One day after Alessandro Michele, creative director of Gucci, revealed on Instagram that the brand would in future stage only two shows per year, the designer called for a reformulation of the fashion calendar.
Bernard Arnault, Europe’s richest man, has acquired a one-quarter stake in Arnaud Lagardère’s holding company, in a move that will be seen as an attempt to support the family of his fellow French billionaire.
Having been acquired by MF Brands last year, the French label has recruited Tom Van Dorpe. The Belgian creative director spoke to FashionNetwork.com about his return to Europe and his new role at the brand.
Fast Retailing said on Friday that it’s pulling its GU chain out of the South Korean market later this summer. It will close all three of its GU stores in the country, less than two years after it opened there.
Australian discount department store retailer Target could see up to 75 of its stores being closed and many others converted to another of its owner’s banners. Over 1,000 jobs will be affected, owner Wesfarmers said.
Burberry was hit hard by the Covid-19 crisis at the end of its last financial year and the impact is continuing in the new year. But it's seeing resurgent demand in key Asian markets and its strategy remains on track.
The digital-first fashion rental service is reportedly seeking $25 million in its latest funding round, which would see the company valued at approximately $750 million, under a previous valuation of $1 billion.
H&M is focusing heavily on materials with the announcement of “new fabric technology that helps men stay cool”. It’s also launching a new dress offer next month made from “recycled and sustainably-sourced materials”.
M&S has named a new e-tail head as it works on a £1bn recovery plan that involves ramping up its e-tail operations, selling clothing via Ocado and adding third-party brands to its webstore and physical shops.