Affordable Brands Expand In Asia
Inexpensive retail brands like Zara and Uniqlo are growing at a faster rate than high-end stores for the first time in Asia. This move seems to mark a shift in the needs of the consumer as well as the growing need for “fast fashion.” In China, the middle class has grown and therefore the demand for brands and stores that align to that budget are also growing. In a report to be released by the real-estate services firm, CBRE mid-range fashion retailers are growing faster than luxury brands in Asia.
“This is the first time this has happened,” said Sebastian Skiff, executive director of CBRE Retail in Asia. “It’s only natural that after being here for so long [the luxury retailers] are likely to grow at a slower pace.”
Asia is playing a more important role as a consumer market than in past years. It has become the world’s largest retailing market, surpassing the United States.
Debate on Marketplace Fairness Act Begins
Monday night the debate on the Marketplace Fairness Act began with a 74-20 vote in the Senate. This piece of legislation would allow states to require that online sellers collect sales tax in the same manner that local stores do.
“The bill, known as the Marketplace Fairness Act, is that rare piece of legislation that has turned Democrat against Democrat, Republican against Republican and business against business, while uniting states as different as New Hampshire, Montana and Oregon — which have no sales taxes — against virtually every other state.”
This step, which is only the beginning, doesn’t mean that the legislation has passed or will even survive the votes on amendments as well as debates. However, it does mark the increase in momentum as senators are making the move to even things out among internet retailers and their local counterparts.
This bill would allow online retailers to collect roughly $22 billion to $24 billion that at the moment is not being collected. The final vote by the Senate should be made by the week’s end. However, it is uncertain when the House will pick up this issue.
Charlotte Olympia and Tom Binns Collaborate For The Met
Jewelry designer, Tom Binns and shoe designer, Charlotte Olympia launched a limited-edition capsule shoe collection. This collection will coincide with the “Punk: Chaos to Couture” exhibit at the Metropolitan Museum of Art’s Costume Institute in Manhattan.
This collaboration produced a series of shoes and bags. “The collection includes the Dolly Riot, a black suede shoe with a metallic platform; Anarchy Kitty, a black velvet shoe with neon embroidered faces, and Punk Pandora, a satin clutch.” These will all be available exclusively at charlotteolympic.com as well as at Charlotte Olympia stores in Manhattan and the Charlotte Olympia Mayfair starting May 2.
PPR Buys Pomellato
The French owner of Gucci, PPR SA, announced that it will expand its jewelry offerings by buying a majority stake in Italy’s Pomellato.
“The deal is subject to competition authority approval and is expected to be completed in the coming weeks, Paris-based PPR said today in a statement. Andrea Morante, a co-shareholder of RA.MO alongside Pomellato founder Pino Rabolini, will remain chief executive officer of the Milan-based jeweler, PPR said. ”
However, the financial terms of the deal and the size of the stake being purchased were not disclosed.
– Jamie Wilson
Sources: The Wall Street Journal, New York Times, WWD, Business of Fashion; Image: The Wall Street JournalSee the Top Ten Summer 2016 Trends for Women Over 40
Tags: Asian Retail Market, Charlotte Olympia, China, Gucci, Internet Sales Tax, Luxury brands, Marketplace Fairness Act, Metropolitan Museum of Art's Costume Institute, Midrange fashion, Pomellato, PPR SA, Punk: Chaos To Couture, Tom Binns, Uniqlo, Zara