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Armani Sales Continue to Fall (Business of Fashion)
Armani’s revenue dropped 8 percent in 2018. This is the third year the brand’s sales have fallen. However the brand is restructuring, and forecasts a “return to growth” next year.
The Battle Between Tiffany & Co. and Costco Continues (The Fashion Law)
Back in 2013, Tiffany filed suit against Costco after learning that it had been selling rings marketed as being associated with “Tiffany.” Customers were lead to believe that the rings were associated with the luxury jewelry label. This past January Costco was ordered to pay Tiffany $25 million in damages. However the big box retailer is appealing the decision. The two companies are battling it out in New York’s Second Circuit Court of Appeals — six years after the initial lawsuit.
Inside the Connection Between Les Wexner and Jeffrey Epstein (The New York Times)
The New York Times has investigated the long history between L Brands chairman Les Wexner and Jeffrey Epstein. Though Wexner now says he has not dealt with Epstein in over a decade, in 1991 Esptein had power of attorney over Wexner’s finances. He held that position for 16 years.
Epstein used his connection to Victoria’s Secret — owned by L Brands — to gain access to young women looking to model for the brand. When senior executives discovered this, they alerted Wexner, although The Times reports it is unclear how he responded. Wexner did not cut ties with Epstein until 18 months after he was charged with “multiple counts of molestation and unlawful sexual activity with a minor” in Florida in 2006.
Michael Kors Joins Tmall
Michael Kors has launched on Tmall Luxury Pavilion, Alibaba Group’s dedicated platform for luxury and premium brands. “Consumers are becoming more digitally engaged with luxury shopping in China and Tmall Luxury Pavilion is the perfect venue for us to communicate Michael Kors’ brand vision”, says John D. Idol, chairman and CEO of Capri Holdings Limited, which owns the brand. Additionally, the brand has dropped a new collection and campaign to celebrate the Chinese festival Qixi.