Summer 2019 Midi dresses. Photo courtesy of Topshop.
The fashion market has been shaken lately. Many brick-and-mortar retailers claim that they are facing heated online competition, and the changing of consumer habits of Millennials interested in the environment and sustainability, is also responsible for shaking things up. In 2019, American retailers state that 5.994 stores will close; Victoria Secrets, for example, is closing 53 stores after its sales dropped 3%.
The British multinational fashion retailer Topshop has just closed its 11 American shops after filing for bankruptcy protection in the US. Sir Philip Green’s Arcadia Group that operates Topshop, Dorothy Perkins, Evans and Burton, said they are also closing some 23 stores in the UK to restructure the company.
On the other hand, the shares of US online luxury reseller, that specialises in buying and selling second-hand luxury items like Chanel handbags and Rolex watches, have soared 44.5%. The RealReal is expanding from online shop to brick-and-mortar, opening one store in Manhattan and one in Los Angeles.
Sara Moonves is the new editor in chief at W Magazine after it was acquired from Conde Nast by the Future Media Group, a newly formed company that includes several luxury brands like Surface and the Watch Journal.
Let’s see what other changes July will bring.