of 1.5°C, the richest 20 percent in Britain, with an average disposable income of 69,126 pounds, must cut their fashion consumption footprint by 83 percent, while the richest in Germany and Italy must cut its fashion consumption footprint by 75 percent, and the richest in France need to reduce its fashion consumption footprint by 50 percent. On average, the fashion consumption of the richest 20 percent emits 20 times the emissions of the poorest 20 percent, explains the report, contradicting the dominant narrative that it is poorer citizens, buying ‘cheap’ clothes that makes the current fashion industry unsustainable. It adds that the richest consumers in countries must only buy an average of five new fashion garments per year by 2030 to keep the 1.5°C target alive. Reducing the overall purchase of new clothing garments is four times more effective at cutting emissions than the next best solution, such as increasing the longevity of clothes. The report states that fashion could take up to a quarter of the global carbon budget by 2050 without urgent action from government, industry and consumers and that retail mega-events like Black Friday are “totally incompatible with our global climate commitments”. Without making any changes to consumption, the fashion industry’s share of global emissions will increase, and by 2030, emissions from fashion are expected to rise by almost 50 percent. Lewis Akenji, managing director of Hot or Cool Institute, said in a statement: “The fashion industry needs to come clean about its contribution to the environmental crisis and also its role in perpetuating unfair social and labour conditions around the world. The numbers in this report make it clear. Fast fashion is especially reckless; its operations are mainly designed to keep making money for a few people, at the expense of everyone else and the environment." Andrew Simms, coordinator of the Rapid Transition Alliance, added: “The fashion industry needs to change its ways as quickly as a catwalk model changes their clothes. System and behaviour change, especially by wealthy consumers with bulging wardrobes, need to come together so that people dress themselves within planetary and climate boundaries. Rapid transition to keep a habitable climate now includes rethinking the shirt on your back, with retail mega-events like Black Friday totally incompatible with our global climate commitments.”
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Alessandro Michele exits Gucci, Kering confirms

Image: Alessandro Michele | Credit: Ronan Gallagher/Gucci Kering on Wednesday confirmed Alessandro Michele’s exit from Gucci, the latest shakeup in the fashion industry after high profile departures at Burberry, Bottega Veneta and Ferragamo. Mr Michele was a relatively unknown designer when he took the creative reigns at Gucci in 2015 and some saw the appointment by CEO Marco Bizzari as a gamble. Yet with his first collection he brought evolution to the house that had been struggling to keep momentum and influence after Tom Ford’s exit. Investors had been waiting for that same design shift in recent seasons. At the time of Michele’s appointment, Frida Giannini and Patrizio di Marco, then Gucci’s Creative Director and CEO, were fired by Kering Chairman François-Henri Pinault, a messy exit that Pinault hoped to avoid with Michele. The luxury group did not suggest Mr Michele was asked to leave, and in a joint statement said Alessandro Michele is stepping down from his role, "having played a fundamental part in making the brand what it is today through his groundbreaking creativity, while staying true to the renowned codes of the House." Mr Pinault iterated: “The road that Gucci and Alessandro walked together over the past years is unique and will remain as an outstanding moment in the history of the House. I am grateful to Alessandro for bringing so much of himself in this adventure. His passion, his imagination, his ingenuity and his culture put Gucci center stage, where its place is. I wish him a great next chapter in his creative journey.” “His ingenuity and his culture put Gucci center stage.” Gucci in 2015 was the hottest brand on the luxury landscape. The gender-neutral silhouettes proposed by Mr Michele ignited a seismic shift not just at Gucci but influenced an entire industry. The styling became increasingly maximalist, with runway presentations a bohemian mix between old-school Hollywood and nerdy librarians, all the while boosting sales, where items like the Double G logo belt were flying off the shelves. That momentum catapulted Gucci’s revenue to unprecedented growth, accounting for nearly two-thirds of Kering revenue. In 2015 sales jumped 15.4 percent and by the last quarter of 2016 had surged 21 percent. It boosted Kering’s strongest year-on-year sales increase since 2012. But if all good things in fashion come to en end, the double-digit growth slowed this year, with Gucci posting only a 4 percent rise in in Q1, below analyst expectations of 11 percent and below rivals like Louis Vuitton and Chanel. Michele’s collections, however creative, had also caused fatigue, with buyers expressing a need for newness. Gucci's styling had been rich in colour and personas, the over-sized sunglasses and pussy-bow blouses have come to define a decade, but how do you top maximalism when the styling has reached maximalist heights? The Gucci persona defined a decade, but has since caused fatigue The pandemic brought with it not just a shift in consumer spending, where China’s store closures negatively impacted the luxury business and was especially hard on Gucci’s bottom line, but it also changed how people dressed. Trend-led fashion items made way for timeless classics and tailoring was replaced with comfortwear. Gucci offered little in the way of pared-down luxury, and the company took steps to appoint a new merchandising director to focus on more commercial product. Despite the brand’s stellar catwalk show this season, a well-regarded presentation of twins and duality, the hype it elicited in 2015 has waned, and Kering cannot afford Gucci to be staid. Even as Saint Laurent is on its way to surpass 3 billion euros in 2022 and Bottega Veneta nudges its way to 2 billion euros, Gucci has always been the star performer in the Kering portfolio. As hype for Gucci’s magpie fashion failed to reach analyst expectations, only a brand refresh could return it to the earlier levels of desire. It has also left some wondering if current CEO Mr Bizzari will similarly depart. Alessandro Michele posted on his Instagram: “There are times when paths part ways because of the different perspectives each one of us may have. Today an extraordinary journey ends for me, lasting more than twenty years, within a company to which I have tirelessly dedicated all my love and creative passion.” "During this long period Gucci has been my home, my adopted family. To this extended family, to all the individuals, who have looked after and supported it, I send my most sincere thanks, my biggest and most heartfelt embrace. Together with them I have wished, dreamed, imagined.” Kering said Gucci’s design office will continue to carry the direction of the House forward until a new creative organization will be announced.
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Black Friday footfall in UK expected to be 12.8 percent higher this year

Image: Pexels UK retailers could be in stall for a jump in footfall this year despite the cost-of-living crisis. Footfall is expected to be 12.8 percent above last year’s levels across all UK retail destinations, according to figures from Springboard. It comes as shoppers are expected to seek out high discounts to offset soaring inflation. Despite that jump, however, footfall is still forecast to be 7.8 percent below pre-Covid levels from 2019. Breaking it down by destination, footfall is expected to climb 16.3 percent year-over-year at shopping centres, and 13.2 percent across high streets. Black Friday is expected to fuel a 15.9 percent increase in footfall compared to the previous week, with footfall at shopping centres forecast to jump 20.1 percent. Diane Wehrle, insights director at Springboard, said shoppers are expected to “make the most of available discounts to purchase Christmas gifts as they endeavour to outpace inflation, just announced to have risen to 11.1 percent”. She continued: “A further driver of footfall over Black Friday is likely to be potential stock shortages of desired gifts due to increased supply costs incurred by retailers which may limit stock replenishment. “This is likely to provide a greater incentive for shoppers to purchase Christmas gifts early rather than wait and run the risk of their favoured gift being out of stock.” A separate study earlier this month suggested Brits could spend 850 million pounds less this Black Friday as they tighten their purse strings. Research from data comparison site Finders.com suggested the average shopper will spend approximately 189 pounds this year versus 275 pounds last year - a 31 percent drop.
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H&M opens new evolving store experience in Brooklyn

H&M Williamsburg store. Image: H&M Fast fashion retailer H&M has unveiled a new store experience in Williamsburg, Brooklyn, based around the heritage of the surrounding neighbourhood. Set to continue its tenure through January 2024, the 7,000 square foot space will feature a curated collection of the brand’s styles alongside exclusive programming and ‘brand moments’ in a space that has been designed to evolve throughout the year. Every four to 12 weeks the brand will reveal a new “chapter” with updated fashion, visuals, experiential events and a selection of local neighbourhood partners. H&M Williamsburg store. Image: H&M The location will begin hosting weekly activations two times a week, with event themes centering around art, fashion and music. Local partners will also curate new weekly offerings for events each Friday, including DJs, artists and influencers that will curate their own “chapter” for visitors. H&M Williamsburg store. Image: H&M The first activation, running December 1 to 30, draws inspiration from the brand’s holiday campaign, ‘Brasserie Hennes’, a concept revolving around a wintery French brasserie. Parts of the store will remain consistent, such as a designated space for content capture and concessions for three local brands which, beginning in the new year, will provide coffee, magazines and music. H&M has further implemented RFID technology into the space, allowing employees to view inventory and size options, customers to access mobile payment and smart mirrors in the fitting rooms. H&M Williamsburg store. Image: H&M
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Banksy accuses clothing brand Guess of illegally using his artworks

Image: Brandalised website American brand Guess recently launched a collection featuring graphic designs by artist Banksy. To much fanfare, the collection was marketed as a collaboration, but according to the British artist, his designs were not authorised. At the launch of the range last month, Guess chief creative officer Paul Marciano said: "The graffiti of Banksy has had a phenomenal influence that resonates throughout popular culture. This new capsule collection with Brandalised is a way for fashion to show its gratitude." Banksy, whose real name and identity the artist has been keen to keep out of the public eye, suggested on Instagram shoplifters should visit the Guess boutique on London’s Regent Street, and ‘help themselves,’ i.e. shoplifting. Unauthorised use? "They've helped themselves to my artwork without asking, how can it be wrong for you to do the same to their clothes?" Guess stated the collection was created in collaboration with Brandalised, a company which licenses designs by graffiti artists. In response Guess closed its Regent Street store after Banksy’s social media message, covering the windows and securing the premises. Brandalised has yet to publicly comment. Copyright lawyer Liz Ward, founder of Virtuoso Legal, told the BBC Guess "appear to have legitimately sourced the Banksy artwork via a third party, namely Brandalised, who say they have rights to commercialise and use Banksy's artwork on goods. It isn't known if Banksy approved or even knew about this deal. If he did know about it, then perhaps his comments are there to create some kind of guerrilla marketing campaign. If he didn't know about it, then he must be quite annoyed, especially as such mainstream companies and brands don't accord with his anti-establishment views.”
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Luxury as a currency: how the luxury resale market has evolved as an investment vehicle

Ebay's Luxury Exchange NYC. Image: Ebay Despite currently bleak economic prospects, the resale market is only on the rise, with a slew of recent reports finding that consumers are showing a tendency towards secondhand and pre-loved purchases in light of rising costs and tightened budgets. A similar attitude was adopted by that of The Business of Fashion (BoF), which partnered with resale marketplace Ebay, on a new analytical report ‘The Rise of Resale: Luxury as Currency’. Through the report’s data, the duo found that shoppers were increasingly viewing luxury accessories as potential investments, with 17 percent of the report’s respondents stating that they had purchased items, like high-end handbags and watches, with the intention of reselling them. Luxury products as an asset class This tendency to no longer view luxury items as one-off discretionary purchases could be what is driving resale activity, the report stated, with over half of luxury shoppers in the US said to be monitoring the value of their high end purchases, 30 percent of which were found to be doing so as often as once a year. Additionally, over half of US luxury shoppers believe some of their luxury accessories could appreciate in value. Around 60 percent of those respondents that are active on resale sites said they had resold these products for more than they purchased them for. The report’s findings also concluded that shoppers could be viewing luxury items as a “safer store of value than other investments like stocks”, with only six percent worried their accessories could decrease in value. In a press release for the report, Rahul Malik, managing director of North America at BoF, said: “The luxury resale market has had a transformative trajectory within the larger fashion industry. “As second-hand shopping for luxury items becomes increasingly attractive to shoppers, it is no surprise that businesses from high street brands to luxury fashion houses have been exploring how they can be a part of this space — especially given its role in enabling circularity.” Ebay's Luxury Exchange NYC. Image: Ebay Ebay opens luxury exchange store in NYC To put the report into practice, Ebay has opened a New York-based ‘Luxury Exchange’, which allows shoppers to exchange jewellery, handbags and watches from various luxury brands. On entry, customers can have their luxury items appraised and assigned a value with which they can shop the store’s inventory and make an exchange on an item within their ‘currency’. In a release, Tirath Kamdar, GM of luxury at Ebay, “It’s never been easier for luxury enthusiasts to refine their collections in a trust environment, and we wanted to create an IRL experience that reflects what’s happening on Ebay every day. “The Luxury Exchange gives shoppers an opportunity to appraise and sell their valuable goods, and add something new to their personal collections – just in time for the holiday season.” Both the store and the resale report come on the back of Ebay’s expansion of its Authenticity Guarantee, which now also covers jewellery. Initially launched in 2020, the programme aims to encourage shoppers to buy and sell their collections, with authenticity proven to be the defining factor in this specific decision-making process, as found by BoF and Ebay. According to the duo’s report, 25 percent of luxury shoppers stated they may have inadvertently purchased a counterfeit luxury item in the past, with it further suggesting that possessing authentication information could make an estimated one-third of shoppers more likely to resell their luxury goods online.
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Youtube pilots new shopping feature for Shorts

Image: Pexels Youtube is expanding its shopping features in an effort to boost revenue as it faces a slow down in digital advertising. The Alphabet-owned company will begin allowing users to shop products directly from Shorts, which is Youtube’s short-form video platform, similar to TikTok. The feature is currently being tested with creators in the US who will be able to tag products from their own stores. A Google spokesperson told Reuters: “Viewers in the US, India, Brazil, Canada, and Australia can see the tags and interact with them and we'll continue to bring tagging to more creators and geographies.” In addition to the new Shorts shopping feature, Youtube is also experimenting with a feature allowing influencers to earn commissions from products they sell through links in their videos.
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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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