Week In Review
LVMH led a $1.5 million investment round in the Madhappy streetwear brand, which is headquartered in downtown Los Angeles’ Arts District, according to media reports. Other investors include Tommy Hilfiger and the founders of the fast casual chain Sweetgreen. A Madhappy representative declined to answer questions on what the 2-year-old brand will do with the money. Madhappy manufactures T-shirts, hoodies and other basics for men and women. The brand achieved name recognition by producing parties at its pop-up shops.
The environmental group Extinction Rebellion put together a dramatic protest during London Fashion Week earlier this month. According to the New York Times, people associated with Extinction Rebellion produced a mock funeral march for fashion. They walked down the Strand, where some fashion week shows were taking place, and shut down traffic. The group has critiqued the fashion industry for not being good environmental citizens. It demands that the fashion industry, along with other businesses and governments, reduce their greenhouse gases to zero emissions by 2025.
The RealReal is working with the Burberry fashion house to promote a program that will encourage fashion sustainability. People who consign Burberry pieces at The RealReal will be offered a personal shopping experience in select Burberry stores across the U.S. Announced Oct. 7, Pam Batty, Burberry’s vice president of corporate responsibility, said, “Through this new partnership, we hope to not only champion a more circular future but encourage consumers to consider all the options available to them when they’re looking to refresh their wardrobes.”
Bella + Canvas, a Los Angeles–headquartered basics brand, unveiled a direct-to-consumer retail website on Oct. 7. On shop.bellacanvas.com, shoppers can buy men’s and women’s Bella + Canvas fashions. Previously, the brand focused on business through its wholesale channels, said Danny Harris, the brand’s co-founder and co–chief executive officer. “For us, a move into the retail space has never been a matter of if but when, and we’re excited to announce that time has finally come,” he said. Starting in 2020, the brand also will produce bricks-and-mortar pop-up shops.
Target Corp. announced a new chief financial officer on Oct. 9. Michael Fiddelke will direct financial planning and analysis, financial operations, accounting, investor relations, and taxes, among other initiatives. Fiddelke most recently served as Target’s senior vice president of operations, said Brian Cornell, Target’s chairman and chief executive officer. Target also announced that Mark Tritton, Target’s chief merchant, will leave the organization. Christina Hennington and Jill Sando will temporarily replace him by directing the retailer’s merchandising.