Fashion News Recap: Tisci leaves Givenchy & Larsson leaves Ralph Lauren
Riccardo Tisci Leaving Givenchy
Riccardo Tisci, the iconic creative director of Givenchy, announced his departure of the company after 12 years, according to the New York Times. He will be remembered as a the director who saved the brand by marrying the youth with old house couture and increasing sales about $550 million annually since he took over. Riccardo said in his personal statement that he is leaving to “focus on personal interests and passions,” however, it is rumored that he is returning to Italy to possibly work with Versace.
Stefan Larsson Leaving Ralph Lauren
Another major departure in the fashion community, making it almost seem like a trend for designers to be jumping around major fashion houses these days. Stefan Larsson replaced the founder and former CEO, Ralph Lauren, back in 2015. The Wall Street Journal reports that Larsson called it quits due to disputes with the company founder over creative control. Larsson was CEO for less than 2 years.
US Retailers Fight Against Republican Tax Reform
More than 100 US retailers are joining forces and launched an anti-border tax coalition to fight against the proposed Border Adjusted Tax plan which would increases prices on clothing items, food and even gas by 20 percent, according to ABC News. The plan proposed by congressional Republicans is meant to cut the corporate tax rate by 15% and bring factory work back home. However, Nike, Target and Wal-Mart are among the many retailers, grocers and automobile dealers to oppose this plan as they believe it would cause more harm than good. They would be forced to raise prices to levels consumers would not tolerate and thousands of workers would be laid off. “I am losing sleep. I am scared out of my mind,” says Rick Woldenberg of Learning Resources company to ABC News.
Kors and Coach battle for Kate Spade
According to Business of Fashion, both Michael Kors and Coach are vying to acquire the struggling retailer, Kate Spade, in hopes that it will help their own sales and growth. Luca Solca, head of luxury goods at Exane BNP Paribas, shares with Business of Fashion that “Coach is better positioned than Michael Kors to buy Kate Spade” due to their similar “lifestyle brand” approaches.
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