http://www.mpdclick.com/mudpie/action/viewNews MPDClick Daily News en-us Tue, 21 May 2013 09:17:36 GMT Tue, 21 May 2013 09:17:36 GMT http://www.mpdclick.com web@mudpie.co.uk web@mudpie.co.uk http://www.mpdclick.com/ http://www.mpdclick.com/mudpie/custom_content/img/mpdclick-rss_logo.jpg http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740266&listId=19 Department store John Lewis has announced that it is to recruit more than 100 apprentices for its 2013/14 retail apprenticeship programme. Now in its second year, the one-year retail scheme focuses on young people and guarantees that everyone who successfully completes their training will secure employment with the retailer. Last year the scheme offered 80 apprenticeship places and due to the success this has been increased to more than 100. Apprentices for the retail scheme are being recruited for 25 of the retailers 39 shops in England, Scotland and Wales, including its flagship Oxford Street department store, and they will join the business in September. In addition, this years recruitment drive is also offering IT apprenticeships aimed at training the next generation of IT and systems leaders in the business, to help develop its in-house IT skills and technology and reduce the skills gap. IT director Paul Coby said: Were seeing a real skills gap in young people where IT and technology are concerned, and as a keen investor in talent weve recognised that this needs to be addressed as we strive to become a leading omni-channel retailer. We recognise the importance of technological innovation and the apprentices we take on will be crucial in helping us to achieve our goal. Laura Whyte, personnel director at John Lewis, added: Last years apprentices have hit the ground running, and the programme has been a huge success for the business. Its fantastic that we can increase the number of new recruits by 25 percent for the second year, in line with the targets we set. Our aim for the programme has always been to give young people a genuine alternative to university and importantly, provide them with the skills and knowledge to set them on the path for a long-term career in retail. Tue, 21 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740266&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740265&listId=19 Richemont has announced the resignation of Marty Wikstrom from her role as Chief Executive Officer of Richemont Fashion and Accessories with immediate effect. She will continue to serve as a Non-Executive Director on the companys Board until the shareholders meeting to be held on September 12, 2013. Wikstrom was first appointed to the Board in 2005 and served as a Non-Executive Director until 2009. In 2009, she became an Executive Director upon her appointment as Chief Executive Officer of Richemont Fashion and Accessories. In that role, she has overseen the strategic development of six of Richemonts Maisons, including Alfred Dunhill, Azzedine Alaa, Chlo and Lancel. Since 2009, Wikstrom has also served as a member of the Chairmans Committee and the Group Management Committee. She steps down from those Committees. The Board of Directors would like to thank Wikstrom for her many contributions to the Group, transitioning the fashion and accessories businesses and positioning them for further prosperous growth. Tue, 21 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740265&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740267&listId=19 Philadelphia based Urban Outfitters announced net income of 47 million dollars for the three months ended April 30, 2013. Earnings per diluted share were 0.32 dollars for the quarter. Total Company net sales for the first quarter of fiscal 2014 increased to a record 648 million dollars or 14 percent over the same quarter last year. Comparable retail segment net sales, which include our comparable direct-to-consumer channel, increased 9percent, whereas comparable retail segment net sales increased 44percent at Free People, 8percent at Anthropologie and 6percent at Urban Outfitters. Wholesale segment net sales witnessed a rise of 16 percent. "Our brands delivered solid growth across all channels in the first quarter, especially in our direct-to-consumer channel," said Chief Executive Officer, Richard A. Hayne, adding, "Our focus on the direct-to-consumer channel has paid off nicely and we plan to continue to make the investments necessary to support its robust growth." During the three months ended April 30, 2013, the Company opened a total of seven new stores including: three Free People stores, two Urban Outfitters stores and two Anthropologie stores, and closed one Urban Outfitters store. Urban Outfitters offers a variety of lifestyle merchandise to highly defined customer niches through 216 Urban Outfitters stores in the United States, Canada, and Europe, catalogs and websites; 182 Anthropologie stores in the United States, Canada and Europe, catalogs and websites; Free People wholesale, which sells its product to approximately 1,400 specialty stores and select department stores, 80 Free People stores in the United States and Canada, catalogs and websites; 2 BHLDN stores and a website and 2 Terrain garden centers and a website, as of April 30, 2013. Tue, 21 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740267&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740243&listId=19 Lifestyle brand Barbour has expanded its senior management team with two strategic appointments to strengthen its PR, marketing and sales departments as the brand looks to expand. Paul Wilkinson has been hired as head of marketing, while Ryan Llewellyn-Pace has been appointed as sales director UK & Ireland. Wilkinson will head up the global marketing team working across branding, PR and digital marketing. He joins Barbour from Protest Boardwear, where he was UK managing director, and brings with him extensive marketing and commercial experience. Llewellyn-Pace, who joins from sportswear label Canterbury, will oversee the UK & Ireland wholesale sales team. Commenting on the appointments, Barbours managing director Steve Buck, said: Both Paul and Ryan have a wealth of experience and knowledge in marketing and sales and they will significantly contribute to Barbours continuing growth and development as a lifestyle brand. Mon, 20 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740243&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740244&listId=19 Department store Debenhams has become the second organisation to sign up to the Equity code for fair treatment of models, following fashion magazine Vogues lead. By signing, models hired by Debenhams for all of its photo shots, TV ads, look books and website images, will have a pre-agreed maximum length of working hours, provisions of breaks and refreshments during shoots, private changing area, as well assurances that relevant insurances such as travel and public liability are in place. In addition, the retailer will also have to clearly explain the nature of the shoot in advance and provide prompt payment in accordance with the agreed payment terms by the retailer and the agencies it uses. The move builds on Debenhams existing guidelines that ensure no one under 16 will be used to represent an adult and that all models must be at least a size eight and no smaller. Debenhams chief executive, Michael Sharp, said: Fair treatment of everyone who models for us has always been a priority. The code firmly cements our ambition. We hope others follow our lead. Dunja Knezevic, a working model and current Chair of Equitys Models Committee, added: Its fantastic that Debenhams has supported models by being the first retailer to sign up to the Ten Point Code. Debenhams is not only positively employing models who represent the body image more typical of women in the work place, but they are treating models with the same care as a good employer. We can only hope that other major retailers will follow their example. Mon, 20 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740244&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740239&listId=19 Luxury department store Harvey Nichols is to expand its own private label with a new dedicated department. The company is looking to find individuals who can fill the roles of designing, production control and sourcing.The new label will see clothing, accessories and footwear managed under the Harvey Nichols brand, its chief executive officer Joseph Wan stated. Wan told Drapers that the team structure has already been developed using external consultants. We have the groundwork done so that once the person is in, recruitment can happen straight away, he said. Wan added that he would aim for the first collection to hit stores for autumn 14, although he acknowledged this was a very tight deadline and could be pushed back. It is expected that the division, which has been devised to give Harvey Nichols greater margins and more control over product, could be home to a number of collections under different brand names. Harvey Nichols is further focusing on its online strategy, and will re-design its website and e-commerce site this year. Customer will be able to click-and-collect their purchases as well as find a more diverse product range and information. Harvey Nichols is to launch a new store in Baku, Azerbaijan next spring. Image: Harvey Nichols Mon, 20 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740239&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740193&listId=19 British buy-out firm 3i is at the lookout at major investment partners to buy into companies together. Hobbs brand owner has announced new agreements with a large sovereign wealth fund and a major UK institution. "They are in place and there may be more to add to that. Those people will be at the front of the queue in terms of co-investing with us," CEO Simon A. Borrows told reporters earlier this month. "They will have the right to say whether they want to be in a particular deal." Borrows, a former investment banker who was previously 3i's investment head, replaced Michael Queen a year ago intending to turnaround the poor stock performance and to insufflate new airs into the business. With regards to the future of both the buyout firm and its trade, Christopher Brown, analysts at JP Morgan said in a note to investors: "It remains unclear whether it will take its considerable profits and move on or whether it will aim to appoint its representatives to the board." In a separate note, Hobbs has increased sales by around 15 percent over the four years from January 2008 to January 2012, from 98 million to 113 million pounds and will report its latest figures in June. Mon, 20 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740193&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740241&listId=19 British department store John Lewis has confirmed that it will make its debut at London Collections: Men in June as the retailer reinforces its menswear collections. The retailer will be not only be previewing its spring/summer 2014 John Lewis & Co range on June 15, but the department store chain has also been named as the official supplier for the British Fashion Councils biannual menswear showcase. John Lewis brand and buying director, Peter Ruis said: John Lewis has been a member of the British Fashion Council board for three years. We are really pleased to take our involvement in this fantastic event to the next level, and I am delighted that John Lewis will be supporting London Collections: MEN this season. Its great to see London regaining its crown as the home of great fashion. John Lewis reinforces menswear with LC: M showcase The showcase of the new retailers collection will feature around 90 pieces and takes inspiration from the stores rich heritage, and will showcase prints sources directly from the department stores archives. In addition, the range will also continue to champion British manufacturing by working with British mills, including Abraham Moon, Harris Tweed, Mallalieu's of Delph and Ventile. Matt McCormack, director of fashion buying at John Lewis, commented: John Lewis & Co really underscores what were about as a fashion retailer. Designed entirely in-house, it brings together the highest quality fabrics, uncompromising design details and traditional English manufacturing techniques - something that has been missing from British menswear on the high street. The collection has enjoyed huge success with both customers and fashion critics since launching and sales have remained significantly ahead of budget. Autumn winter continued to outperform the market, with sales doubling year on year. The John Lewis & Co range launched in 2011 and has become one of the stores biggest private label brands and has been key to the development of the chains menswear offering. Over the past 12 months the department store has launched a Scandinavian-inspired staples line Kin and has continued to evolve its mainline collection, John Lewis Man. Mon, 20 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740241&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740191&listId=19 Analysts at N+1 Singer said Mothercare will have a viable UK business once the transformation has been implemented. Mothercare will report its latest turnaround on Thursday after a rocky period during which the babys retailer has shredded loss-making stores and nailed overseas expansion. "We believe the attention to detail and numerous fixes being implemented under the transformation programme could further lift the trajectory, as could improving sales transfer from closed stores via enhancement of the online proposition," analysts at N+1 Singer stated in a note to investors issued earlier this week. On average, analysts forecast underlying profits to come at somewhere circa 6.6 million pounds, ahead of the 1.6 million pounds it reported last year. In a separate note, The Express published Sunday that the UK division is forecast to report a loss of 21 million pounds. The group is going through a three-year restructuring plan, overseen by chief executive Simon Calver. Mon, 20 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740191&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740242&listId=19 Nexts group property director Andrew Varley is to step down from his position with the high street retailer next year after 27 years. Varley will retire from Next in June next year but will also step down from the board on May 31 this year. In a statement Next said: Andrews departure next year does not represent a change to the strategy of the business; the profitable expansion of our trading space remains a key part of the Groups plans going forward. During his time at Next Varley has held numerous positions including managing director of retail, managing director of Directory and since 1991, he has held his current role of group property director. As head of property, Varley has helped the retailer increase its property portfolio from one million square feet to almost seven million. The retailer also announced that Michael Law, group operations director, and Jane Shields, group sales and marketing director, will join the board as executive directors on July 1. Mon, 20 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740242&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740264&listId=19 Global superstar Rihanna is suing British fashion retailer Topshop for 5 million US dollars for selling t-shirts bearing her image without her consent, it has emerged. According to the New York Post, Rihannas team has been trying to negotiate with Topshop owners Arcadia Group for the past eight months regarding the rights to her image, though these talks broke down after the retailer offering the popstar a 5,000 US dollars settlement. The t-shirt in question was on sale at Topshop at the end of last year, and bore an image of Rihanna from her We Found Love music video. The dispute is because here in the UK there is no right of publicity, unlike in America, where the singer could evoke the right of publicity, which prohibits the use of ones image or name for advertising or trade purposes without written consent, which is probably the reason why this t-shirt was not sold through Topshops US stores. Rihanna files case against Topshop The singer has instructed her UK lawyers Reed Smith to file the suit in London and the case will be heard in the High Court of Justice this summer. According to WWD, Rihannas legal team would have to prove that the Topshop tee portrayed her as endorsing the brand. If Rihanna is successful in her claims it would be a groundbreaking decision, and could open up the flood gates for further artists to make claims over their image. The New York Post added that so far the singer has spent almost 1 million US dollars in legal fees, but the star feels that it is the principle of the matter to proceed and fight for artists rights. News of the legal battle comes just a week after Rihanna revealed pieces from her latest collection for Topshops competitor River Island. In a behind-the-scenes video, Rihanna can be seen admiring a similar top with a photograph of herself that was taken by her friend Melissa Forde. A spokesperson for Topshop declined to comment on the reports. Mon, 20 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740264&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740192&listId=19 F&F, the clothing range sold by British supermarket chain Tesco, is taking off to expand in the Middle East, as Tesco just announced. F&F has unveiled plans to open more than fifty new franchise stores over the next five years in new markets across the Middle East and in Kazakhstan, Georgia, Armenia and Azerbaijan. "We've had a strong year and our combination of good quality and contemporary design appeals to customers across the world. I'm excited to see F&F moving into these new markets, where there is an established and growing retail industry, explained in a note on Sunday Jason Tarry, Chief Executive F&F On why franchising rather than going for other business model, Tarry pointed out that "Franchising enables us to combine the strength of the F&F brand with the local knowledge and expertise of our partners. This announcement builds on the success of the first franchise stores and demonstrates our commitment to growing the brand internationally through this model - I'm confident these new deals will accelerate our growth." F&F will work with two franchise operators to open new stores, extending the relationship with existing partner Al Hokair and announcing a new partnership with Dubai-based Al Futtaim. The first F&F franchise store opened in Saudi Arabia in May 2012, and the new stores will use the same model, which has played a key role in the successful international expansion of the brand over the last year. In the same way, F&F will work with existing partner Al Hokair, to open new stores in Kazakhstan and Georgia., Armenia and Azerbaijan. Up to six stores are planned this year with the first store due to open in the Kazakh capital, Astana, in June 2013. Mon, 20 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740192&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740145&listId=19 For the first quarter (January 1, 2013 to March 31, 2013) Bjorn Borgs net sales fell by 6 percent. Gross profit margin was 49.4 percent. Operating profit decreased during the quarter by 37 percent. Profit after tax amounted to 6 million Swedish kroner ( 0.9 million dollars). In the first quarter 2013 we reported a decline in sales. At the same time we still see a need to expand wisely for future growth. During the quarter we took an important step through the acquisition of the Finnish operations from the former distributor, said CEO Arthur Engel. Brand sales in the underwear product area fell by 8 percent in the first quarter, in line with a weak wholesale market in Europe. Underwear accounted for 54 percent of brand sales during the period. Sales in the sportswear and eyewear product areas noted solid increases during the quarter. The footwear product area saw a slight increase, while bags and fragrances reported declines. In total, sales of other products increased by 3 percent during the quarter. As of March 31, 2013, there were a total of 57 Bjrn Borg stores. The group owns the Bjrn Borg trademark and its core business is underwear. It also offers sportswear and fragrances, and footwear, luggage and bags and eyewear. Fri, 17 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740145&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740144&listId=19 For the fiscal first quarter ended May 4, 2013, JC Penney reported a net loss of 348 million dollars. Total sales in the first quarter showed a decrease of 16.4 percent compared to the same period last year. Comparable store sales decreased 16.6 percent for the quarter. Gross margin was 30.8 percent of sales, compared to 37.6 percent in the same period last year. As a percent of sales, total operating expenses were 49.3 percent in the first quarter. Myron E. (Mike) Ullman, III, chief executive officer of JC Penney, said, "Over the past five weeks we have taken critical steps to stabilize the business, including improving our balance sheet. We are intensely focused on renewing customer excitement and loyalty through a combination of new attractions and long-beloved brands. JC Penney is based in Texas. In the first quarter, the company introduced the Joe Fresh brand. During the year the company anticipates opening 60 Sephora inside JC Penney stores, including 30 opened during the first quarter, and ending the year with 446. Fri, 17 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740144&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740174&listId=19 Nordstrom fell 2.7 percent to 59.45 dollars after regular trading ended in New York. The shares had gained 14 percent this year before Thursday close, compared with a 16 percent advance for the Standard & Poors 500 Index. The fashion retailer reported net income in the first quarter ended May 4 dropped 2.7 percent to 145 million dollars, or 73 cents a share, from 149 million dollars, or 70 cents, a year earlier, Nordstrom said. The 24 analysts surveyed by Bloomberg expected on average 76 cents. On the back of the just released figures, earnings per share in 2013 will be 3.65 to 3.80 dollars, the retailer reaffirmed, helped by 5 cents by share repurchases. Analysts projected 3.80 dollars, the average of estimates compiled by Bloomberg. Nordstrom shares fell about 3 percent in after-hours trading Thursday on news of the softer earnings, which were below estimates. The average of analysts estimates was 76 cents a share, according to Yahoo Finance. Meanwhile, luxury top player Richemont saw growth in its Asia-Pacific market which generates 41 percent of group sales, slowed to 5 percent in the year to the end of March, down from 46 percent a year earlier. Closing the corporate news, Arthur Engel, CEO at Bjrn Borg, said: In the first quarter 2013 we reported a decline in sales. At the same time we still see a need to expand wisely for future growth. During the quarter we took an important step through the acquisition of the Finnish operations from the former distributor. The Swedish fashion groups net sales fell by 6 percent with gross profit margin standing at 49.4 percent and operating profit also decreasing as it noted a 37 percent slip. Profit after tax were up to 6 million Swedish kroner. Fri, 17 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740174&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740159&listId=19 For the first quarter ended May 4, 2013, Nordstroms earnings per diluted share showed a 4.3 percent increase over the same quarter last year. Total company net sales for the first quarter increased 4.8 percent compared with net sales during the same period in fiscal 2012. Gross profit, as a percentage of net sales, decreased 50 basis points compared with the same period in fiscal 2012. Selling, general and administrative expenses, as a percentage of net sales, increased 14 basis points compared with the same period in fiscal 2012. Earnings before interest and taxes decreased 1.8 percent compared to the same quarter last year. Nordstrom is based in Seattle. It operates 248 stores in 33 states. First quarter performance was consistent with the lower end of the companys expectations. While in the first two months of the quarter the company experienced particularly soft sales trends, overall sales trends showed improvement in April. Fri, 17 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740159&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740161&listId=19 Walmart, the world's largest retailer, has posted a rise in profits in the three months to April. The US giant, which owns UK's Asda, said profits rose 1 percent to 3.78 billion dollars (2.48 billion pounds) after sales in the US fell by 1.4 percent. Promotions boost sales at Asdah Sales and profits at subsidiary Asda, the UK's second-biggest supermarket, rose by a healthier 1.3 percent thanks to a range of price promotions. The company's fashion ranges, especially George by Asda, have been a huge success with customers. Walmart said US sales were affected by a raft of factors, including a delay in income tax refund cheques, cool weather, lower price inflation than expected, and an increase in companies' payroll tax. Customers made fewer visits, with overall sales to its stores down by 1.8 percent, although once they were there, shoppers' average amount spent rose by 0.4 percent. Shares in the company fell ahead of the US market opening, although earlier this week, they had hit an all-time high of 79.96 dollars on Wednesday. Walmart said it expected the next quarter's same-store sales to see no or modest growth of up to 2 percent. Separately, Walmart this week said it would conduct its own safety inspections at its Bangladesh factories instead of joining an accord with other retailers, in the wake of the collapse of the nine-storey Rana Plaza building on 24 April, where more than 1,100 people died. Critics said its plan was "flawed". Image: George by Asda Fri, 17 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740161&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740125&listId=19 Seven UK-based jewellery designers, supported by the BFCs Rock Vault showcase, will be presenting their collections at the Couture show in Las Vegas at the end of the month. The emerging talent showcase, created by the British Fashion Council is curated by intentionally renowned jeweller Stephen Webster, and the seven Rock Vault designers will present their collections to top US press and buyers during the tradeshows five day showcase. The British jewellers taking part are Fernando Jorge, Hannah Martin, Imogen Belfield, Jo Hayes Ward, Melanie Georgacopoulos, Tomasz Donocik, and Yunus & Eliza, all of which will showcase their designs within the Stephen Webster ballroom at the event. Caroline Rush, CEO of the BFC said: The Couture Show in Vegas is one of the best jewellery trade shows in the world and is a key sales destination for all jewellery brands. The fact that the Rock Vault designers are able to take part in the show at this early stage in their business development is a great opportunity for them. The Couture show in Las Vegas takes place from May 30 to June 3. Thu, 16 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740125&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740126&listId=19 BuyMyWardrobe, the marketplace for pre-loved luxury designer fashion, has added luxury fashion entrepreneur and founding investor in Net-A-Porter Carmen Busquets to its line-up of investors, as the company pushes forward with trying to change the way people view pre-owned fashion. Launched in February 2008, BuyMyWardrobe was initially something of a secret amongst London fashion industry insiders however over the last five years the re-commerce retailer has hosted 20 events and evolved into the UKs leading online marketplace for pre-owned fashion and has approximately 30,000 registered users. This investment marks Busquets first project in the fast-growing re-commerce space and she joins the existing line up of investors, which includes industry insider Mimma Viglezio, former executive vice president of global communications at Gucci, and founder Kal Di Paola. It s been reported that the new funding will be used to drive BuyMyWardrobes growth over the next 12 months, as well as develop and implement an online marketing strategy to increase awareness of the re-commerce marketplace. The site also has plans to add new features and functionality such as improved navigational tools and further integration of its blogs content. BuyMyWardrobe adds new investor Commenting on her investment, Busquets, said: "I have always believed that luxury fashion items should have a longer life and reselling and recycling our wardrobe is a smart way to do this and be individually responsible for sustainability. I had been looking into the market for a while to invest as I felt the time was right for a re-sale model to be scaled digitally. I had not found anyone doing it well until Mimma mentioned BuyMyWardrobe. One of the biggest challenges for digital businesses is to instantly communicate their mission in one sentence. BuyMyWardrobe does just that starting from their name and they go on to nail it with a great vision and a strong management." BuyMyWardrobes managing director, Di Paola, added: Having Carmen on board is a fantastic opportunity for me and the team to have access to the years of experience and knowledge of one the most successful digital entrepreneurs in the industry. This is the latest fashion retail investment for Busquets, in 2012 she increased her investment in online luxury retailer Moda Operandi to back their global expansion, and she has also invested in UK-based jewellery retailer Astley Clarke, CoutureLab, and Caratime. Image: Carmen Busquets Thu, 16 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740126&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740124&listId=19 Dillards showed a 27 percent increase in first quarter earnings per share compared to the prior year. The quarter also saw a 39 percent increase in cash flow from operations. Gross margin from retail operations improved to 39.9 percent for the 13 weeks ended May 4, 2013, compared to 38.8 percent for the prior year first quarter. Consolidated gross margin for the 13 weeks ended May 4, 2013, improved to 39.5 percent from 38.2 percent during the prior year first quarter. Selling, general and administrative expenses were 25.2 percent of sales during the 13 weeks ended May 4, 2013, and 25.4 percent of sales during the 13 weeks ended April 28, 2012. Dillards is based in Arkansas. Dillard's Chief Executive Officer, William T. Dillard, II, stated, "We are reporting a strong start to 2013. Positive comparable stores sales and gross margin expansion combined with good expense control led to another quarter of record profitability at Dillard's. At May 4, 2013, the company operated 283 Dillard's locations. Thu, 16 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740124&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740059&listId=19 Dillards showed a 27 percent increase in first quarter earnings per share compared to the prior year. The quarter also saw a 39 percent increase in cash flow from operations. Gross margin from retail operations improved to 39.9 percent for the 13 weeks ended May 4, 2013, compared to 38.8 percent for the prior year first quarter. Consolidated gross margin for the 13 weeks ended May 4, 2013, improved to 39.5 percent from 38.2 percent during the prior year first quarter. Selling, general and administrative expenses were 25.2 percent of sales during the 13 weeks ended May 4, 2013, and 25.4 percent of sales during the 13 weeks ended April 28, 2012. Dillards is based in Arkansas. Dillard's Chief Executive Officer, William T. Dillard, II, stated, "We are reporting a strong start to 2013. Positive comparable stores sales and gross margin expansion combined with good expense control led to another quarter of record profitability at Dillard's. At May 4, 2013, the company operated 283 Dillard's locations. Thu, 16 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740059&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740141&listId=19 For the quarter ended May 4, 2013, Kohls sales increased by 1 percent, net income dropped by 4 percent and diluted earnings per share increased 5 percent. Kohls ended the quarter with 1,155 stores. For the fiscal quarter ending August 3, 2013, the company expects total sales growth of 1 to 3 percent and comparable store sales growth of 0 to 2 percent. Kohls is based in Wisconsin. Kevin Mansell, Kohls chairman, president and chief executive officer, said, After a slow start, sales improved considerably in April. Despite the lower than expected sales, we outperformed our earnings guidance. Our inventory levels are consistent with our expectations." Kohls is a department store offering apparel, shoes, accessories, beauty and home products. Thu, 16 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740141&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740136&listId=19 For the quarter ended May 4, 2013, Kohls sales increased by 1 percent, net income dropped by 4 percent and diluted earnings per share increased 5 percent. Kohls ended the quarter with 1,155 stores. For the fiscal quarter ending August 3, 2013, the company expects total sales growth of 1 to 3 percent and comparable store sales growth of 0 to 2 percent. Kohls is based in Wisconsin. Kevin Mansell, Kohls chairman, president and chief executive officer, said, After a slow start, sales improved considerably in April. Despite the lower than expected sales, we outperformed our earnings guidance. Our inventory levels are consistent with our expectations." Kohls is a department store offering apparel, shoes, accessories, beauty and home products. Thu, 16 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740136&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740123&listId=19 In Asia, big news was that Chinese apparel supplier and retailer Ever-Glory reported an impressive 45.5 percent increase in profits during the first three months of the year, mainly driven by retail and wholesale sales gains. Also US Macy's reported a double-digit increase (+20 percent) in first-quarter profit despite the threat of a long and cold winter and the persistent economic worries, which, according to New York Post, dampened some of its shoppers' spending on spring clothes. "We are especially pleased with our first-quarter sales and earnings performance given the challenges we overcame in this period," Terry Lundgren, chairman, president and CEO of Macy's, said in a statement. Macy's said it earned 217 million dollars, or 55 cents per share in the quarter ended May 4, significantly ahead of the 181 million dollars, or 43 cents per share, reported a year ago. Analysts expected earnings of 53 cents per share on revenue of 6.4 billion dollars, according to FactSet. Revenue also jumped, by 4 percent to 6.38 billion dollars. Revenue at stores open at least a year rose 3.8 percent while consensus estimate was of + 4.3 percent. Macy's said it expects revenue at stores open at least a year to rise 3.5 percent for the year and has an estimated earnings per share (EPS) for the full year to be in the range of 3.90 to 3.95 dollars, compared to analysts consensus estimate of 3.92 dollars per share. As widely flagged by analysts following the stock, Macy's is reportedly benefiting from the struggling J.C. Penneys troubles, which is set to announce its fifth straight quarter of sharp sales drops as it reels from strategies spearheaded by its former CEO Ron Johnson, who was ousted in April. Under Johnson, published USA Today. On the back of the news, Macy's stock rose 2.5 percent on Wednesday to a close of 48.57 dollars. The company, which also operates the upscale chain Bloomingdale's, has raised its dividend to 25 cents from the current 20 cents and announced an additional 1.5 billion dollars in stock buybacks. Elsewhere, Salvatore Ferragamo SpA (SFER), rose to a record in Milan trading after first-quarter profit beat estimates and the company confirmed its projection for earnings growth this year. The stock rallied for two consecutive days after posting record profit on Tuesday, with its shares gaining as much as 4.5 percent to 24.15 euros, the highest price since a June 2011 initial public offering. We see a compelling long-term investment proposition at Ferragamo, wrote Louise Singlehurst, an analyst at Morgan Stanley, in a note Tuesday. Still, the valuation remains rich at a multiple of 26 times estimated 2014 earnings, compared with 16 times for the wider luxury industry, she wrote. Earnings before interest, taxes, depreciation and amortisation rose 26 percent to 48 million euros, Salvatore Ferragamo said after markets closed Tuesday. Analysts predicted 42.9 million euros, according to the average of nine estimates compiled by Bloomberg. Thu, 16 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740123&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740058&listId=19 In Asia, big news was that Chinese apparel supplier and retailer Ever-Glory reported an impressive 45.5 percent increase in profits during the first three months of the year, mainly driven by retail and wholesale sales gains. Also US Macy's reported a double-digit increase (+20 percent) in first-quarter profit despite the threat of a long and cold winter and the persistent economic worries, which, according to New York Post, dampened some of its shoppers' spending on spring clothes. "We are especially pleased with our first-quarter sales and earnings performance given the challenges we overcame in this period," Terry Lundgren, chairman, president and CEO of Macy's, said in a statement. Macy's said it earned 217 million dollars, or 55 cents per share in the quarter ended May 4, significantly ahead of the 181 million dollars, or 43 cents per share, reported a year ago. Analysts expected earnings of 53 cents per share on revenue of 6.4 billion dollars, according to FactSet. Revenue also jumped, by 4 percent to 6.38 billion dollars. Revenue at stores open at least a year rose 3.8 percent while consensus estimate was of + 4.3 percent. Macy's said it expects revenue at stores open at least a year to rise 3.5 percent for the year and has an estimated earnings per share (EPS) for the full year to be in the range of 3.90 to 3.95 dollars, compared to analysts consensus estimate of 3.92 dollars per share. As widely flagged by analysts following the stock, Macy's is reportedly benefiting from the struggling J.C. Penneys troubles, which is set to announce its fifth straight quarter of sharp sales drops as it reels from strategies spearheaded by its former CEO Ron Johnson, who was ousted in April. Under Johnson, published USA Today. On the back of the news, Macys stock rose 2.5 percent on Wednesday to a close of 48.57dollars. The company, which also operates the upscale chain Bloomingdale's, has raised its dividend to 25 cents from the current 20 cents and announced an additional 1.5 billion dollars in stock buybacks. Elsewhere, Salvatore Ferragamo SpA (SFER), rose to a record in Milan trading after first-quarter profit beat estimates and the company confirmed its projection for earnings growth this year. The stock rallied for two consecutive days after posting record profit on Tuesday, with its shares gaining as much as 4.5 percent to 24.15 euros, the highest price since a June 2011 initial public offering. We see a compelling long-term investment proposition at Ferragamo, wrote Louise Singlehurst, an analyst at Morgan Stanley, in a note Tuesday. Still, the valuation remains rich at a multiple of 26 times estimated 2014 earnings, compared with 16 times for the wider luxury industry, she wrote. Earnings before interest, taxes, depreciation and amortisation rose 26 percent to 48 million euros, Salvatore Ferragamo said after markets closed Tuesday. Analysts predicted 42.9 million euros, according to the average of nine estimates compiled by Bloomberg. Thu, 16 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740058&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740122&listId=19 British fashion label Alexander McQueen has unveiled a new-look website, which not only has a more cohesive vision and clearer navigation but also offers shipping to almost 100 different countries. Previously, the McQueen website only offered delivery to around 30 different destinations, with the redesign the brand is expanding its global reach to include Australasia, Asia, UAE, Russia, South, Central and North America as well as additional countries in Europe. The shipping expansion coincides with the introduction of several new localised-language versions of the site, allowing customers to browse in French, German, Italian and Japanese. The new website acts as the digital flagship of the British fashion house and has been designed to bring together the two brands, allowing visitors to view both the Alexander McQueen mainline as well as the McQ diffusion label, along the updated e-commerce offering. The site also features an experience function will showcase the latest brand news as well as archive runway stills and videos, lookbook imagery and advertising campaigns. Thu, 16 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740122&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740085&listId=19 For the year ended March 31, 2013, Richemont the Swiss luxury goods group, has announced audited consolidated results. Sales increased by 14 percent. Operating profit increased by 18 percent. Profit for the year rose by 30 percent. Earnings per share on a diluted basis increased by 30 percent. Gross profit rose by 15 percent and the gross margin percentage was 50 basis points higher at 64.2 percent of sales. Despite the slowdown in the Asia Pacific region, and continuing uncertainty in the world economy, sales in the month of April were 13 percent above the comparative period and 12 percent at constant exchange rates. Sales in the Asia Pacific region accounted for 41 percent of the group total, with Hong Kong and mainland China the two largest markets. The Americas region, which accounted for 15 percent of group sales, posted a third successive year of double-digit growth. Sales in Japan continued to grow, reflecting demand in all segments. Europe accounted for 36 percent of overall sales. Selling and distribution expenses were 16 percent higher, reflecting in particular the increase in sales in the Maisons own boutique networks. Communication expenses increased by 10 percent and represented 9 percent of sales. Administration costs rose by 18 percent and reflected the expansion of certain of the groups shared service platforms. Thu, 16 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740085&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739986&listId=19 Marks & Spencer got bot industry and market talking Tuesday when it unveiled its new clothing ranges for autumn and winter. Meanwhile, American apparel firm Cache, Inc. reported results for the 13-week period ended March 30. Marks & Spencer shares dropped more than 1 percent as analysts awaited the launch of its autumn and winter ranges. The event is being seen as a key test of chief executive Marc Bolland after he overhauled his general merchandise team in the wake of recent poor trading in, reported Reuters. Shares were 4.75 pence lower at 418.85 pence, while British fashion peer Next was down 2 pence at 4590 pence. Marks & Spencer (LSE: MKS) will release its annual results on Tuesday 21st of May. On Tuesday, the British retailers stock traded in the region of 424 pence, in line with the rise of the FTSE 100 and up 18 percent from a year ago, highlighted Proactive Investors. Analysts that follow the stock at N+1 Singer reiterated their hold rating on shares of Marks & Spencer Group in a research note issued to investors on Thursday. The firm currently has a 400 pence target price on the stock. The companys market cap currently stands at 6.762 billion pounds. Meanwhile, financial media in the UK agreed on pointing at how signs of a return of merger and acquisition activity have been welcomed by investors. Nevertheless, the London benchmark index traded low, at 6621.2. In a separate note, Cache, Inc. reported results for the 13-week period ended March 30. Net sales decreased 4.5 percent to 53.5 million dollars, compared to 56 million dollars in the first quarter of fiscal 2012. Comparable store sales decreased 1.5 percent against a hike of 9.4 percent in the first quarter of fiscal 2012. Operating loss totalled 8.3 million, led by costs of 1.5 million associated with employee separation. This loss is significantly above last years operating loss of 2 million dollars in the first quarter. Wed, 15 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739986&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740057&listId=19 Fashion retailer AllSaints has launched a film production division, AllSaints Film, which will deliver several projects each year, including "music, style and street documentaries to cutting-edge moving image installations". Helmed by AllSaints creative director Wil Beedle, the film production company will make its debut on May 17 with a documentary, New Music City, which focuses on the emerging Nashville music scene and follows Kings of Leons independent record label Serpents and Snakes. The documentary will be aired in the AllSaints store in Covent Garden, which will be transformed into a screening room complete with vintage seats flown in from a Nashville theatre. The full film will also be available to view on AllSaints.com from May 21. "Having a fully operational film division allows us to commission and create in-house exclusive content that can be quickly, broadly and nimbly shared with our ever-growing global community, Beedle told Vogue.co.uk. As a brand that prefers ongoing digital communications to, say, seasonal print campaigns, we feel that film truly is the medium of our times." Wed, 15 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740057&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739988&listId=19 Boden has boosted sales faster outside the UK for the first time, after an uptick in demand in the US and Germany. 90 per cent of total orders are made online, with the catalogue remaining a key feature. The British fashion group, founded in 1991 by Johnnie Boden, said sales in America, where it launched in 2022, and Germany became the main sales leads. Meanwhile, the UK accounted for over 50 per cent of the total sales. "We are still growing in England but the international markets are growing faster. The US is now a 200 million dollars business. We are one of the most successful British clothing retailers in the US," Boden stressed on the latter. In the UK, Boden said trading in the first few months of this year had been "very difficult" because of the extremely cold temperatures. However, April sales performed better, being described as strong by Boden. Founder and chairman Johnnie Boden who also remains the main shareholder with 60 percent of total shares, also said the mail order business remained committed to distributing 50 million catalogues a year, as its customers "love to browse" them before ordering products online. For the year ending December 2011, the group had total sales of 245.9 million pounds. This was made up 125.9 million pounds from sales in the US and the rest of the world with the US accounting for 85.7 million pounds, and UK sales coming at 125 million pounds. Sales in Germany, Austria, France totalled to 40.2 million pounds. According to Bodens last accounts, pre-tax profits were 17.9 million pounds over the year to 31 December 2011. The company will report figures for 2012 in autumn. Looking ahead, Boden advanced it was "highly unlikely" he would seek to float the business but refused to rule it out in the long-term. As reported by The Independent, Boden said: "We are fortunate at the moment that we do not need to raise any money. There is no real reason [to float] unless we wanted to use equity to buy another company but we have quite a lot on our plate at the moment. Wed, 15 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739988&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739995&listId=19 British department stores have seen a drop in sales in April, according the Barclaycard. The UK banking giant which measures consumer spending said UK department strores saw sales down 8 percent in April compared to 2012. The company further said mens clothing down 5.5 percent and womens saw a fall of 3.5 percent. Overall consumer spending rose 3.6 percent, although value was down 1.4 percent. Online sales soared 11.7 percent, and figures suggested the high street had also seen a good month as the weather improved. Department stores were worst hit, but individual categories within fashion also struggled throughout the month as mens clothing fell 5.5 percent and womens by 3.5 percent. Chief executive of Barclaycard Valerie Soranno Keating said: Although economic data is generally mixed, this is the first time since 2011 that weve seen growth above 2 percent for three consecutive months, which may suggest a more sustained improvement in sentiment". Wed, 15 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739995&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739987&listId=19 In April 2013, H&M Group total sales including VAT in local currencies increased by 11 percent compared to the same month the previous year. Sales in comparable units increased by 1 percent. Comparable units comprise the stores and the internet and catalogue sales countries that have been in operation for at least a financial year. Sales during the first weeks in April were negatively affected by the unseasonably cold weather mainly in Europe. The total number of stores amounted to 2,881 on 30 April 2013 versus 2,549 on 30 April 2012. Wed, 15 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739987&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739996&listId=19 The IAF was invited to attend CMAIs Fashion Retail Summit. The seminar was perfectly organized by the CMAI with its knowledge partners Wazir. Contentwise the seminar proved to be inspiring and provided a deep insight into the challenges, but I dare to say above all the opportunities for the Indian apparel industry. The theme of the Convention focused on retail, but the organisers did a very good job demonstrating the strong interconnection between fashion retailing, branding and manufacturing. As a side note; this connection is not always seen clearly by policy makers, be they in India, Europe or the US. Promoting the apparel industry as a government requires an integral vision on the entire industry that does include fashion retail. It is clear that Indias fashion retail offers a landscape in transition. This is most clearly exemplified by the fact that prime retail space in the large Indian cities commands a rent that is as high as in countries with much higher spending on fashion per capita. The turnover per square meter in Indian fashion retail, however, is much lower. In India, more so than in other emerging economies, the challenge is to see the difference between the temporary difficulties that always accompany transition and growth, and the factors which are more structural and specific to India. The importance of Indian traditional wear and the importance of ultra small retailers to the fabric of society are good examples of factors specific to India influencing the development of fashion retail. So how fast the transition of Indian apparel retail will progress is a great unknown and subject to a lively debate. Another contested topic is e-commerce. The market is not yet big, but it can potentially bypass some of the great infrastructural problems in India. A good example of this was the comment from one of the panelists that Indians can and do order online abroad, creating competition with foreign brands and retailers that have no physical presence on the Indian market. Another reason for taking e-commerce very seriously, also in the Indian context, is the rise of omnichannel retailing, whereby retailers can perform best if they communicate with their clients both online and offline. On the other hand, it is still very difficult to make money in e-commerce in India. The future will tell us whether e-commerce could partly perform the same role as mobile phones in some countries, bypassing the stage of landlines creating a quicker change of the retail scene than perhaps expected. In any case, the Convention did name some numbers. The retail market is set to grow from 40 to 140 billion US dollars. Could the Indian manufacturing sector cope with this growing market it was asked? Turning this question around, the opportunities offered by the projected growth of the Indian apparel retail are enormous. To make best use of them, the panelists suggested that Indian manufacturers should brand themselves as ideal partners for the Indian fashion retailers. They can move in the direction of private label suppliers, offering more in addition to pure manufacturing services. Especially when speed to market comes into play, manufacturers closeby can do more to exploit their advantage. Similarly, the threats and difficulties for Indian brands in the light of the growing retail market were discussed, where the central question was what prevailed, the threat or the opportunity. In the end, rightly so, the spirit of opportunity prevailed. The comment by the moderator that the entry of global brands on the Indian retail scene will help the local brands to develop was made in that spirit. Surely, it was argued, the high growth of Indian spending on clothing will attract plenty global brands with large marketing budgets. But an important part of the market will be available for Indian brands with a superior knowledge of and feeling for the local consumers (which of course differs per Indian region). As a visitor from Europe, a slight feeling of envy came upon me. In Europe growth has become a rather rare commodity. In India there is real and prospected growth and Indian manufacturers and brands can grow with the fast developing fashion retail scene. Having said that, India is a challenging environment for retail, and growth will be a bumpy ride. It requires taking the right decisions and working from a sense of self confidence. CMAIs seminar gave the strong impression that the Indian fashion industry has plenty of reason to be self confident. Written by: Matthijs Crietee, Deputy Secretary General IAF Wed, 15 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739996&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740041&listId=19 John Lewis is to open a new 100,000 square foot department store at Oxfords Westgate Centre, which will create 500 new jobs. The new flexible format department store is set to open in 2017 and will highlight fashion, home and consumer electronics concepts in a contemporary setting over three floors. The department store will also include a cafe, a dedicated customer collection entrance located in the car park, and will feature computer terminals in-store to allow shoppers to browse the wider John Lewis online offering and order for home delivery or next day collection at the shop. Andy Street, managing director, John Lewis, said: Oxford has long been a sought after location for us and were delighted to be able to expand our reach to customers across the region for the first time, providing them with more convenient access to our inspiring products and great service. Were looking forward to becoming part of the local community. Councillor Bob Price, leader of Oxford City Council, added: "We are delighted to welcome John Lewis to Oxford as the anchor tenant of the redeveloped Westgate Centre. This will confirm Oxford as one of the leading retail destinations in the UK and significantly contribute to the long-term vitality and viability of the city centre." Wed, 15 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740041&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740042&listId=19 Denim brand Lee Cooper is branching out into Estonia and Lithuania after signing up a new licensee. Marking the brands latest European partner, Poldma Trading has been appointed as the new Estonia licensee, which also covers the Lithuanian market. The licensing agreement begins with a core focus on mens and womens clothing, debuting with the autumn/winter 2013 collection, which will be followed up with a fully extensive collection planned to launch for spring/summer 2014. Initially, Lee Cooper will be exclusive to consumers through Poldma Tradings 25 multi-branded Dream Denim stores; however, the denim brand has confirmed that they are expecting further retail expansion to be rolled out as consumer demands for the brand increases. Andy Dunkley, CEO of Lee Cooper, said: We are very excited about the future prospects for growth in the Baltic markets and this reects the increasingly strong position of Lee Cooper across the markets from the Baltics down through Central and Eastern Europe all the way to the Mediterranean markets. Wed, 15 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740042&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740036&listId=19 Macy's reported first quarter earnings of 55 cents per diluted share, an increase of 28 percent over last year and sales growth of 3.8 percent on comparable basis. Company has increased dividend by 25 percent and also raises share repurchase authorization by 1.5 billion dollars. The first quarter demonstrated our ability to continue to build on our success over the past few years in growing sales and earnings. Based on the effectiveness of strategies we have in place, we are confident that momentum will continue going forward, which is reflected in the actions we are announcing today to increase returns to our shareholders through an increased dividend and share repurchases, said Terry J. Lundgren, Macy's Chairman, President and Chief Executive Officer. Lundgren further added saying, We are especially pleased with our first quarter sales and earnings performance given the challenges we overcame in this period. These included sustained, unseasonably cool spring weather in our northern climate zones. In addition, we saw weakness among some of the most budget-conscious consumers, as well as among our higher household income Bloomingdale's customers. We are continuing to pursue myriad new growth opportunities within our time-tested M.O.M. strategies. Sales in the first quarter of 2013 totalled 6.387 billion dollars, an increase of 4.0 percent, compared with sales of 6.143 billion dollars in the same period last year. In the first quarter of 2013, Macy's opened a new store in Victorville, CA. The company continues to expect comparable sales to grow by approximately 3.5 percent in 2013. The company also reiterated its guidance for earnings per diluted share in fiscal 2013 of 3.90 dollars to 3.95 dollars. Macys operates about 840 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macys and Bloomingdales. The company also operates 12 Bloomingdale's Outlet stores. Bloomingdale's in Dubai is operated by Al Tayer Group under a license agreement. Wed, 15 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1740036&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739989&listId=19 Puma has cut its revenue and earnings forecast for the full year after reporting sales worse than expected in Europe and Asia. However, Puma still expects to continue to increase net profit compared to 2012."In view of our first-quarter results and of continuing economic uncertainty in certain key markets, management now expects a low- to mid-single-digit decline in full-year sales," Puma said in a statement. For the first quarter, net profit fell 32 percent to a worse than expected 50 million and sales eased 2.3 percent to 782 million. Analysts in a Reuters poll had expected on average profit of 67 million euros and sales of 787 million euros. In the same vein, the German sportswear and lifestyle giant said Tuesday it is revising downwards its full-year targets after business was hit by the "challenging" environment in the first three months of this year. "This forecast represents a slight downward revision compared to the guidance provided with the 2012 full-year results." In terms of profit, Puma said it was "also unlikely to meet its original guidance of low- to mid-single-digit growth" in underlying or operating profit. "It was a rough quarter," said Chief Financial Officer Michael Laemmermann, who is acting CEO after the departure of Franz Koch in late March. A rough quarter The group is undergoing its biggest reorganisation in 20 years after suffering a 70 percent drop in net profit last year. For the first quarter of this year it posted a 2.3 percent decline in group sales, while it saw shrinking profit margins and a bigger than expected 23 percent fall in operating profit. The PPR owned group now forecasts sales to come in between 1 and 5 percent lower this year, well below last years 3.27 billion euros. Nor Puma will meet its target to increase operating profit (EBIT) before special items by a low- to mid- single digit amount. It is to be recalled that EBIT fell to a lower than expected 79 million euros during the three first months of the year, compared with the consensus market estimate of 93 million. The gap with Adidas and Nike Inc. (NKE) continues to widen, summed up Jurgen Kolb, an analyst at Kepler Cheuvreux, commenting the news for Bloomberg. Wed, 15 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739989&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739990&listId=19 The creator of Zappos, German Rocket Internet, has announced that its Middle East online company, Namshi, a Dubai-based shoe and fashion e-commerce company, has raised 13 million dollars led by Summit Partners. This is the second time Summit Partner invests in Namshi, after it injected 1 million dollars last January. According to TechCrunch, to date Namshi would have raised circa 34 million dollars, including the reported 20 million dollars invested by JP Morgan and Blakeney Management in September 2012. Namshi launched in 2012 to sell over 550 brands of shoes and fashion in United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain. Brands catered range from Nike to Polo Ralph Lauren. In a statement released by Rocket Internet on Tuesday, the business accelerator noted that this funding will be used to sustain its accelerated growth target. We see our partners growing support as an encouragement for us to continue serving our customers with world-class products and services, said Hosam Arab, co-founder and Managing Director of Namshi, in a statement. Our customers made the company what it is today. Therefore, they will be the ones to see the main benefits coming from this investment. We will further focus on providing a shopping experience like no other in the region. Wed, 15 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739990&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739991&listId=19 For the first quarter of 2013, Tods sales were up 3 percent from the first quarter of 2012. Consolidated sales in the first quarter of 2013 were down 3.7 percent from the first quarter of 2012. Diego Della Valle, Chairman and CEO of the Group, said: First quarter results are in line with our expectations. A strong prudence in Italy has been partnered with a rapid international growth; significant attention has been given to the American and Chinese markets. I am confident that our group could reach a growth in sales and profit in the current year. The group is pursuing its expansion strategy and continued to register excellent results abroad, mostly in China and in the Americas, where it operates mainly with the Tods and Roger Vivier brands. As of March 31, 2013, the groups net financial position was positive and equal to 131.7 million euros (170.35 million dollar), showing a 28 million euro (36.22 million dollar) increase as compared to the balance as of the end of December 2012. In the first quarter of 2013, the group invested a total of 9.4 million euros (12.15 million dollar) in tangible and intangible fixed assets compared to 14.7 million euros (19.01 million dollar) in the first quarter of 2012. Wed, 15 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739991&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739947&listId=19 The Bon-Ton Stores expects that comparable store sales for the first quarter of fiscal 2013 will increase 1.2 per cent over the first quarter of fiscal 2012, whereas total sales to rise 1.0 per cent to 646.9 million dollars, compared with 640.8 million dollars for the first quarter of fiscal 2012. Financial results for the first quarter of fiscal 2013 are scheduled to be released Thursday, May 23, 2013. The Company is providing adjusted EBITDA guidance for the first quarter of fiscal 2013 in a range of 13 million dollars to 15 million dollars and, as previously disclosed, full-year fiscal 2013 Adjusted EBITDA guidance in a range of 180 million dollars to 200 million dollars. Said Brendan Hoffman, President and Chief Executive Officer, We are pleased with our comparable store sales results in the first quarter, particularly in light of the unfavourable impact of winter storms, flooding and colder than normal temperatures throughout the quarter. In spite of the weather, which we believe ultimately reduced our total and comparable store sales, this performance reflects ongoing sequential improvement in our comparable store sales trend. We also saw increased penetration of proprietary credit card sales due to concentrated efforts to drive this business. Company with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, operates 272 department stores, which includes 11 furniture galleries, in 24 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers. The department stores offer national and private brand fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings. Tue, 14 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739947&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739985&listId=19 Puma in its first quarter result said that its consolidated sales fell by 2.3 percent with currency adjusted to 782 million euros (1014.80 million dollar). Company also announced that its EPS reduced from 4.92 euros (6.40 dollar) to 3.36 euros (4.36 dollar). Company recently appointed Bjrn Gulden as New Chief Executive Officer. Commenting on the results, Michael Laemmermann, Chief Financial Officer of PUMA said, In the current challenging business climate, especially in Europe and in Asia, we are continuing to implement our transformation and cost reduction program aimed at improving efficiencies and our cost base. This will increase Pumas profitability in the long-term. Confirming our increased focus on performance, Pumas visibility and credibility as a premium football brand have been further enhanced with Borussia Dortmunds progress to the Champions League final. Puma recorded a decline in first quarter sales as Eurozone retail spending continued to weaken and sales in Asia were affected by an unusually long winter. Pumas sales in the Americas improved by 1.8 percent and it showed strong performances in Mexico and Brazil, where Teamsport was bolstered by Rio de Janeiro soccer club Botafogo, and Argentina, where lifestyle collections are resonating well. Its Cobra Puma Golf division continues to deliver outstanding results, which is also reflected in rising sales in North America. Sales in the EMEA region were impacted in particular by the softening in retail spending, exacerbated be the unusually long winter, and fell by 4.8percent. Strong performances in Russia, Turkey and the D-A-CH region, where classic footwear models such as the Suede and new Motorsport apparel lines resonated well, could not completely offset weak performances in Italy and France. Steadfastly high levels of unemployment in the southern regions of the Eurozone added to the difficult retail environment.In the Asia/Pacific region, sales declined by 2.9 percent. India, supported by excellent sales in running and teamsports, and Australia delivered positive performances which could not quite offset the less satisfactory numbers from Japan, where there was an unusually harsh winter, and China, where fitness & training products in particular did not perform as expected. Pumas retail sales increased by 13.9 percent, representing a 17.3 percent share of total sales. This rise in sales was supported by excellent results from our e-commerce business, particularly in North America.Lack of sporting events impacted footwear sales. In the first quarter of 2013, accessories performed exceptionally well during the first three months, rising by 11.9 percent. Apparel sales declined modestly in the first quarter by 1.1percent currency adjusted to 256 million euros (332.88 million dollar). Its gross profit margin fell from 51.2 percent to 49.1percent year on year. Pressure on the gross profit margin in the first quarter came in the most part from two sources: substantial currency headwinds due to the negative hedging position in the first quarter of 2013 compared to the same period last year, and also continued inventory management with a particular focus on footwear, combined with higher input costs. As a consequence, footwear margins dropped from 49.5 percent to 46.1 percent and apparel retreated from 53.5 percent to 51.5 percent, while accessories improved from 51.9 percent to 52.6 percent. In view of the first quarter results and of continuing economic uncertainty in certain key markets, Management now expects a low- to mid-single-digit decline in currency-adjusted full-year net sales. This forecast represents a slight downward revision compared to the guidance provided with the 2012 full-year results. However, PUMAs Management confirms that it expects net earnings to increase compared to the 2012 level. Tue, 14 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739985&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739984&listId=19 Trinity Leeds, the UKs only major shopping centre to open this year, has welcomed 2.7 million shoppers in its opening month, it has been announced. The shopping centre, which opened in March, attracted 132,000 customers on its opening day, and 1 million in its first 10 days of business, and reaching 2.7 million visitors in the first month has beat the shopping centres predicted footfall target. Alison Niven, retail operations director for owner Land Securities, told The Sunday Express: Footfall has been ahead of expectations, we expect to see 22 million people come through the doors in our first year. Leeds itself has seen a footfall increase of 20 percent week-on-week since we opened. Retailers opening in the coming months include Victorias Secret, Primark and Starbucks, and they will give us an extra mini-boost. Owned by property company Land Securities, the 378 million pound centre has created around 2,600 new jobs and provided a boost to the local economy. Tue, 14 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739984&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739873&listId=19 York-based fashion independent Coggles has entered administration, after attempts by the directors to restructure and to attract new investment fell through. The retailer has appointed Andy Clay and David Acland of Begbies Traynor as joint administrators, who have confirmed that around 30 redundancies have been made from the 60 staff members, as they seek a buyer for the business. Clay said: We are continuing to trade two of the York stores and the website as usual while we market the business. With its strong brand name and excellent reputation, we are optimistic that a buyer will be found and that Coggles will continue in some form. We are currently reviewing the business and making every effort to secure a return for the creditors and a future for the business and its staff. Mark Bage, chief executive and creative director of Coggles, added: "Hopefully, Begbies Traynor will be able to find a way for the business to continue to trade through a restructure or sale. "The last two quarters have been the toughest I've seen in the industry. This is the third recession that I have been through but this recession has hit our sector the hardest, which has effectively been a triple dip recession." Founded in 1974 by Victoria Bage, the premium independent fashion retailer is home to more than 200 mens and womens designer collections from established fashion houses, emerging designers and rare international labels. Mon, 13 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739873&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739874&listId=19 Funding for UK companies to exhibit at overseas tradeshows is set to almost double for the next two financial years, due to an increase in funding available to the UK Fashion & Textile Association. The trade body, which offers support to UK fashion industry exporters, has received a commitment from UK trade and Investment (UKFI) to almost double the money available, allowing extra funding to be available for UK exporters looking to take part in key international trade shows. UKFT increases international tradeshow grants Grants for European shows will increase from 1,000 to 1,500 pounds per show and exhibitors at key US shows will see grants almost double to 2,000 pounds. For emerging markets, such as China, Hong Kong and Russia, companies will be eligible for grants ranging from 2,500 to 3,000 pounds. Paul Alger, director of international business development at UKFT said: We have been lobbying Government for many years to maintain the Tradeshow Access Programme but this is the first time we have seen an increase in the money being allocated to the scheme. And what an increase! It is wonderful news that the Government has listened to our case and allocated additional funding to this vital scheme. In addition to the increase in grants, the list of shows covered by the grants has expanding to cover most key EU and US shows, including Paris Fashion Week, still the most important international showcase for over 300 UK designers, Curve Lingerie New York, and expanding to include CPM Moscow in August, as The Hub, a new menswear event for the Asian market in Hong Kong, and CHIC in Beijing in March 2014. Alger added: There has never been a better time for UK fashion and textile to look at new shows and markets. In particular, the grants we can now offer companies for shows in Russia, China and Hong Kong are the most generous we have had for almost 20 years. Image: UKFT Stand at Pitti Uomo, Firenze, Italy Mon, 13 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739874&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739946&listId=19 An interview with the IAF, who was invited to speak at the Source Africa Event in Cape Town, 9 12 april 2013. Source Africa is a combination of a sourcing fair and a seminar series. The IAFs member AAFA and the African umbrella association ACTIF (Africa Cotton and Textiles Industry Federation) were among the organizing partners. ACTIF has been in touch with IAF regarding IAF membership for the past months and will most likely join shortly. Written by: IAF What does the IAF think about a collaboration with South African parties? The IAF is excited about this prospect on two counts: Firstly, with ACTIFs joining IAF would be truly represented on all of the worlds inhabited continents. And secondly, as became clear during the Source Africa Event, Africas clothing industry is on the threshold of a new period of growth. What was most important message given in this conference? The seminars made clear that despite serious barriers to overcome(i.e. production is scattered, raw materials must often be sourced outside of Africa, infrastructure, including internet access is often in a bad state and there are power outages) the past five year there have been enormous improvements in airports, roads, buildings, equipment and in stitching quality. Africa has a strong and high quality cotton base. The continent is now at a tipping point to growth taking off. Do you think there will be a shift from China to Africa when you talk about production location? The biggest opportunity is offered by what IAF has dubbed the 2nd phase post MFA sourcing strategies. After quota disappeared China obtained an enormous market share in garment making. Many firms employed a China +1 policy, but firms are now devising China + more than 1 sourcing policies to sufficiently spread risk and to achieve a perfect mix of different advantage offered by the different production locations. And, of course, as a cause of fast rising labour costs in China firms are reducing the percentage of their product they have produced here. Garment retailers and brands have again a strong appetite in this climate for searching for new production locations and most African countries fall in this new category. Which parts of Africa are the most interesting to do business with? It became clear that sourcing in Africa is becoming a real alternative to explore. Trade policy advantages, such as the US Agoa and the EUs GSP are of course of a major and continuing importance. Mauritius is a long established location, but Madagascar is making a rentree and Kenya, Tanzania and Ethiopia have seen growing exports to the US especially. Madagascar is proving its worth with high quality knitwear priced below the Chinese and Turkish products. In Ethiopia a number of very large Turkish investments have established competitive vertically integrated factories utilising high quality African cotton. In Kenya a factory is setting up a ' field to fashion' concept. These vertical concepts are particularly interesting because they cater to the buyer's demand for transparency in the supply chain. Vertical operations or 'virtual vertical' operations (where fabric supply is included in a conglomerates portfolio or within a group of cooperating companies) help solve the problem of the lack of a variety of available fabrics in Africa. Sourcing the fabric from Asian could lead to unacceptable lead times. What are some short term opportunities? African and South African retailers especially are now looking to increase the share of their African sourcing. A growing interest for fast fashion from these retailers is spurring both the possibility and the need for their African sourcing. Regional retail could be a very good catalyst for African garment production. And thinking further, US, European and Asian retailers could work together with African retailers, in this way linking supply chains and markets. The counter seasonal effect, where such alliances could benefit from each others manufacturers slack periods in the northern and southern hemispheres, could be exploited more. And what will IAF do? First of all, we will do all we can to welcome Actif into the global apparel family of IAF. With that, we will add to Actifs already impressive international network. The more associations and companies know about Africas possibilities and the more information flows about this subject, the greater the chance that we will indeed witness a fast growth of the African clothing industry. Secondly, Africa is warmly invited at the IAFs 29th World Fashion Convention in Shanghai. The world met Africa in Cape Town at Source Africa; in Shanghai, on the 24th and 25th of September Africa can meet the world in Shanghai. Mon, 13 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739946&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739911&listId=19 For the first quarter of fiscal year 2013 JoS. A. Bank Clothiers earnings are expected to be 0.27 dollar to 0.30 dollar per diluted share compared with 0.53 dollar per diluted share for the first quarter of 2012. The first quarter of fiscal year 2013 ended May 4, 2013; the first quarter of fiscal year 2012 ended April 28, 2012. Gross margin was down in the quarter primarily due to higher inventory sourcing costs. For the remainder of 2013, the company will continue to focus on returning to previous levels of gross margin rates and advertising productivity. Starting this spring, it has introduced new and more focused casual assortments and additional slim-fit suit inventories. JoS. A. Bank Clothiers is based in Maryland. It designs, manufactures and retails men's clothing, sportswear, footwear and accessories. R. Neal Black, President and CEO of JoS. A. Bank Clothiers, stated: "Our direct marketing business, primarily on the internet, showed double-digit sales growth. The company continues to maintain a strong balance sheet and, despite the slow start to the new year, the first quarter of fiscal year 2013 will still be profitable." Mon, 13 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739911&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739912&listId=19 For the first quarter of fiscal year 2013 JoS. A. Bank Clothiers earnings are expected to be 0.27 dollar to 0.30 dollar per diluted share compared with 0.53 dollar per diluted share for the first quarter of 2012. The first quarter of fiscal year 2013 ended May 4, 2013; the first quarter of fiscal year 2012 ended April 28, 2012. Gross margin was down in the quarter primarily due to higher inventory sourcing costs. For the remainder of 2013, the company will continue to focus on returning to previous levels of gross margin rates and advertising productivity. Starting this spring, it has introduced new and more focused casual assortments and additional slim-fit suit inventories. JoS. A. Bank Clothiers is based in Maryland. It designs, manufactures and retails men's clothing, sportswear, footwear and accessories. R. Neal Black, President and CEO of JoS. A. Bank Clothiers, stated: "Our direct marketing business, primarily on the internet, showed double-digit sales growth. The company continues to maintain a strong balance sheet and, despite the slow start to the new year, the first quarter of fiscal year 2013 will still be profitable." Mon, 13 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739912&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739852&listId=19 High street retailer Marks & Spencer has appointed Jo Jenkins, former Next executive, as its new director of lingerie and beauty. Jenkins replaces Janie Schaffer, who departed the company last month after just three months in the role. In her new role, Jenkins will form part of the General Merchandise leadership team, reporting directly to John Dixon, executive director of general merchandise. Joining from Next, Jenkins was most recently the product director for womenswear, where she was responsibility for all buying, design and merchandising across lingerie, swimwear, nightwear, loungewear, footwear and accessories. Commenting on her appointment, Dixon, said: We are delighted to attract a talented retailer like Jo to our team. She brings with her a wealth of experience, with excellent product knowledge and great customer understanding. Mon, 13 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739852&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739851&listId=19 New York Fashion Week designer Phillip Lim is to launch an autumn 2013 mens and womens collection with American retailer Target, which will include apparel, footwear and accessories. The collection, entitled 3.1 Phillip Lim for Target, will embody Lims philosophy that clothing is meant to refine, not define. Featuring more than 100 items, the collection is rooted in a classic autumn palette of neutral tones and prints, and will retail for 19.99 to 299.99 US dollars. Standout pieces include bags, dresses and a trench coat for women, and shoes and a leather moto jacket for men. Travel accessories, such as a duffle and multipurpose pouches for women and men, round out the collection. Targets SVP of merchandising, Trish Adams, said: Phillip is a designer weve had our eye on for years. His aesthetic is modern and sophisticated, and he shares Targets vision of democratizing design. This fall, 3.1 Phillip Lim for Target will offer our guests a compelling reason to update their wardrobes, with an assortment of versatile, beautifully tailored must-haves for both women and men. Lim is the latest in a long line of designer collaborators for the retailer, Target has previously worked with Jason Wu, Alexander McQueen, and Missoni. The 3.1 Phillip Lim for Target collection will be available in stores and online at Target.com from September 15. Mon, 13 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739851&listId=19 http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739839&listId=19 TowerBrook Capital Partners LP has acquired True Religion for circa 835 million dollars, as announced by both parties earlier this weekend. The 32-a-share offer is 8.7 percent more than True Religions closing price on May 9.Under the terms of the definitive merger agreement, TowerBrook will acquire all of the outstanding shares of True Religion common stock for 32.00 dollars per share in cash. This represents a premium of approximately 52 percent to True Religions share price on October 9, 2012, the day before the Company announced that it had begun to explore strategic alternatives. The Board of Directors of True Religion unanimously approved the merger agreement and recommends that True Religion shareholders vote in favour of the transaction, announced the company in a statement released on ay, 10. "At this critical inflection point in our business, global growth and product development effort, TowerBrook's support and experience will be a true differentiator," Lynn Koplin, the interim CEO and president of True Religion, said in a statement. Andrew Rolfe, Managing Director of TowerBrook commented, True Religion is an established, high-end brand with a strong retail network and a loyal following. We are excited to combine our retail and apparel expertise with Lynne and the True Religion team to help the company with brand building and international opportunities. Deal values the company at 835 million dollars According to data compiled by FactSet, True Religion has approximately 25.8 million outstanding shares which means that the deal's total value will come at about 835 million dollars. Its probably worth a little more, somewhere between the mid- to high $30s, but theyre buying them, and it is a valuable brand, said in an interview with Bloomberg Ivan Feinseth, chief investment officer at Tigress Financial Partners LLC, an asset manager and merger adviser in New York. We are in an upswing in the economy, and the time to buy things is when things are recovering. True Religion hired Guggenheim Partners in October to evaluate a possible sale. In March, its CEO Jeff Lubell stepped down and was named chairman emeritus and a creative consultant. As advanced by the high-end denim brand, the deal is expected to be completed in the third quarter. True Religion's board unanimously approved the transaction. It still needs approval from the company's stockholders. TowerBrook is a New York-based private-equity firm founded by Ramez Sousou and Neal Moszkowski, both co-CEOs. Its previous retail investments include the Jimmy Choo Ltd luxury brand, which it sold in 2011 to the German fashion company Labelux Group. As highlighted by The New York Times, Andrew Rolfe, the TowerBrook partner leading the True Religion deal, is a former president of Gap International and chief executive of Pret a Manger. On the back of the news, the shares rose 8.1 percent to 31.82 at the close in New York on May, 10. They have gained 25 percent so far in 2013, with the stock closing at an all-time high of 37.29 dollars on Feb. 7, 2012. A week earlier, it reached a 52-week high of 31.85 dollars a share. Investigations on best possible value for shareholders Meanwhile, law firm Rigrodsky & Long, P.AU has announced theyre undertaking investigation on the terms of the agreement, in virtue of which public shareholders of True Religion will receive 32.00 dollars per share in cash for each share of True Religion they own. The investigation concerns whether True Religions board of directors failed to adequately shop the Company and obtain the best possible value for True Religions shareholders before entering into an agreement with TowerBrook. According to Yahoo! Finance, at least one analyst has set a price target for True Religion stock at 38.00 dollars. Mon, 13 May 2013 00:00:00 GMT http://www.mpdclick.com/mudpie/action/viewListItem?contentItemId=1739839&listId=19