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This week in fashion news: One major fast fashion retailer incites backlash, and some vintage watch prices hit a three-year low
Shein accused of “wilful ignorance”
The new year has brought fresh trouble for the already troubled Shein. In a recent exchange, British members of Parliament accused the fast fashion retailer’s EU general counsel, Yinan Zhu, of “wilful ignorance” after she refused to respond to whether Shein has used cotton produced in Xinjiang, China, in its production.
Why this matters: The region has been the focus of concern for its alleged use of forced labor to produce cotton. Zhu, however, said she wasn’t qualified to answer questions related to Shein’s supply chain and manufacturers prompting the MPs to say she has been “unhelpful and disrespectful.” It’s not the first time Shein has garnered criticism from government authorities. The retailer, which initially planned on launching an IPO in the US, reportedly switched to listing on the London Stock Exchange instead after bipartisan lawmakers pushed the SEC to investigate accusations of “mistreatment of Uyghurs, a marginalized group in China,” Retail Brew previously reported.
Prices drop for Swiss watches
If you’re in the market for a vintage timepiece, now is the…well, time. Used watches from Swiss watch labels such as Rolex, Patek Philippe, and Audemars Piguet dropped in value again last year, reaching a three-year low. The dip comes after rising in 2020 and 2021.
Why this matters: The pandemic and inflation have impacted virtually all areas of luxury, including vintage watches. On the flip side, the luxury resale market has seen unprecedented growth over the last couple of years and was valued at $50 billion last year.
Wolford incites customer backlash
They say the customer’s always right. Well, luxury lingerie and tights brand Wolford has had to learn this the hard way after receiving substantial flak from customers in Europe and the UK for delays in fulfilling orders and refunds. After reviews platform Trustpilot was flooded with complaints against the brand, the retailer apologized for the delays, admitting they were simply stretched too thin. The Guardian reports that ~90% of reviews for the retailer on Trustpilot are currently negative.
Why this matters: Like many other high-end brands, Wolford, which is part of the luxury group Lanvin, has seen its sales drop (27%) over the past year, causing significant challenges. To make matters worse, Lanvin Group itself posted a 20% dip in its sales in August of last year amid a luxury slowdown.