Articles by Don-Alvin Adegeest
American legislature could see TikTok banned in the U.S
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The U.S. House of Representatives has greenlit a bill that could spell trouble for TikTok's American presence. The legislation mandates ByteDance, TikTok's parent company, to relinquish its majority ownership within six months, failure of which could result in the app being banned in the U.S.. The bill now awaits Senate approval and subsequent...
Tips from an expert: How to spot a fake designer handbag
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Recent data reveals a concerning trend that a significant portion of young consumers, approximately 37 percent, purchased counterfeit designer goods in 2022. Moreover, the global counterfeit goods market exceeded the GDP of Austria and Ireland combined in 2019. This surge in counterfeit products has persisted, with estimates suggesting that up...
Italy's Miroglio Group acquires Trussardi
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Italy’s Miroglio Group has acquired fashion brand Trussardi. Reports of a sale and restructuring had been circulating since January. Trussardi will become part of Miroglio Group as an independent brand, maintaining its headquarters in the city of Milan. As explained by the group led by Alberto Racca, "the scope of the operation includes a...
Express delisted from the New York Stock Exchange
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U.S. mall brand Express has seen its shares suspended from the New York Stock Exchange (NYSE) and will now be traded on the OTC Pink Open Market. The NYSE decided to seek delisting of Express as the retailer failed to meet the requirement of maintaining an average global market capitalization of at least 15 million dollars over 30 consecutive...
Luxury brands are grappling with billions of euros of unsold inventory
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The issue of excess inventory is commonly associated with fast fashion and ultra-fast fashion retailers due to their rapid production cycles and the need to constantly introduce new styles. However luxury companies are similarly struggling with substantial amounts of unsold stock, proving the situation is no longer exclusive to the lower end of...
The Body Shop files for bankruptcy in US and Canada, closing stores, shutting operations
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Ailing British beauty retailer The Body Shop has officially closed its US operations, with Canadian stores also facing imminent closure. Reports indicate that the company has filed for bankruptcy, and out of its 105 Canadian stores, 33 are set to undergo liquidation proceedings, as reported by CNN. Once celebrated as a B Corp and a pioneer in...
Matches is for sale a second time in three months
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Administrators are actively seeking a buyer for troubled retailer Matches, which recently faced an abrupt closure under the new ownership of Frasers Group. While the brand will continue its operations through its website and three London stores during the search for potential buyers, administrators from Teneo Financial Advisory Ltd. confirmed...
Prada to invest 1 billion euros in its retail strategy
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Prada is embarking on a 1 billion euro investment plan over the next five years to revamp its retail strategy and meet the changing preferences of high-end consumers. The Hong Kong-listed Italian luxury group, led by Chairman Patrizio Bertelli, is aiming to offer immersive shopping experiences by integrating various elements of its brand,...
Swedish researchers created viscose from recycled cotton
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Researchers at Lund University in Sweden have achieved a breakthrough in textile recycling by developing a technique to produce new viscose from worn-out cotton sheets. Currently, viscose textiles are typically made from forest biomass, and fully recycled viscose is not available. The team's innovative method involves converting complex cotton...
Frasers Group puts Matchesfashion into administration
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Matchesfashion has been placed into administration as the new owner, Frasers Group, battles with discontent from suppliers. The troubled retailer, rebranded to its original name Matches last year, reportedly owes payments to numerous suppliers, prompting an exodus of brands that no longer wish to be stocked on the site. “While Matches’...