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who might be looking at her. Also, these brands are offering a wider collection of nude shades, hoping to serve various ethnicities and aiming to undercut competitors on pricing through direct to consumer distribution. While mass market brands such as Aerie and Madewell which had launched intimates in February are doing well, Phillips Van Heusen acquired True & Co., a vertically integrated online brand that’ s known for its fit, which launched in March. More recently, Amazon’ s announcement of entering the market with a private label brand, with its own line called Iris & Lilly, is creating a storm in the market. It has been already launched in the UK with limited assortment of sizes and colours. With its widespread reach of supplier network, Amazon can negotiate for the lowest prices, which is rightfully evident as the company’ s cost of a bra is as low as US $ 8 in comparison to Targets US $ 15 and Victoria’ s Secret average of US $ 40.
In fact, online stores are continuing to dominate the global lingerie market, offering convenience, varieties and a wide range of offers, discounts and coupons to its consumers. The growing penetration of internet, mobile internet specifically among the millennials, is expected to further drive the e-commerce segment. With the help of accurate size charts and description, lingerie can be purchased through online shopping with an easy option of exchange or return. Hence, industry experts believe that all these factors enable the creation of a broad product range which suits every budget and lures a bigger consumer base in the global lingerie market. New entrants to the market offering products at low cost and the convenience of online shopping, are seen booming in the ongoing lingerie market, which was earlier dominated just by major players.
Macy ' s names new EVP and CTO
American fashion retailer Macy’ s Inc. has announced appointment of Yasir Anwar to the role of Executive Vice President and Chief Technology Officer, with immediate effect. He will oversee all technology functions for Macy’ s and will drive the alignment of the retailer’ s technology efforts with the company’ s strategy.
He will be responsible for the teams that build end-toend e-commerce experience, enterprise-shared services, infrastructure, field services and functional IT support.
In another development, Mike Robinson has been named Executive Vice President – Product Management and Customer Experience. In this role, Robinson will manage all aspects of product management, portfolio and user experiences for digital, store and omnichannel systems.
US-based global luxury lifestyle brand Michael Kors Holdings Limited has announced closure of more than 100 of its full-price retail stores over the next two years.
As on April 1, 2017, the company operated 827 retail stores, including concessions, compared to 668 retail stores, including concessions, at the end of the same prior-year period. It had 133 additional retail stores, including concessions, operated through licensing partners. Including licensed locations, there were 960 Michael Kors stores worldwide at the end of the fourth quarter of fiscal 2017.
Robinson will oversee a unified product and portfolio vision, allowing customers to shop seamlessly and easily across all Macy’ s, Inc. channels.
“ Maximizing our technology capabilities and continuing the strong growth of our digital and mobile platforms is a high priority for Macy’ s, Inc. and we are restructuring our technology teams to support these efforts,” said President and Chief Executive
Luxury brand Michael Kors announces closure of over 100 stores
Drop in revenue in the fourth quarter of the year is reportedly the reason behind the fashion brand’ s latest move. Its total
Officer Jeff Gennette, adding,“ Bringing the Macy’ s technology teams together under Yasir’ s leadership will result in faster time to market and decision making through a streamlined IT organization that will create nimble platforms for continuous business transformation. Mike’ s focus on product and customer experience will ensure that our best customer continues to be able to shop the way she lives both online and in-store.”
revenue decreased by 11.2 per cent to US $ 1.06 billion from US $ 1.20 billion in the fourth quarter of fiscal 2016.
46 Apparel Online Bangladesh | JULY 2017 | www. apparelresources. com