Fendi, New York City
The Italian luxury brand Fendi gets social in Manhattan’s SoHo neighborhood, opening a pop-up whose brick walls are adorned with neon hash tag signs.
The 630-sq.-ft. shop, dubbed #fendisoho, combines sophisticated touches — leather and velvet — with a playful, arcade-themed décor that includes custom vending machines, where products dangle from mechanical claws.
Open through Dec. 31, Fendi’s SoHo outpost will change themes monthly, and include limited edition items. The first collection is devoted to accessories, or what Fendi calls “must-have mini-icons.”
GameStop Q2 profit and sales surge
Grapevine, Texas — GameStop Corp. on Thursday reported a second-quarter profit of $24.6 million, up from $10.5 million in the year ago period.
Revenue rose 25% to a better-than-expected $1.73 billion, helped by new game releases as well as solid sales of gaming hardware.
“The second quarter demonstrates the power of the new console cycle and all of our business units, including Technology Brands, positively contributing to the company’s sales and profits,” stated Rob Lloyd, CFO. “The back half of the year is filled with exciting games and products coming to market and I am confident that we are prepared to capitalize on these opportunities.”
Gap Q2 profit tops estimates; raises forecast
San Francisco — Gap Inc. posted a better-than-expected quarterly profit and sales and raised its full-year profit forecast, helped by strong sales at Old Navy.
Net profit rose to $332 million in the second quarter ended Aug. 2, from $303 million a year ago.
Revenue increased 3% to $3.98 billion. Online net sales increased 11% to $515 million, on top of last year’s 27% increase. The company noted it continues to advance its successful omnichannel platform with the expansion of its reserve in store service to all U.S. Gap stores. The company also launched its order in store pilot, with plans to roll out the service to select U.S. Gap, Banana Republic, Old Navy and Athleta stores later this year.
Same-store sales were flat.
Also on Thursday, Gap said it planned to introduce its namesake brand in India through 40 franchise-operated stores. The retailer is partnering with Arvind Lifestyle Brand Limited, a subsidiary of Arvind Limited, which is one of India’s largest textile companies.
“India is an emerging, vibrant market and an important next step in our global expansion strategy,” said Steve Sunnucks, global president of Gap.