Fashion News Alert: Neiman Marcus Get Refinanced, Margherita Leaves Missoni, and some British Designers Support a Fur Ban

Image courtesy of Missoni

There are changes afoot at Missoni. Margherita Maccapani Missoni, daughter of Angela Missoni has stepped down as creative director of M Missoni, the brand that targets a younger Missoni consumer.

The COVID-19 pandemic has adversely affected Missoni, so some shuffling of the brand’s management team is necessary for survival. Margherita Maccapani Missoni took helm of M Missoni in 2018.

“In response to the reduction and evolution of consumption in the fashion sector caused by the pandemic, the company is carrying out an internal reorganisation of the design and communications departments, in order to boost the natural synergies and quality attributes in our collections’ design,” said the CEO Livio Proli in a communiqué, as reported in fashionnetwork.com.

Though Margherita is leaving M Missoni, the brand will continue under the direction of an international team. Though Margherita came to M Missoni in 2018 she had served in other capacities at Missoni. She began her new job at M Missoni after the youthful brand was bought back from a licensing company.

Image courtesy of multichannelmerchant.com

Refinancing help for Neiman Marcus

Mega retail giant Neiman Marcus has found some much-needed financing. Well, to be more exact some refinancing, and refinancing once again.

In May 11, 2020, Neiman Marcus filed for Chapter 11, coming out of bankruptcy in September of the same year. The Chapter 11 bankruptcy eliminates 4.4 billion of the $5 billion in debt, as well as $200 million in annual interest payments.

Since coming out of bankruptcy proceedings, Neiman Marcus has struggled, paying heavy interest payments of its $1 billion debt. However, according to WWD, Neiman Marcus believes that its reorganization “provides ample liquidity and flexibility to respond quickly to evolving trends.”

“We will continue to be highly leveraged following the consummation of the transactions, and as a result, a significant amount of our cash flow will be used to pay interest and principal on our outstanding indebtedness, and we may not generate sufficient cash flow from operations, or have future borrowings available under our asset-based revolving credit facility, to enable us to repay our indebtedness, including the notes, or to fund our other liquidity needs,” explained the retailer.

Neiman Marcus also continues to struggle because of the lack of tourism from other countries to the US because of the current health pandemic. Additionally, many top fashion designers may option for a concession relationship with Neiman Marcus as opposed to current wholesale relationship.

Image courtesy of livekindly.com

A furless Britain

If you live in the UK, it may be harder to purchase fur garments. Stella McCarthy, Vivienne Westwood, and Erdem Moralioglu are lobbying to ban fun in the UK.

The Natural Fibers Alliance (NFA), an environmental justice organization based in the UK believe that a ban on fur would hurt the environment. “Synthetic clothing is one of the top global polluters of waterways. Researchers estimate that synthetic fabrics alone are responsible for up to 35 percent of microplastic pollution in our oceans; synthetic clothing ‘sheds’ microparticles when cleaned. Natural fibers, in contrast, are a sustainable and renewable resource,” stated the NFA in a press release, as reported in fashionunited.com.

Though Westwood, McCarthy, and Moralioglu had taken a solid stance against fur, many other British fashion designers don’t support their stance. Yves Salomon states, “the biggest issue facing the planet today is plastic, which I think is far more important than the debate over fur.”

William S. Gooch

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