Recently it seems as though the fashion industry has become a born again news station due to the headlines bearing anything but the latest collections. Is this recession the unofficial sabbatical for designers? It’s an interesting concept and as I look into greater detail it seems as though there has been a shift in today’s fashionistas. Rather than running to check the latest shipment at Bendel’s or Barneys we find ourselves checking Gilt Group and WhoWhatWear.com before we even take a sip of our morning coffee. Is this a minor fad that will soon fade or is this the Great Awakening for today’s fashionistas? As for our quasi-debrief of today’s headlines, it seems all to appropriate to tell you to grab a glass of wine or maybe even a cocktail before you settle into the rest of this post.
Saks Inc. slimmed down by $44 million in expenses for the first quarter—more than they had expected to cut for the entire year.
• Link: http://origin.www.wwd.com/business-news/saks-reports-q1-loss-2140143?src=rss/recentstories/20090519
Burberry posts an $8.8 million loss for the year, compared to the $232.5 million profit of the previous year.
• Link: http://origin.www.wwd.com/business-news/burberry-posts-loss-for-full-year-2140124
Struggling Gap is picking themselves up by their bootstraps and creating a stronger business model for their U.S. and Canadian business.
• Link: http://origin.www.wwd.com/business-news/gap-plots-international-expansion- ecommerce-push-2141150
So as you’re reaching for a second glass of whatever pulled you through the news debrief, take a breath and allow me to finish up on a positive note. The top stock performers include:
• Saks (SKS)
• Gildan Activewear (GIL)
• Tween Brands (TWB)
• Talbots (TLB)
• Stein Mart (SMRT)
• Home Shopping Network (HSNI)
Take a deep breath and consider this recession a nudge to enjoy what you have and learn to love simplicity.