:quality(70):focal(-5x-5:5x5)/cloudfront-eu-central-1.images.arcpublishing.com/businessoffashion/ICGZNG4Q2fa*gFIJDZTA6OKLHRE.jpg "The Business of Fashion (1)")
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:quality(70):focal(-5x45:5x55)/cloudfront-eu-central-1.images.arcpublishing.com/businessoffashion/EZ4LXHUUY5CKHJFM2YN3BELPDA.jpg "The Business of Fashion (5)")
:quality(70):focal(-5x-5:5x5)/cloudfront-eu-central-1.images.arcpublishing.com/businessoffashion/6ZEIQLWSRFEHZFTN5XGVV3PO74.jpg "The Business of Fashion (6)")
:quality(70):focal(-5x45:5x55)/cloudfront-eu-central-1.images.arcpublishing.com/businessoffashion/2UWI4RLIP5G4XITA64B3QFBHSI.jpg "The Business of Fashion (7)")
:quality(70):focal(-5x45:5x55)/cloudfront-eu-central-1.images.arcpublishing.com/businessoffashion/PQOEREMIG5H57O7OCOHNGPLWGM.jpg "The Business of Fashion (8)")
:quality(70):focal(-5x45:5x55)/cloudfront-eu-central-1.images.arcpublishing.com/businessoffashion/4BIQJ6QYQZDHFNIAVCUBUJBVN4.jpg "The Business of Fashion (9)")
:quality(70):focal(-5x45:5x55)/cloudfront-eu-central-1.images.arcpublishing.com/businessoffashion/M4YA7YNTHFHRPNTDG4NNDQPTME.jpg "The Business of Fashion (10)")
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The News in Brief
Rolex was fined about $100 million by France’s antitrust agency for pursuing an illegal decade-long crackdown on distributors selling the Swiss firm’s luxury watches online.
The last of now-bankrupt Amyris’ consumer brands have new owners.
The Fédération de la Haute Couture et de la Mode, Paris Fashion Week’s organising body, released provisional calendars for January’s menswear and haute couture weeks.
The package focuses on a Russian-origin diamond import ban as well as imposing additional import and export bans on Russia, combating sanctions circumvention and closing loopholes.
Sotheby’s Media will incorporate digital, audio and video content, as well as a signature event for the magazine which will take place in the fall of 2024.
The Fashion Trust Arabia, a fashion fund dedicated to spotlighting Middle Eastern talent, announced seven winners of its prize on Monday.
Consumer goods giant Unilever on Monday said it would sell Elida Beauty, its non-core beauty and personal care division, to US private equity firm Yellow Wood Partners.
Beauty entrepreneur Zoe Foster Blake has regained control of Go-To, the skin care line she co-founded. A majority share of the company was sold to Melbourne-based beauty manufacturer BWX Limited in August 2021 for 89 million Australian dollars ($60 million).
As an expert in retail and business strategy, it's evident from the provided articles that Ascena Retail Group, the owner of Ann Taylor and other brands, has faced significant challenges over the years. The timeline starts with the acquisition by Ascena Retail Group of Ann Taylor and Loft in August 2015, signaling a major move in the retail industry. However, the subsequent articles shed light on the struggles and financial hardships the company encountered.
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Ascena Retail Group's Bankruptcy Filing (July 2020):
- Ascena Retail Group, burdened by approximately $12.5 billion in debts, filed for bankruptcy on July 23, 2020.
- The company entered into a restructuring support agreement with over 68 percent of its secured term lenders.
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Landlords' Resistance to Rent Deferral (August 2020):
- In August 2020, landlords opposed Ascena's request for rent deferral, arguing that most of the company's stores were still operational despite the challenges posed by the pandemic.
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Sycamore Partners' Interest in Bidding (July and September 2020):
- Reports in July 2020 indicated that Sycamore Partners and Authentic Brands were considering bids for Ascena Retail Group, emphasizing the company's struggle with dated brands, merchandise, and the shift to online shopping.
- Later, in September 2020, Sycamore Partners officially bid for Ann Taylor, demonstrating a potential change in ownership.
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Challenges and Potential Bankruptcy (July and October 2020):
- Earlier in July 2020, there were reports that Ascena Retail Group was preparing for a potential bankruptcy filing with a creditor agreement in place to reduce its debt load.
- An op-ed in October 2019 highlighted Ascena Retail Group's gloomy quarterly results, emphasizing the challenges faced by retailers attempting to create a whole greater than the sum of its parts.
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Retail Trends and Strategies (2018-2020):
- Articles from 2018 and 2019 touch on broader retail trends, such as the entry of mall brands like Ann Taylor into the rental market, testing monthly subscription services, and the challenges of making brands size-inclusive.
This comprehensive overview indicates that Ascena Retail Group struggled with financial issues, dated brands, and the evolving retail landscape, ultimately leading to a bankruptcy filing and potential change in ownership. The articles also reflect broader trends and challenges in the retail industry during the period covered.
