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.
Well known for its mismatched sneakers, the Caval brand has announced the June launch of a new unisex collection made of apple leather, a recycled substitute for traditional leather that is also vegan.
The company has donated 1,000 pairs of shoes from its Easy range to Guy’s and St. Thomas’ hospitals in London. It said the shoes are easy to pull on and wipe clean and come with enhanced flexibility and cushioning.
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.
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.
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.