VF PIVOTS AWAY FROM DENIM
"Started from the bottom now we're here?" VF Corp. is shedding its humble beginnings, breaking ties with iconic denim brands Lee and Wrangler.
VF Corp. forecasts future strategy to center around athleisure and outdoor apparel. The split is heartbreaking, but as consumers embrace activewear, the corporation doesn't believe denim to align with its company vision. “Over time, the business models of the jeanswear business relative to the remaining portion of VF have diverged,” says VF chief financial officer Scott Roe. “We just decided that VF is not the best owner of these iconic brands.”
87% OF SHOPPERS BEGIN PRODUCT SEARCHES ONLINE
With each passing day, the retail industry feels the shift of the digital transition. Brick-and-mortar stores still play an important role in the retail industry, (46% of shoppers prefer to buy in a physical location). Nevertheless, 87 percent of shoppers begin product searches on digital channels.
MILLENNIALS WANT HANDBAGS, NOT HOUSES
Increasing home values could be scaring away millennial homeowners. Instead, they're spending their earnings on apparel and electronics. It's the polar opposite of older generations whose spending habits were more conservative. Today's economy may be booming, but who wants a house when you can have Chanel?
WALMART TEAMS UP WITH ELLEN DEGENERES
Walmart is working hard to change its public perception amongst consumers. The company recently announced a collaboration with the popular talk show host Ellen DeGeneres.
EV1, which stands for "everyone," will be available online only September 10th, featuring denim, tees, accessories, and footwear. Inclusivity and affordability is the core of the line, which will offer a wide range of sizes under $30.
RETAIL THERAPY EXISTS!
Coach and Tuxe, amongst other retailers, are offering life advice with your purchase. Programs like "Coaching + Clothing" include a free life coaching lesson on topics ranging from setbacks to confidence building. Feeling better already...
THIS WEEK'S BRIGHT SPOT
In 2017 Gap, Inc. launched a loyalty program where shoppers could earn points for every dollar spent at Old Navy, eventually expanding it to all Gap-owned brands. Now, its loyalty program Bright Rewards has surpassed 1 million members! Congrats!