The Fashion Institute of Technology opens The Beauty Center
The State University of New York’s Fashion Institute of Technology (FIT) has announced the launch of The Beauty Center at FIT. Billed as a dynamic research center for the beauty industry, the new facility will accelerate the college’s ability to predict market trends, identify strategic business opportunities and build on its research success.
We need to talk about Shein. British lawmakers call for greater scrutiny of Chinese fast fashion firm
The chairs of three UK parliamentary committees have raised concerns over Shien’s planned London listing and are calling for greater scrutiny of the Chinese fast fashion firm ahead of any IPO.
LVMH names CEO of Fendi
LVMH has announced that the Managing Director of its Fashion Group, Pierre Emmanuel Angeloglou, will take on additional responsibilities as CEO of Fendi. Incumbent Serge Brunschwig is set to take on a new role, which will be announced in due course.
H&M names millennial CEO as Helmersson steps down
H&M Group has named Daniel Erver as President and CEO, effective immediately. The 42-year-old has worked for the company for the past 18 years, most recently responsible for the H&M brand, a position he will continue to hold.
Louis Vuitton teams up with Cheng family to stage brand’s first fashion show in Hong Kong
Louis Vuitton has partnered with the well-known Cheng family to make its catwalk debut in Hong Kong. The LVMH-owned luxury brand will debut Pharrell Williams’ pre-fall men’s collection in its first fashion show in Hong Kong.
Hong Kong-listed Prada to explore dual listing
Prada is said to be considering listing on the Milan Bourse. The Italian fashion designer is currently listed in Hong Kong and is mulling a dual listing on its home turf.
Hermes Q3 2023: sales up 16 percent to €3,365 million
Hermes has published its results for the nine months to September 30, 2023 and third quarter. The luxury accessories label saw sales rise 16 percent versus to €3,365 million in the three months to September 30, 2023 versus the prior-year period, bringing yoy sales growth for the first nine months of the financial year to 22 percent at constant exchange rates.
Shein to pile US$85 million into CSR initiatives
Shein has set aside a pot of US$85 million for global community empowerment over the next five years. The fast fashion firm will use the fund to support stakeholders as part of its wider ESG program.
Frasers ups stake in Asos
Frasers Group has announced that it is upping its stake in Asos. An official filing with the London Stock Exchange shows that the owner of Flannels has increased its share from 10.5 percent to 16.8 percent.
Luxury slowdown, what luxury slowdown? Hermes sees sales soar 28 percent in Q2 2023
Hermes International has announced its results for the second quarter of fiscal 2023. Bucking the wider trend in luxury as US sales stall, the French designer reported a 28 percent rise in sales at constant currency to hit a total of €3,317 million.
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