The second half of 2024 was anything but boring. In the six months, professionals, consumers and editors were surprised by takeovers, new creative directors, bankruptcies and new concepts.
July
One of the most remarkable news from July 2024 is Shein’s announcement that it is starting a circularity fund. Millions are being allocated to the fund, but there are no really clear guidelines on how it will promote circularity. It does seem that the company mainly wants to bring new designers onto the platform and polish its own image before it goes public in London.
There are also a lot of acquisitions and restarts this month. The biggest hit is streetwear brand Supreme, which is acquired by eyewear giant EssilorLuxottica. This unexpected move by the Italian company has caused plenty of surprise and the plans for Supreme remain shrouded in mystery so far.
Belgian fashion group Duror Fashion Group files for bankruptcy, but fashion brand Zilton from the group’s portfolio is already being rescued. There is also a rescue this month for Dutch children’s fashion brand Noppies. The brand is saved by a Danish player in children’s fashion. While retailer Suitable took over Steppin’ Out in July, the takeover talks at Veritas failed.
The good news comes from the Claes Retail Group, which is crawling out of the red. Fashion fair Modefabriek announces a new location for the winter edition, which is shaking up the Dutch trade fair agenda. The fair leaves Amsterdam and heads to Vijfhuizen.
Although they don’t start until the end of the month, the Olympic Games cannot be ignored this month. For some companies in the fashion industry, it means having their brand shine at the opening ceremony in the form of the national team outfits.
August
August was literally and figuratively a bit sunnier. For example, the Belgian brands Terre Bleue and Gigue are saved, as well as some of the Dutch stores of Adam and Duetz. Growth at retailer E5 continues and Zeb opens the first store in France.
The license of Esprit’s trademark rights in Europe is secured by Alteri. It is a remarkable step because CBR (which falls within Alteri’s portfolio) is said to be the party that refrained from acquiring the trademark rights earlier in the year.
However, it can’t always be a party: online outlet Afound announces its closure and bicycle brand Agu applies for a deferment of payment in August.
September
However, it soon appears that there is a salvation for bicycle brand Agu. Thanks to a new investor, the previously reached agreement with the creditors can be ratified and a new chapter can be written.
Meanwhile, CassisPaprika files for silent bankruptcy with the hope of a restart, Bristol is declared bankrupt in the Netherlands but finds a new owner for some of the Belgian stores and creative director Glenn Martens leaves Y/Project.
Dutch fashion brand Martan starts selling shares to raise new capital, sports brand Brunotti finds new owners and Rotterdam appoints its very first fashion mayor. Dutch fashion designer Duran Lantink wins one of the major prizes during the LVMH Award.
The eternal musical chairs of creative directors also continue this month: Sarah Burton moves to Givenchy, Haider Ackermann takes on a second creative lead at Tom Ford and Clare Waight Keller becomes general creative director at Uniqlo.
Perhaps the news that concerns the editors most this month is the lawsuit against fashion entrepreneur Martijn N. The case will start in September in which the entrepreneur is accused of fornication, sexual violence and assault. He is prosecuted for ten sexual offenses and faces eight years in prison.
October
Martijn N. will be sentenced in October. Eight years in prison were demanded, but he was ultimately sentenced to 1.5 years in prison. However, the conviction is not the news that October marks: At the end of the month there is extreme weather in Spain, causing havoc due to water and mud. The region near Valencia is particularly hard hit.
Another major news event is the blocking of the billion-dollar deal between American giants Tapestry and Capri. The judge’s decision finally comes after months of tension: the takeover would lead to a loss of direct competition within the sector. Therefore, the deal is blocked by the Federal Trade Commission.
Fortunately, there is also good news this month: Camiel Fortgens wins the Fashion Stipend incentive prize, AS Adventure opens a special Care & Repair center, JBC wins the Mercurius Prize thanks to their second-hand clothing store and Vinted’s market value rises to 5 billion euros.
In the Netherlands, both media and consumers are kept busy by the Shein outlets that appear in the shopping streets. Thanks to posters, the outlets appear to belong to the Chinese giant, but nothing is worth less. Ultimately, the stores are linked to the I-fashion company.
October is also the month in which unrest at the British Boohoo Group Plc increases. The company begins a strategic review and CEO John Lyttle steps down. This leads to an open application from fashion CEO Mike Ashley, the man behind the British Frasers Group. Ashley wants to become CEO of Boohoo Group Plc, but is rejected by the group.
November
The world is watching the elections in the United States intently in early November. The battle between Donald Trump and Kamala Harris leaves its mark on the first days of November, but the redeeming word soon comes: Donald Trump will become the 47th president of the United States.
After the major judgment in October, Tapestry and Capri decided to end their billion-dollar deal. They are not going to challenge the judge’s decision and part ways.
Where one takeover fails, there are rumors of another. For example, a takeover of British fashion house Burberry is said to be imminent. None other than the Moncler Group would be the candidate. However, Moncler firmly denies and Burberry announces a recovery plan.
November is also the month in which designer Meryll Rogge wins one of the big prizes at the Belgian Fashion Awards. That same month, the designer also learned that she was one of the finalists for the International Woolmark Prize. She competes for the prize together with Duran Lantink and Ester Manas.
In Belgium, Claes Retail Group is also strengthening its portfolio thanks to the acquisition of denim brand HNST.
At European level, there is the final green light for the ban on products made under forced labor. Even more good news comes from non-profit organization Fashion for Good. The organization is launching the World of Waste platform that maps textile waste flows so that they can be better used and reused.
November is also the month in which the Chinese giant receives an official warning from the European Commission. The Chinese platform must adhere to European market rules if it is operationally active here.
In the Netherlands, the penultimate month of the year sees the introduction of a lot of new store concepts. Norah, Bever and Hunkemöller, among others, come up with new concepts.
December
2024 has had many surprises and the acquisition of About You by German industry peer and competitor Zalando was certainly one of them. Both platforms continue to maintain their own identity.
In the field of acquisitions, the last month of the year offers some news. This is how Veritas finally finds new investors after a previous deal collapsed. The trademark rights of American brand Vera Wang will also be owned by G-Star owner WHP Global.
There are also some stoppers this month. For example, Belgian brand Akaso is closing its doors, but Nike is also closing the metaverse company RTFKT. Bijenkorf CEO Matthijs Visch is leaving the company after just six months.
Fashion company Mango lost founder Isak Andic this month due to an accident. Andic was still actively involved in the company, which raises the question of what will happen next for the fashion brand. It soon appears that Toni Ruiz, CEO of Mango, will take on the position of interim chairman to replace Andic.
However, what kept the editors most busy in December was designers’ musical chairs. Many positions were still empty at the beginning of the month, but that soon changed. For example, Julian Klausner was appointed as Dries van Noten’s successor. The news soon followed that John Galliano is leaving Martin Margiela after ten years, but a successor has not yet been announced. In a whirlwind on the same evening it turns out that Matthieu Blazy leaves Bottega Veneta and is replaced there by Louise Trotter who leaves Lacoste behind her. This frees Blazy to go to Chanel, an announcement that follows soon after.
