Chief Executive of Adidas says they expect to close down many stores in the coming years as part of a shift towards selling more goods online.
Adidas expects to close down stores as part of a shift towards selling more goods online.
In an interview with the Financial Times, Kasper Rorsted said "over time, we will have fewer stores but they will be better," adding that over the coming year the number of Adidas stores was expected to contract slightly.
"Our website is the most important store we have in the world."
Adidas, which wants to double its e-commerce sales to €4 billion ($4.91 billion) by 2020 from the €1.6 billion it hit last year, with 2,500 stores globally and 13,000 additional mono-branded franchise stores, the Financial Times have said.
Business Of Fashion talk about how times have changed and now you need to go to specific schools, where globals brands have started academic programmes to help them recruit top talents. Such feeder programmes, offering both bachelors and masters degrees, are key to landing entry level positions in global brands.
The brand behind Vogue, New Yorker and Vanity Fair are forced to take some austerity measures after losses of up to $120 Million last year. They have taken measures to cut spending and be more digitally savvy, but it is expected to adopt strategies to ensure that it does not disappear completely.
After Boston Consulting Group did a monthlong audit of their internal systems, Robert A. Sauerberg Jr., the chief executive of Condé Nast, plans to address senior staff members on August 8th.
The company having lost more than $120 million last year, plans to put three of its 14 magazines — Brides, Golf Digest and W — up for sale, three executives said. The marquee titles, including Vogue, Vanity Fair and The New Yorker are safe, for now.
The decades-long magazine boom that made the ostentatious possible, is a thing of the past. A shift in media-consumption has elevated Instagram, Snapchat and YouTube above the printed page. Before Time Inc. was sold to the Meredith Corporation, it experienced sharp declines in annual revenue. The ad buying firm Magna projects print magazine ad sales will fall by a double digit rate this year.
The $120 million loss in 2017 came about because of a sharp decline in ad revenue generated by the print magazines. Gains in the digital arena have helped offset the loss, but not enough to make the company profitable. Condé Nast reached its decision to entertain offers for Brides, Golf Digest and W partly on the recommendation of Boston Consulting Group.
This story appeared in the New York Times.
Struggling brand Marc Jacobs is shrinking its presence in Europe as other direct to consumer brands expand. While you will still be able to find the brand at multi brand retailers like Selfridges or Harvey Nichols, the brands own store at Mount street will be no more. Business of Fashion sources claim that presently only a handful of store remain throughout the world, a far cry from its glory years.