WEWORK + RETAIL
When WeWork snapped up Lord and Taylor's NYC flagship, it was certainly a sign of times a-changing. The landmark space on Fifth Avenue is soon to be converted to a co-working space, and it seems WeWork's retail moves are far from over.
This week they launched WeMrkt, a retail space that is "by our members, for our members," according to their Chief Brand Officer, Julie Rice. The first unit selling snacks, apparel, and office must-haves has launched at one of WeWork's downtown Manhattan locations, and there are plans to roll it out nationwide in the not-too-distant future.
WeWork has already experimented with retail pop-ups alongside J.Crew, and they have a captive audience like few other brands do. So will they excel at selling stuff like they have renting out co-working space? We're going to pop down and check it out ourselves very soon!
Nine West's struggles have been noted for some time now, the culmination of which was their filing for Chapter 11 back in April. Now with the sale of its key Nine West and Bandolino brands at auction to Authentic Brands Group, the paying off their reported $1.5B in debt should be a bit easier. In fact, the $340M winning bid was significantly higher than initially estimated it to be, because shoe retailer DSW got involved in the auction action.
What's next for Nine West? Well, there will naturally be a scramble from its creditors to get payment on its outstanding debts, and Nine West and Bandolino will join fellow ABG brands including Juicy Couture, Aeropostale, and Hickey Freeman.
INSTA MASTER DEGREE
We all, brands and consumers alike, use Instagram on a regular basis. (Some of us more obsessively than others...) Well, Instagram is sharing how to monetize its platform's many features to help brands sell more and sell better. During its recently launched Master Class, they're sharing who's doing Insta well, and how brands can take these insights to effectively reach and engage their own audiences.
Some of the key insights from their case studies? Posts of multiple products tend to fare better than single items, and to build authenticity, there needs to be a balanced mix of informative and brand-building posts. The refreshing part of it all? Instagram knows they're still learning too, even admitting, "Right now, those 13-year-olds are doing better content than any of us in here," Kay Hsu, Instagram's creative lead, said of Instagram's youngest influencers.
BEHIND THE QUILT
Just how coveted a brand is Chanel? There have been many guess-timates over time as to the privately-held firm's revenues, and this week, for the first time in its 108 year history, they revealed their 2017 sales at nearly $10B (and an 11% increase over the previous year.) This puts Chanel very much in the ranks of luxury competitor Louis Vuitton, whose annual sales are also near the $10B mark.
Why did they finally decide to open the books? Well, for one, they wanted to show just how financially stable they are, and according to CFO Philippe Blondiaux, "This financial statement shows that we are amazingly solid financially and we can keep our status as a private, independent company for the next few centuries."
Also revealed were some of the brand's bestsellers, which included the iconic Gabrielle handbag and its (also) namesake Gabrielle fragrance. #bagenvy
THIS WEEK'S BRIGHT SPOT
Asos never fails to surprise and delight its shoppers, and their latest collab is getting mad industry props, as it caters to customers with disabilities. In collaboration with Paralympic athlete Chloe Ball-Hopkins, the fast fashion brand created a festival jumpsuit which has a zip-around waist for ease of getting out of, a longer hem in the back, and a soft inside lining for added seated comfort.
Asos joins the ranks of brands including Nike and Tommy Hilfiger, both of whom have launched products for customers with disabilities. We can't wait to see more of this kind of product hit the shelves!