French luxury house Chanel announced yesterday that it will be increasing the price of its handbags and some small leather goods worldwide to take the hike in the cost of raw materials, caused due to the coronavirus pandemic, into account.The products being affected by this change include Chanel’s iconic handbags – 11.12 and 2.55, its Boy, Gabrielle and Chanel 19 bags, along with certain other small leather goods.As per the fashion house, the price increase will range between 5 per cent and 17 p

Gymshark, a UK-based fitness brand, has opted for Centric Software’s Product Lifecycle Management (PLM) solution to streamline its product development process.Image Courtesy: cdn.dispatchnewsdesk.comCentric software offers the most innovative technological solution for footwear, fashion, retail, outdoor, luxury, consumer goods and home decor companies so as to help them through their transformational journey to digitisation and eliminate manual tasks and errors occurring due to it.The company, w

Stefano Sassi, who was leading Italian luxury house Valentino, is leaving the company.Image Courtesy: businessoffashion.comAnd, who’s stepping in!The luxury label has roped in former Gucci executive Jacopo Venturini as the new Chief Executive to lead the company from June onwards.Jacopo will now take the helm as luxury sales decline worldwide.Stefano was responsible for effecting a turnaround in the fashion house since 2006 and bringing its name to the fore. He is leaving the company after 15 ye

Italian luxury fashion brand Redemption has teamed up with Livia Firth’s sustainability and communications consultancy Eco-Age to strengthen its commitment to sustainability with a new strategy, ‘Re|set the Future’.Redemption, founded by Bebe Moratti in 2013, has become known for combining sexy, rock ’n’ roll looks with conscious and socially responsible design and its updated strategy is part of its plan to accelerate the label into a “true sustainable” brand.The idea of the new strategy is not

TheChristian Dior Group,a French luxury goods company, posted 15 per cent decrease in net sales to €10.6 billion in first quarter (Q1) FY20 compared to sales of €12.5 billion in same period prior year. Sales of Fashion & Leather Goods fell 9 per cent to €4.6 billion (Q1 FY19: €5.1 billion) affected by store closures in several regions around the world.Pic: Christian DiorHowever,online sales of Fashion & Leather segmentreported a rapid growth. Louis Vuitton and Christian Dior, in particul

BERLIN - European online fashion platform Zalando is reporting stronger than expected growth with nearly 30 per cent of its customers shopping for more sustainable fashion.Zalando says it expects to grow its gross merchandise volume (GMV) by 10-20 per cent this year with people increasingly shopping for fashion online because of lockdowns for the coronavirus pandemic.And the company reports an increase in interest in sustainable fashion with almost 30 per cent of customers sourcing items classed

Retail continues to take blows from the COVID-19 pandemic as the Q1 financial reports start making it evident.Image Courtesy: www.sourcingjournal.comKontoor Brands revealed a loss of 22 per cent in year-on-year (Y-o-Y) sales amounting to US $ 504 million.The parent company of Wrangler and Lee, the retailer reported 14 per cent decrease in revenue as compared to Q1 of last year. They also reported 16 per cent loss of revenue from the US market that contributed US $ 379 million to the overall sale

Neiman Marcus Group, a US-based luxury, multi-branded, omni-channel fashion retailer, has commenced voluntary Chapter 11 proceedings in theUS Bankruptcy Court for the Southern District ofTexas, Houston Division. The Group has secured debtor-in-possession (DIP) financing of$675 millionfrom creditors to enable business continuity throughout proceedings.The company has entered into a Restructuring Support Agreement (RSA) with a significant majority of its creditors to undergo a financial restructur

The impact of COVID-19 on retailers can be seen starting from the end of last year when the outbreak was declared a global threat.Image Courtesy: www.hdqwalls.comSuperdry officially released their Q4 figures for FY20 citing 39 per cent loss in sales across the globe.The company also reported a 19 per cent Year-on-Year (Y-o-Y) revenue decrease for Q4 compared to the fourth quarter of last year, closing in at £705 million as to £872 million.Superdry blamed the failure of supply chain and store clo

Milan is the latest city to have opted for the digital streaming fashion week in July.vogue.comDubbed ‘Milano Digital Fashion Week,’ the event is scheduled to take place from 14 to 17 July, and will showcase Spring/Summer 2021 menswear collections alongside both men’s and women’s Spring 2021 pre-collections.Milan-based organisation Camera Nazionale della Moda Italiana (CNMI), will set up a digital platform for streaming which will be accessible through its website –www.cameramoda.it, as well as