Ralph Lauren is venturing into the virtual world by launching an immersive branded experience in the popular online game Fortnite. The branded world, named Race to Greatness, will be introduced to Fortnite on August 3rd. Additionally, Ralph Lauren will be releasing the ‘phygital’ Polo x Fortnite P-Wing Boot, a physical product inspired by the digital boot from the original Polo Stadium Collection in Fortnite, exclusively on RalphLauren.com.
Race to Greatness is described as a unique island within the game that captures the adventurous spirit of Polo. This collaboration with Fortnite allows Ralph Lauren to connect with a younger audience who are digitally inclined, providing an interactive and innovative way to engage and align with the brand’s image and ethos.
In other news, luxury fashion e-commerce platform Farfetch has appointed Tim Stone as its new Chief Financial Officer. Stone brings over two decades of experience in senior financial and CFO roles, having worked at companies like Amazon and Ford Motor Company. His financial expertise and strategic planning skills will be instrumental in Farfetch’s global expansion and growth agenda.
Cosmetics brand e.l.f. Beauty has reported strong financial results for the three months ending June 30th. The company achieved a net sales growth of 76%, reaching $216.3 million. This growth was driven by the success of their retailer and e-commerce channels. e.l.f. Beauty also gained market share and experienced significant increases in adjusted EBITDA and net income.
UK department store chain House of Fraser, owned by Frasers Group, may face further closures as CEO Michael Murray believes the traditional department store model is no longer sustainable. Murray stated that the company is constantly reviewing its portfolio, as some of the stores are too large for the current retail landscape. Finding solutions for the excess space within the stores is a priority. Frasers Group has already reduced the number of stores since acquiring House of Fraser in 2018.
Vienna-based womenswear label Petar Petrov has filed for self-administration in Austria as part of its restructuring efforts. The fashion label, which has been in operation for 15 years, is facing liabilities of around €3.6 million. Creditors are expected to receive approximately 30% of what they are owed. Founder Petar Petrov is expected to maintain control of the company during the restructuring process.
Kao Corporation, the owner of popular beauty brands like John Frieda, Jergens, Curél, and Bioré, has announced its acquisition of Australian suncare brand Bondi Sands. The details of the deal have not been disclosed. Bondi Sands is known for its self-tanning products and has a strong presence in over 32 countries. With this acquisition, Kao Corporation aims to strengthen its position in the self-tanning market and expand its global reach.
Sources:
– Ralph Lauren: [Ralph Lauren](https://www.businessoffashion.com/news/retail/ralph-lauren-to-launch-branded-world-in-fortnite)
– Farfetch: [Farfetch](https://www.retailgazette.co.uk/blog/2021/07/farfetch-appoints-tim-stone-as-chief-financial-officer/)
– e.l.f. Beauty: [e.l.f. Beauty](https://www.businesswire.com/news/home/20210804005379/en/e.l.f.-Beauty-Reports-Strong-Financial-Results-for-Three-Months-Ended-June-30-2021)
– House of Fraser: [House of Fraser](https://www.retailgazette.co.uk/blog/2021/07/house-of-fraser-may-face-further-closures-as-ceo-claims-model-is-not-sustainable/)
– Petar Petrov: [Petar Petrov](https://www.retailgazette.co.uk/blog/2021/07/petar-petrov-files-for-self-administration-in-austria/)
– Kao Corporation: [Kao Corporation](https://www.reuters.com/business/retail-consumer/japan-beauty-company-kao-buys-australias-bondi-sands-2021-07-29/)
