Today’s Fashion Headlines: NYFW Generates $900 Million, Target Launches Instacart Service, Prada Profits Fall

Fountain of 30

September 15, 2015 • Fashion Blog, Fashion News

New York Fashion Week, Backstage - Rag and Bone - SS16

New York Fashion Week Generates $900 Million for NYC

U.S. Representative Carolyn B. Maloney revealed at a press conference at Milk Studios on Monday that New York Fashion Week generates almost $900 million for the greater metropolitan area. That’s more than the U.S. Open, the New York City Marathon or the 2014 Super Bowl and it’s bigger than fashion weeks in Paris, Milan and London.

Maloney said the U.S. Open ranked second with about $800 million in revenue, last year’s Super Bowl was third at $550 million and the New York City Marathon hovers around $440 million. In addition, New York leads the way in the U.S. fashion industry, employing 180,000 people in the five boroughs alone.

Target’s Offers Instacart Delivery Service

Target said today that it is piloting a grocery on-demand service powered by their new partner Instacart in Minneapolis. Consumers in the area can order online and have their groceries, household, health-and-beauty and baby product delivered in as little as one hour. The service is available in select Minneapolis neighborhoods and  some suburbs west of the city and they are discussing plans to expand it to other markets.

Shoppers can order items on or using the Instacart app. The first delivery is free. After that, fees start at $3.99 for a delivery within two hours on an order of $35 or more. A $10 minimum purchase is required with deliveries made between 9 am and 10 pm daily.

Prada Profits Fall 23% in First Half

Weakness in the Asia-Pacific region and sluggish leather-goods sales hurt Hong Kong-listed Prada SpA’s profitability in the first half, despite growth in Europe and Japan and strength in footwear. Net profits in the six months ended July 31 dropped 23 percent to 188.6 million euros, or $207.4 million, compared with 244.8 million euros, or $333 million, in the same period last year.

“The luxury goods market is undergoing a period of significant change which must be met with a far-reaching, long-term strategy,” said Patrizio Bertelli, chief executive officer. “Our commitment remains centered on creative dynamics and the spirit of innovation, so that we can constantly increase the levels of excellence of our products. The group’s primary objective remains the creation of value in the long-term for shareholders, our customers and employees.”

– Carol Calacci

Source: WWD

Photo: Backstage at Rag and Bone SS16 Show, WWD

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