Though times ahead
August 19, 2008
Blame the struggling economy, I am starting to see calamity in the fashion-business scene.
- Saks Fifth Avenue is reporting a loss of a whooping $31.7million in the second-quarter the year.
- Macy’s Inc ($59million loss in first quarter), Kohl’s Corp. and Nordstrom Inc. have all reported lower second-quarter earnings.
- Steve & Barry’s (the retailers that used to carry Sarah Jessica Parker’s Bitten line) has well, gone bankrupt.
- Women’s apparel sales fell 3.8% the past year.
- Narciso Rodriguez has voiced out that although sales for his company didn’t drop, its profit is not growing like 20 percent per year as usual…
- A handful of designers aren’t showing at fashion week due to insufficient funding.
If you are a fan of the Thakoons and Rodartes and still want to see more of them in future, here’s what you can do to improve the situation:
—DO NOT buy rip-offs (ahem F21 and Steve Madden)
—Shop when the latest range is out, not when it’s on sale
—Support the young guns
—Try to refrain from buying items from celeb clothing lines