Tapestry, the parent company of Coach, is acquiring Capri Holdings, which owns fashion brands such as Michael Kors, Versace, and Jimmy Choo. The purchase price is approximately $8.5 billion.
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Leading sports apparel brand Nike has announced plans to partner with FitLab, an integrated operating company of performance lifestyle brands, to open group fitness studios called Nike Studios later this year.
Since the pandemic, consumers’ expectations of physical stores have changed dramatically. In recent years, it is no exaggeration to say that having the right technology tools in stores is an “indispensable prerequisite” for improving the convenience of stores.
On July 27, Kering announced that they will acquire a 30% stake in Valentino from Qatari investment firm Mayhoola, the parent company of Valentino, for a cash consideration of €1.7 billion.
On July 26, Gap Inc. announced that they will appoint Mattel’s President and Chief Operating Officer (COO), Richard Dickson, as CEO beginning next month.
Valentino announced on July 24 a reorganization of its C division with an eye toward repositioning the luxury brand, growing its e-commerce business, and expanding its global presence.
On July 20, Bloomberg reported that Adidas is trying to force Kanye West (Ye) to return $75 million in marketing funds that he states”mishandled”.
The Global Fashion Summit, the world’s largest fashion sustainability event, was held in Copenhagen from June 27-28. The event was attended by major conglomerates including LVMH and PVH, innovative startups such as Hilos and Circulose, charities like the Or Foundation, and prominent policymakers from Europe and the US.
Savage X Fenty, the lingerie brand co-owned by popular singer Rihanna and other investors including LVMH, has announced the appointment of Hillary Super as its new chief executive officer and director.
On May 18, the Wall Street Journal reported that Shein, China’s leading fast fashion brand, has raised $2 billion in funding at a valuation of $66 billion.