European Topsoho, owner of the SMCP group and a subsidiary of China's troubled Shandong Ruyi group, seems unable to repay its bond debt maturing on Tuesday, and its creditors might acquire a stake in the company.
Shandong Ruyi, the Chinese group that owns a raft of European brands, continued to struggle in H1. Turnover fell 20.43% with the clothing category down 44.67% and the share of revenue it accounted for dropping sharply.
After Cerruti 1881’s owner Trinity was bought by Shandong Ruyi in 2017, the menswear label began an in-depth restructuring operation involving cuts to its staff and stores. It will not show in Paris in January 2020.
An intense men’s fashion week starts in Paris on Tuesday, with the ‘Karl for Ever’ event and 60 catwalk shows, including rookie labels Bode, Phipps, Ludovic de Saint Sernin and Sies Marjan, and Balmain’s gig-show.
David Beckham has signed a 10-year eyewear license agreement with Italian eyewear specialist Safilo Group, whose portfolio includes licenses for Dior and Fendi. The first collection is set to launch in January 2020.
Celebrities are a huge influence on spending in the UK and Britons spend around £6bn a year as a direct result of their desire to tap into celeb lifestyles, a new report claims. Fashion and beauty are key beneficiaries.