NEWS
Inside The Industry
Fred Segal announced that it would open a location in Seoul during the first quarter of 2021, making it the first Fred Segal shop in Korea. It will partner with the Hanwha Group to open the boutique in the Galleria Luxury Hall department store, said Jeff Lotman, chairman and owner of Fred Segal. “With more store openings in North America that will be announced soon, this deal solidifies Fred Segal’s position as a global brand with an enormous growth trajectory.” Fred Segal runs locations in West Hollywood, Calif.; Malibu, Calif.; and at Los Angeles International Airport. It also runs international locations in Taiwan and Bern, Switzerland.
Nike Inc. announced that it was going to increase its focus on digital business. The campaign, called Consumer Direct Acceleration, features development of the footwear giant’s investments in e-commerce and technology. On July 22, Nike announced executive changes that will support the campaign. Amy Montagne was named vice president, general manager, of men’s. Whitney Malkiel was named vice president, general manager, of women’s. McCallester Dowers becomes vice president, general manager, of kids’. They will report to Michael Spillane, who will become president of Nike’s consumer creation division. The company also announced that the push into digital would result in an unspecified amount of job cuts.
Closed Loop Partners is a New York–based investment firm focused on an environmentally friendly economy. On July 20, it announced a campaign intended to scale back and to eventually end waste created from bags taken home from retailers. Closed Loop Partners will work with CVS Health, Target, Walmart and environmental groups to develop new products and packaging. The campaign will include the Beyond the Bag Challenge, which will invite innovators from around the world to pitch sustainable solutions to waste coming from retail bags. A group statement encouraged people to pitch ideas at www.openideo.com.
Neiman Marcus Group has introduced Your Neiman’s. It’s a digital hub for luxe services such as making appointments for in-store service, curbside pickup, connecting with a style adviser through a video or accessing digital experiences that can be found at the website www.neimanmarcus.com/virtualevents, said David Goubert, Neiman Marcus Group’s president and chief customer officer. “The world is changing, and we’re all adjusting our habits to accommodate the new normal,” he said.
Tapestry, Inc., the parent company of the Coach, Kate Spade and Stuart Weitzman brands, has announced that Jide Zeitlin, the company’s chairman and chief executive officer, has resigned. Tapestry Chief Financial Officer Joanne Crevoiserat was appointed interim CEO. The company has started a search for a permanent CEO, which will include internal and external candidates. A Tapestry announcement said that Zeitlin resigned for personal reasons. Media reports said that Zeitlin left the company after allegations of misconduct that allege he had posed under the false identity of a photographer more than a decade ago in order to lure a woman into a relationship.
