Kering invests in resale platform Vestiaire Collective French luxury brand Kering has bought a five per cent stake in luxury fashion resale platform Vestiaire Collective. The company said the investment is part of the€178 million (US$215 million) financing round, valuing Vestiaire Collective at more than US$1 billion. US investment firm Tiger Global Management also invested in the company along with other existing shareholders, including Vogue publisher Conde Nast and the Frenc
French private equity firm Eurazeo. “There is a real shift happening that is going to shape the future of the fashion industry, and as a leader in the sector we want to shape that trend,” Kering’s digital chief Grégory Boutté said. Sales of secondhand items are forecasted to rise from 21 per cent in 2021 to 27 per cent in 2023, with the value of the sector estimated to be worth more than $60 billion by 2025. Vestiaire Collective said its transaction volume doubled last year. Thomas Pink brand to be revived Former JD Sports executive Nick Preston is reviving the British shirt brand Thomas Pink after he acquired the business. The Mail on Sunday reported that Preston will control the brand and its intellectual property, excluding its website or shops. Thomas Pink halted its operation last year as LVMH Group was eyeing to sell it. Preston has reportedly brokered a deal to take control of LVMH’s shirtmaker brand, including its intellectual property but not its website or shops. “We are excited to announce that we are returning to our roots with the same team that has helped build Thomas Pink Shirtmakers over the years,” the company said in a statement on its website. “We have some things to iron out and button up, but will be back soon with an improved website to offer you the highest quality English shirting made for modern life that you have come to know and love.” Arket opens its first store in South Korea H&M’s Nordic lifestyle brand Arket has unveiled its first flagship in Seoul, South Korea at the The Hyundai Seoul department store in Yeouido. The new store features the brand’s New Nordic range of clothes for men, women and children. It also houses a cafe with vegetarian dishes, drinks, pastries and snacks for customers. “Opening the new store in Seoul is an incredibly exciting step for us, as it is our first physical location outside of Europe,” said Pernilla Wohlfahrt, Arket’s managing director. Last month, Arket also opened its first store in Beijing, China. The brand initially launched in 2017 and now has more than 20 stores in Copenhagen, Amsterdam, London and Berlin. Foot Locker opens sixth Hong Kong store American footwear retailer Foot Locker has opened its latest Hong Kong Power Store in Gala Place, Mong Kok, with interiors inspired by the area’s sneaker scene and sports culture. The brand’s sixth Hong Kong store offers premium products and elevated in-store presentations to enhance the customer experience. There is a dedicated basketball section with artwork by Brian Liu (@824Hachi), women’s and kids’ areas, a studio, and an events space for brand partners and local influencers. Local artists were commissioned for the store, including Stanley Wong (@sneakerconcept_), Way Fung (@digiway) and Zoie Lam (@Zlism). “This has been a dream come true to have a store in this area where sneaker-style is so inspired and alive in the streets and really around every corner,” said Tomas Petersson, general manager and vice president of Foot Locker Asia. Sportswear brands Nike, Adidas, Puma, Converse, New Balance, Under Armour and streetwear brands, including Chinatown Market and Carrots, are available. Shoppers can also access the largest array of Nike Air Max Plus sold in the market. Alibaba acquires Bangladesh food delivery HungryNaki Chinese online business Alibaba Group Holding has bought the Bangladeshi online meal delivery service HungryNaki, for an undisclosed amount from its local owners via Pakistan-based e-commerce platform Daraz Group. The company has 4000 restaurants in five cities connected to its service. It also has 500 drivers and 100 staff working for the business. “This is the first acquisition of a Bangladeshi startup,” HungryNaki chief executive A.D. Ahmad told the newspaper Nikkei Asia. “It is a matter of pride. We have concluded the deal and it may take a month to finalize the acquisition process.” Alibaba bought Daraz in 1998. Daraz has plans to expand HungryNaki’s network to around 100 cities and invest in infrastructure, technology and human resources.“We believe instead of building our own food delivery business from the ground up, acquiring HungryNaki is ideal,” Daraz spokesperson Shayantani Twisha told Nikkei.