In a response to a slump in sales, American Apparel announced today that they would be closing stores and cutting jobs. The company plans to cut $30 million in spending over the next 18 months.
“We are committed to turning this company around,” said Paula Schneider, the recently appointed CEO, in the statement.
“Today’s announcements are necessary steps to help American Apparel adapt to headwinds in the retail industry, preserve jobs for the overwhelming majority of our 10,000 employees, and return the business to long-term profitability,” she said.
Sales have been declining since 2010 and the rise in the US dollars, plus and increase in online shopping has chipped away at the company’s foreign revenue.
When you notice celebrities sending tweets and posting images on Instagram about their favorite fashion brand, watch out; they might be doing the old bait and switch.
The Dynamic Duo
Which might be the case with Kevin Hart and David Beckham. Beckham has already had a few campaigns with H&M; however, recently he and pal Kevin Hart have been posting pictures on Instagram in matching red and black checkered shirts, grey jeans, and brown lace-up shoes with captions like “hanging out with @DavidBeckham…he has to stop copying my style #Twins”.
Voila, H&M recently revealed that Beckham and Hart have shot an H&M campaign video for the H&M Modern Essentials selected by David Beckham range. The campaign was shot by film director Marc Forster in NYC and is set to release later this year. Ingenious, yes, a little sneaky, maybe; no harm done, but we are on to you celebs!!
Nigerian Super Rich
The ultra rich one percent not only has clout in the US, they are also a much sought after demographic in Nigeria. Lagos, Nigeria is home to 11 of the 50 biggest fortunes in Africa. And in lieu of that fact, a concept that caters to the ultra rich has opened in the country’s capital city.
Alara, a four-story building in downtown Lagos will house a mix of African fashion, design and art and a selection of work by Western designers, complete with a gourmet restaurant. Alara is the brainchild of Reni Folawiyo, a businesswoman married to multi-millionaire Tunde Folawiyo.
“I wanted this place to be a cultural reawakening, bringing what we’ve known as Africans into the new world,” explains Folawiyo in a fashionmag.com article. And when it comes to color and silhouettes, Folawiyo details, “we are specific in terms of our bodies. We don’t necessarily fit into a sort of international mould, in terms of the size and shape … “We like colour, we’re dramatic, adornment is our way of expression.”
Interestingly, the vast majority of Nigerians lives on less than $2 a day.
—William S. Gooch
Reader Discussion
Start the Conversation
Thoughtful comments, questions, and fashion conversation from Fashion Reverie readers.
Reader Guidelines
Keep the conversation thoughtful, relevant, and respectful. Comments may be moderated before appearing on Fashion Reverie.
No comments yet. Start the conversation with a thoughtful note or question.