American denim label Levi Strauss & Co. has shut down about half its stores in China in the wake of the corona virus outbreak!
American denim label Levi Strauss & Co. has shut down about half its stores in China in the wake of the corona virus outbreak. The company is projected to lose about 3% of its annual revenue and will take a massive financial loss. Their largest store in China to date, standing at three stories and approximately 7,500 square feet, opened just months ago back in October of 2019 in Wuhan. With a population of 11 million, Wuhan is the city where the corona virus originated. The flu-like virus, which has now spread to 23 countries, infected 9,818 people, and killed 213, proves deadly. While people around the globe are concerned about the impact of this epidemic, companies like Starbucks have also announced that they have closed about half their stores in China, taking a major financial hit.
Adidas and Beyonce collaborate for their new gender neutral collection
Adidas’s new gender neutral collection includes jumpsuits, cargo pants, hoodies and cycling shorts, mostly featuring signature Adidas triple-stripes. The brand announced it was teaming up with Beyonce to relaunch the brand Beyonce started in 2016 together with British fashion chain Topshop- the Ivy Park. Though, the company did not give any financial details of the collaboration. The collaboration comes as Adidas’s new marketing strategy to attract more female customers. The brand’s competitors Nike and Puma, saw its sales boosted by collaboration with singer Rihanna last year. Announcing about the collaboration the CEO said “You’re going to see several launches coming up, but they have no substantial revenue impact and this has been part of the plan all the time. You will see that change throughout next year,” Adidas has eroded Nike’s dominance of the U.S. market in recent years, helped by partnerships with celebrities like Kanye West and Pharrell Williams, but Nike has been growing faster in China and Europe, a trend that continued in the latest results.
Rahul Mishra became the first Indian fashion designer to showcase his collection during the Paris Fashion Week for spring couture
Designer Rahul Mishra became the first Indian fashion designer to showcase his collection during the Paris Fashion Week for spring couture. Rahul Mishra took to his social media account and shared a few pictures from his previous collection. Rahul Mishra is considered to be one of the leading fashion designers in India. Adding to the honour, Rahul Mishra is also invited as a guest member by Chambre Syndicale de la Haute Couture. Chambre Syndicale de la Haute Couture is a prestigious governing body in the French fashion industry that dictates the line-up at couture week. Before Rahul Mishra, Valentino, Iris van Herpen, Zuhair Murad, and Balmain have all joined the official couture calendar. The permanent members of this committee are known as grand couturiers. Iconic fashion houses like Chanel, Dior, Maison Margiela, and Schiaparelli are all the grand couturiers of this committee.
Jean-Paul Gaultier bid adieu to Paris Haute Couture with a grand show
Jean-Paul Gaultier, bid farewell to Paris Haute Couture with an extravagant runway show, with French entertainers and top models. Boy George – popular British pop star hit the stage making the show grander with his 1980s hit “Church of the Poison Mind.” After 50 years in fashion, Jean-Paul Gaultier announced that this would be his last couture show.
The show started with models decked up in colorful clothes, staged in theatrical finery created by the ace designer who appeared dressed in his blue workman’s overalls to say goodbye. Announcing in a tweet, Gaultier said “celebrating 50 years of my career will also be my last.” He shared “But rest assured, haute couture will continue with a new concept,” without elaborating how. For the relatively small Paris couture industry, having last year lost a towering figure in Karl Lagerfeld, the decision for Gaultier to quit, one more lost voice, has marked it deeply.
H&M – Persson replaces his father as the chairman of the board
Helena Helmersson will succeed Karl-Johan Persson as H&M’s chief executive, while Persson will replace his father as chairman of the board. H&M appointed Helena Helmersson as the first female chief executive officer of this big fashion giant, taking over from founding family scion Karl-Johan Persson. This announcement has been made after the continuous struggle of H&M to contain competition from online platforms and cheaper shopping sites that revolutionized shopping. Previously Helmersson was head of operations. After Persson moved to the supervisory board after more than a decade, where he succeeds his father, Stefan Persson, as chairman. This was a much needed decision. It will provide a much-needed boost for investors who have watched H&M shares gain just 10% during Persson’s tenure. Inditex, the owner of Zara, and main competitors of H&M has surged almost fourfold in the period. Inditex has made an impact in the market with its concept of branching out into sub-brands for different tastes and budgets. H&M is also following the same path and adopting new ideas with different units including COS or Arket. It now aims at a wide-ranging shopping experience, selling everything from clothing to make-up to home-decoration. When Persson, 44, took over in 2009, he was in his early 30s and had spent a few years on the company board, overseeing expansion, business development as well as brands and new business. At the time, H&M enjoyed major successes recruiting seasonal guest designers ranging from Karl Lagerfeld to Roberto Cavalli. Last year it collaborated with Giambattista Valli that was a huge hit because they offered luxury-fashion names at ultra-competitive prices. H&M has recently announced its big collaboration with Indian Designer Sabyasachi, which created quite a stir in the market. Everybody is waiting to see the collection which will launch in April this year.