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☆ The 'preppy' look is changing, and it involves a lot more pink and bowties
▼ + stars: | 2024-01-11 | by ( Kieran Press-Reynolds | ) www.businessinsider.com time to read: +5 min

The newest variant of "preppy," led mostly by Gen Alpha over the last year, refers to bright clothing, lots of pink, and specific accessories like ribbons, bowties, and Stanley water bottles. The TL:DR history of how preppy has changed over the decadesFor many, "preppy" is closely associated with clothing worn by wealthy people and preparatory school students. Now, the word refers to all things pink and colorful — with yet, another short list of in-vogue brands in association. In a video by the "preppy" Texas boutique @dearhannahprep, three girls described the look as "very girly" and "comfy." Another poster yearned for the 2000s preppy era of argyle sweaters and tailored dresses.

Persons: —, Gen Alpha, preppy, Tommy Hilfiger, Uggs, Stanley, couldn't, Stanley knockoff, Alpha, Lily Pulitzer, Gabriela Vasci, @dearhannahprep, @lenidubs, It's, @mmarkroberts Organizations: Service, Business, Abercrombie, Fitch, Alpha, argyle Locations: Hollister, North, Texas, TikTok

☆ A dilapidated castle built by an Abercrombie & Fitch cofounder is on sale for $2.9 million
▼ + stars: | 2024-01-11 | by ( Samantha Grindell | ) www.businessinsider.com time to read: +3 min

Abercrombie & Fitch cofounder David T. Abercrombie's castle is on sale in New Castle, New York. AdvertisementA castle built by an Abercrombie & Fitch cofounder could be yours for just short of $3 million. Fee Sotheby's International Realty , was completed in 1927 by David T. Abercrombie, the cofounder of Abercrombie & Fitch, according to its listing on Realtor. Abercrombie founded the Abercrombie Company in 1892 as a sporting goods store, the company's website states. It became Abercrombie & Fitch in 1904 when Ezra Fitch joined as Abercrombie's partner, but Abercrombie left the company by 1910 when it opened its first department store.

Persons: David T, it's, —, Christina Diminno, Julia B, Abercrombie, Abercrombie &, William Pitt Julia B, Elizabeth, Lucy, David, Abbott —, Diminno, Abercrombie's, It's, Ezra Fitch Organizations: Abercrombie, Fitch, Service, Abercrombie & Fitch, Westchester Magazine, Morgan, Corp, Abercrombie Company, Gen Locations: New Castle , New York, Manhattan, Scottish

☆ How the Red Sea crisis could clobber the global economy
▼ + stars: | 2024-01-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

The Suez Canal accounts for 10-15% of world trade, which includes oil exports, and for 30% of global container shipping volumes. Maersk CEO Vincent Clerc told the Financial Times Thursday that re-establishing safe passage through the Red Sea could take “months.” “It could potentially have quite significant consequences on global (economic) growth,” he added. Ikea has warned of shipment delays and potential shortages of certain products due to disruption in the Red Sea. Some ocean carriers that ordinarily transit through the Panama Canal had rerouted to the Suez Canal before the attacks in the Red Sea escalated, according to logistics company C.H. Matthew Burgess, vice-president of global ocean services at the firm, said global shipping capacity would be constrained for a while yet.

Persons: Joe Biden, Vincent Clerc, Germany’s, Mohamed, El Erian, ” Simon MacAdam, Lily Millard, Ben May, Good Hope, ”, ” It’s, Abercrombie &, Nathan Howard, “, ” Philip Damas, —, Judah Levine, Levine, Eric Thayer, Carolina Klint, Marsh McLennan, Robinson, Matthew Burgess, we’ve, Gene Seroka, Burgess, C.H Organizations: London CNN, British, Energy, World Bank, Maersk, MSC, Lloyd, CMA CGM, Financial Times, Global, Germany’s Kiel Institute, Allianz, Bank, Capital Economics, Oxford Economics, European Automobile Manufacturers ’ Association, Ikea, CNN, Abercrombie, Abercrombie & Fitch, Bloomberg, Getty, Drewry Supply Chain Advisors, Marsh, United, Port Locations: Iran, Crocs, Suez, Yemen, Gaza, Germany, Brent, Gulf, Oman, South Africa, Germany’s Kiel, Red, Israel, Good, Europe, ”, China, Asia, Los Angeles, United States, Panama, Rotterdam, of Los Angeles, of New York, New Jersey

☆ Shein's revenue is ‘a lot more’ than $30 billion annually, key retail partner says
▼ + stars: | 2024-01-08 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

watch nowORLANDO, Fla. — Little is known about how much revenue Shein draws or just how profitable it is. But the fast-fashion company's sales are "a lot more" than the $30 billion it reportedly brings in annually, one of the retailer's key partners said Monday. "There's talks that they do 30 billion, do they do 40 billion? If Shein's sales are "a lot more" than $30 billion annually, its revenue would still be far smaller than that of retail giants such as Walmart and Amazon , which do hundreds of billions in sales annually. A sales total above $30 billion would mean Shein dwarfs American retailers such as Abercrombie & Fitch and American Eagle , which most recently reported annual sales of $3.7 billion and $5 billion, respectively.

Persons: Jamie Salter, There's, Salter, Allen J, Shein, confidentially, Inditex Organizations: Authentic Brands, Los Angeles Times, Getty, Sparc Group, Simon Property Group, Sparc, Walmart, Abercrombie, Fitch Locations: ORLANDO, Fla, —, Orlando, Ontario Mills, Ontario, U.S, Shein, China

☆ Abercrombie, American Eagle and Lululemon raise holiday sales outlooks
▼ + stars: | 2024-01-08 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Abercrombie & Fitch , Lululemon and American Eagle Outfitters all raised their fiscal fourth-quarter outlooks Monday, saying they drew customers looking for holiday gifts and items for themselves in November and December. Shares of Abercrombie and American Eagle rose about 6% on Monday. Urban Outfitters shares also popped in extended trading after the retailer announced strong holiday-quarter sales weeks before its earnings report. In a news release, Abercrombie CEO Fran Horowitz said the women's business for Abercrombie & Fitch is expected to hit highest-ever fourth-quarter sales. Abercrombie, American Eagle and Lululemon are expected to report full holiday results in March.

Persons: Lululemon, it's, Jay Schottenstein, Abercrombie, Fran Horowitz, Fitch Organizations: Abercrombie, Fitch, Lululemon, American Eagle Outfitters, Street, Urban Outfitters, Adobe Analytics, Mastercard SpendingPulse, American Eagle, Walmart, Target, CNBC PRO Locations: Orlando, U.S, Abercrombie

☆ A shopaholic found her dream home in Miami — an apartment with a hidden door leading into a mall that's always unlocked
▼ + stars: | 2024-01-04 | by ( Monica Humphries | ) www.businessinsider.com time to read: +4 min

Read previewA few days after moving into her Miami, Florida, apartment, Rachel Koggan decided to explore. AdvertisementThis Black Friday, Rachel Koggan headed to the mall early in the morning. Rachel KogganSince moving into the apartment, Koggan has explored the mall at all hours of the dayHeading down to the mall during daylight hours is a normal occurrence, Koggan said. The stores are open during typical business hours, while a movie theater and put-put golf course stay open later. Sure enough, the door was unlocked and Koggan entered a deserted mall.

Persons: —, Rachel Koggan, Koggan, she's, Abercrombie, She's, perk, Henry, Acqua Di Parma, Jo Malone London Organizations: Service, Business, Chanel Locations: Miami, Florida, Sephora, New York City

☆ 6 retail brands ready for a comeback in 2024
▼ + stars: | 2023-12-29 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +2 min

Business Insider asked analysts what brands have the most potential for turnaround in 2024. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. "To reach new younger audiences, they've all struck a really good balance of nostalgia and novelty," Morning Consult analyst Ellyn Briggs told Business Insider. Business Insider asked analysts what brands have the most potential for turnaround and how each company can win over customers. AdvertisementHere are six brands ready for reinvention in 2024.

Persons: —, Abercrombie, Ellyn Briggs, Dana Telsey, Neil Saunders Organizations: Business, Body, Service, Abercrombie, Telsey Advisory, GlobalData, BI Locations: Bath

For gay men and other LGBTQ+ people, “their friends and family may not be aware of how they identify. "And men as a category don’t meet that stereotype, even though all the research has shown us that at least 9% of sexual assault survivors are male.”__This story includes discussion of sexual assault. If you or someone you know needs help, call the National Sexual Assault Hotline at 800-656-4673 or go to https://hotline.rainn.org. Schultz saw others in the opera community rally around the attackers, and was criticized for besmirching the reputation of prominent gay men. Gay men often gather in bars – spaces they feel safe to be themselves.

Persons: Sam Schultz, Schultz, there’s, ” Schultz, ”, Scott Berkowitz, “, Anthony Edwards, Fatima Goss Graves, __ Schultz, David Daniels, Scott Walters, Daniels, Xerxes, didn’t, Walters, they’ve, “ You’re, Ted Gideonse, Gideonse, ” Gideonse, ‘, Mike Jeffries, Jeffries, Matthew Smith Organizations: Associated Press, Sciences, RAINN, Women’s Law Center, Legal Defense Fund, National Women’s Law, Houston’s Rice University, Houston, University of California, Washington, BBC, Abercrombie, Fitch, Abercrombie & Fitch Locations: Irvine, New York, Paris, London

REUTERS/Mike Segar/File Photo Acquire Licensing RightsDec 1 (Reuters) - Retailers like Amazon.com and Foot Locker are signaling optimism for holiday season sales after stronger-than-expected figures during Black Friday and Cyber Monday, as heavy discounts lured budget-strained customers on the peak U.S. shopping days. Early estimates on holiday shopping have been encouraging to some investors after retailers sounded cautious notes in the lead-up to the season. "We know we're buying for wallet share with a value-conscious consumer this holiday season. Deep discounts have been a key feature heading into this year's holiday shopping season and holiday discounts could get even bigger in December, according to some retail executives. Kohl's (KSS.N) CEO Tom Kingsbury said last week the company was "coming out on holiday very aggressively in terms of promotions."

Persons: Mike Segar, Jimmy Lee, we've, Mary Dillon, Tom Kingsbury, Cos, Jason Benowitz, Deborah Sophia, Juby Babu, Pooja Desai Organizations: REUTERS, Adobe Analytics, National Retail Federation, Wealth Consulting, Amazon, Black, BofA, Walmart, Abercrombie, Fitch, American Eagle Outfitters, Roosevelt, Thomson Locations: Robbinsville , New Jersey, U.S, Bengaluru

☆ Bad news for Black Friday: Retailers cast doubt on holiday shopping with cautious guidance
▼ + stars: | 2023-11-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

There's a dark cloud hanging over Black Friday. A slew of retailers have issued tepid, cautious or downright disappointing fourth-quarter outlooks over the last few weeks, casting a pall over the crucial holiday season right as they gear up for the biggest shopping day of the year. Even Dick's Sporting Goods and Abercrombie & Fitch – which both raised their full-year guidance on Tuesday after strong third quarters – managed to underwhelm with their holiday forecasts. "As we look at recent trends across the retail industry, dollar sales are being driven by higher prices with consumers buying fewer units per trip. When asked about the upcoming holiday season, Cornell said it was too soon to weigh in on early sales, saying only that the company was "watching the trends carefully."

Persons: BJ's, Nordstrom, –, Brian Cornell, Cornell Organizations: BJ's Wholesale, Sporting Goods, Abercrombie, Fitch

☆ Stocks making the biggest moves midday: Amazon, Medtronic, American Eagle, Lowe's, C3.ai and more
▼ + stars: | 2023-11-21 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Kohl's — Shares dropped more than 9% after the retailer reported weaker-than-expected revenues for the third quarter. American Eagle Outfitters — The apparel retailer sank 16% after its operating income guidance for the full year came in weaker than expected. C3.ai — Shares of the artificial intelligence software company added 3.4% in midday trading following an upgrade to outperform from Oppenheimer. Baidu reported 34.45 billion yuan for the quarter, surpassing the consensus estimate of 34.33 billion yuan from analysts polled by LSEG. Lowe's — Shares of the home improvement retailer dipped 2.7% after Lowe's reported softer-than-expected revenue for the third quarter .

Persons: CNBC's David Faber, Jeff Bezos, Faber, Medtronic, Kohl's, Timothy Horan, Fitch, — CNBC's Brian Evans, Alex Harring, Jesse Pound, Tanaya Macheel, Sarah Min Organizations: Amazon, Burlington, LSEG, Eagle Outfitters, Oppenheimer, Baidu, VMWare, Broadcom, Dick's, Goods, Abercrombie, Technologies, Agilent Technologies Locations: Burlington

☆ Shares of American Eagle plummet 17% on unimpressive holiday forecast
▼ + stars: | 2023-11-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

American clothing and accessories retailer American Eagle store seen in Hong Kong. (Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)Shares of American Eagle plummeted about 17% Tuesday after the company issued a holiday forecast that failed to impress. For its holiday quarter, American Eagle expects sales to be up high-single digits, ahead of the 3.4% sales growth analysts had expected, according to LSEG. However, it's expecting its operating income to be between $105 million and $115 million, which is mostly below expectations of $114 million, according to StreetAccount. For the full year, American Eagle is projecting revenue to be up mid-single digits, compared to previous guidance of up low single digits.

Persons: Budrul Chukrut, it's Organizations: Eagle, Getty, American Eagle, LSEG, Abercrombie, Fitch, Retailers Locations: Hong Kong

"In the more recent macro environment, consumer demand has been even more uneven and difficult to predict," Best Buy CEO Corie Barry said. U.S. holiday sales are expected to rise at its slowest pace in five years, according to data from the National Retail Federation, as Americans are likely to pull back on holiday shopping. REUTERS/Bing Guan/File Photo Acquire Licensing RightsLast week, industry bellwether Walmart (WMT.N) warned of cautious consumer spending as the holiday shopping season gets underway. Retail executives said higher interest rates, inflation and a resumption in student loan repayments will keep consumer wallets under pressure. Still, some investors expect holiday sales starting Black Friday to hold "some positive surprises."

Persons: Corie Barry, Bing Guan, Fitch, David Silverman, Marvin Ellison, Thomas Hayes, Rachel Wolff, Ananya Mariam Rajesh, Savyata Mishra, Granth Vanaik, Juby Babu, Shounak Dasgupta Organizations: National Retail Federation, REUTERS, Walmart, Retail, Apparel, Abercrombie, Fitch, American Eagle Outfitters, Insider Intelligence, Thomson Locations: United States, SoHo, New York City, U.S, Bengaluru

☆ Abercrombie & Fitch raises outlook after quarterly sales surge 20%
▼ + stars: | 2023-11-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Abercrombie & Fitch on Tuesday blew past estimates as it posted a 20% jump in sales thanks to a strong back-to-school shopping season and growth at both its namesake brand and Hollister. For its fourth quarter, Abercrombie expects net sales growth to be up low double-digits compared to the prior year, which is in line with the 11.6% growth analysts had expected, according to LSEG. The expected uptick is driven by a higher gross profit rate, lower freight costs and higher sales prices. Abercrombie CEO Fran Horowitz told analysts the company has seen an "encouraging" start to the holiday shopping season. During the quarter, Abercrombie saw sales at its namesake brand grow by 30% to $548 million and revenue at Hollister grow by 11% to $509 million.

Persons: Fitch, Abercrombie, Fran Horowitz, " Horowitz, Horowitz, we've Organizations: Abercrombie, LSEG, Eagle Locations: Hollister

☆ Watch CNBC's full interview with Abercrombie & Fitch CEO Fran Horowitz
▼ + stars: | 2023-11-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Abercrombie & Fitch CEO Fran HorowitzFran Horowitz, Abercrombie & Fitch CEO, joins 'Squawk on the Street' to discuss where the momentum in Abercrombie's business is coming from, what Abercrombie's growth prospects look like, and more.

Persons: Fran Horowitz Fran Horowitz Organizations: Abercrombie, Fitch

☆ Abercrombie & Fitch CEO: Momentum is 'absolutely' sustainable with big opportunities internationally
▼ + stars: | 2023-11-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAbercrombie & Fitch CEO: Momentum is 'absolutely' sustainable with big opportunities internationallyFran Horowitz, Abercrombie & Fitch CEO, joins 'Squawk on the Street' to discuss where the momentum in Abercrombie's business is coming from, what Abercrombie's growth prospects look like, and more.

Persons: Fran Horowitz Organizations: Abercrombie, Fitch

☆ 'Dupes' clothing, perfume craze lures holiday shoppers as major brands fret
▼ + stars: | 2023-11-20 | by ( Katherine Masters | ) www.reuters.com time to read: +7 min

Hashtag searches for dupes of major brands - including Skims underwear and Deckers' (DECK.N) Ugg boots - have been viewed millions of times on TikTok. Graphic shows pictures of four original products and their original prices under named brands compared with the prices of their 'dupe' counterparts. Newer technologies like the Google Lens app allow people to take photos of items they like and find similar products for sale. In other cases, dupe sellers opt to replicate the look of higher-priced originals with cheaper materials to maximize profit. However, experts say dupe sellers have grown increasingly skilled at avoiding brand logos and other design features that could infringe existing patents or copyrights.

Persons: Lauren Maginness, Shannon Stapleton, Maginness, Estee, Tom Ford, Dupes, “, ”, Penny Pincher, Leslie Ghize, Doneger Tobe, Calvin McDonald, Ian Taplin, Juozas Kaziukenas, Kaziukenas, Maria Boschetti, Mike Scheschuk, Birkenstock, Katherine Masters, Dorothy Kam, Vanessa O'Connell, Rod Nickel, Matthew Lewis Organizations: REUTERS, Abercrombie, Fitch, Scout, Walmart, Department, Nordstrom, Circana Inc, COMMERCE, Wake Forest University, eBay, Google, HK, Amazon, New, Thomson Locations: New York City, U.S, Hong Kong, TikTok, Los Angeles, Zara, Italy, New York

☆ These stocks are Wall Street's favorite picks to win if the Fed pulls off a soft landing
▼ + stars: | 2023-11-19 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Many of the stocks that have stood on Wall Street in November, however, are those that sell nonessential goods and services to consumers. Some 60% of analysts polled by FactSet rate Guess? GES YTD mountain Guess? About 62% of analysts polled by FactSet rate Royal Caribbean a buy, with price targets late last week that implied about 14% upside. RCL YTD mountain Royal Caribbean stock.

Persons: Dorsey Wright, Morningstar, Goldman Sachs, Susan Maklari, Taylor Swift Organizations: Federal Reserve, Dow Jones, Nasdaq, Abercrombie, Fitch, CNBC, Products, FactSet, Royal Caribbean Cruises Ltd, Royal, Port, Marvelous Locations: Caribbean, Royal Caribbean, Port of Miami

☆ The shortened trading week features earnings from our best stock of the year
▼ + stars: | 2023-11-18 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

After making three trades this week, we're heading into a shortened trading week. NVDA YTD mountain Nvidia YTD Shares of Nvidia closed Nov. 14 at a record high of $496.56 each. Here's the full rundown of all the important domestic data in the week ahead, which also features a slew of earnings from brand-name retailers. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: FactSet, It's, Jim Cramer, NIU, Jack, JACK, Jim Cramer's, Jim, New York Stock Exchange Michael Nagle Organizations: Fed, TJX, Palo Alto Networks, PMI, ISM, Institute for Supply Management, Nvidia, Apple, Technologies, Video Communications, Agilent Technologies, Baidu, Abercrombie, Fitch, Burlington Stores, Eagle Outfitters, Dick's Sporting, Autodesk, HP, Nordstrom, Urban Outfitters, Deere & Company, CNBC, New York Stock Exchange, Bloomberg, Getty Locations: U.S, China

☆ Formula One clothing craze sweeps retailers ahead of Vegas debut
▼ + stars: | 2023-11-16 | by ( Katherine Masters | ) www.reuters.com time to read: +4 min

[1/4] F1 apparel is displayed for sale, as U.S. retailers including PacSun and Abercrombie & Fitch are launching lines of Formula 1-inspired apparel, in Las Vegas, Nevada, U.S., November 15, 2023. Teen clothing chains Abercrombie & Fitch (ANF.N) and PacSun are among the U.S. retail chains seeking to turn Americans' budding love affair with Formula One into sales of F1-inspired clothing lines, building partly on excitement for this weekend's inaugural Las Vegas Grand Prix, the retailers said. At the start of the year, the average ticket price for the three-day race weekend was $1,667 -- more than triple that for some European races, such as the Belgian Grand Prix. Rolex paid $35 million in 2023 for a deal that includes title naming rights at two Grand Prix, according to research firm GlobalData. Ahead of the Vegas race, PacSun is selling a collection that includes a pair of $69 women’s cargo jeans and a $600 men’s leather jacket.

Persons: Mike Blake, Jay Prasad, ”, Richard Cox, PVH, Tommy Hilfiger, Conrad Wiacek, Red, Max Verstappen, they’re, Williams, Alfa, Katherine Masters, Jonathan Oatis Organizations: Abercrombie, Fitch, REUTERS, Rolex, One, Las Vegas, Prix, Mercedes, AMG Petronas, Miami Grand Prix, Puma, AP Rocky, Monaco, Netflix, ESPN, Red Bull, Alpine, Kappa, McLaren, Alfa Romeo, Thomson Locations: Las Vegas , Nevada, U.S, Belgian, Vegas, Miami, United States, Las Vegas, men’s

REUTERS/Mohammad Ponir Hossain/File photo Acquire Licensing RightsNEW DELHI, Nov 9 (Reuters) - Global fashion retailers including H&M (HMb.ST) and Gap (GPS.N) are committed to raising purchase prices for Bangladesh-made clothing to help factories there offset higher workers' wages, a U.S.-based association representing more than 1,000 brands said. Asked if they would raise purchase prices by the 5-6% that costs will rise, Stephen Lamar, chief executive of the American Apparel & Footwear Association (AAFA), told Reuters: "Absolutely". "We also renew our pleas for the adoption of an annual minimum wage review mechanism so that Bangladeshi workers are not disadvantaged by changing macroeconomic conditions." Low wages have helped Bangladesh build its garment industry, which employs about 4 million people. Retailers in the United States and Europe are the main buyers of Bangladesh-made clothes.

Persons: Mohammad Ponir Hossain, Stephen Lamar, Lamar, Sheikh Hasina, Hasina, Krishna N, Ruma Paul, Miral Organizations: The Civil Engineering, REUTERS, Labour, American Apparel & Footwear Association, Reuters, International Labour Organization, Abercrombie & Fitch, Bangladesh, Retailers, Thomson Locations: Dhaka, Bangladesh, DELHI, U.S, China, Vietnam, Cambodia, United States, Europe

☆ Violent wage protests in Bangladesh could hit top fashion brands
▼ + stars: | 2023-11-09 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +8 min

On Tuesday, the country’s wage board announced an increase of $113 a month for garment workers, set to take effect December 1. Garment workers in Bangladesh currently make $95 a month producing clothes for big brands such as H&M, Zara and Levi’s. The American Apparel and Footwear Association, or AAFP, which represents brands in the US suggests a timelier minimum wage review. CNN reached out to the Bangladesh Garment Manufacturers and Exporters Association which represents factory owners for comment but did not hear back. Cambodia now raises its minimum wage for garment workers once a year.

Persons: “, ”, Christina Hajagos, Clausen, Narza Akter, Imran Hossain, ” Matthew Miller, Bangladesh hasn’t, Fitch, Nate Herman, Levi Strauss, Elizabeth Cline, Jason Judd, Judd Organizations: New, New York CNN, Textile and Garment Industry, IndustriALL Global Union, Bangladesh Bureau, Statistics . Garment, Workers, US State Department, United, State Department, McKinsey, US Commerce Department, Puma, Abercrombie, American Apparel and Footwear Association, CNN, Brands, Government, Bangladesh Garment Manufacturers, Policy, Columbia University, Consumer, World Bank, Consumers, Global Labor Institute, Cornell University, Workers Rights Consortium Locations: New York, Bangladesh, Zara, Levi’s, China, United States, Southeast Asia, AAFP, Swedish, ”, Patagonia, Cambodia

☆ Morgan Stanley says consumers looking for 30% discounts on holiday shopping before buying, sell retail stocks
▼ + stars: | 2023-11-09 | by ( Pia Singh | ) www.cnbc.com time to read: +5 min

Morgan Stanley highlighted several companies that are prepared to withstand — and even benefit from —consumers' shifting preferences this holiday season, as inflationary pressures dampen shoppers' budgets this quarter. According to Morgan Stanley's proprietary monthly survey, most holiday shoppers are looking to see 30% discounts, on average, before they begin spending this holiday season. A strong holiday season should benefit the entire airline industry given the ongoing demand for air travel among consumers across income brackets, according to Morgan Stanley. "Durable goods spending has slowed and that is expected to continue into the holiday season," Wilson said in the note. Toys could emerge as "relative winner" this season as they become a more top-of-mind purchase for parents during the holiday season, analyst Megan Alexander wrote.

Persons: Morgan Stanley, Michael Wilson, Morgan, They're, Ravi Shanker, Wilson, Amazon's, Brian Nowak, Lauren Schenk, Chewy, Morgan Stanley's, Alex Straton, Megan Alexander Organizations: Consumers, Delta Airlines, American Airlines and United Airlines, Southwest Airlines, Alaska Air Group, Apparel, Urban Outfitters, Abercrombie, Fitch Locations: Delta, U.S

[1/5] Garment workers come out of a factory during lunch hours at the Ashulia area, outskirts of Dhaka, Bangladesh, November 8, 2023. A panel of factory owners, union leaders and officials agreed to the increase unanimously, said Siddiqur Rahman, the owners' representative. "We continue to recommend that the government of Bangladesh adopt an annual minimum wage review mechanism to keep up with changing macroeconomic factors," the letter said. In addition to the wage increase, the government has said that workers would be given a 5% annual increment. Babul Akter, president of the Bangladesh Garment and Industrial Workers Federation, urged global brands to pay more, saying: "There could be some problems for the owners to cope with the increased salaries."

Persons: Mohammad Ponir Hossain, Siddiqur Rahman, Rahman, Inditex, Hugo Boss, Fazlul Hoque, Hoque, Levi Strauss, Armour, Sheikh Hasina, Akter, Abdus Salam Murshedy, Murshedy, Krishna N, Ruma Paul, Miral Organizations: REUTERS, Rights DHAKA, Reuters, Inc, Knitwear Manufacturers, Association, Labour, Abercrombie & Fitch, Adidas, Puma, Bangladesh Garment and Industrial Workers Federation, Envoy Group, Walmart, Hasina's Awami League, Das, Thomson Locations: Dhaka, Bangladesh, DELHI, China, Zara, Ukraine, New Delhi

☆ Abercrombie & Fitch lawsuit: Fashion brand sued over sex trafficking accusations
▼ + stars: | 2023-10-28 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +5 min

New York CNN —Dozens of men have filed a class action lawsuit alleging Abercrombie & Fitch was complicit in a decade-long sex trafficking scheme carried out by the fashion company’s former CEO. The lawsuit states that, in a series of instances, one aspiring model was invited to multiple Abercrombie & Fitch casting events in New York, France and London, and was sexually assaulted at least seven times at these events. “Sexual exploitation does not discriminate based on gender,” Henderson told CNN in a statement. The courtroom is where we will deal with this matter,” Jeffries’ attorney Brian Bieber told CNN. Days after the BBC report, Abercrombie & Fitch said it had launched its own investigation into the allegations.

Persons: Abercrombie, Fitch, Michael Jeffries, “, Jeffries, ” Abercrombie, ”, Brittany Henderson, ” Henderson, Abercrombie &, Mr, ” Jeffries, Brian Bieber, Jeffries ’, Matthew Smith, Smith, ” Bieber, Jefferies, “ Abercrombie, Parija Kavilanz Organizations: New, New York CNN, CNN, Abercrombie, Fitch, Abercrombie & Fitch, BBC Locations: New York, France, London, Abercrombie

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