Bottega Veneta eschews social media; deletes Weibo and disables Instagram presence
Bottega Veneta is taking a step back from social, according to a report published by Bloomberg. The luxury leather goods brand has wiped its Weibo account, says Bloomberg, just a month after it disabled its Instagram feed.
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Westminster Council unveils regeneration plans for London’s Oxford Street
A central London local authority has unveiled plans to reboot one of the capital’s most popular shopping districts. Westminster City Council’s Oxford Street District framework promises to help the nation’s favourite high street bounce back after the pandemic stripped it of some of its most prized stores and reduced visitor numbers to virtually nil.
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Poshmark expands into Australia following IPO
U.S. fashion and beauty e-tailer Poshmark is expanding its presence into Australia, a move that follows its January IPO, according to a report by Bloomberg.
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Japanese fashion retail site ZOZO launches new beauty platform ZOZOCOSME
Japanese fashion retail site ZOZO has announced the launch of its new beauty platform ZOZOCOSME, which is set to go live in March.
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Asos acquires Topshop, Topman and Miss Selfridge for £265 million
Asos has announced the planned acquisition of four Arcadia brands: Topshop, Topman, Miss Selfridge and HIIT for £265 million. The transaction is expected to complete on February 4, 2021.
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Asos is facing tariff costs of up to £15 million following the UK’s official departure from the European Union at the start of this year, according to a report published by the Evening Standard.
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Lessons learned in 2020 – Retail
As pandemic-related closures forced us all off the high streets and onto the internet and essentially wiped out the travel retail channel, everything we thought we knew about shopping for beauty changed. For although online shopping has always been there, pre-Covid, the majority of beauty buyers still shopped in store. Accordingly, e-commerce development had lagged in recent years, leaving brands and retailers playing catch up.
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UK retailer Debenhams goes into liquidation
UK retailer Debenhams is set to go into liquidation in the new year, a development that puts 12,000 jobs at risk and highlights the crisis on the UK high street, according to a report by The Financial Times.
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L Brands completes Victoria’s Secret reshuffle; names CEO
L Brands has announced several key leadership appointments at Victoria’s Secret. Martin Waters was named CEO of Victoria’s Secret Lingerie, replacing John Mehas.
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Fall of the malls? Macy’s 3Q 2020 sales down 21 percent
Macy’s has reported its results for the third quarter of the current financial year. The US department store saw sales tumble 21 percent yoy to US$3,990 million and reported a loss of US$91 million, a far cry from the US$2 million net income reported in the same period last year.
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