Covid has forced the Italian luxury industry to step up the pace of its transformation and search for investors, as shown by Zegna announcing a forthcoming stock market listing, and L Catterton’s acquisition of Etro.
In a month that's shaping up to be huge as far as luxury deals are concerned, the latest news is that LVMH is boosting its stake in Off-White. Virgil Abloh's streetwear label will now be 60% owned by the French giant.
Fashion likes nothing more than a debut, and the biggest one in Italy this season was designer Glenn Martens at Diesel, the avant-garde Belgian designer, making some bold moves at the Italian streetwear giant.
It was all looking so good at the beginning of June. But more bad weather and the announcement of a further delay to the complete reopening of retail saw UK footfall again dipping for a second consecutive week.
The Bestseller group’s founder has bought a 10.1% stake, via his holding company Heartland, in the company owned by Israeli group Fox. Previously, Povlsen had bought stakes in Asos and German fashion e-tailer About You.
The large number of empty stores in the UK means more initiatives are being launched to make the most of these spaces with news of two drives to plug the gaps. The latest are from Pop-Up Club and Fassion.