The big news this month is the announcement of the purchase of Versace by Michael Kors for an estimated £1.61 billion, with the deal set to close in the final quarter of 2019. This agreement will see Michael Kors Holdings rebranded to Capri Holdings; both Michael Kors chief executive and Versace boss Jonathan Akeroyd will keep their roles.
There have been a number of new launches in September, with Gwyneth Paltrow’s wellness brand Goop opening the doors to its first London pop up store, Maison Alaїa teaming up with fashion e-commerce giant Yoox Net-a-Porter Group to present its first official online store and the social media mogul Snapchat propagating the digital age through the debut of its new shoppable snap ads, which bring the latest celebrity outfits and trends to users’ fingertips.
Across the pond, e-commerce retail giant Amazon gains a more tangible presence with the opening of its new bricks-and-mortar store – ‘essentially a physical representation of what’s hot on Amazon’.
Fat Face CEO Anthony Thompson, who has led the business for nine years, is set to depart at the start of 2019, describing it as ‘the right time for the business and for [him] personally to move on’. A successor is to be announced soon.
Boohoo, Oasis and Warehouse all see a rise in sales with Next sales rising better than expected in a period that has been described as ‘volatile’ and ‘challenging’ by Next chief executive Lord Wolfson. H&M reports slightly lower than expected growth for the second quarter while online retailer ASOS sees share prices dropping after its largest investor offloaded more than two million shares in the business.
Next's no-deal contingency plans are unveiled by its chief officer as he issues a stark warning about the dangers a no-deal Brexit would pose.