Author: Sam Allcock

The integration of digital authenticity certificates is revolutionising the luxury fashion industry, promising enhanced transparency and traceability.Italian group OTB is set to certify 1.5 million luxury products with digital authenticity certificates, starting autumn/winter 2024.Each product will feature a Near Field Communication (NFC) chip to ensure authenticity via the Aura blockchain platform.LVMH, alongside partners Microsoft and ConsenSys, launched the Aura blockchain to bolster product transparency in 2019.OTB, with brands like Jil Sander and Marni, joined the Aura Blockchain Consortium in 2021 to further this initiative.The Italian fashion conglomerate OTB is spearheading efforts to infuse digital authenticity into luxury fashion by certifying…

Inditex has announced impressive financial results for early 2024, showcasing strong growth.Revenue rose by 7.1% year-on-year to €8.2bn (£7bn) due to strong seasonal sales.Gross profit increased by 7.3% to €4.9bn (£4.2bn) alongside an 8% EBITDA rise to €2.4bn (£2bn).Store and online sales saw a significant 12% year-on-year increase from May to June 2024.Plans include a €1.8bn (£1.5bn) investment in new distribution centres and updated security measures.Inditex has demonstrated a robust financial performance for the period from 1 February to 30 April 2024, attributing a 7.1% year-on-year increase in revenue to €8.2bn (£7bn) to its successful spring/summer 2024 sales. The group,…

Monsoon partners with My Wardrobe HQ to launch rental bridal and occasionwear.A collection of 30 rental options including bridal and occasion dresses is now available.Rental prices range from £5-14 per day, offering affordability and sustainability.Monsoon aims to expand customer reach through rental services.The initiative aligns with Monsoon’s strategic adjustments following decreased sales.Monsoon has formed a strategic partnership with My Wardrobe HQ to introduce a rental collection consisting of bridalwear and occasionwear. This collaboration aims to cater to the needs of modern consumers seeking affordability and sustainability in fashion.The newly launched collection features 30 rental options, which comprise nine bridal pieces,…

Renewcell, now Circulose, has found a new path forward through Altor’s acquisition.Following bankruptcy, Renewcell’s assets were purchased by Swedish firm Altor.The acquisition includes Renewcell’s intellectual property and Sundsvall production site.Circulose, the new name under Altor, focuses on sustainable textile recycling.Industry leaders Mango and Zalando support Circulose’s mission and potential impact.Renewcell, a leading player in sustainable textile innovation, faced financial hurdles earlier this year, resulting in a bankruptcy filing at the Stockholm District Court. Despite challenges, Renewcell’s potential was recognised by Altor, a prominent Swedish investment firm, which has invested by acquiring the remaining assets, including crucial intellectual property and an…

Zara is set to open a new flagship store in Glasgow’s Silverburn shopping centre, taking over the former Debenhams space.The store will cover 47,000 sq ft over two floors, with a design similar to other flagship locations.This move is part of a larger strategy by the shopping centre’s new owners to revitalise the area with high-quality retail offerings.The flagship store aims to enhance Zara’s omnichannel capabilities by offering in-store online order collections.Henderson Park and Eurofund Group are leading the redevelopment efforts, bringing significant investment to Silverburn.Zara, the fashion retailer known for its rapid turnaround of runway designs, is preparing to…

Shein is preparing for a potential IPO on the London Stock Exchange, marking a significant milestone.The company, originally from China and now based in Singapore, is drafting a prospectus for the Financial Conduct Authority (FCA).The potential IPO could value Shein at approximately £50 billion, one of the biggest on the London Stock Exchange in years.While preparations are underway, the final decision on timing and location of the IPO remains uncertain, with New York also being a possible location.Financial performance has been strong with Shein achieving over $2 billion in profits and $45 billion in gross merchandise value in 2023.Shein, the…

The British Retail Consortium (BRC) urges political reform as UK footfall drops by 3.6% in May.Shopping centres experience the largest decline, with a 4.5% decrease in footfall.The BRC highlights outdated business rates and planning laws as barriers to revitalising retail.National footfall declines across Scotland, Wales, England, and Northern Ireland.Upcoming election seen as a crucial moment for policy changes to boost the retail sector.The British Retail Consortium (BRC) has called upon political parties to address significant economic challenges faced by the retail sector, as evidenced by a substantial 3.6% year-on-year decrease in national footfall for May. The decline, led by a…

Boohoo Group’s executive team has decided not to accept a £1m bonus each after discussions with shareholders, amidst financial difficulties.The bonuses, initially intended for CEO John Lyttle and co-founders Mahmud Kamani and Carol Kane, have been retracted due to investor concerns.Boohoo’s financial results for the year ending 29 February 2024 showed a significant increase in pre-tax losses, rising to £159.9m from £90.7m in the previous year.Revenue for the period fell by 17% to £1.46bn, accompanied by a 16% decrease in gross profit and a 7% drop in adjusted EBITDA.The company emphasised the importance of shareholder engagement for future decision-making, while…

As the UK prepares for its upcoming general election, business leaders make a profound political statement.More than 120 executives, including JD Sports’ Andy Higginson, support Labour.Business leaders cite economic stagnation and instability as reasons for their support.Labour’s perceived shift towards business-friendly policies gains attention.Prime Minister Sunak announces general election for 4 July.In a significant political development, over 120 prominent figures from the business community, including Andy Higginson, chairman of JD Sports Fashion, have expressed their support for the Labour Party in the forthcoming general election. This initiative is encapsulated in an open letter published in The Times, which articulates a…

Recently, reports have surfaced online about some changes to WhatsApp’s status updates. From a completely revamped interface to the ability to mention contacts privately, the instant messaging platform has introduced several new features. According to a recent report by WA Beta Info, WhatsApp now allows users to share longer voice notes as status updates. The report from WA Beta Info indicates that WhatsApp is now expanding the capabilities of its status feature, applicable to both iOS and Android users. The Meta-owned app now allows users to share voice notes up to 1 minute long. With recent updates, users can record…