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“We are not a disposable fashion brand”

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John lyttle

The boss of online fast-fashion retailer Boohoo insisted his clothing brands are “not disposable.”

In an exclusive interview with BBC Radio 5 Live’s Wake Up to Money podcast, John Lyttle said Boohoo has a “clear strategy” to be more sustainable.

“We are here because people want to wear clothes, they have to be provided,” he told the BBC.

“We are trying to make the trip as sustainable as possible,” he added.

However, the sustainability goals the company has set for itself could take some time to achieve, he said, adding that “there is still a lot of work to be answered.”

“20% of all our ranges will be sustainable this fall … 40% next spring / summer,” said Lyttle.

“They won’t be fixed in six and 12 months … It’s the same 2030 period as the fuel engines.”

Boohoo owns 13 brands: Boohoo, BoohooMan, Coast, Karen Millen, Dorothy Perkins, Warehouse, Oasis, Wallis, Burton, Debenhams, PrettyLittleThing, NastyGal and MissPap.

Mr. Lyttle, former COO at Primark, defended Boohoo’s advertised ultra-low prices for its clothing: “We’re not at the bottom of the cheap segment. Even on our low-priced brand, our price tag of sale is higher. “

He added: “Our data does not suggest that people buy every day or buy once and wear something new.”

Labor MP and Chair of the Environmental Audit Committee, Mary Creagh, said Boohoo’s environmental policy claims and the 20% sustainability target amounted to “greenwashing.”

“We have always seen them playing cat and mouse with lawmakers and public opinion on the issue of sustainable work practices and sustainable consumption,” she said.

“Boohoo, in particular, needs to reduce the volume of clothing it manufactures and price its clothing accurately to reflect the environmental cost of fashion production.”

Meanwhile, Noelle Hatley, senior lecturer in fashion business at the Fashion Institute in Manchester, said brands were able to use the term “sustainable” because there was “no agreement at all. ‘industry-wide on its meaning “.

“40% is a reasonable target, but it all depends on what they mean by sustainability and how much information they will actually share with customers,” she stressed.

Boohoo was founded in 2006 in Manchester by Mahmud Kamani and Carol Kane. By 2020, the company had a turnover of £ 1.2 billion and had 5,000 employees.

The company’s goal was to use the Internet to “cut out the middleman” in retail.

‘Very upset’ by ‘failures’ of Leicester supplier

In addition to questions about the environmental impact of Boohoo’s fast fashion business model, there have been accusations of widespread abuse of employment rights at some of its suppliers in Leicester.

Surveys last year suggested workers were being paid below minimum wage in unsafe working conditions.

Subsequently, an independent review of the retailer concluded that there were “many flaws” in the way Boohoo managed its supply chain.

“We were very upset about it,” Mr. Lyttle said. “It’s not the culture of our company, it’s not the way we take care of our people.

“We want to make sure everything is right and done the right way.”

The crisis has led to calls for his resignation, but he says that would not have been the right approach to take.

“If I had resigned, it would have delayed me – in terms of time – to do what we had to do,” he said.

He added that Boohoo had “not seen evidence” that workers were being paid below minimum wage, but the company could “step up our audit and investigation to ensure these workers are paid.”

Boohoo is now creating 5,000 new jobs across the country, including at a warehouse in Burnley, as well as other positions at its Manchester headquarters.

Mr Lyttle said spending habits changed during the Covid-19 pandemic, prompting the company to hire more staff.

“We need efficiency and speed,” he added. “Immediacy has been the most important trend over the past 18 months and it is becoming more and more important. Consumers are driving trends.”

You can download the full podcast on Thursday, August 12. The interview will also air during Wake Up to Money on BBC Radio 5 Live from 05:00 BST on Thursday 12 August.

Interview with Sean Farrington, additional report by Elisabeth Mahy.


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New Balance sues Michael Kors for shoe design with letter “N”

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People walk past a Michael Kors store in Lakewood, Colorado. REUTERS / Rick Wilking

  • Luxury brand uses similar ‘N’ design on shoes, complaint claims
  • Confusion allegedly likely because Kors himself is a New Balance fan

The company and law firm names shown above are generated automatically based on the text of the article. We are improving this functionality as we continue to test and develop in beta. We appreciate comments, which you can provide using the comments tab on the right of the page.

(Reuters) – Sneaker maker New Balance Athletics sued luxury brand Michael Kors in Boston federal court on Wednesday, alleging that two pairs of its shoes use a letter “N” in their designs that infringe the trademarks of New Balance.

The lawsuit also says Michael Kors’ Pippin and Olympia shoes infringe New Balance’s clothing rights by citing the design of its best-selling “574” shoe model – which it says is expected to sell more than 7 million dollars. pairs this year – and this confusion is more likely because Kors himself is a “well-known fan” of the brand.

New Balance spokeswoman Amy Dow said the lawsuit was brought to “protect our brand, our iconic ‘N’ brands and the reputation of our products.” Her attorney Mark Puzella from Orrick, Herrington & Sutcliffe declined to comment.

Michael Kors’ parent company, Capri Holdings, which also owns luxury brands Versace and Jimmy Choo, also declined to comment.

New Balance said in the complaint that it has used the letter “N” on its products for more than 40 years and has federal trademarks covering the logo. The company said it asked Michael Kors to stop using a similar “N” letter pattern on his shoes, but was pushed back.

The fact that Kors himself is a fan of New Balance – who said he owns “a good fifteen pairs of New Balance in black,” according to the complaint – and that the brand is known for its collaborations makes consumers more likely to mistakenly believe that his shoes are affiliated with New Balance, according to the complaint.

New Balance also said that Michael Kors’ use of the letter “N” on the “saddle” of his shoes – a piece of the shoe that wraps around laces in the midfoot – specifically infringes trademark rights. of New Balance in its use of the letter “N” on the saddles of several of its “most famous” shoe models.

New Balance settled claims in Massachusetts court that Nautica’s shoes infringed its “N” marks last year.

The case is New Balance Athletics Inc v Michael Kors (USA) Inc, U.S. District Court for the District of Massachusetts, No.1: 21-cv-11305.

For New Balance: Mark Puzella d’Orrick, Herrington & Sutcliffe

For Michael Kors: Not available immediately

Blake brittain

Blake Brittain reports on intellectual property law, including patents, trademarks, copyrights and trade secrets. Contact him at [email protected]


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Apple’s hot antitrust fall: thunderstorm clouds forming in multiple directions

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MARKETWATCH HOME PAGE

The decision in a landmark antitrust case could come by the end of the month, but that’s far from the only antitrust concern facing Apple Inc. See the full article.

Double “Jeopardy! “: Why so many people on Twitter are furious with the two new hosts

Mayim Bialik and Mike Richards will co-host the show, and a lot of people aren’t happy. See the full story.

This canary in the coal mine shows that a 10% correction in the S&P 500 is approaching. Play defense, say strategists

Our call of the day from Stifel is doubling to a call to action to correct 10%. Here’s why the markets are much closer to this point now. See the full story.

Convention industry sees sudden wave of cancellations as delta variant of COVID-19 rises

The New York International Vintage Book Fair and the Fancy Food Show are announcing that they are canceling events that were scheduled for September. See the full story.

Still high US inflation leaves little room for error for the Federal Reserve

AP / Patrick Semansky US inflation is showing signs of moderation, but not enough to decisively settle the debate over whether the recent pace of price increases is transitory or not. A peak of 5.4% in 20 years, leaves the Federal Reserve in a still precarious impasse. If future inflation numbers surprise upward or remain elevated over the next few months and into 2022, the risk is that consumer expectations for higher prices will become more entrenched and more difficult to reverse, investors say. and analysts. And right now, the central bank is not in a position to do much about this risk other than talking about it, as its two best options for acting are not available for some time. For now, the Fed is focused on whether, when and to what extent it should first cut its $ 120 billion in monthly bond purchases. So it could easily be at least a year for the central bank to make its first interest rate hike, which typically takes another six to nine months to impact the economy. Meanwhile, policymakers’ other option besides a rate hike – reducing the Fed’s balance sheet by $ 8.2 trillion – is not currently on the radar. above-average inflation that the Fed can’t do much about, ”said Alan McKnight, chief investment officer of Birmingham-based Regions Bank, which oversees more than $ 47 billion in assets. “It’s not a baseline scenario, but that’s the risk there.” In a phone interview, McKnight said his baseline forecast predicted the annual headline CPI rate to decline to around 4% this year, along with real GDP of 6.1%. growth – both of which are expected to fall to 2.8% and 5.3%, respectively, in 2022. In anticipation of risks to that outlook, he says his company has already cut its allocations to large-cap US stocks, while by reducing its fixed income securities. holdings “at all levels” because “it is difficult to envision a scenario where US bonds are doing well” in an environment of higher inflation that drives market-based rates up. After the CPI release on Wednesday, longer-term Treasury yields such as the 10-year BX: TMUBMUSD10Y extended their gains, leaving them near the highest levels in nearly a month. However, they remain below where they were for much of this year, which some see as a sign of an impending economic slowdown and / or the bond market’s continued confidence in the Fed’s ability to control. inflation. Meanwhile, breakeven rates reflecting where traders see inflation heading in five to 10 years have moderated since May. grew, ”said Greg McBride, chief financial analyst for Bankrate.com, an online rate information provider. “The reality is that we will have to wait until the start of 2022 before we know for certain whether the pressures on prices are transitory. And at this point, the Fed is lagging behind. To complicate the Fed’s options on the inflation front, this will likely be a multi-month phase-down process, which, according to a growing number of people inside and outside of the central bank, is expected to start soon. Many see the cut as the first step towards tighter financial conditions, although strategists at JPMorgan Chase & Co., Federated Hermes Inc. portfolio manager RJ Gallo and others are casting cold water on the idea. that cutting bond purchases alone will be enough to tighten as much as people think.Read: Today’s inflation numbers won’t do much to stop the tapering talk. For the Fed, “the risk is that you will make inflation expectations permanent and play with fire.” – the one that begins this fall and ends in March; He sees a risk that some of this year’s surge in inflation will carry over into 2022. Meanwhile, senior Fed official Richard Clarida has pointed to the start of 2023 as a time when the the central bank could eventually start raising rates, as long as the economy progresses sufficiently before that date. Right now, investors say, the Fed and bond markets appear to be positioned for an optimal outcome – one in which the transition to less accommodation from the central bank occurs transparently without compromising economic growth. , while inflation decreases, over the next 12-18 months. “Stagflation is a scary word,” says Gene Goldman, chief investment officer and research director for Cetera Financial Group based in El Segundo, California. He says he sees a risk of something like a “stagflation-lite” – in which inflation won’t necessarily rise dramatically from here, but “the Fed is behind the 8-ball”. See the full story.

PERSONAL FINANCES MARKETWATCH

The New York International Vintage Book Fair and the Fancy Food Show are announcing that they are canceling events that were scheduled for September. See the full story.


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Capital calls: Brookfield, Macquarie – Breakingviews

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Last

– Brookfield

– Macquarie / Southern Water

– Atlantic Virgo

– Banking M&A

– Delivery Hero diversifies

– Quick mode

Bigger in Texas. Oil isn’t the only hidden treasure in Lone Star State. Brookfield Asset Management Reinsurance, a branch of the Brookfield financial empire, is pay $ 5.1 billion for the American insurer American National. The key is Brookfield’s liking for risk and the aversion of the American national family to this risk.

Insurers are popular targets for private equity firms like KKR and Blackstone, which reinvest policyholder contributions into their own transactions. The sprawling Brookfield, which includes Oaktree Capital, has a lot to do, from infrastructure to private credit.

American National, majority owned by the Moody family, is particularly suitable. He says he’s cautious, as evidenced by his meager average annual return on equity of 7% over the past three years. Brookfield can increase the risk while playing fairly cautiously.

Moody’s conservatism may also explain the low valuation. Even with a 55% premium, Brookfield pays less than American National’s net assets, while insurers typically trade just above it, according to Refinitiv. If not generating profits, the deal should at least provide a healthy net. (By John Foley)

Out of the gutter. Macquarie digs in British troubled waters. On Monday, the infrastructure management arm of the Australian bank bought a majority stake into Southern Water for £ 1 billion in a recapitalization that will dilute existing owners, including UBS Asset Management and Hermes Investment Management.

The company, which serves the counties of Kent, Sussex and Hampshire, has a mixed history. He recently paid a fine of 90 million pounds, the largest in the industry, for dumping sewage into rivers and off the coast. Macquarie is committed to reducing Southern’s debt, strengthening governance, investing in new infrastructure and adopting a policy of “zero tolerance” to pollution.

Assuming Macquarie takes a 62% stake, its investment – including debt – values ​​Southern at less than 110% of its regulatory capital value, a metric used to value UK water companies, according to a calculation by Breakingviews. Rival Pennon is trading at a premium of almost 40%, according to analysts at RBC. Macquarie doesn’t pay a hefty price, but he probably faces a long wait for a decent comeback. (By Neil Unmack)

Headbutt. Richard Branson’s recent trip to the edge of space seems to have gone to his head. British tycoon now wants to list loss-making Virgin Atlantic airline on London Stock Exchange, Sky News reported On Saturday. Admittedly, the carrier has undergone a radical overhaul since its contact with death last year. Still, the uncertain future of air travel, especially for businessmen crossing the Atlantic, will be a bumpy journey.

Even before last year’s £ 864million net loss, Virgin Atlantic was struggling with financial altitude. It had not made a profit since 2016, unlike its big rival British Airways. In 2019, its net debt was 5 times EBITDA, a measure that likely was not helped by last year’s £ 1.2bn bailout. To top it off, the low-cost US airline JetBlue is launching a transatlantic service. An initial public offering would be the ultimate test of the nerves of public market investors. (By Ed Cropley)

Break premium. Citigroup chief executive Jane Fraser has done a decent job offloading Australian retail operations from the US mega-bank. National Bank of Australia pays A $ 1.2 billion ($ 880 million) for the division, generating remarkable statistics for the seller.

The deal values ​​the unit at more than 8 times rolling earnings in the 12 months to the end of June, compared to less than 7 times Citi’s own value currently. And that’s a hefty book value of 1.25 times, as Citi as a whole is trading at a modest 80% of net assets.

It’s a small deal for Citi, however, accounting for less than 1% of revenue. NAB won’t hurt too much: The expected cost savings alone are enough to cover three-quarters of the purchase price, although Citi’s Australian mortgage portfolio is shrinking, integration costs appear high and NAB estimates that the deal will only “marginally” improve yields. Bragging rights belong to New York. (By Antony Currie)

Growing appetite. Delivery Hero has a strange appetite for owning shares of his competitors. The € 33bn German food delivery company has made a 5% stake in Deliveroo, worth almost £ 300m based on Friday’s share price, according to a Monday deposit of the newly listed British group. Deliveroo shares quickly gained more than 9%.

Delivery Hero already owns 7.4% of Just Eat Takeway.com and has invested in startups Glovo and Rappi. He may also have spotted a good deal: Deliveroo is trading at more than 2x expected sales in 2022, using Refinitiv’s estimates, while Delivery Hero and Just Eat Takeaway are valued at an average of 3.5x.

Nevertheless, the logic is difficult to guess. Deliveroo boss Will Shu owns more than 50% of the voting rights, which means any takeover should be friendly. The German group also lost 1.4 billion euros after tax on 2.5 billion euros in sales at the end of December. Building passive stakes in rivals seems like an odd use of scarce money. (By Karen Kwok)

Untangle the threads. Shein, the highly Instagrammable Chinese fast-fashion company, is being transported to the coals. The company, estimated 12 months ago at $ 15 billion, has not publicly disclosed its working conditions in the UK and falsely said it relies on factories certified by international standards organizations work, according to a Reuters exclusive.

Unlike the owner of Zara, Inditex and H&M, Shein is a private company and therefore does not have to reveal much about its operations. And charges of wrongdoing don’t necessarily touch the front line. Revenues for UK online fashion retailer Boohoo jumped 32% in the three months to the end of May, about two months after U.S. officials decided to investigate allegations of poor labor practices at the chain. ‘supply.

It’s not the only number to focus on, however. Thanks in part to growing concern from activist investors, Boohoo’s market value has fallen more than 20% since March. Gen Z shoppers of $ 3 crop tops aren’t the only ones who can figure out what’s hot. (By Sharon Lam)


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Why global brands are investing in the DTC strategy

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DTC is back in fashion

Research the top retail trends for 2021; you will find that direct-to-consumer delivery (DTC) appears in almost all relevant results.

How can this be, you will ask yourself, given that people have been selling direct for centuries? What it means to sell direct has undergone many transformations over the years. The latest transformation is happening right now as retailers invest in the DTC strategy not only to supplement sales revenue, but to build a global brand. Understanding the motivations behind this change is crucial for retailers to fully capitalize on the potential offered by DTC.

20 years ago DTC looked very different

The term DTC is a misnomer because it does not encompass all types of direct selling. If you took your cart on wheels to sell potatoes at the Old Spitalfields Market in 18th century London, for example, you weren’t a DTC brand.

DTC specifically refers to a type of business in which the customer purchases directly from a retailer’s website or app. The term originated in the 1990s, when the internet was at its peak and retailers suddenly found themselves with the means to sell to customers around the world at a lower cost.

DTC has become popular as a democratic and modern form of commerce. Retailers could build a website with an integrated e-commerce platform and sell to customers without convincing a wholesaler, online marketplace, or specialty distributor that a product is worthy of their assortment. It was this ease of access, along with minimal time to market, that made DTC a popular channel for startups in its early days. Along with cheap social media ads and an abundance of venture capital, small businesses could launch and grow at an unprecedented rate with DTC trading.

For a while, the model was consistent: Companies would go out with a minimal product offering (sometimes even a single product), nurture a small community of loyal followers, and then scale the business with social media ads. . Today, many startups that had thrived are facing soaring prices for social media ads and the steadily decelerating Instagram follower count that accompanies market saturation. Even when a business is ahead of the competition, there is a limit to its ability to scale when it relies solely on web-only retail. For now, these companies are at an impasse.

The current DTC landscape is changing

Rather than remaining the hallmark of web-only startups, DTC has now entered the mainstream, and there are two main motivations behind this change.

The first is the COVID-19 pandemic, which has seen established retailers – especially those that once relied heavily or exclusively on physical sales – investing in the DTC strategy. With the closure of physical stores pushing unprecedented numbers of consumers to shop online, mainstream retailers have quickly found e-commerce a high priority. Online shopping and pick-up services (BOPIS), for example, saw year-over-year growth in 2020 of 28% in February compared to 18% in January, according to an Adobe study. Analytics. While many retailers viewed these initiatives as a temporary fix, the growing popularity of digital retail experiences has encouraged many retailers to continue these investments in e-commerce platforms.

The second, and most promising, is the growing interest of global retailers in the potential of a DTC strategy to strengthen their brand image and protect it from dilution. The more a business grows, the more difficult it can be to maintain consistency in the brand’s message, as each additional third-party distributor means additional brand fragmentation and more room for inequality in the customer experience. Retailers have limited oversight or control over product descriptions, delivery times, or customer service provided by third parties. Since channel partners will never put as much effort into defending a retailer’s brand as the retailer itself, investing in a DTC strategy is the best step retailers can take to ensure that ‘they present the brand on their own terms.

An online presence is increasingly important

More than ever, consumers are doing their homework before they buy. 63% of shoppers now research a brand online before making a purchase, according to Think With Google. If they can’t find the information they’re looking for, 72% would buy elsewhere, according to an Akeneo study. Consumers can’t risk buying from retailers they don’t know much about, especially during the COVID-19 pandemic.

Having a branded website that provides consumers with the information they need to make an informed decision is the best way to allay these concerns. Even the most basic DTC strategy that primarily focuses on the e-commerce solution can provide consumers with a level of information that is not available anywhere else. Product guides, FAQs, and size guides are just a few examples of services that help consumers make sure a product is right for them. In the fashion retail trade, some companies go further by offering consumers the possibility of seeing the same product on models of different body types.

One of the most common reasons consumers deter from shopping online during the pandemic is the inability to touch items as they would in-store. By providing consumers with as much information as possible about each product, retailers can gain the trust of consumers. For confined consumers, being able to trust a retailer to deliver on their promises is essential. Half of those polled in an Edelman study agree with the statement: “In this time of crisis, I am turning more and more to brands that I am absolutely sure I can trust” (52% in the UK United, 51% in France and 48% in Germany). It is no longer enough to suspect that a retailer is trustworthy; consumers want absolute certainty.

Besides product information, consumers also want to know the brands they buy from. A brand’s mission, purpose and attitude towards corporate social responsibility are now key criteria for changing consumer decision-making models. Consumers of all generations are willing to spend more money on products they believe protect the environment, defend workers’ rights and protect inclusiveness, according to a McKinsey report. If they feel that brands are neglecting their social and environmental responsibilities, it is now very likely that consumers will avoid buying from them. In fact, Edelman reported that 71% of consumers would lose trust in a brand forever if it put profits before people.

It’s all in the brand

The most successful DTC strategy doesn’t start with an ecommerce solution and in hindsight fashion a website around it. A successful DTC strategy sells its brand as rigorously as its products. While the e-commerce solution is often only one of many potential revenue streams, the company’s website is the home of the brand.

Here are some ways that retailers can strengthen their brand through DTC:

  • Clearly communicate your brand values ​​and consider including sections on sustainability, social responsibility and inclusive practices, as well as information on the company’s response to COVID-19.

  • Explore your brand issues in a blog and feature guest editors whose values ​​match yours.

  • Let consumers know your brand cares about their experience by ensuring consistent customer service, responding directly to customer reviews, and sending customer feedback surveys.

  • Excite consumers with special promotions, subscription sales, product bundles, flash sales, free shipping, and freebies.

  • Personalize the customer experience, for example by designing your own products and building your own offerings.

  • Reduce friction as much as possible by allowing customers to create an account that records their shipping and payment information.

  • Reward your most loyal customers with membership programs that offer members special benefits, such as pre-sale access and exclusive discounts.

  • Offer online activities that complement your brand, such as expert makeup tutorials and yoga classes.

  • Boost customer affiliation with your brand with a community page that explores customer stories, brand ambassadors, and events.

Rather than a way to supplement sales revenue, big brands should invest in the DTC strategy to create a brand that customers find so exhilarating that it drives sales across all channels.

The DTC strategy of the future

For some retailers, the company’s website is just a digital asset in the DTC strategy.

Over the next few years, we will likely see an increase in the number of retailers offering retail apps for mobile and smart home / smart clothing. Rather than just providing mobile-friendly versions of the website, the best retail apps offer app-exclusive experiences. They increase digital channels while creating entirely new consumer experiences.

Retail apps work knowing that customer loyalty increases with brand engagement. In food and beverage retail, apps can let you order your food at the table, open a digital supermarket card, or receive special offers via notifications when you walk past items in the store. . In household items, these could be apps with built-in VR functionality that let you see what objects in your home would look like. In sportswear, it could be a training application, like those offered by Nike and Adidas. Retail apps have the potential to boost brand engagement in all markets when used as part of a DTC strategy.

If you are considering investing in a DTC strategy, look for an upcoming article with tips on how to properly manage your DTC channels.


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Western wear market expected to reach $ 99,423 million by 2023

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Global Western Wear Market Opportunity Analysis and Industry Forecast, 2016-2023

POTLAND, 5933 NE WIN SIVERS DRIVE, # 205, OR 97220, USA., Aug 9, 2021 /EINPresswire.com/ – According to a new report released by Allied Market Research titled Western Wear Market by Type, Distribution Channel, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023 ”, the global western wear market size was $ 71,132 million in 2016 and is expected to reach $ 99,423 million by 2023, registering a CAGR of 4.8% from 2017 to 2023. Europe dominated the global western wear market in 2016, accounting for three-sevenths of total revenue.

Request Sample Copy of this Report >>> https://www.alliedmarketresearch.com/request-sample/4568

Western clothing is a unique and comfortable clothing segment derived from the region of the American Old West of the 19th century. The growth in disposable income and the expansion of online clothing retailing has led to an increase in demand for Western clothing. Increasing youth population and fashion awareness among consumers are fueling this market growth. Dynamic fashion trends are driving down sales of existing clothing; thus, to cope, clothing brands are focusing on sponsoring fashion events and celebrity wardrobes to set specific fashion trends. Manufacturers are working with packaging companies to offer innovative packaging for clothing, such as biodegradable barrier trays, which are expected to drive market growth in the near future.

Other Western clothing brands such as Gianni Versace SpA, Chanel SA LVMH Mot Hennessy Louis Vuitton SE and Herms International SA are gaining popularity among the youth population, propelling the growth of the Western clothing market.

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Formal wear segment is expected to dominate the western wear market during the forecast period. However, casual wear is expected to attract the attention of consumers from different cultures.

Luxury brand awareness and social media trends are expected to drive the growth of the Western clothing market during the forecast period. Online retailing is one of the major factors propelling the growth of the western wear market as this channel makes products available to consumers in various regions. As a result, the social media platform provides new emerging fashion trends, thereby increasing the promotion and awareness of the products.

Interested in obtaining this report? Visit Here >>> https://www.alliedmarketresearch.com/purchase-enquiry/4568

Key Findings of the Western Wear Market:
In terms of value, the formal wear segment is expected to grow at a CAGR of 4.40% during the forecast period.
Asia-Pacific is expected to dominate, registering the highest CAGR of 6.2%, in terms of value. Europe is expected to maintain its position throughout 2023, with a CAGR of 3.8% in terms of value.
The online platforms segment is estimated to represent more than a quarter of the total market in 2016.
China and Japan collectively accounted for about half of the total Asia-Pacific western wear market in 2016.
In the global western wear market, India is expected to grow at a CAGR of 12.2%, in terms of value.

If you have any questions, ask our experts >>> https://www.alliedmarketresearch.com/connect-to-analyst/4568

In 2016, Europe accounted for around a third of the total western wear market and is expected to maintain its position during the forecast period. The development of lifestyle and the increase in disposable income of consumers are expected to boost the Asia-Pacific market.

Tushar Rajput
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The new digital paradigm for luxury brands in China

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Key points to remember:

  • By 2025, China will account for half of the world’s luxury purchases, beating earlier estimates placing that date at 2030.

  • Up to 95% of luxury buying decisions are now made along the digital consumer journey by tracking key thought leaders, key opinion customers, live broadcasts or any other marketing tool digital.

  • Many luxury brands are underperforming in China in two critical areas: the pre-purchase journey (aka the “new moment of truth”) and the digital shopping experience.

China’s appetite for luxury is growing at an accelerating rate, and by 2025, the country will account for half of the world’s luxury purchases (beating previous estimates placing this date at 2030).

Unsurprisingly, much of China’s growth has come from digital sales. With over a billion users, WeChat is the country’s leading platform, followed by a growing number of smaller social selling sites that offer a combination of chat, social media, and digital storefronts. These changes have had dramatic consequences, creating a whole new game in luxury.

I’ll start with creating preferences. Our research indicates that up to 95% of luxury buying decisions are now made along the consumer’s digital journey by following top thought leaders, top opinion customers, live broadcasts, or whatever. another digital marketing tool. In other words, if a brand can capture the hearts of consumers during the digital journey, it will also win their wallet. If brands lose online, they won’t make sales. It’s that simple.

These new rules have had serious consequences for many luxury brands, especially the smaller western ones. Their content must adapt to specific platforms in China while remaining faithful to the brand’s DNA. WeChat content must be different from Little Red Book or TikTok content, for example. If the marketing doesn’t look native to the platform, it won’t be genuine. And if it is not genuine, it will not create desire.

As a result, many brands have already lost a competitive advantage long before a customer walks into their digital storefront or considers the brand. This is partly why the top 10 luxury brands have increased their lead over smaller brands in China. It’s not just because they spent more; it’s also because they master local content, making their brand storytelling specific to all platforms.

However, digital mastery in China actually does a lot more for a brand. Take WeChat, for example. When I analyze the performance of luxury brands on critical dimensions such as search options, personalization, live support, and product presentation, most of them show significant deviations from the industry leaders. sector, which costs them conversion rates and lost customers.

For example, many western brands have the same standard response times in China as in the US or Europe. While customers in both regions are used to waiting endlessly in waiting lines, desperately trying to have a representative in front of them, for China the best practice is now between six and ten seconds, no more. The list of errors like these goes on and on.

As such, many luxury brands are underperforming in China in two critical areas: the pre-purchase journey (or what I call the “new moment of truth”) and the digital shopping experience. . Pair that with lackluster after-sales service and customer connectivity, and the number of brands leaving millions of dollars in potential revenue on the table becomes huge.

But with the rapid growth of the Chinese luxury market and the acceleration of digitization, these gaps will emerge as a minor underperformance in the future. Over the next three to five years, they will separate the winning brands from the unrelated ones in China.

So what should brands do? The days of digital transformation, digital acceleration and digital focus are long gone. Brands now need to radically rethink how they can gain a digital competitive advantage, starting with the desire creation phase and moving through the store and shopping experience. Then, finally, they must provide personalized and relevant post-purchase follow-up communications.

But above all, the customer journey must be more than transactional. It needs to send a luxury signal throughout the process by delivering experiences that customers have never had before – an elusive goal in digital where many aspects are standardized.

An essential element is the “last mile”, an incredibly important but often underestimated stage for luxury brands. If the shipment arrives late, which can mean in China 10 minutes after the promised time, or the box is damaged, the luxury experience suffers. Unfortunately, I still see too many occasions where this is happening, and the moment the customer gets their product (bridging the digital and physical realms) falls short of expectations.

Your brand needs to think beyond “omnichannel”. Instead, think of 360-degree customer experiences that feel luxurious in every aspect. The clock is turning.

Daniel Langer is CEO of the luxury, lifestyle and consumer branding company Equity, and Professor of Luxury Strategy and Extreme Value Creation at Pepperdine University in Malibu, California. He consults some of the world’s leading luxury brands, is the author of several luxury management books, a global keynote speaker, and conducts luxury masterclasses in Europe, the United States and Asia. To pursue @drlanger



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Comment: Are cheap cosmetics from online brands legit?

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ColourPop, for example, regularly performs several high-profile collaborations with pop culture icons, including the Powerpuff Girls animated TV series and the Animal Crossing video game series – numbers known to their key target audiences of Gen Z and Gen Z. generation Y.

In addition to sending products to influencers before launches, ColourPop’s ‘Instagram-worthy’ products are so affordable that American content creators who didn’t receive the articles will still get their hands on them to complete their tutorials. makeup.

These micro-influencers, with followers ranging from 10,000 to 100,000, feature ColourPop on their YouTube and Instagram channels simply because the products look great on their feed, giving ColourPop exposure it doesn’t have to pay for. .

TOO GOOD TO BE TRUE?

With prices this low, one wonders if fast beauty products are inferior, or worse, harmful. How do you know if these cosmetics are legitimate?

Before you hit the “Check Out” button for that S $ 4 lipstick, do a little research on the brand. Is the brand backed by a large company?

For example, the K-beauty Etude brand is part of Amorepacific Corporation, a beauty conglomerate that also owns renowned skin care brands like Laneige and Sulwhasoo.

Study keeps costs low thanks to the economies of scale offered by a large company.

Its products are also likely to meet a certain standard since it can take advantage of the research and manufacturing strengths of its sister brands.

For example, Etude took advantage of the trend of sleep masks and cushion foundations launched by Lanege and IOPE respectively, offering them at affordable prices for wallets.

The caveat is that brands not backed by big companies can also offer good quality, as many standard makeup formulas aren’t patented, and chemists can easily recreate what pleases customers.

I would say the litmus test to consider is whether the brand is dedicated to building a ‘brand’ or if its only selling point is its low price.


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From a Louis Vuitton video game to Burberry’s Shark, the latest luxury NFT

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Shopify will allow third-party merchants to sell non-fungible tokens (“NFTs”) through the e-commerce storefronts it powers, “betting there is a demand for an alternative to third-party crypto markets,” Bloomberg reported. month. “If you’ve spent a minute on the internet this year, you’ve seen a lot of it on NFTs,” Shopify President Harley Finkelste tweeted on July 26. “We make it easier for our merchants to sell NFTs directly through their store. The news comes shortly after eBay revealed this spring that it would add ‘new capabilities that would bring blockchain-based collectibles to our platform,’ based on the fact that collectibles , for which eBay is known, are not limited to tangible goods.

Both moves are presented as likely to make NFTs (i.e. unique crypto tokens managed on the blockchain, which acts as the decentralized ledger to track the ownership and transaction history of each token) more currents, and they coincide with the efforts of service providers, luxury brands – like Gucci, which released an NFT film in May, and Rimowa, owned by LVMH, which auctioned off four travel-inspired NFTs and the corresponding physical goods. , this spring – and sportswear titans like Nike (as indicated by its Cryptokicks patent), among others, to attract digitally connected consumers, who place great value on digital assets and are willing to spend accordingly.

In the wake of the early moves of companies like The Manufacturer, who created a one-of-a-kind digital outfit, which was auctioned off to the winning bidder in 2019 for over $ 10,000 and delivered as an NFT, a large Many businesses are turning to NFTs not only to equip – and entertain – metaverse consumers, but also to help businesses looking to bolster their credentials of authenticity.

Luxury brands take on technology

Louis Vuitton, for example, launched “Louis: the game», A video game with 30 integrated NFTs. The visually striking goal of the game, which the world’s largest luxury goods brand debuted on August 4? To connect with young, digitally connected consumers, who, as Quartz’s Marc Bain puts it, Louis Vuitton must look beyond its current customers and “show up” – and build relationships with – in order to “stay in line. 150 years. And in the words of Louis Vuitton CEO Michael Burke, “the best way to engage people is the way they like.”

On the same day, Burberry unveiled its previously announced partnership with Mythical Games: an NFT collection in their flagship title, Blankos Block Party, as an extension of what the British brand calls “a partnership of premieres paving the way for the future of digital property. in games.

Adorned with Burberry’s new TB summer monogram and inspired by the brand’s house code Animal Kingdom, the limited-edition, limited-quantity Burberry Blanko – a shark named Sharky B – is an NFT that can be purchased, upgraded and sold in the Blankos. Block Party Market, “by Burberry. As part of the collection, Burberry revealed it will be launching” its own in-game NFT accessories, including a jetpack, armbands and pool shoes, that players can apply to any Blanko they own. ”

Addressing specifically the impetus behind the project, Burberry revealed that “in an age where customers are constantly redefining community spaces and the way they connect with brands,” its collaboration with Mythical Games “reflects the spirit of long-standing innovation and creativity of the house, going above and beyond to forge lasting ties with its communities. With the new venture, Burberry Marketing Director Rod Manley said the brand is “able to unleash real value for the gaming community by encouraging gamers to interact with our brand in an environment that celebrates art, design and exploration ”- and in most cases like Louis Vuitton, it is able to generate value for itself by wooing new consumers.

The legal angle

The continued demand for NFT and also for virtual fashion, such as the high-selling accessories that Gucci has offered in collaboration with Roblox, offers brands a “great opportunity” to attract new customers and potentially “to retain their subscribers and customers, “according to Orrick Sheryl Koval Garko’s lawyers, Mark Puzella and Caroline Simons. With this emerging opportunity in mind, brands must also” be vigilant against the theft of their works and police behavior that could weaken or dilute their brands. ” At the same time, Garko, Puzella and Simons say that brands would be advised to review their existing registrations to determine if the classifications of the goods / services currently listed do not provide them with “sufficient coverage for DTV” and more digital fashion. generally, and if they do not, they should seek to establish new rights whenever possible.

To date, brands do not appear to be rushing to register new technology-specific marks in Class 9, for example, which would cover video games, and / or Class 36 – which extends to ‘digital tokens under’. form of issuance of tokens of value ‘as well as’ cryptocurrency services, namely, providing a digital currency or digital token for use by members of an online community via a computer network world ‘- in the same way that many were relatively quick to file registration applications for uses of their marks in connection with face masks and other protective equipment in the wake of the COVID-19 pandemic. However, that is likely to change (and change soon) as brands continue to embrace NFTs and virtual fashion and ultimately aim to protect themselves from the illicit uses of their brands in the metaverse.

After all, the accessibility of the NFT manufacturing market coupled with the wider adoption and demand for digital fashion items, especially from Gen Z consumers, has opened the door for those who seek to trade on the well-established goodwill of famous fashion brands through ‘Baby Birkin’ bags, for example, and in the process, they present brands with a whole new market to control when it comes to potential cases counterfeit.


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Introducing Homer, Frank Ocean’s “independent American luxury company”

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Over the past few years, the creative production of Frank Ocean has been extremely sporadic. He released a handful of singles and canceled another. He organized a series of dance parties in Queens. He launched a voter registration campaign ahead of the 2020 election and appeared in a Prada campaign. Most of the time, however, he seemed to be working on a mysterious project that little was known about. He rented an art studio in New York’s Chinatown, where one of his cars could often be seen parked outside, and there were rumors he was throwing … something. Definitely not an album, however – a physical one thing. Was it clothes? Furniture? Everything Ocean and his small group of Blonded employees – architects, graphic designers, fashion designers – were doing in his downtown office was guessable.

It turns out that Frank Ocean designed jewelry. Today he announced the launch of Homer, a line described in a press release as an “independent American luxury company.” The first Homer collection is extensive, featuring dozens of diamond encrusted bracelets, cartoon-colored enamel pendants, patterned silk scarves, and gold rings carved into the word “OK.” A Homer store is slated to open at The Jewelry Exchange, a Uncut gems– a stylish department store on the Bowery filled with old-fashioned diamond repair and watch repair booths on Mondays. For now, the collection is only available in stores.

The project has been in the works for almost three years, a period which suggests that Ocean approached Homer – the name is described in the release as representing “setting history in stone” and may be linked to Home Record, an Ocean LLC registered several years ago, with the level of meticulousness and connoisseur it brings to making music (and buying sofas). The pieces in the first collection are designed in New York and handcrafted in Italy, and the diamonds are cultivated in the brand’s national laboratory. The prices range from affordable to outrageous. The plus symbol enamel pendants are $ 435, which you might find at a local Canal St. gold store. And then there’s the “Sphere Leg High Jewelry Necklace”, which will cost a little less. of $ 1.9 million. (Yes, $ 1.9 million.) Ocean aims to reach its fans in their twenties as well as the celebrities who are indulging in the Instagram one-upmanship with their pieces Ben Baller and Jacob the Jeweler. (It’s easy to imagine Lil Uzi Vert fighting, say, Quavo for a unique Homer fine jewelry chain.) Few brands encompass both entry-level and fine jewelry, but few are so mysteriously alluring than Frank Ocean, whose merchandise drops (to say nothing of his music releases) are causing multi-day news cycles focused on social media.


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