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Marc Jacobs to close London Store

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.

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.

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Burberry make some changes at the top

Burberry has named Riccardo Tisci as its new chief creative officer, he succeeds Christopher Bailey, who stepped down after 17 years from the creative helm. Having spent more than a decade at Givenchy as a creative director, Riccardo left the brand once his contract expired in January 2018. Givenchy is credited with being one of LVMH's most successful luxury brands.

"I have an enormous respect for Burberry's British heritage and global appeal and I am excited about the potential of this exceptional brand,” added Tisci. “I am honoured and delighted to be joining Burberry and reuniting with Marco Gobbetti ( Burberry’s chief executive ).”

Riccardo will direct all of Burberry’s collections from his new London base, and is expected to present his first for the brand in September.

Two Editors at Vogue Step Down

The two top editors of Vogue, Phyllis Posnick, the executive fashion editor of Vogue stepped down alongside fashion director Tonne Goodman last week. They are considered the two most recognisable faces at any fashion show in New York.

It was announced by Anna Wintour, the editor of Vogue, that both Phyllis and Tonne will leave their staff positions and become contributing editors.

The position of fashion director will be taken up by Virginia Smith.

Macy's closing 125 stores


Representative from Macy's said last week that there are plans in place to close 125 of its stores over the next couple of years and cut minimum 2,000 corporate jobs as a cost-savings effort.

The company said it would close stores in lower-tier malls, and explore new avenues, as it looks to tackle plummeting mall traffic.

The chain, which has been struggling to boost store traffic as consumers opt for online shopping in the United States, has closed more than 100 stores since 2015 and cut thousands of jobs.

"We will focus our resources on the healthy parts of our business, directly address the unhealthy parts of the business and explore new revenue streams," Chief Executive Jeff Gennette said.

The to-be-closed 125 stores currently account for about $1.4 billion in annual sales, the company said.

It also said it expects annual gross cost savings of $1.5 billion by 2022, with $600 million expected in 2020.

It forecast full-year net sales to be between $23.6 billion and $23.9 billion, below analysts' average estimate of $24.36 billion, according to IBES data from Refinitiv.


Where do Global Brands recruit new talent?

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.

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