Clothing

Corona Capital: New York City, Fed/climate change

15 Dec 2020

Concise views on the pandemic’s corporate and financial fallout: New York City’s exodus puts local government in a tight spot; the Fed’s belated move shows a change in Washington.

Corona Capital: Movie releases, Ads, Running

4 Dec 2020

Concise views on the pandemic’s corporate and financial fallout: HBO Max uses its muscle on movie releases; advertising wins some and loses some; Brooks’ beast year.

Philip Green’s retail roulette hits the little guy

1 Dec 2020

The Monaco-based tycoon’s Arcadia empire has collapsed. His decision to pay wife Tina a 1 bln pound dividend took chips off the table, but left the Topshop owner poorly placed for the internet. With pensioners and small suppliers on the hook it’s a stark lesson in moral hazard.

Private equity can sprint ahead in Adidas castoffs

11 Nov 2020

Buyout groups are considering buying Reebok from the German sportswear group, the FT says. Chunky returns are possible despite the brand’s dismal growth. But after a failed turnaround, the maker of Kanye West Yeezy trainers will need to accept much less than the $3.8 bln it paid.

Corona Capital: Salvatore Ferragamo

10 Nov 2020

Concise views on the pandemic’s corporate and financial fallout: Faded heels-and-loafers brand Salvatore Ferragamo could benefit from a coronavirus vaccine-induced return to airport shopping, but the Florentine fashion house would still need a makeover.

VF’s Supreme buy doesn’t need much kick

9 Nov 2020

The Vans owner is paying $2.1 bln to buy the cult-like streetwear brand from Carlyle. Expanding Supreme aggressively risks taking away its scarcity value. But at some 4 times sales, less than Nike’s multiple, VF has baked in room for Supreme’s growth to be no better than basic.

Chinese tech giants take proxy war to New York

3 Nov 2020

Alibaba is jostling for a stake in U.S.-listed online fashion retailer Farfetch. That would put Jack Ma’s behemoth in contention with rivals JD and Tencent, who also have their fingers on the UK firm. Courting such investors will better equip Farfetch in its battle with Amazon.

Corona Capital: Ferrari, E-commerce, Fox

3 Nov 2020

Concise views on the pandemic’s corporate and financial fallout: Ferrari leaves its auto rivals in the dust; Russia’s online marketplace Ozon heads for a New York IPO; and Fox avoids the virus-induced advertising drought.

Review: What can be more premium than luxury?

30 Oct 2020

The next generation of affluent shoppers will spend more on experiences and edgy products, says Erwan Rambourg in “Future Luxe”. That may dim the appeal of classic deluxe products like Gucci bags or Cartier watches. Luxury will be more about what you do than just what you own.

Corona Capital: Greenwich, CT real estate

16 Oct 2020

Concise views on the pandemic’s corporate and financial fallout: Home sales in the swank New York City suburb preferred by bankers have soared while Manhattan apartment sales crater.

Corona Capital: Black Friday, JPMorgan’s new tower

14 Oct 2020

Concise views on the pandemic’s corporate and financial fallout: Walmart’s Black Friday rejig makes for a curious experiment; JPMorgan goes all-in on New York real estate.

Corona Capital: Covid-19 tests, Bed Bath & Beyond

1 Oct 2020

Concise views on the pandemic’s corporate and financial fallout: Diagnostic company Quidel predicts a quarterly earnings bonanza; meanwhile the pandemic turns a struggling retailer into a winner, at least temporarily.

Corona Capital: LVMH and Macron, Eyewear deals

23 Sep 2020

Concise views on the pandemic’s corporate and financial fallout: LVMH has friends in high places; 1-800 Contacts has semi-disposable owners.

Corona Capital: Fed’s optimism, Package holidays

16 Sep 2020

Concise views on the pandemic’s corporate and financial fallout: Jay Powell and crew at the U.S. central bank reckon the nation’s economy is doing better, just, than they expected; Anglo-German travel company TUI may raise 1 bln euros as the virus whacks new bookings.

Corona Capital: Kraft Heinz, U.S. poverty

15 Sep 2020

Concise views on the pandemic’s corporate and financial fallout: The food giant is boosting advertising outlays, even as it continues cutting costs; and the poverty rate in the United States hit a low at the end of 2019, according to new data, only to run into a Covid reversal.

Fashion can bear the costs of virtue cotton

25 Aug 2020

Most of China’s crop comes from the persecuted Uighurs’ home region. Forced labour may taint some of that, but clothes makers do not yet trace their complex supply chains back to the farms. Scrutiny from politicians and investors means careful sourcing makes financial sense.

Corona Capital: Expense accounts, Zoom’s new box

15 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: Goldman Sachs’ earnings give an insight into pandemic-era client schmoozing, and virtual meeting facilitator Zoom tiptoes into the high-priced hardware market.

Viewsroom: Chinese access to U.S. money, Boohoo

9 Jul 2020

Chinese companies’ access to American capital is imperiled for all sorts of reasons, says Hong Kong columnist Robyn Mak. The stingy LBO of New York-listed Sina by its CEO won’t help. Also, British fast-fashion retailer Boohoo’s not-quite dark satanic mills are in the spotlight.

Uniqlo is well-tailored for an Asia-led recovery

9 Jul 2020

Fast Retailing cut its annual operating profit forecast but the recovery is robust in its top two markets, China and Japan. It underpins a stock rally that has outpaced rivals Inditex and H&M, and justifies a premium valuation. It also dresses up a bumpy overseas expansion.

Boohoo investors sense its strategic straitjacket

8 Jul 2020

The fast fashion retailer’s shares have slumped again, despite a plan to fix its supply chain. The wider issue is that a doubling of UK clothing makers’ pay could halve Boohoo’s EBITDA margins. Other steps – offshoring more production or hiking prices – are problematic too.