LONDON — Inditex and Asos.com showed Wednesday that there’s still a healthy appetite for fast fashion on high street, with both companies posting double-digit gains. French Connection, meanwhile, has put new strategies in place to resuscitate declining sales and profits.Inditex, parent of brands such as Zara and Massimo Dutti, said net profit climbed 32 percent to 944 million euros, or $1.24 billion, in the first half ended July 31.Sales rose 17 percent to 7.24 billion euros, or $9.48 billion, driven by store openings. Like-for-like sales increased by 7 percent. During the first six months, the group opened 166 stores and now has a total of 5,693 units in 85 markets.Figures have been calculated at average exchange rates for the six months.The momentum is continuing into the third quarter: The Spanish company said that store sales in constant-currency terms rose by 17 percent between Aug. 1 and Sept. 17.Asos.com said in a trading statement that in the fourth quarter ended Aug. 31, total group revenues advanced 31 percent to 145.2 million pounds, or $235.2 million, with the international business growing 42 percent and the U.K. up 15 percent.In the full year, group revenues rose a total of 37 percent to 552.9 million pounds, or $895.7 million.Chief executive officer Nick Robertson said that 65 percent of sales in the fourth quarter came from outside the U.K., compared with 60 percent last year.French Connection Group underperformed compared with its peers: In the first half ended July 31, revenue fell 6.6 percent to 96 million pounds, or $155.5 million. The company posted a net loss of 6.3 million pounds, or $3.9 million, with the European and U.K. business dragging down the numbers.“We feel like the light is very bright at the end of the tunnel,” said Stephen Marks, the company’s chairman and ceo. “We’re working very hard at getting back into a profitable situation within the next two years.”Marks said the wholesale business was performing well in the U.S., where it sells at stores such as Macy’s, Bloomingdale’s and Nordstrom.The company, which has been struggling in the U.K., has set out a series of initiatives aimed at jump-starting the business, including closing unprofitable stores, tweaking its ranges and pricing and improving reaction speed to the best-selling lines and to changing trends.A spokeswoman said French Connection is expecting some benefits from these initiatives to start coming through in the next six to nine months.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim