1，Calvin Klein Appoints Tim Coppens as Menswear Consultant Design Director
Calvin Klein, which parted ways with Belgian designer Raf Simons at the end of 2018, has not appointed a new creative director. Almost a year after leaving product design in the hands of its team, the brand has announced Belgian designer Tim Coppens as consultant design director for menswear, without revealing further details.
Tim Coppens graduated from the Royal Academy of Fine Arts in Antwerp in 1998 and founded his own luxury sports brand in New York in 2011, working with brands such as Ralph Lauren, Bogner, adidas and Under Armour.
2，French Connection abandons sale plan, shares plunge more than 30%
British fashion brand French Connection announced in a statement on Friday that it will abandon its sale plan and continue to focus on its transformation strategy, further optimizing its store portfolio, renegotiating rents with landlords, working closely with wholesalers and investing more in e-commerce channels to improve the consumer experience and increase conversion rates. According to the brand’s board of directors, the pre-tax loss for last year is expected to be approximately £1 million to £2 million. Following the news, French Connection shares plunged 31.34 percent to 23 pence, giving it a market capitalization of about £22.22 million.
3，Anel issues profit warning, net profit may plunge 60% in 2019
Domestic children’s apparel group Anel has released an earnings warning, expecting the company’s net profit attributable to shareholders of the listed company from January to December 2019 to be 33,354,700 yuan to 50,032,000 yuan, a year-on-year plunge of 40% to 60%, with the decline in profitability mainly affected by increased clearance efforts, increased rental costs and rising R&D expenses. Over the past year, Anel’s share price has fallen by more than 13%, and its current market value is about 1.9 billion yuan.
4，Vimy was exposed to internal sexual harassment
According to the New York Times, Ed Razek, the chief marketing director of L Brands, the parent company of Vimy, was found to have sexually harassed models and female employees within the company, and the group failed to respond promptly after complaints were filed. The report also revealed that these acts were tacitly approved by Leslie Wexner, the owner of the group. Ed Razek said the reports are not true, and Leslie Wexner himself has not yet responded. Read more: Breaking news: Vimeo to be sold, market value shrinks to $6 billion from $29 billion peak in 2015
5，Louis Vuitton will open a large flagship store in Toronto
French luxury brand Louis Vuitton will open its first major flagship store in Toronto, Canada this summer at Yorkdale Mall, covering 8,000 square feet or 743 square meters, next to Balenciaga, Bottega Veneta, Valentino and other luxury brand stores, selling products such as handbags The store will feature handbags, accessories, shoes, jewelry, and men’s and women’s apparel. Louis Vuitton will continue to open stores in another major Canadian city later this year, and currently has 12 retail locations in Canada, with its largest flagship store located at the Fairmont Hotel in Vancouver, covering 10,000 square feet.
6，Winners and losers of the global fashion industry last week
According to Fashion Business Express monitoring, Vimy’s parent company L Brands, which is rumored to be sold, became the biggest winner last week, with a cumulative share price increase of more than 11% and a market value of $6.4 billion; Amazon’s share price rose 8%, with a market value of about $999.9 billion; Deckers, the parent company of UGG, rose 7.4%, with a market value of $5.4 billion; emerging beauty group e.l.f shares rose by 5%, with a market value of about $800 million; the shares of Ruhan Holdings, the first domestic Netflix stock, rose by 5%, with a market value of about $700 million.
The biggest loser is the Hong Kong-funded apparel group Giordano, with a cumulative plunge of 24% in share price and a market value of about HK$3.1 billion; domestic women’s apparel group La Chapelle, with a cumulative drop of 21% in share price and a market value of about HK$500 million; Sasa International, with a cumulative drop of 20% in share price and a market value of about HK$4.3 billion; luxury luggage group Sinsoo Lee, with a cumulative drop of 16% in share price and a market value of about HK$21.2 billion; Michael Kors parent company Capri shares fell 15.3%, with a market value of about 4.5 billion U.S. dollars.
The shares of LVMH, the world’s largest luxury goods group, fell nearly 2%, with a market value of €199.9 billion; the shares of Gucci’s parent company Kering rose 1.35%, with a market value of about €70 billion; the shares of Hermes fell 2.65%, with a market value of about €71.3 billion; the shares of Cartier’s parent company Richemont Group shares fell 4.3%, with a market value of 36.8 billion Swiss francs.