03 March 2022, Mumbai:

Lee brand global revenue was $233 million, a 14 percent increase over the same period in the prior year on a reported and constant currency basis.

Lee U.S. revenue increased 13 percent compared to the same period last year, driven by improving sell through of new programs and increases in Digital.

Lee international revenue increased 14 percent over the same period in the prior year on a reported and constant currency basis. Other global revenue declined to $5 million driven by impacts from the strategic actions related to VF Outlet operations.

Gross margin increased 30 basis points to 42.8 percent of revenue, compared to the same period in the prior year. Adjusted gross margin decreased 60 basis points to 42.6 percent of revenue, compared to the same period in the prior year. 

ALSO READ: Lee, Wrangler to increase focus on online channels in India

Structural margin improvements increased 80 basis points driven by favorable customer and product mix, as well as business model changes, which more than offset the impacts of inflation, inventory adjustments, and higher distressed sales.

Additionally, in support of strong demand, transitory expenses, which include air freight for expedited shipments, negatively impacted gross margin by 140 basis points in the quarter.

Compared to the fourth quarter of 2019, adjusted gross margin increased 170 basis points.

RELATED ARTICLE: For its 75th anniversary, Wrangler introduces the first-of-its-kind NFT

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*CREDITS:  Kontoor.

02 March 2022, Mumbai:

*Sunder "Ashok" Genomal is an Indian businessperson, billionaire, and MD of Page Industries, a Bangalore-headquartered garment company, founded in 1994.

He has recently put in his papers from the post of Managing Director and is to continue with his services as Non-Executive Director.

Sunder Genomal has gladly acknowledged having expressed his keenness to continue to contribute to the Company's progress and be a party in its long-term enduring growth in the capacity of Non-Executive Director.

ALSO READ: Page Industries (Brand Jockey) reports Q2 results

*The Board has entrusted the responsibility of appointing the successor with the Nomination and Remuneration Committee (NRC) in line with the succession plan of the Company and in this regard, the NRC and Board meetings is being convened on 01st March 2022 with a shorter notice.

Shares of Page Industries Limited was last trading in BSE at Rs. 42246.40 as compared to the previous close of Rs. 41535.75.

The total number of shares traded during the day was 679 in over 503 trades.

The stock hit an intraday high of Rs. 42496.35 and intraday low of 40501.20. The net turnover during the day was Rs. 28118190.00.

RELATED ARTICLE: Jockey India expands 'offline footprint' despite 3X growth in online sales

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*CREDITS: Equity Bulls.

01 March 2022, Mumbai:

A sustainable athleisure wear brand for women Aastey plans to expand product categories, R&D operations, marketing and scale up its presence in India’s athleisure market by using the $1.3 million raised through seed round funding from CXXO, a Kalaari Capital initiative.

Jeevika Tyagi, Co-founder & CEO says, the funding will help the brand build supply chain while allowing it to market the brand.

ALSO READ: Kunal Avanti teams up with 'Sunny Leone' for an athleisure label

R&D will focus on continuously focus on innovating with sustainable fabrics and making original blends to offer customers the best experience” Vani Kola, Managing Director, Kalaari Capital adds, technological innovations in fabrics and the body-positivity movement are spurring demand for athleisure products in India.

Through this expansion Aastey will create a vibrant lifestyle brand and community centered on sustainable fashion.

Founded in 2021 by Kanupriya Mundhra and Jeevika Tyagi, the brand is targeted by millennials and aims to cater to all Indian body types. It has launched eight different sizes for each of its designs and claims to be a 100-percent sustainable brand.

RELATED ARTICLE: Renewable Carbon as a Guiding Principle for Sustainable Carbon Cycles

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04 March 2022, Mumbai:

Fourth-quarter 2021 net sales of $4.5 billion increased 2% year-over-year and were down 3% compared to 2019;

Comparable sales were up 3% year-over-year and increased 3% versus 2019 the Fiscal year 2021 net sales of $16.7 billion increased 21% year-over-year and were up 2% compared to the fiscal year 2019;

ALSO READ: Gap signs up Reliance Retail as new 'India franchise'

Comparable sales were up 6% year-over-year and increased 8% versus 2019 the Fiscal year 2021 reported diluted earnings per share was $0.67 with adjusted diluted earnings per share of $1.44 Returned over $400 million to shareholders in fiscal 2021 through dividend program and share repurchase plan Fiscal year 2022 reported diluted earnings per share is expected to be in the range of $1.95 to $2.15 with adjusted diluted earnings per share in the range of $1.85 to $2.05

Gap Inc. (NYSE: GPS), a portfolio of purpose-led, billion-dollar lifestyle brands including Old Navy, Gap, Banana Republic, and Athleta, and the largest specialty apparel company in the U.S. reported its financial results for the fourth quarter and fiscal year ended January 29, 2022.

RELATED ARTICLE: Gap signs up Reliance Retail as new 'India franchise'

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*CREDITS: gapinc.com.

26 February 2022, Mumbai:

Lucy Rouse has been named as Nike's new SNKRS vice president and general manager, as the sportswear giant restructures its groundbreaking sneaker app's leadership.

According to an internal Nike document acquired by Complex, Rouse will be named VP/GM of NBHD, SNKRS Launch, and S23NYC (an abbreviation for Nike's prestigious "neighbourhood" sneaker retail partners) (the New York studio where the SNKRS team is based). She will take over on April 4th. Nike has not yet responded to a request for comment on the story.

Rouse succeeds Ron Faris, who was named VP/GM of the Nike Virtual Studios, a new business that supports the company's newest foray into the metaverse, in late January.

ALSO READ: Nike & Hermès File Lawsuits for Trademark Infringement: non-fungible tokens (NFTs)

Rouse has worked with Nike for more than 16 years, beginning as an account executive in Australia in 2005. She was most recently in charge of Nike's women's business in Europe, the Middle East, and Africa, as well as its sportswear business in those countries. She'll start as the head of SNKRS on April 4, according to the email announcing her appointment.

Rouse has been with Nike for nearly 16 years, starting as an account executive in 2005. According to her LinkedIn page, she went on to oversee Nike's sportswear business in Europe, the Middle East, and Africa before leading the company's women's business in the same area.

The rearrangement comes after RTFKT, a virtual sneaker design firm and a studio for (NFTs, was bought by the Portland, Oregon-based company in December of last year.

Nike also joined up with online gaming platform Roblox a month ago to develop 'NikeLand,' a virtual realm that allows players to outfit virtual avatars in digital Nike apparel.

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*Figures mentioned in the above article have been sourced from Complex.com & Fashion Network article.

03 March 2022, Mumbai:

Wrangler brand global revenue was $444 million, a 1 percent decrease over the same period in the prior year on a reported and constant currency basis.

ALSO READ: Lee, Wrangler to increase focus on online channels in India

Wrangler U.S. revenue decreased 2 percent compared to the same period last year, with strength in Digital, Western and Outdoor offset by a 5-point headwind from the 53rd week in 2020.

Wrangler international revenue increased 8 percent over the same period in the prior year on a reported basis and 9 percent in constant currency.

RELATED ARTICLE: For its 75th anniversary, Wrangler introduces the first-of-its-kind NFT

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*CREDITS: Kontoor.

02 March 2022, Mumbai:

Myntra’s new Style Squad will help strengthen its influencer marketing and social commerce footing, says Achint Setia, Head- Marketing and Social Commerce. The Style Squad comprises content creators on the Myntra app.

The style squad will be the ambassador of Myntra’s social commerce play, conversations on social media and will represent the platform in its entirety, adds Setia.

It is a mix of creators from different geographics, age groups, and other demographics with varied expertise The Style Squad will follow combined model f on-demand content and Live commerce content.

ALSO READ: With the opening of a new store in Mumbai, Guess is expanding its retail reach

In the on-demand case, the influencers will ideate a set of formats and topics around which they want to build content. There will be a monthly calendar on which Myntra will align these topics.

While there will be many other influences on the platform, the share of voice that the Style Squad generates will increase. Secondly, training and investment will help the style squad, improve the quality of content and the knowledge they impart on fashion and beauty.

It will also provide more opportunities to consumers to talk one-on-one with members.

RELATED ARTICLE: Guess plans to open 50 new stores in India

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24 February 2022, Mumbai:

Benetton’s upcoming storefront is in the metaverse.

The Italian company is taking part in Milan Fashion Week, kicking off Tuesday, to unveil its digital retail project, which will officially debut in the next few weeks.

ALSO READ: THE METAVERSE FASHION SHOW HAS BEEN RESCHEDULED FOR FEBRUARY 24TH -26TH, 2022

The brand’s Milan flagship on Corso Vittorio Emanuele II will be transformed into a mixed-media experience.

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*Figures mentioned in the above article have been sourced from wwd.com article.