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Meanwhile, e-commerce off-price brands are growing even faster, with players such as BestSecret growing 25 percent in the first quarter of 2024. Off-price retailers have continued to grow revenues and improve profitability despite broader market turbulence, this year’s McKinsey Global Fashion Index (MGFI) analysis shows. Traditional off-price retailers Burlington, Ross and TJX are expected to grow revenues by a weighted average of 4.6 percent in 2024, compared to a 2.6 percent average for publicly listed fashion companies. Ross and TJX were also among the MGFI Super Winners list, leading in industry economic profit in 2023.

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  • Our Legacy says it’s attracted and rebuffed several approaches from would-be investors as the label—Swedish fashion’s standard-bearer for low-key menswear cool—grew into a global business in recent years.
  • Estée Lauder Companies said it is donating to the American Red Cross and California Fire Foundation Wildlife and Disaster Relief Fund, as did Michael Kors, while LoveShackFancy has donated to the LAFD.
  • What’s more, warehouse workers are usually trained to pick, pack and ship out orders, not survey dresses and pants for visible signs of wear and determine how they can be resold.
  • In the US, the average proportion of discounted fashion items in the first half of 2024 rose 5 percentage points year on year.
  • Prada Group, led by rocket growth at little sister brand Miu Miu, reported nine-month revenues up 18 percent year-on-year in October.

Offering a fantastic selection of surplus BOF furniture, including branded and reupholstered products from Humanscale, Orangebox and Vitra at best discounted prices. If you require any of the Eco Shop products reupholstered to match your interior colour schemes our in-house professional team can also transform the product, refreshing with minimum upcharges and backed by shortest lead times. He added that some of Archive’s brand partners want revenue from resale to account for as much as 20 percent of their overall sales. Fashionphile is not the only online resale player eyeing offline opportunities.

Its products are now sold in German department store Galeria Karstadt Kaufhof, for instance. But to kickstart its next stage of growth, Fashionphile is now investing in a physical retail footprint, including its own stores as well as selling wholesale to other retailers such as Saks Off Fifth and duty free shops. In 2025, Fashionphile will open new brick-and-mortar locations in San Francisco, Dallas, Atlanta, Boca Raton and Philadelphia. By the end of the year, it will have a footprint of 14 outposts in various formats.

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The news sparked concerns over the potential economic impact and sent financial markets into turmoil. The platform has long been one of China’s most important marketing tools, but until now has struggled to become a sales engine for brands. In the middle of its worst drop in a decade — in both sales and “cool” factor — sportswear giant Nike got a much-needed executive shake-up.

By 2025, secondhand sales will account for 10 percent of the global apparel market, and the segment is expected to grow at a 12 percent compound annual growth rate to reach $350 billion by 2028. An “inflation overhang,” the idea that customers take time to adjust to higher prices, is not the only dynamic at play. Even customers with growing discretionary spend are prioritising experiences and travel over fashion. In the third quarter of 2024, the top category that US and European customers splurged on was eating out, followed by travel and buying groceries.

Those talks ended in July, with Macy’s board unanimously voting to terminate discussions with the two parties. But it was only a few months before hedge fund Barington Capital and real estate private equity Thor Equities emerged in December, calling for the retailer to cut costs and create an entity to monetise its real estate assets. The Business of Fashion is recognised as a website providing daily updates on fashion for fashion creators, executives and entrepreneurs.

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Understand and identify existing data handovers and potential translation issues between systems or teams. Endorse a mindset shift from a static (i.e. six- to nine-month lead) to dynamic buying approach that is always on and involves the whole business. Align on organisation-wide goals, establishing inventory KPIs such as carrying cost, turnover, tracking and sell-through with accountability that is shared across the business and endorsed by leadership. The root causes of stock-outs are more varied than ever and cut across functions, making them difficult to identify and address.

H&M’s partnership with Martens comes as Ervér oversees a major revamp that includes refreshed collections, renovations to 250 stores and large-scale events in key markets with the likes of Charlie XCX, Troye Sivan and Yseult. Monet named Brown Sugar Babe, a US-based brand with gourmand scents starting as low as $15, as one that’s gaining speed. With cheekily named fragrances like Kris P. Kreem (stylised with a shot of glazed doughnuts) the brand reportedly projected $10 million in sales for 2024.

Late last year, The RealReal announced new stores in Houston and Miami, bringing its total number of stores to 15. Rebag, which has a similar business model to Fashionphile and four stores of its own, opened shop-in-shops inside five Bloomgindale’s locations in August. Last week, Rebag also partnered with Walmart to help expand the big box retailer’s offering of pre-owned luxury products via its online marketplace. Even peer-to-peer eBay-competitor Mercari ventured into brick and mortar with a storefront in Los Angeles. Consumers are increasingly purchasing fashion items across a variety of channels, making it difficult for brands to provide multiple options for size and colour across a growing number of touchpoints, especially if not operating a single stock pool.

Luxury e-commerce, too, had a Bof casino major year of upheaval, as several of the one-time retailers of tomorrow found new owners, including Farfetch and Net-a-Porter, or shuttered altogether, as was the fate for Matchesfashion. Plus, they specialise in reselling fashion products, while other platforms work across categories and have less of an expertise in reselling apparel and other fashion products specifically. These companies are still small — Bazar, for example, is generating over $1 million, while Revive estimates revenue will hit north of $3 million this year — but they’re growing quickly. Bazar plans to triple revenue year over year in 2024; Revive expects the volume of goods it refurbishes by the end of the year to jump 25x from January. Traditional retailers including department stores and even big box chains have become new champions of luxury resale in recent years, said Charles Gorra, founder and chief executive of Rebag.

Meanwhile, climate change is making it harder to predict weather conditions and correlating demand. Temperature fluctuations from the average make it difficult for brands to sell through stock. While global temperatures for 2024 are higher than any other on record, summer 2024 was the coldest in almost a decade in some European regions. We create workspaces for today considering well-being, sustainability, collaboration and business performance – we constantly go beyond our clients expectations.

Launched in 2023, the brand has four scents, which start at $140, and is found in a handful of niche retailers, though it plans to broaden its wholesale partners to include around 15 more throughout Europe, Asia and Canada in 2025. Niche line Marissa Zappas is rapidly gaining momentum, said Tynan Sinks, a beauty editor and co-host of the fragrance podcast Smell Ya Later. With bow-bedecked bottles, branding that evokes both gothic and ethereal elements (perfume names include Maggie The Cat Is Alive, I’m Alive! and Carnival of Souls), the brand has built up a cult following amongst New York’s It girls, according to Sinks. Investors, retailers and would-be acquirers are laser-focused on fragrance, trying to surface the next crop of breakout stars who can hold their own against the incumbent mega-brands.