A round up of the best fashion business stories from the weekend’s newspapers.
- British private equity firm Lion Capital is understood to be considering its options over American Apparel, after the fashion chain’s auditor resigned last month, the Mail on Sunday reported. A source said the firm was ‘evaluating its options’ for American Apparel in the light of Deloitte’s decision, but that it remained ‘supportive for now’.
- High Street prices are set to go up by more than 5% at the tills this autumn as retailers hit by higher manufacturing costs and an impending rise in VAT pass on increases to shoppers, the Mail on Sunday reported. Next last week warned that it expected that its customers would soon be facing higher prices and M&S told the paper that it may also be forced to increase prices.
- Charities are calling on high street retailers to support higher wages for factory workers in Bangladesh, The Mail on Sunday reported. They said a government proposal to increase the minimum wage from £15.50 a month to £28 was insufficient. S spokeswoman for pressure group Labour Behind the Label said, “Companies such as Tesco and Asda buy clothes in such large quantities that they would be able to make a difference.”
- Designer labels are removing logos from handbags and accessories and being replaced by more subtle designs, according to a report in The Sunday Telegraph. Francois-Henri Pinault, chairman and chief executive of luxury goods group PPR, said: “Our groups are moving toward fewer logos, more discreet luxury. It’s a question of adapting our ranges very rapidly to this new perception of luxury, a luxury which is more subtle, more sophisticated – which is what we are doing.” Louis Vuitton recently introduced ranges with less prominent logos.