Women's Wear Daily

Hong Kong’s I.T Limited Warns of Half Year Loss

Hong Kong-headquartered I.T Limited issued a profit warning on Wednesday, sharing that it is expecting to swing into a net loss for the half year period ended August 31. The forecast was based off of a preliminary assessment of accounts and up-to-date operational data, said the company, which operates a network of multi-brand retail stores and is the China partner for brands such as Dover Street Market, Undefeated, Fred Perry and more. “In view of the various geopolitical and macroeconomic challenges such as the Sino-US trade tensions and the recent social instability in Hong Kong, the group offers extra discounts to increase sales and reduce inventory,” the company said. “This leads to decline in gross margin and earnings in several of our operating regions such as Hong Kong and Mainland China.” While the persistent political controversy in Hong Kong surely has not helped, the group’s business in the quarter to May, before the protests began, had already showed signs of weakness. In Hong Kong, same store sales growth fell 1.2 percent year over year off of heavy discounting. However, it was more positive in Mainland China where the company’s same store sales growth grew by 6.2 percent, while Japan and the U.S. rose

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Europe’s Markets Rise Following Conte’s Resignation as Italy PM

MILAN — European stock markets registered positive performances in mid-morning trading on Wednesday in the wake of Italian prime minister Giuseppe Conte’s resignation on Tuesday. Milan’s FTSE MIB regained some ground climbing 1.75 percent to 20,844.33 compared to its negative performance — the worst in Europe — that followed the announcement on Tuesday, when the Italian market dipped 1.1 percent to 20.485,43. Overall, the uncertainty of the Italian political situation was mirrored by negative performances of European markets on Tuesday, with the FTSE 100 in London closing down 0.9 percent to 7,125 and the CAC 40 in Paris and DAX in Frankfurt both down 0.5 percent to 5,344.64 and 11,651.18, respectively. On Wednesday morning, all stock markets recovered as the FTSE 100 in London climbed 1.05 percent to 7,200.17, the CAC 40 in Paris was up 1.45 percent to 5,422.20 and the DAX in Frankfurt was up 1.14 percent to 11,784.53. Retail and luxury stocks were on the upswing, including Italian brands such as Moncler, up 2.8 percent to 35.33 euros and Salvatore Ferragamo, up 1.8 percent to 18.07 euros. Conversely, Tod’s SpA was down 3 percent to 49.80 euros after its shares spiked on Tuesday, jumping over 8 percent to 51.35 euros. The spike

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A&F Co. Sets Sustainability Goals and Joins U.N. Initiative

Abercrombie & Fitch Co. has set new sustainability targets and has become a participant in the United Nations Global Compact. Among the goals targeted by the specialty retailer: • “Responsibly” sourcing materials with sustainable processes or from recycled fibers by 2025, including cotton, polyester, viscose, wool, down and linen. • Driving 30 percent water reduction in denim, the company’s highest volume material, by 2022. • Partnering with vendors on training programs that fight human trafficking and promote health and well-being. A&F said it will be able to support the training of 75,000 additional workers by 2022. A&F said it’s aligned with the U.N.’s sustainable development goals (SDGs) which address poverty, inequality, climate, environmental degradation, peace and justice around the world. Being a better corporate citizen and more environmentally responsible will help A&F build stronger shopper loyalty among the young populations it targets in its merchandising and marketing. The specialty retailer, which operates the Abercrombie & Fitch, Hollister and abercrombie kids brands, said its participation in Compact and its new sustainability goals build on previous social and environmental sustainability programs, many of which started almost 20 years ago. A&F said it will also support Compact’s 10 principles on human rights, labor, environment and anti-corruption; participate in “action platforms” advancing “responsible

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WWD Report Card: The Dog Days of Summer Style

The celebs are out and about in their summer casual best — and we’re here to issue the grades. Ashley Tisdale: D Ashley Tisdale  Broadimage/Shutterstock Only in the Hollywood bubble can this outfit exist. A winter beanie paired with a summery white t-shirt and denim cutoffs is just another day at the office for an L.A. starlet. Kiefer Sutherland: Fail Kiefer Sutherland  Beretta/Sims/Shutterstock This is like something Mick Jagger would wear. The difference? Mick Jagger is a rock icon — and Kiefer Sutherland is in a “24” fashion nightmare. Please don’t bring us with you. Shia LaBeouf: B+ Shia LaBeouf  MediaPunch/Shutterstock The cropped pant with a white sock and sneaker hints toward indie skater, but the real message is on the fitted, buttoned-up polo, which reads more boxer off duty. Gigi Hadid: B- Gigi Hadid  Mike Reed/ACE Pictures/Shutterstock It’s nearly there, but the dark sneakers throw it off. The uneven hem of the shorts give it a more punk, DIY feel that works with her fashion cred. The statement pendant and gold chains are very summer holiday — but the oversize aviators are taking over her face. Arnold Schwarzenegger: C Arnold Schwarzenegger  Broadimage/Shutterstock Everything was working, from the camo jacket to the athletic shorts and high-tech monster bike — until the croc slip-on sneakers terminated the outfit. There is not

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Kirna Zabête Celebrates Fendi in East Hampton in Lead-Up to 20th Anniversary

Kirna Zabête is all grown up, and she’s aged beautifully. Owner Beth Buccini today will mark the 20th anniversary – which is actually Sept. 9 – by hosting a cocktail event celebrating Fendi’s fall 2019 collection at Kirna Zabête’s East Hampton digs at 66 Newtown Lane. Kirna Zabête launched a pop-up shop in East Hampton in the summer of 2016. Buccini was hooked by Labor Day. “I said there is absolutely no way I’m closing this store,” she recalled. “Everyone is relaxed. You need something to wear that night. I had a sense it would work because people started calling me in [Manhattan] and saying, ‘When are you coming out? Can you bring me this or that.'” No retail anniversary would be complete without an exclusive collection, and Kirna Zabête’s consists of 20 items such as Johanna Ortiz’s midi dress, Le Sirenusse’s crop top and Cesta Collective bucket tote, among other items. Each product bears some significance to Buccini for being among the early brands sold at the store, or being a recent discovery. The collection also includes vibrantly printed summer frocks, swimsuits, sensually-blended candles, acrylic neon box signs, and a Hextor Saxe backgammon set. East Hampton, Bryn Mawr and Palm Beach, will activate special events

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Saks Fifth Avenue’s Main Floor Renovation Comes Full Circle

Saks Fifth Avenue on Monday reached a milestone: finishing the last part of the renovation of the 53,000-square-foot main floor. If the unveiling seemed somewhat anticlimactic barring any pomp and circumstance, consumers nonetheless streamed in through the 646,000-square-foot flagship’s 49th Street and 50th Street doors or Fifth Avenue entrances and walked east to the new section. Powerhouse luxury brands such as Louis Vuitton, Dior, Balenciaga, Prada and Chanel, whose shop-in-shop represents the Parisian house’s largest handbag space at a multilabel North American retailer, in February planted stakes near the high-traffic Fifth Avenue side of the store — the better for tourists to see all the leather and logos. The Saks flagship carries a more robust offering than before, and nearly every brand, including Chanel, has created exclusive styles or colors for the retailer.   What the back portion of the main floor lacks in household named luxury brands, it makes up for with a sense of discovery and new resources, including emerging brands; the first Rimowa concept shop at a North American multibrand retailer, and an emphasis on personalization with Royce New York, among others. And there’s strength in numbers. Saks now offers nearly 60 handbag resources across the entire main floor, with 31 in

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