Industry News – June 15th, 2016

Curated fashion industry news links for Wednesday, June 15th, 2016…

HUDSON’S BAY COMPANY’S TRANSFORMATION LEADS TO FAST GROWTH – Forbes
“Today Hudson’s Bay Company (HBC) is probably the fastest growing department store company in the world. The Toronto based company has high quality stores and serves its customers through two channels – department stores and off price value stores. Growth is now accelerating via additional store openings for Saks Fifth Avenue and Off 5th Avenue stores in the United States, Canada and Germany.”

LUXURY DEPARTMENT STORE REPORTS DECLINE IN SALES AND PROFIT – RetailingToday
“The combination of a cool spring and the continued pullback in luxury apparel spending took a toll on Neiman Marcus Group in the company’s third quarter. The department store retailer’s profit plunged 80% in the period ended April 30, down to $3.8 million from $19.8 million in the year-ago period.”

BED BATH & BEYOND INC. PURCHASES ONE KINGS LANE, INC. – PRNewswire
“Bed Bath & Beyond Inc. (NASDAQ: BBBY) today announced an all cash purchase of One Kings Lane, Inc., an authority in home décor and design that offers a unique collection of select home goods, designer and vintage items. One Kings Lane works directly with home furnishings brands, vintage dealers, designers and tastemakers to offer a curated merchandise assortment. Additionally, they deliver design inspiration and expert style advice. They also offer complimentary interior design services at its two design studios located in San Francisco and New York.”

BIRCHBOX RETRENCHES AMID RAPID RISE IN COMPETITION, CASH SQUEEZE – TheWallStreetJournal
“The startup that set the subscription-box craze in motion has scaled back plans for its growth as increased competition and a chill in venture capital has left it short on cash. Birchbox Inc., which ships boxes of beauty samples for $10 a month, in recent months has suspended plans to open at least three physical stores in the U.S. and paused an expansion into overseas markets such as China, according to former employees. It has also…”

CHANEL FLAP BAG PRICE HAS INCREASED BY 72 PERCENT IN 6 YEARS, STUDY FINDS – Pret-a-Reporter
“Coco Chanel’s design, which first debuted in 1955 for a mere $220, has done nothing but take off over the last 60 years, consistently outperforming housing prices and inflation (8.7 percent) as it rose to its current price, $4,900. Six years ago, in 2010, it was just $2,850. And its value is expected to continue going up.”