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Monday, March 16, 2009

Monday Fashion Roundup

Posted on Mon, Mar 16, 2009 at 10:38 AM

The fashion world at large is abuzz with disseminating the fruits of fashion weeks around the globe, and we'll leave you to catch up with for that. In the meantime, here's a roundup of news from the industry that doesn't stem from a runway..

American Apparel was considering bankruptcy! How great would it be if all the "hipsters" of the world actually had to start putting some form of originality into their look, rather than just buying a deep-v and braided headband? Alas, AA is partaking in a financing agreement with London-based Lion Capital LLP for $80 million to pay off old debts and stay afloat. Oh well, the hipsters would just start shopping at Urban Outfitters more anyway.

Shepard Fairey, the street artist who created the iconic Andre the Giant image but became famous for his red and blue Obama HOPE poster, has not only made it to the National Portrait Gallery but he has made it to...Saks. The artist recently unveiled a tote bag to be sold at Saks for $20. Is it just me or is this weird? Saks?

Neiman Marcus reported a loss of $509.3 million last quarter. That same quarter last year, ending January 31st, they had made $44.3 million. Write-downs are to blame for half a billion dollars of the loss, and the rest is because their wealthy shoppers are tightening their belt just like the rest of us. It's about time.

To the dismay of many, Wal-Mart reported a rise in sales for the month of February. Sales rose well above the 2.4% expected, to end at 5.1% for the month. Target, meanwhile (my corporate, small-business killing super store of choice), was down 4.1% for the month. All I have to say is, oh crap...


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