Air Jordan Concept Store Opens in The Dubai Mall
of Zegna Group, was quoted as saying by the Financial Times. The 111-year-old family-owned Zegna will raise $880 million following the deal to further invest in its menswear business and fund its future acquisitions, the company said. Source: The National (https://bit.ly/3kE4WM1)
Burberry’s Sales Rebound to Pre-Pandemic Levels as Younger Shoppers Pile In
A brand new concept by Nike, the 2,500 square foot space stocks one label only – Jordan Brand, by NBA legend Michael Jordan. From the latest kicks to clothing and sports goods, it is a haven for basketball fans and sneakerheads alike. A stand-alone store, it has been envisioned as an experiential space and boasts interactive digital elements, as well as a dedicated in-store pickup point. To mark the Middle East launch, Nike commissioned several artists, including SyrianAmerican artist Jason Seife, to create unique artworks for space. “It's exciting to see the line between design and art-making continue to blur thanks to projects like this,” says Seife about the collaboration. “Between artists like myself and Jordan Brand, we can create in-store experiences that highlight the products alongside the art, helping connect this cool relationship among artwork, inspiration and product excellence.” Source: The National (https://bit.ly/3roTfKz)
Italian Fashion House Zegna to go Public in $3.2bn SPAC Deal
ThredUP Eyes European Expansion With Remix Acquisition
Luxury British fashion house Burberry said retail sales rose above pre-pandemic levels in the first quarter of its fiscal year. The increase was driven by new, younger customers attracted to the brand’s savvy marketing campaigns with stars such as model Kendall Jenner and England footballer Marcus Rashford. Burberry, which is hunting for a replacement for departing Chief Executive Marco Gobbetti, said strong growth in trench coats and handbags caused retail revenue for the 13 weeks to June 26 to rise 86%, to £479 million ($661.4 million), with comparable shop sales climbing 90% compared with the same period last year and up 1% on 2019 figures. Mr Gobbetti, who joined the company in 2017, said despite the “continuing challenging external environment”, the company has made an “excellent start to the new fiscal year". Source: The National (https://bit.ly/3hSU1MH)
Bed Bath & Beyond to open redesigned NYC flagship
Ermenegildo Zegna, the Italian luxury fashion house, plans to go public by merging with a US special-purpose acquisition corporation launched by the European private equity group Investindustrial Acquisition. The deal will value Zegna at $3.2 billion following its listing on the New York Stock Exchange later this year, Investindustrial said in a statement on Monday. Milan-based Zegna will own 62 per cent of the combined company, which is being given an equity value of $2.5bn, the statement added. “We could have remained independent for another 100 years. But the moment is appropriate and the world has changed a lot and luxury has become very challenging,” Gildo Zegna, Chief Executive
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of transforming itself into a digital-first, "omnialways" retailer, according to CEO Mark Tritton. To that end, the retailer is enhancing the store experience through its mobile app, which features an "in-store shopping mode" that consumers can enable to better navigate the space, view product information and create registries. The retailer on Wednesday also introduced a "scan and buy" feature, allowing customers to skip the traditional checkout line to complete a purchase. Source: Retail Dive (https://bit.ly/3x254aH)
Online resale platform, thredUP, has acquired European fashion resale company, Remix, in an effort to fuel its growth and expand its reach into the European market. “We’ve long admired thredUP’s leadership in the United States and their dedication to building a mission-driven company that makes it easy to buy and sell secondhand,” said Lyubomir Klenov, CEO of Remix. “Together, I believe we can build upon Remix’s core operational engine, technology, and logistics to bring that scalable experience to the European market, where resale has only scratched the surface.” The news comes at a time when resale platforms are continuing to show an upward growth trajectory, especially as eco-friendly and sustainable shopping choices are becoming favorable amongst consumers. In 2020, the secondhand market was estimated to be worth $21 billion and is expected to grow to $39 billion by 2025. Source: Retail Bum (Read More: https://bit.ly/3xdgjgI)
Armani Sees Sales Grow by 34 Percent
When Bed Bath & Beyond rolled out its threeyear turnaround plan last year, store remodels were a key pillar. For years, analysts have criticized how the retailer's cluttered stores have negatively impacted the consumer shopping experience, which Bed Bath & Beyond itself acknowledged. As part of its turnaround plan, Bed Bath & Beyond is spending $250 million to remodel 450 of its stores over the next three years to modernize the in-store shopping experience and further bolster its goals
Giorgio Armani saw its sales improve by 34% in the first half of 2021, with business in China and the U.S. helping the company recover from its pandemic losses. The Italian luxury brand saw its
