Report: Abercrombie to Seek Fresh Backers for China Business
The US-listed company is conducting a review of its Chinese assets and may sell a stake in the unit, which could be valued at several hundred million dollars, Bloomberg reported.
Abercrombie is set to pursue new investors for its China operations, according to a recent report. The move comes just a week after the company acquired department store chain Harvey Nichols, bringing its stake in the luxury brand to 48 percent.
The news follows a series of legal actions taken by the coalition of US state attorneys general against Meta, the parent company of Facebook and Instagram. The group is seeking hefty fines and changes to the platforms' operations, claiming the social media giant has harmed young users.
The fashion industry is also seeing a shift towards upcycling, with luxury brands like Miu Miu and Coach highlighting the design and uniqueness of their products, rather than just emphasizing sustainability benefits. This trend is moving beyond just sustainability capsules and becoming a mainstream aspect of fashion.
Written by urgent.news from Business of Fashion's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
