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The fashion industry never stops moving, and as always, Retail Brew is here to keep you updated. This week, a major luxury brand bid adieu to its creative director. Meanwhile, an iconic American bridal brand may shutter its business for good. On a more positive note, sales are soaring for one luxury conglomerate.
But we don’t want to spoil anything. Keep reading to get the scoop.
LVMH shares hit record sales, thanks to China
After emerging from several pretty strict lockdowns, the Chinese consumer is ready to shop and LVMH is reaping the rewards: Its shares hit a record high last week. Organic sales at LVMH’s fashion and leather goods division were up by 18% in Q1, far exceeding analysts’ estimates, Bloomberg reported.
While sales numbers in the US slumped, mainly due to a dip in demand for cognac and leather goods, the conglomerate remains positive about China in 2023. LVMH has also seen an uptick in sales across Japan and Europe.
David’s Bridal filed for bankruptcy…again
David’s Bridal has filed for Chapter 11 protection for the second time, and is at risk of shuttering all its 300 stores unless it finds a buyer in the next few weeks.
While its stores are still open, it might have to wind down the business by the end of July in the absence of a buyer. The company’s second go at bankruptcy follows its first filing for Chapter 11 in November 2018; it eventually got back on track after paying off more than $400 million in debt. Over the past few years, the brand has attempted to revive itself by launching quinceañera dresses and virtual wedding stylist programs.
Bruno Sialelli says goodbye to Lanvin
As part of Lanvin’s restructuring efforts, creative director Bruno Sialelli is leaving the company. Sialelli came to Lanvin in 2019 after design stints at Acne Studios, Balenciaga, and Paco Rabanne, as well as on Loewe’s menswear design team.
Lanvin is introducing new initiatives, Leather Goods & Accessories and Lanvin Lab, to drive growth and to provide “an experimental space inviting creative partnerships with proven and rising international talents,” the company shared in a statement.—JS