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Jose Neves’ Vision Paying Dividends for Farfetch – WWD

José Neves could have taken a victory lap around Wall Street on Thursday. 

Investors were looking past $500 million in third-quarter net losses at Farfetch to higher sales, new customers, the promise of profitability, gains from the New Guards division and a much more digital future for luxury.

Shares of the digital platform shot up 14.6 percent to $49.51 in aftermarket trading. And that’s just the most recent gain, as the stock is up 76 percent this month and has increased more than 500 percent from a year ago, when investors were feeling shaky about the company’s move away from promotions and starting to own brands itself. 

But when WWD asked Neves, Farfetch’s founder, chairman and chief executive officer, about the stock price, he demurred — as he did when the stock was trading at $8 last year — and zeroed in on his vision for the future of digital luxury fashion.

“We’re focused on our mission so we don’t focus on stock price movements,” Neves said. “We stay steady to our vision to be the global platform for luxury.” 

That focus helped Farfetch last year as it cut back on promotions and accepted a period of slower growth

Revolve Group Has One Of Its Best Quarters Yet – WWD

Revolve Group continues to make its way in an era marked by the coronavirus. But Wall Street wasn’t satisfied.

The fashion e-tailer revealed quarterly results Wednesday after the market closed, falling short on top-line revenues, but still managing to increase profits, year-over-year. Even so, company shares fell more than 13 percent in after-hours trading. 

For the three-month period ending Sept. 30, top-line revenues were more than $151 million, down from more than $154 million the same time last year. Meanwhile, the company widened profits to $19.4 million for the quarter, compared with $9.5 million from the year-ago period. The company also had record adjusted earnings before interest, taxes, depreciation and amortization, which increased 66 percent year-over-year.

Cofounder and co-chief executive officer Mike Karanikolas credited several cost-saving measures, such as the company’s merchandising and operational initiatives, for the strong quarter. 

“Despite the challenging backdrop and short-term pressures, we continued to drive efficiencies throughout the business in the third quarter, leading to higher margins and record profitability,” Karanikolas said in a statement. “A key driver of our significantly increased profitability was our highest gross margin for a third quarter, which reflects a high percentage of net sales at full price and

Jeffrey Toobin Fired From The New Yorker – WWD

Condé Nast has fired Jeffrey Toobin after he exposed himself to his coworkers at The New Yorker during a Zoom meeting.

Toobin, who has written for The New Yorker since 1993, made the announcement on Twitter: “I was fired today by @NewYorker after 27 years as a Staff Writer. I will always love the magazine, will miss my colleagues, and will look forward to reading their work.”

Condé chief people officer Stan Duncan then confirmed in a staff memo that Toobin is no longer affiliated with the company, which also publishes Vogue, Vanity Fair and GQ, among others, following a suspension and subsequent investigation into the incident.

“I want to assure everyone that we take workplace matters seriously,” Duncan said. “We are committed to fostering an environment where everyone feels respected and upholds our standards of conduct.”

According to Vice’s Motherboard tech vertical, which first reported the incident, Toobin masturbated during the mid-October Zoom meeting in front of staffers from The New Yorker and radio station WNYC, who were on the call to take part in an election simulation.

“I made an embarrassingly stupid mistake, believing I was off-camera. I apologize to my wife, family, friends and co-workers.

YouTube Ups Beauty AR Game With YouCam Partnership – WWD

In a session Wednesday at its YouCam Digital Forum, Perfect Corp. unveiled a strategic partnership with Google that will allow brands to run augmented reality try-on over YouTube.

The YouCam beauty app developer said the deal would allow brands to plug the catalogue of beauty AR products in the YouCam Makeup platform into YouTube’s InStream Video Ads.

The viewer would simply rotate the phone to vertical portrait mode, hit the “try on” button and, if need be, grant permission for the program to use the camera. With a couple of taps, the shopper can digitally apply products like lipsticks and eye shadows and then open the brand’s mobile site or e-commerce page to buy the item, depending on the brand’s preference.

The goal, according to the company, is to reimagine YouTube’s beauty content as something more experiential using YouCam Makeup’s AR and AI. The artificial intelligence underlying its AR allows for the sort of realism consumers need in a virtual try-on experience.

“We are thrilled to partner with Google to amplify their YouTube video content through the introduction of hyper-realistic virtual beauty try-on effects and invite makeup brands to try the new service,” said Alice Chang, Perfect Corp.

Menswear brand Texas Standard opens first retail store

Brand: Texas Standard 

 

Company: Texas Standard

 

Location: Hyde Park area of Austin, US

 

Product profile: Wide range of menswear products, including button down shirts, polos, tees, gameday gear, accessories and brands newest additions, the tejas guayabera and modern western shirts.

 

About the company: Texas Standard is a men’s apparel brand founded with a simple mission: to stand apart as the premium clothing brand Texans can call their own and make the lone star state a better place while doing so.

Fibre2Fashion News Desk (JL)

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Ralph Lauren Q2 FY20 revenue dips 30% to $1.2 bn

Ralph Lauren Corporation, a leading designer of premium lifestyle products, reported 30 per cent revenue decline to $1.2 billion in its second quarter (Q2) fiscal 2020 ended on September 26, compared to revenue of $1.7 billion in same period last year. Company incurred a net loss of $39.1 million compared to net income of $182.1 million in Q2 FY19.

 

“Looking across the first half of the fiscal year, we continued our elevation journey while fast-tracking connected retail and our company-wide digital transformation,” Patrice Louvet, president and chief executive officer at Ralph Lauren, said in a press release.

 

Gross profit for Q2 FY20 fell to $799.4 million (Q2 FY19: $1.0 billion). Company’s operating loss was $20.3 million during the period compared to operating income of $233.1 million in Q2 FY19.

 

Revenues in North America region dropped to $542.9 million ($881.2 million). In Europe, revenues slipped to $359.5 million ($480.2 million). While revenue in Asia came down to $236.6 million ($255.3 million).

 

“Looking ahead, we will continue to work proactively to deliver an elevated experience that inspires consumers around the world and creates value for all of our stakeholders,” Louvet said.

Fibre2Fashion News Desk (JL)

Ralph Lauren Corporation, a …