Mike Ashley’s Frasers Says It’s Taken Control of Hugo Boss
The British retail group has pushed its stake in the German apparel brand above 50 percent in a move that will turn Hugo Boss into a subsidiary of Frasers.
Dallas, United States
Luxury
Inside Neiman Marcus’ Post-Bankruptcy Playbook
The luxury department store company plans to win shoppers with redesigned stores, faster shipping and digitised personal shopping.
Retail
Forty Five Ten's Future Is In Limbo After Cutting Staff and Closing Stores
The multi-brand retailer hasn't announced plans to reopen and is operating with a skeleton crew, weeks after the lockdown was lifted in its home state of Texas.
Financial Markets
Neiman Marcus Creditor Calls for Deal With Saks Fifth Avenue
A letter by the creditor suggests that combining the two luxury retailers would create between $2.8 billion and $4.7 billion of value.
Financial Markets
Bankruptcy Court Approves Neiman Marcus' Plea to Access Financing
The luxury department store arranged $675 million of debtor-in-possession financing to aid operations while it attempts to reorganise.
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Retail
America’s Retailers Return to Lure Virus-Weary Shoppers to Malls
States including Texas, Georgia and South Carolina are allowing stores to resume business. But no one knows if shoppers will even want to come back — much less spend money on clothing.
Retail
Report: Neiman Marcus in Bankruptcy Talks With Lenders
The luxury retailer is struggling to ease its $4.3 billion debt load, according to a report by Bloomberg.
Luxury
Luxury’s Supply Chain in the Spotlight
This week, Bernard Arnault and Donald Trump inaugurated a new Louis Vuitton factory in Texas. More efficiently meeting local demand, the politics of ‘Made in the USA’ and the threat of future tariffs on European goods were likely key factors in the decision. But the fanfare also underscored on how luxury’s supply chain is coming under greater scrutiny and who’s best positioned to come out ahead.
Retail
Plus-Sized Retailer Avenue to Close All 222 Stores
Like many retailers in the plus-sized market, Avenue has been under pressure as rivals such as Amazon and Target encroach on the space.
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Retail
Neiman Marcus Creditors in Preliminary Agreement to Extend Debt Maturities
The agreement is a step toward restructuring borrowings for the heavily indebted company.
News & Analysis
Neiman Marcus Disputes Marble Ridge Over Asset Transfer
Marble Ridge’s suit alleges that the shuffle of e-commerce unit MyTheresa constituted a “fraudulent transfer of assets totaling approximately $1 billion of value for no consideration."
News & Analysis
At J.C. Penney, Everything’s on Sale. Will That Be Enough?
The retailer's push to scrap as much of its inventory as possible through bulk sales may spell more pain in the short term and put additional pressure on margins.
Media
Bag Snob Launches Influencer Agency, Signs Diet Prada
Tina Craig, Suzanne Droese and Lynsey Eaton speak to BoF about launching 'Estate Five' and how they plan to redefine influencer management.
The News in Brief
Shein Agrees to Pay $100 Million to Settle US FTC Probe
The settlement, equivalent to 44 percent of the ultra fast-fashion company’s second-quarter profit, is the latest blow amid regulatory and tax crackdowns in Europe and the US that have hampered Shein’s growth.
Kering Drops 12% as Luxury Braces for Tough Winter
The recovery long promised by luxury brands seems nowhere in sight, as the expansion of war in the Middle East, along with China’s tax crackdown on the wealthy, piled further pressure on the world’s biggest luxury conglomerates in the third quarter, and executives buckled in for a tough winter.
UK Retail Sales Fall 0.4% in September, More Than Forecast
Sales fell in September as above-average temperatures hit demand for autumn clothing.
Elle Launches Moroccan Edition
Hitting newsstands in October, the magazine marks Elle’s 51st international edition, published under licence by the Geomedia group.
David’s Bridal Plans Spinoff and IPO of AI Wedding Planning Platform Pearl
Pearl, a subsidiary of David’s Bridal, will own David’s Bridal and license its intellectual property back to the bridalwear brand. David’s Bridal CEO Kelly Cook will serve as Pearl’s CEO.
L’Oréal Sales Beat Expectations as Premium Products Surge
The French giant handily beat expectations on strong demand for hair products at salons and premium skincare from its dermatological division.
P&G Beats Revenue Estimates, Flags Bigger Hit to Annual Profit
The maker of Pantene shampoo was helped by strong personal care demand, but expects higher commodity costs to reduce profit by about $1.4 billion this year.