Fashion, luxury and lifestyle news aggregator: June 2024

Published on 01/07/2024

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Shein IPO

Earlier this month, ultra-fast fashion retailer Shein deposit for a London quotation which could value the company up to $50 billionThis follows reports that a first US listing failed due to the giant's extensive operations in and ties to China.

Shein, known for its affordable and trendy fashion, has seen rapid growth in recent years, with sales more than double in 2020 to $10 billion, although growth has reportedly slowed since then. The retailer also facing criticism due to its environmental impact and labor practices, with some activists calling for a boycott of the brand.

This list should be one of the the biggest The rise of fast fashion in London in recent years is said to be boosting the City’s status as a global financial However, the development comes at a time when fast-fashion brands are under increasing scrutiny, with regulators and consumers increasingly concerned about their environmental and social footprint.

The list highlights the continued growth of fast fashion, as well as the challenges and controversies The British Fashion Council said the list would be a major concern for British fashion designers and retailers and others have expressed similar feeling:Shein should not be rewarded with the credibility of being listed in the City.

As the industry continues to grow, the spotlight will be on fast fashion giants to address concerns about their environmental and social impact and work towards more sustainable and ethical practices.

Sustainability in fashion

Harrods recently published its first Environmental, Social and Governance Report (ESG) report earlier this month, demonstrating its commitment sustainability, ethical sourcing and diversity. The report highlighted a number of Specific objectives including reducing carbon emissions by 50% by 2030 and achieving carbon neutrality by 2050, aiming for 50% of all products to be made from sustainable materials by 2030 and aiming for 50% of all management positions to be held by women and 20% by ethnic minorities by 2025.

Berlin Fashion Week also announced new sustainability requirements for participating brands, following in the footsteps of Copenhagen Fashion WeekFrom 2025, all brands will have to meet minimum standards, including using at least 50% sustainable materials in their collections, ensuring fair working conditions throughout their supply chains and ensuring transparency on their environmental and social impact.

British designer Stella McCartney and champagne house Veuve Clicquot associates with the announcement of a new company focused on sustainable innovation. The partnership introduces a grape-based alternative to animal leather and features a collection of six luxury accessories handcrafted from Veuve Clicquot’s post-harvest waste. As part of the collaboration, Veuve Clicquot has committed to using 100% renewable energy in its production processes by 2025 and reducing its carbon emissions by 50% by 2030. The champagne house will work with Stella McCartney, a fashion designer known for her luxury designs. lawyer for sustainability in fashion, to develop new sustainable packaging solutions and use materials such as recycled plastic and mycelium as alternatives to leather.

LOEWE and ON have also recently collaborated on a range of outerwear at Selfridges, as part of LOEWE's ongoing campaign commitment to sustainability, with many pieces made from recycled materials.

Retails Love Story: Taylor Swift's Eras Tour

As Taylor Swift brings her new record Eras Tour in UK this month, is the economy ready for it?

Swift's fans flocked to see her perform more than 100 concerts as part of her Untouchable Tour that spanned six continents and would last a total of 21 months. Concert-goers spent lavishly on hotels, flights and restaurants, boosting the economy and demonstrating Swift's cultural and financial impact. Swiftonomics.

The love affair continues in London: Swift descended on Wembley Stadium at the end of June and will return in August for a total of eight nights. Barclays predicts that this will boost the economy of almost a billionwith an average spend of $848 per person on tickets, travel, accommodation and merchandise. A new outfit for the evening is also in vogue, with many fans looking to recreate one of Swift's eras in their outfit. It's no coincidence that UK retail sales have increased by 2.9% in May (as opposed to the expected 1.5%), which some have called the Taylor Swift effect. Indeed, fashion brands were preparing for demand, with online research For cowboy boots and Swift T-shirts, there's not much going on right now, with sales of the latter up 216% and 175% respectively. Sportswear retailer Gymshark has actually launched a new training collection of the five looks inspired by Swift's most notable outfits from the Eras tour. Emilie Lorimersocial media manager, said they couldn't let what is arguably the biggest cultural and musical moment of 2024 pass without getting involved in a little way.

THE The UK economy is We are not out of the woods yet and it remains to be seen whether the new government of July 4, 2024 will be the brains of a growing economy. However, there is no denying that the impact of Swift and the Eras tour has certainly contributed to Swiftmania!

Retail reforms: party manifestos decoded

As the general election approaches, political parties have unveiled their plans for the retail sector. In this context, the British Fashion Council (BFC) has outlined the main points five priorities For a new government that supports economic and social growth, jobs and opportunities in the fashion sector. This includes restoring duty-free shopping and reforming business tax rates to drive growth in the fashion sector; increasing trade and export investment for UK fashion designers; supporting the fashion education sector; developing a new generation of businesses and skilled workers in the industry; and introducing legislation to encourage sustainable business practices to meet decarbonisation and net zero targets.

Below is a summary of some of the key announcements by the Labour, Conservative and Liberal Democrat parties that are likely to affect the sector.

Work
The Labour Party manifesto addressed some of the priorities listed by the BFC. promised replace the business tax system to generate the same revenue but in a more equitable manner. BRC has previously said that the current level of rates has cost the UK consumer 6,000 shops in the last five years, so it could be a welcome change, although it is unclear exactly what the proposed system will look like.

THE manifest The bill also included measures to protect retail workers from rising crime levels, promising to create a new specific offence for assaults on store employees and removing effective immunity for some shoplifting offences. Retail leaders have called for shoplifting of goods worth less than $200 to no longer be considered a lesser offence under the Consumer Protection Act. Drapers Retail Fashion Manifesto.

On learning and skills, Labour has promised to give businesses more flexibility over how they spend public money currently earmarked for apprenticeships.

Helen Dickinson, BRC Chief Executive, said: commented on the Labour Party manifesto, saying it included many of the right policies to help retail invest for the future, improve the skills of its workforce and play its part in growing the UK economy.

Conservative
Rishi Sunak has sworn to continue to reduce taxes in the coming years and aims to develop a tax system that encourages businesses to invest. The party has promised to continue to ease the property tax burden on Main Street, leisure and hospitality businesses by increasing rates for warehousing. They will provide 4.3 billion support for small businesses over the next five years. However, the retail response has been unhappy, with Helen Dickinson comment that the Conservatives' promise to ease the burden will ring hollow for many retailers.

The Conservatives have also pledged to toughen penalties for those who assault retail workers and create 100,000 new apprenticeships a year over the next five years.

Liberal Democrats
The Liberal Democrats to propose replace the commercial tax system with a commercial property tax to reduce the financial burden on retail businesses and encourage investment in local commercial areas. promises to replace the outdated apprenticeship levy with a broader and more flexible skills and training levy.

Helen Dickinson rented commitment to reform the business tax system and reform of the apprenticeship tax, but expressed disappointment that the manifesto made no mention of retail crime.

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