Fashion News Alert: Mariah Carey’s Beauty Company in the Works, Michael Kors to Shutter over 100 stores, David Beckham’s New Gig, and Credit Suisse Predicts Closure of a Quarter of US Malls

Image courtesy of hawtcelebs

Image courtesy of hawtcelebs

Mariah Carey continues to expand her empire. Carey is looking to launch a beauty company and was spotted recently in Beverly Hills scouting locations.

“They plan on opening a brick-and-mortar store in Beverly Hills and have been secretly looking at a number of retail spaces with a plan to unveil it this holiday season or next year by the latest,” explained a source. This same source confirmed that Carey’s prospective beauty company would include makeup, skincare and fragrances.

Image courtesy of mr-mag.com

Image courtesy of mr-mag.com

Michael Kors to shutter stores

2017 is not looking good for Michael Kors. As the brand looks to turn around a decline in sales, the brand is looking to close between 100 to 125 full-price retail stores in two years. Total sales fell 11.2 in the most recent quarter ending April 1 with stock prices falling more than 6 percent last Wednesday.

Like other brick and mortar stores, retail sales at Michael Kors stores have declined due to online shopping, stagnant consumer wages and an overall decline in apparel purchasing. According to fashionnetwork.com, net loss attributable to Michael Kors was $26.8 million, or 17 cents per share, in the latest quarter, compared with net income of $177 million, or 98 cents per share, a year earlier.

Image courtesy of luxepose.com

Image courtesy of luxepose.com

Another fashion gig for Beckham

David Beckham has new job. The soccer superstar has long been associated with fashion brands and fragrances. And now Beckham can add watch brand, Tudor, to his many fashion brand associations.

According to WWD, David Beckham has been pegged as a new brand ambassador for Tudor based on his status as an international style icon. Beckham will also front Tudor’s “Born to Dare” campaign.

“Daring individuals have long chosen Tudor while achieving the extraordinary on land, ice, in the air and underwater,” declares a Tudor spokesman. “It also refers to the vision of Hans Wilsdorf, the founder of Tudor, who manufactured Tudor watches to withstand the most extreme conditions, watches made for the most daring lifestyle indeed. It finally tells of the singular approach Tudor is known for today, having pioneered now major trends within the watchmaking industry.”

Image courtesy of nbcwashington.com

Image courtesy of nbcwashington.com

Mall shutdown

Credit Suisse is predicting that a quarter of American shopping malls will close over the next five years. That means of the 1100 malls in the US, approximately 220 to 275 will close by 2022.

Malls are no longer the shopping destination they once were, reaching its consumer peak in the 1970s and 1980s. Online shopping and consumer buying trends have caused the sharp decline in mall shopping in the last five years.

Credit Suisse has recorded over 3600 closings in 2017 already, with an expected 8500 more expected to close by year’s end. Credit Suisse expects online shopping to increase from a current 17% to 37% by 2030.

—William S. Gooch

Speak Your Mind

*

Copyright © 2012-2017 | Fashion Reverie Publications, LLC - All Rights Reserved