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Business News Daily

Vital dispatches on what matters

Sydney Sladovnik

The Tiffany-Diamond Notch in LVMH’s Belt of Family Affairs

May 1, 2023 by Sydney Sladovnik Leave a Comment

Tiffany & Co., convened a multi-day celebration for the reopening of its New York flagship, reinvigorating the jewelry giant’s identity in modern lights and strengthening parent company LVMH’s stronghold on the luxury market. 

 

Tiffany’s four-year, mystery million-dollar renovation concluded on Friday with an exclusive party, celebrity guest list and performances from Katy Perry and Radio City Rockettes. Ribbon cutting took place two days earlier with the brand’s global ambassador, Gal Gadot, president and CEO Anthony Ledru, and Alexandre Arnault, the 30-year old company executive vice president of product and communications. 

 

Arnault is also the son of Bernard Arnault, chairman and CEO of LVMH, who also recently surpassed Elon Musk as the richest person in the world. All five of Bernard Arnault’s children hold executive titles at LVMH-owned companies, including Louis Vuitton, TAG Heuer and Dior. Alexandre Arnualt was appointed to his role when LVMH acquired Tiffany’s in 2020. 

[Read more…] about The Tiffany-Diamond Notch in LVMH’s Belt of Family Affairs

Filed Under: Business Tagged With: Fashion, Luxury

Shareholders Unsure of Coach’s Sustainable Debut

April 24, 2023 by Sydney Sladovnik Leave a Comment

Coachtopia, a subsidiary of Coach, launched on Thursday shortly before stocks tumbled, suggesting investors aren’t as confident in the brand’s new reduced-waste merchandise as the creators anticipated.

 

The brand’s new circular approach broke the internet last week with multiple lines of bags, apparel, influencer collaborations and campaign coverage. Coach’s new ‘ecosystem’ is set to change the way Coach designs, crafts and uses products. While many fashion brands are finding new and inventive ways to improve their sustainable initiatives, Coachtopia is not off to a promising start as Tapestry’s stock price fell nearly 2% by the end of day Thursday.

 

The subsidiary’s products consist of recycled materials and up-crafted designs, at comparatively similar prices to their first-hand small shoulder and crossbody bags. Styles range in shape, color and patchwork but front and center is the ‘Wavy Dinky,’ which is made out of a variety of recycled materials including leftover leather scraps for the body and multicolor, partially recycled resin for the strap. It also coined a trade-back program, vouching to take any Coachtopia product back, anytime “regardless of its age or condition.”

 

[Read more…] about Shareholders Unsure of Coach’s Sustainable Debut

Filed Under: Art, Business

The Future of Fashion Looks Young and Degree-less

April 18, 2023 by Sydney Sladovnik Leave a Comment

Fashion business jobs are making room in their workforce as young gens stray away from higher education and traditional career moves. 

 

Economic anxiety and crippling debt is rising amongst all ages, but Gen Z in particular is taking it personally. Increasing reports share that young people are opting for jobs that don’t require degrees because they don’t think they need them. Fashion business analysts luckily agree. 

 

As far as getting into a fashion design career, Indeed shared a number of ways people can navigate through retail innovations and experience, all of which do not include any form of school. The list suggests tips such as building a personal brand online, networking, and brushing up on the latest news and technology. While going to school hypothetically fast tracks those recommendations, it is arguably doable for anyone regardless of their academic background.

[Read more…] about The Future of Fashion Looks Young and Degree-less

Filed Under: Art, Business, Work

AI Coming for Fashion Jobs and Standards Next

April 3, 2023 by Sydney Sladovnik Leave a Comment

Levi’s joined the league of digital fashion last week, announcing plans for AI model incorporation to come next year, threatening the fashion model job market as we know it. 

 

The denim brand says they’ll be working with Amsterdam-based Lalaland.ai to create hyper-realistic ‘body-inclusive avatars’. While virtual models are not entirely new to the fashion world, Levi’s is the first major company to share its intentions for long-term AI-generated use. Such a business opportunity presents yet another double-edged sword to digital innovation.

 

Levi’s explains that their purpose for human-like supplements is to create more ‘personal’ and ‘inclusive’ looks. Using AI technology opens the door for more diverse, realistic bodies—something consumers have been demanding from the fashion world for decades. In contrast, real human models could now face real job insecurity and become yet another occupation swept away by this modern-technology takeover.

[Read more…] about AI Coming for Fashion Jobs and Standards Next

Filed Under: Business

Ford Workwear Emerges With Gen Z in Focus

March 24, 2023 by Sydney Sladovnik Leave a Comment

Ford auto launched a limited line of workwear in collaboration with Euphoria star Sydney Sweeney and Dickies apparel, opening the door for young peoples’ favor towards both utility style and work.

 

Yes, you read that correctly—Ford is making clothes. And they come in hints of baby blue and bright pink.

 

While the motor company has sold merchandise in the form of cotton tees and sponsored racing jackets, this is the first line they have released that streamlines directly to younger, female audiences. 

[Read more…] about Ford Workwear Emerges With Gen Z in Focus

Filed Under: Business

What Your Discount Promo Emails Mean for the Second-hand Market

March 10, 2023 by Sydney Sladovnik Leave a Comment

Buckling down on budgets has given first-hand retailers a new price range to adapt to, inadvertently sending second-hand markets into disarray and threatening vintage, thrift, and consignment business as we know it. 

 

While spring nears and fashion weeks wrap up, the retail world is in full swing to launch warm weather lines. For both shoppers and associates, this time of year often brings a much needed refresh to the floor and closet wishlists. With that also comes internal scramble to find a use for winter’s unsold. 

 

Much of that leftover inventory gets stowed in dusty corners of stores at a fraction of the cost—hence why your inbox might look like a parade of promotional codes from all those stores you never remember subscribing to. Slashing prices on end-of-season products is typical yet recent predictions are leading analysts to believe that low prices are sticking around a bit longer than usual. Largely due to inflationary pressures, people are not spending what they would on all goods, but especially clothes. In turn, storefronts are predicted to keep their small price points for the greater half of the year, meeting consumers where their money is (or isn’t).

[Read more…] about What Your Discount Promo Emails Mean for the Second-hand Market

Filed Under: Business

Lilly’s Price Cuts to Shift Insulin Accessibility for Friends & Foes

March 3, 2023 by Sydney Sladovnik Leave a Comment

Pharmaceutical powerhouse, Eli Lilly, announced Wednesday that they would cap the prices for their short and long-acting insulins, tilling the foundation of drug access as it pertains to both diabetics and diet-seeking acolytes. 

 

For both insured and non-insured users, Lilly has promised its non-branded and Humalog® short-acting medications to cost no more $35 effective immediately. Following with the launch of a new basal insulin, RezvoglarTM, for less than a quarter of competing brands.

 

Lilly’s move comes after a parade of legislative proposals and social calls to action marched their way through 2022 for more affordable diabetes medication yet increasing demand and diminishing supply threw insulin prices through the roof. Considering households were spending upwards of $1,000 monthly, insulin price gashes as large as 70% comes with cheery applause and praise from many. 

 

Medical affordability and accessibility has long been needed for the diabetic community, especially those with private or no insurance. However, this shift inherently increases the risk of users neglecting insulin medications and uproots the future of the insulin industry.

[Read more…] about Lilly’s Price Cuts to Shift Insulin Accessibility for Friends & Foes

Filed Under: Business

Burnout Wins! Shorter Work Weeks in the Making

February 24, 2023 by Sydney Sladovnik Leave a Comment

Living in the modern age means work hard, play hard, yet an inflation-strained workforce and declining mental health has simply made it hard to play at all. Success of four-day workweek trials surfaced earlier this week, begging the possibility of improved work-life balance, and a resolution to burnout worldwide. 

 

Fatigue has been a never ending topic of discussion for years. Much like this looming recession, all anyone can seem to do is talk about it. What’s more, mental health has received new levels of attention and calls for action in both personal and professional realms. All of these factors went into play for the UK’s four-day week pilot, and all received positive responses.

 

[Read more…] about Burnout Wins! Shorter Work Weeks in the Making

Filed Under: Business

Future of the Runway: Metaverse or Bore?

February 17, 2023 by Sydney Sladovnik Leave a Comment

Artificial Intelligence, NFTs, and technological innovation have taken over conversations at this spring’s New York Fashion week while in person shows delivered underwhelming looks, challenging whether fashion consumers should prepare for recession driven styles or the metaverse—or both. 

 

Critics reported that collections in the second half of New York Fashion Week were “less about attaching garments to cultural touchstones and more about making interesting, practical clothes to wear every day.”

 

Spinning normalcy into a positive is beneficial for designers, however, could be another clue of recession setting in. While runways are traditionally tailored to high profile individuals and like minded creators, mediocre designs allude to a penny-pinching season for the luxury market, and further, every class below.

 

[Read more…] about Future of the Runway: Metaverse or Bore?

Filed Under: Business

Capri Holdings Consumers Tighten Purse Strings, Looming Recession Prevails

February 10, 2023 by Sydney Sladovnik Leave a Comment

 

Capri Holding Michael Kors flagship office in Soho New York, New York

Michael Kors parent company Capri Holdings stock sank more than 25% in one day after announcing dismal third quarter earnings, hinting at a soon-to-be dry luxury market as recession sets in. 

 

The multinational fashion corporation shared its Third Quarter Fiscal 2023 Results on Wednesday leading with a 6% decrease in revenue and 16.9% adjusted operating margin. Michael Kors took the biggest hit, valuing 7.2% less than it did the year prior, suggesting that luxury spending amongst upper-middle class consumers is depreciating along with the economy.

[Read more…] about Capri Holdings Consumers Tighten Purse Strings, Looming Recession Prevails

Filed Under: Business

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