This week, luxury groups LVMH and Kering, along with Hermès, Prada, Moncler and Ferragamo, reported cut around 20 jobs, or a fifth of her workforce, and reduce the size of her seasonal collections by 30 to 40 percent. The brand has posted losses for 11 years in a row and, prior to the coronavirus crisis, had hoped to turn a profit this cycle. Beckham previously drew criticism for furloughing 30 of her label’s employees on a UK government scheme while having an estimated personal net worth of £335 million.
Issey Miyake discontinues Issey Miyake Men line. The brand said the decision was made prior to the pandemic, making Autumn/Winter 2020 its final collection. Creative Director Yusuke Takahashi departed in January after 6 years in the role. In light of this development, Issey Miyake’s popular Homme Plissé line may become a focus for the brand’s menswear strategy.
Michael Kors to show Spring/Summer 2021 digitally in October. The American designer previously said he won’t be showing during New York Fashion Week in September to avoid the flurry of new clothes being showcased during the period. Instead, he is opting to present the collection on October 15 via the brand’s social and digital channels.
THE BUSINESS OF BEAUTY
The Hut Group reportedly exploring IPO. The health, beauty and retail group that counts Espa, Lookfantastic and MyBag among its brands has appointed a range of investment banks with a view to potentially list this year, according to a report by The Financial Times citing two people familiar with the matter. A third source said the The Hut Group was valued at more than £4 billion (about $5.2 billion).
Victoria Beckham Beauty debuts in China. The brand launched with Alibaba-owned Tmall Global on July 27 and tapped popular influencer Viya for a live Q&A with Beckham to mark the occasion. First released in the UK in September 2019, the brand comprises “clean” skincare and makeup formulations and touted an exclusive “Power Glow Set” for its launch into the Chinese market.
Avant-garde fashion designer Kansai Yamamoto dies aged 76. Yamamoto, a pioneer of Japanese fashion and frequent collaborator with David Bowie, passed away on July 21 after living with acute myeloid leukemia. While his funeral has already taken place, there may be a public ceremony at a later date.
Nike has a new diversity chief. Felicia Mayo, Tesla’s former diversity lead who joined Nike last year as vice president of human resources and diversity and inclusion, replaces Kellie Leonard as director of diversity and inclusion at the sportswear giant.
Chrissy Rutherford and Danielle Prescod form D&I consultancy. Rutherford, formerly special projects director at Harper’s Bazaar, and Prescod, style director for Black Entertainment Television, have launched 2BG (2 Black Girls) to help brands in matters of crisis management and diversity and inclusion.
MEDIA AND TECHNOLOGY
O: The Oprah Magazine to cease regular print editions. The 20-year-old title, a joint venture between Hearst and Oprah Winfrey’s Harpo Inc. that boasts a circulation of 2.3 million, set up the venture, which will employ as many as 250 people, with an existing supplier. The news comes after the ultra-fast fashion group came under intense public scrutiny for its alleged use of suppliers that underpaid workers and failed to observe social distancing measures during the height of the coronavirus lockdown.
Nike to scrap investment in its state-of-the art Arizona shoe factory. The move marks an abrupt change to the company’s plans to build an here to browse the archive.