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Shein overtakes Zara as most popular fashion brand of 2022

Fast fashion e-tailer Shein has topped a new ranking by money.co.uk as the most popular fashion brand in almost every country in the world. As a new entry to the list, the controversial contender overtook Zara for the top spot, according to data collected by the financial advisory firm over the course of the last 12 months. The research revealed...

2 Dec 2022

Business

H&M emphasises textile recycling in new ‘Metaverse Design Story’

Fast fashion retailer H&M has presented its latest collection as part of its Innovation Stories initiative, a project through which it said it is aiming to push the fashion industry towards more sustainable methods of consumption. Initially unveiled during an event in Madrid, Spain, the ‘Metaverse Design Story’ exists in a ‘phygital’ format,...

2 Dec 2022

BusinessFeatured

Designer Brands lowers profit outlook

US fashion retailer Designer Brands has cut its full-year profit outlook as it saw a slight uptick in sales in the third quarter of the year. Net sales in the three months to October 29 rose 1.4 percent to 865 million dollars. On a comparable basis, sales were up 3 percent. Net income in the third quarter fell to 45.2 million dollars from 80.2...

2 Dec 2022

Business |Interview Featured

Vestiaire Collective co-founder Sophie Hersan: Gen Z enters luxury consumerism with secondhand

The second hand market is booming and, especially with the current price increases, offers a cheaper and more cycle-oriented alternative for consumers. But it can also offer more than that, says Sophie Hersan, the co-founder of resale platform Vestiaire Collective. In the age of the internet, filled with fashion drops and the hype of...

2 Dec 2022

Business

LVMH opens applications for 10th edition of LVMH Prize

Luxury conglomerate LVMH has announced the applications of its 10th LVMH Prize are now open. Until January 29, 2023, international designers under 40 will be able to apply to be considered for the prestigious prize, with the requirements stating that they must have created at least two womenswear, menswear or genderless collections. The winner...

2 Dec 2022

Business

CFDA to unveil commemorative NFT collection and metaverse exhibition

The Council of Fashion Designers of America (CFDA) has unveiled a commemorative non-fungible token (NFT) collection which will launch days before the debut of a metaverse fashion exhibition. Entitled ‘Lighting the Path of American Fashion’, the NFT collection will feature seven one-of-a-kind assets that will be available through auction on a...

2 Dec 2022

Business

Frasers Group acquires luxury homeware retailer Amara Living

Mike Ashley’s Frasers Group has continued its acquisition conquest, snapping up luxury homeware retailer Amara Living in a takeover deal for an undisclosed sum. The retail conglomerate’s CEO Michael Murray announced the news in a LinkedIn post, where he stated: “This acquisition will build on our ambitions to create a credible homeware...

2 Dec 2022

BusinessFeatured

Lands' End cuts full-year outlook after swinging to Q3 loss

US fashion and home decor retailer Lands' End has cut its guidance for the current year after falling into the red in the third quarter. The company swung to a net loss of 4.7 million dollars in the three months to October 28 from a profit of 7.4 million dollars the prior year. Gross margin decreased approximately 440 basis points to 40 percent...

2 Dec 2022

Business

Asos interim chief financial officer to step down

Asos has announced that its interim chief financial officer Katy Mecklenburgh will be stepping down from the position following a six month notice period. The news comes just one month after Mecklenburgh was appointed to the interim role after Asos’ former CFO Mat Dun exited the company in October 31, 2022. On departing the retailer in May 2023,...

2 Dec 2022

Business

John Lewis reveals 500 million pound scheme to build 1,000 rental homes

Department store chain John Lewis has unveiled a 500 million pound multi-decade joint venture with investment company Abrdn which will see the duo aim to build 1,000 new rental homes across three communities. The deal will help John Lewis to reach 10 percent of its ambition to build 10,000 new homes over the next decade, the retailer said in a...

2 Dec 2022

Business

L’Oréal appoints first chief transformation officer for North American business

L’Oréal USA has announced the appointment of Rahquel Purcell as the group’s first chief transformation officer for its North American business. In the freshly created position, Purcell will lead the beauty giant’s new North America Transformation Office, which has set an “ambitious” transformation agenda to adapt and evolve the group’s operating...

2 Dec 2022

BusinessFeatured

Victoria’s Secret reports drop in Q3 profit

Victoria’s Secret has reported a drop in profit in the third quarter of the year, but still beat expectations. The intimates specialty retailer made a net income of 24 million dollars in the three months to October 29, down from 75 million dollars a year earlier. Its profit was above the high-end of its previously communicated guidance. It came...

2 Dec 2022