MILAN (Reuters) – The Made in Italy Fund buys upscale Italian casual brand Dondup from L Catterton, the buying company founded by LVMH owner and French billionaire Bernard Arnault, Italian private equity said on Thursday.
Dondup, which posted sales of 53 million euros ($ 62.56 million) and a core profit of 14 million euros last year, is the seventh investment by the Italian fund and its fourth in the fashion industry.
The acquisition value was not disclosed. L Catterton has invested in Dondup in 2010.
The fund said it aims to create a fashion conglomerate with Dondup and the two other fashion brands it owns – 120% Lino, known for its linen clothing, and jewelry and accessories maker Rosantica – and expand their foothold in Europe and the United States.
($ 1 = 0.8472 euros)
Reporting by Claudia Cristoferi, editing by Giulia Segreti
(Reuters) – Fashion brands, including H&M, Nike and Adidas, have come under fire on Chinese social media for previous statements they made expressing concern over labor conditions in Xinjiang province.
Internet users in China are also targeting the Better Cotton Initiative (BCI), a group promoting sustainable cotton production which said in October it was suspending its approval of cotton sourced from Xinjiang for the 2020-2021 season, citing human rights concerns.
BCI members include Nike, Adidas, H&M, and Fast Retailing Japan.
Here’s a breakdown of some of the businesses of foreign fashion companies in China:
The Spanish firm’s annual report says it has 337 stores in mainland China – 141 of its flagship brand Zara, which opened its largest store in Asia in Beijing’s Wangfujing neighborhood last October. The company does not report sales by country.
This was sourced from 477 suppliers who run 2,318 factories in China, its website says.
The company has said that 100% of its cotton will be organic, recycled and supplied through BCI by 2025.
The Swedish Group has 505 stores in China.
China is H&M’s fourth largest market with sales of 9.75 billion Swedish crowns in the 12 months to November 2020.
China and Bangladesh are H&M’s biggest production markets for clothing, says the H&M website. The retailer owns or has contractual relationships with more than 1,300 factories in the country, according to data on its website.
H&M said its cotton would no longer be sourced from Xinjiang after BCI cut ties to the region in October 2020.
Nike said in its earnings statement that Greater China reported revenue growth of 51% to a total of $ 2.28 billion in the quarter to the end of February.
A statement on Nike’s website said that it did not source cotton from Xinjiang but that “traceability at the raw material level is an area of continuing focus”.
The German company said in its 2020 annual report that its 2020 net sales in China, excluding the Reebok brand, were 4.3 billion euros, out of a total of 18.4 billion.
The annual report says 15% of Adidas footwear, 20% apparel and 36% of accessories and fixtures such as balls and bags are manufactured in China.
In its 2020 social impact report, the company said it had asked its suppliers to stop sourcing cotton yarn from Xinjiang, and supported BCI’s decision to cut ties with the region and said the group was its “main source”. cotton.
Fast Retailing has about 800 Uniqlo stores in mainland China, roughly the same number as in its home market, Japan. It cites huge gains in mainland China in the fourth quarter of 2020.
The company reported revenues of 455.9 billion yen ($ 4.1 billion) in China, Hong Kong and Taiwan in the financial year ended August 31, 2020, 22% of total revenue.
More than half of its fabric factories and sewing plants are located in China, says the Fast Retailing website.
Fast Retailing said no Uniqlo products were produced in the Xinjiang region and no production partners were subcontracted to fabric or spinning mills in the region.
Muji Japan, which is owned by Ryohin Keikaku Co., operates 275 stores in mainland China, out of 975 worldwide.
The retailer was quoted as telling China The Global Times that they used Xinjiang cotton, earning praise from Chinese internet users, who praised the company’s “survival instinct”.
In a statement to Reuters, Ryohin Keikaku said it was concerned about reports of forced labor and discrimination in the region.
It said it had recently conducted due diligence for the Xinjiang plant, which has an indirect link through its supply chain, and also assigned an independent audit group to conduct an on-site audit.
“The results confirm that at this point, no significant problems have been identified except for problems which can be fixed by the farm or the spinning mill taking action on its own to make immediate repairs,” he said.
Reporting by Victoria Waldersee. Edited by Jane Merriman
NEW YORK (Reuters) – Tadashi Shoji used metallic armor-inspired and ornate materials for his fall / winter 2021 design on Sunday, presenting a series of intricate shimmery dresses on the first day of virtual New York Fashion Week.
In the previously recorded video, the American designer, best known for her evening gowns, unveils a silhouetted hug skirt adorned with fringed sleeves, puffed shoulders, paillettes or lace details.
The model stands above a fire-lit sky and atop piles of old furniture – including a piano, chandelier and bed frame – in the video, with smoke sometimes billowing from below.
With COVID-19 restrictions canceling the usual bustling catwalk shows, designers have had to rethink how they present collections.
February 14-18 New York Fashion Week: The shows are mostly virtual events, with most brands sharing their latest design videos and only a few hosting live presentations from social distancing.
“The last year has challenged us in ways we could never have imagined. Nothing escapes unaffected. We yearn for security. We are forced to gather our strength every day, ”Shoji said in the event notes.
“This season, I want to design work that inspires a sense of protection, a collection that reflects our strength – a power so obvious you can tap your knuckles on it, and it will sound like steel.”
There were velvet dresses decorated with floral prints, as well as black trouser suits and velvet jumpsuits.
Draped evening gown, with shimmering or off the shoulders. There are also several choices of jacquard party dresses.
Shoji chose a palette of bronze, dark brown, red, orange, steel and midnight blue.
Other designers who introduced their designs at New York Fashion Week include Badgley Mischka, The Blonds and Jason Wu.
Reporting by Alicia Powell and Marie-Louise Gumuchian; Edited by Richard Chang
MILAN, February 10 (Reuters) – Louis Vuitton owner LVMH and music star Rihanna have agreed to close her fashion line Fenty less than two years after launch, the French luxury goods giant said on Wednesday.
LVMH said in a statement that the ready-to-wear activities of Fenty, which is based in Europe, would be “suspended” pending better conditions.
It said an investment fund backed by LVMH L. Catterton had taken a stake in Savage X Fenty, Rihanna’s underwear line.
“LVMH and Rihanna reaffirm their ambition to concentrate on the long-term growth and development of the Fenty ecosystem focused on cosmetics, skin care and underwear,” he added.