Industry News – May 23rd, 2016

Curated fashion industry news links for Monday, May 23rd, 2016…

GAP MOVES TO STREAMLINE; CLOSING OLD NAVY IN JAPAN – RetailingToday
“Moving forward with its promise to streamline its business model, Gap Inc. said it plans to close its fleet of 53 Old Navy stores in Japan and also shutter some Banana Republic stores, primarily outside of North America. The retailer announced the moves on Thursday in its first quarter results, which marked the chain’s fifth straight quarter of lower revenue and profit. The company also said it would not reaffirm its earnings guidance for the fiscal year.”

OLIVIER ROUSTEING TEAMS UP WITH NIKELAB: SEE THE NEW COLLECTION – Vogue
“The pairing began almost a year ago, when Nike approached Rousteing about the possibility of working together, and the sleek, chic designer was thrilled. “I said yes, obviously. Nike is a great brand—more than a brand! When I was a kid, I wore Nike! I was really proud that they came to me.”

AUSSIE BEGINNERS, MEET AN AMERICAN LEGEND – NYMag
“These emerging designers made a solid appetizer for the day’s main course — the first Oscar de la Renta show to be held on this continent. While designer Peter Copping was not in attendance (he just showed his resort 2017 lineup in New York) a huge international contingent came out for the collection. Not to mention seemingly all of Sydney turned out in their finest — yes, there were as many ballgowns off the runway as on it. The collection shown was not a rehash of a previous season, nor a flash-forward to resort — rather, it was a separate assortment intended for summer 2016.”

SALVATORE FERRAGAMO OPENS “TRA ARTE E MODA” EXHIBITION, SPREAD ACROSS SIX LOCATIONS – Forbes
“The exhibition established by the Italian luxury brand notorious for its footwear, opened earlier this week. Tra Arte e Moda is organized by Salvatore Ferragamo’s Fondazione Ferragamo and Museo Ferragamo art institutions. Nonetheless, the exhibition is not a Ferragamo-only affair. Amongst the pieces at display are a Salvatore Ferragamo pump from the Fifties, inspired by the work of American artist Kenneth Noland. In addition, there are works by Andy Warhol and Keith Haring at display, plus a 1930s dress designed by Elisa Schiaparelli in collaboration with Salvador Dalí.”

NET-A-PORTER, YOOX MERGER BOOSTS RICHEMONT’S PROFIT IN HARD TIMES – FootwearNews
“Richemont, parent of brands including Cartier, Van Cleef & Arpels, IWC and Dunhill, said today that sales were up 6.4 percent to 11.08 billion euros, or $12.19 billion, on a reported basis. At constant exchange rates, they decreased by 1 percent, due to weak demand for watches, declining footfall in the high-margin markets of Hong Kong and Macau, and uneven tourist patterns worldwide.”