The new chief executive of Gucci Group yesterday granted its newest acquisitions Stella McCartney, Alexander McQueen and Balenciaga brands six seasons to hit profitability. Robert Polet, unveiling his strategy for the first time since France’s Pinault-Printemps-Redoute buying of the group, signalled the company would lose patience with the niche brands if they failed to hit…
Abercrombie goes upmarket
What was once a casual college brand, is now aspiring to be the connoisseur of campus clothing. Abercrombie & Fitch, due to come to Europe later this year, is taking its casual roots to a more luxury-inspired brand. High-end fabrics such as cashmere, merino wool and premium denim are set to be become staple items…
Fast Retailing to invest in M&A
The Japanese distribution and textiles group Fast Retailing announced on Monday that it will invest between €2.19 billion (£1.48 billion) and €2.92 billion in mergers and acquisitions in Europe , the US and China within the next three years. On Monday Fast Retailing, owner of fashion brands Uniqlo and Comptoir des cotonniers, revealed its new…
L Capital acquires stake in Mariella Burani
L Capital, a division of luxury goods conglomerate LVMH Moet Hennessy Louis Vuitton, has aquired a 6 percent stake in the Mariella Burani Fashion Group, according to reports by just-style.com. The acquisition is said to worth €22 million (£15.2 million). In return, L Capital will part with its 20 percent stake in Mariella Burani’s leather…
Reiss goes pan-American
British fashion label Reiss is planning on conquering the US in the wake of the opening of its New York flagship store in March. The store is already performing above expectation, with turnover expected to reach £3.4 millon in two years. Reiss will open another store in New York as well as in 30 different…
Matalan to cut jobs at all levels
High street retailers Matalan said yesterday jobs would go across the board as it looks to control spending. The struggling group has begun talks with staff that could see hundreds of jobs axed among its 17,000-strong workforce. The company said: “No final decision has been taken at this stage.” News of the talks comes just…
Fast fashion continues to flourish
With Christmas near, analysts remained upbeat on fast-fashion’s prospects, saying they stand to profit from cost-conscious European shoppers. Both Inditex, parent of Zara, and H&M have built steam over the last couple of months in a challenging retail environment. Inditex last week reported a 26 percent gain in third-quarter net income on sales that gained…
London sales higher during Christmas trading
Retail sales in Central London during December were 5.7 per cent higher, on a like-for-like basis, than in December 2004, when sales had fallen back 2.6 per cent. Sales have now risen for two consecutive months after a four-month decline following the July bombings. Weaker sales earlier in the year mean that the average monthly…
Lotte in retail’s largest IPO
South Korean retailer Lotte Shopping has raised Won 3.430 billion (£1.9 billion) in its IPO, making it the country’s and even the world’s biggest IPO in the retail sector, according to a report by the Financial Times. The shares will be listed in London and in Seoul, with 80 percent listed in London and 20…
Christian Lacrois up in the air
Air France has teamed up with Christian Lacroix to design its new uniforms for its employees. The airline, which has a history of couture with Dior and Balenciaga, is keeping its tradition of working with famous French fashion houses. Lacroix, how is now the head of Pucci, once famously put signature prints and bubble helmets…