Industry News – June 29th, 2016

Curated fashion industry news links for Wednesday, June 29th, 2016…

BIRCHBOX TRIMS 12% OF STAFF IN SECOND LAYOFFS THIS YEAR – RetailDIVE
“Birchbox’s struggles show what can happen when an upstart company is based on a novel, but easily replicable idea. Birchbox was among the first startups exploring subscription-based sales, but has been trying to expand to sell more full-sized beauty products. That has been tough, especially as the market gets crowded as more established retailers like Sephora seized on the subscription model, muting Birchbox’s market share while adding to its own sales.”

PINTEREST RAMPS UP SHOPPING EFFORTS — AND ADDS SOME COOL NEW TOOLS – RetailingToday
“Pinterest is making it easier for consumers to shop and buy on its site. The company, which claims 100 million monthly users, on Tuesday unveiled a collection of new tools, called “Shopping with Pinterest,” that includes visual search technology that lets people search for similar items shown featured in a pin (post). ”

KANYE AND ADIDAS ARE OPENING YEEZY STORES, GOING INTO ATHLETIC CLOTHING – racked
“When word spread across the internet in early May that Kanye West was planning to drop his next Yeezy shoe release without Adidas, his partner in getting the clothing and footwear lines off the ground in 2015, it seemed like West might have been stepping back from the collaboration to blaze his own path.”

TRUNK CLUB WILL CLOSE GOOSE ISLAND FACILITY, CUT 250 JOBS – Chicago Tribune
“Chicago-based Trunk Club ships customers clothing and accessories selected by personal stylists. Customers can try the merchandise on at home or at Trunk Club’s “clubhouses,” pay for what they keep and send the rest back.”

FOREVER 21’S BUSINESS HAS REPORTEDLY SLOWED WAY DOWN – racked
“Is Forever 21’s rough patch getting worse? The brand synonymous with cavernous stores filled with $9 tops was already having trouble paying its bills on time, according to a New York Post report in April.”

ALEXANDER WANG NAMED CEO AND CHAIRMAN OF HIS COMPANY – FashionMag
“Wang succeeds his sister-in-law Aimie Wang and his mother Ying Wang as CEO and Chairman, respectively. Aimie and Ying co-founded the company with Alexander and his brother Dennis in 2005, and they are both stepping down from their positions though they will remain with the company as board members and shareholders.”

UNDER ARMOUR UNVEILS BALTIMORE MANUFACTURING AND DESIGN CENTER – FootwearNews
“Kevin Plank has been vocal in his desire to make Under Armour the premier innovative athletic brand in the marketplace. Today, the label’s founder and CEO took a step in making that possible by unveiling its new Baltimore-based manufacturing and design center.”

REPORT: TJX COS. AMONG U.S. RETAILERS TO BE IMPACTED THE MOST BY BREXIT VOTE – RetailingToday
“The recent vote by the United Kingdom to leave the European Union will have the biggest retail impact on companies that have high U.K. exposure, including U.S. off-price giant TJX Cos., MarketWatch reported.”