Though President Obama was engaged in intense negotiations and talks with world leaders at the Asian-Pacific Cooperation Summit (APEC), he found time to chat and interview Alibaba billionaire founder and chief executive Jack Ma.
President Obama questioned Ma on how big business could support and empower young entrepreneurs like many of the young Filipino entrepreneurs in attendance at the summit in Manila. “Government is simple—just reduce the tax, or no tax, for these guys,” Ma responded, according to a Reuters report.
Alibaba is seeking to invest heavily abroad outside of its dominated Chinese and Asian markets. Alibaba already has huge markets in Russia and Brazil. Alibaba.com is China’s biggest e-commerce company with transactions daily of over $30 million.
Band of Outsiders back
The fashion industry mourned when Band of Outsiders announced last May that the brand was going under. During the summer, creative director Scott Sternberg let go of the majority of the brand’s staff and canceled the fall 2015 wholesale orders.
That said; Band of Outsiders will live again on Black Friday on Filene Basement’s discount website with savings of up to 50% off with an additional 25% off from Black Friday through Cypher Monday. It appears that Filene Basement acquired the full inventory of Band of Outsiders from its NYC flagship store.
Filene Basement launched as a discount e-commerce website offering name brand and designer goods for up to 70% off earlier this year.
Sayonara Details
There are further cuts at Condé Nast. This time it not just layoffs, it is a full-fledged closure. And the victim magazine this time is Details.
According to Condé Nast President Bob Sauerberg, the December issue will be Details’ last print issue. That said; this is not the first time Details shut down. Details.com will continue.
Leaving the hallowed halls of Condé Nast will be Details longtime editor-in-chief Dan Peres and publisher and chief revenue officer Drew Schutte, formerly the publisher of Wired and The New Yorker. Self publisher and chief revenue officer Mary Murcko was also let go.
All this moving, shuffling around and, in many instances, removing, comes on the heels of Saueberg’s promotion to President/CEO of Condé Nast in September. Condé Nast has also recently acquired its own music vertical, Pitchfork Media, expanding its digital footprint to music.
Marc by Marc Jacobs absorbed
It is now official, Marc by Marc Jacobs will be absorbed into the Marc Jacobs fashion and accessories label. Marc Jacobs recently announced that he is abandoning the Marc by Marc Jacobs’ line and that the two fashion lines will be showcased together as one brand.
This new direction facilitates the immediate closing of the Marc Jacobs’ store at Palais-Royal in Paris, followed by Milan and, last September, London (with the closing down of the South Audley St. and Mount St. stores). According to fashionmag.com, this will be followed by the presentation of a new store concept in September 2017, starting from the store on Mercer Street, New York, the designer’s historic first store.
—William S. Gooch
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