This week the fashion industry saw a variety of news ranging from trade reports to an environmental initiative and even another destination fashion show.
Leading the charge was
Elsewhere, second-quarter adidas sales fell due to the cancellation of the Yeezy collaboration; Balenciaga has revealed that its Fall 2024 show will be held in Los Angeles, California, and Roger Federer and JW Anderson have announced their upcoming collaboration with Uniqlo.
Below, Hypebeast has rounded up the best fashion stories of the week so you can stay up to date on industry trends.
adidas signs 10-year, $1.2 billion shirt sponsorship deal with Manchester United
Expanding its sportswear partnerships, adidas has now signed a 10-year, $1.2 billion deal with Manchester United. The new arrangement extends their previous shirt sponsorship deal for another decade.
Of note, adidas has been the official partner of the English football club since 2015. The 2015 deal marks the reunion of the two entities after 23 years, during which Manchester United worked with Nike. Moreover, the Glazers, the American owners of Manchester United, are considering selling the football club despite their return to the Champions League.
France announces ‘repair bonus’ program to reduce fashion waste
In an effort to tackle the environmental problem of excess fashion waste, France has announced its new “repair bonus” program, which gives customers money to repair their clothes instead of repairing them. discard.
With its new initiative, France has become the first country to create a program of this type. French citizens who bring their clothes for repair will receive between €6 and €25 EUR depending on the fabric and the complexity of the restoration. Besides individual citizens, the scheme will allow shops like tailors and shoemakers to enter for free.
Additionally, the local government is expected to pay all premiums from its €154 million sustainability fund over the next five years in hopes of continuing the effort in the future.
adidas Q2 sales down as cancellation of Yeezy collaboration continues to impact performance
On Thursday morning, adidas presented its second-quarter financial results, which showed a drop in sales due to the cancellation of its collaboration with Yeezy. adidas earned 5.34 billion euros in the second quarter, down from the 5.6 billion euros the company reported in the same period last year. As such, this figure brought adidas’ total revenue for the first half of 2023 to €10.62 billion.
“We are pleased with how the second quarter went. 2023 is not about trying to show short-term results,” said adidas CEO Bjørn Gulden. He added that he doesn’t expect the business to be “good and profitable” again until 2025.
The Balenciaga Fall 2024 show will take place in Los Angeles, California
Balenciaga returns to the United States with the announcement of its upcoming show in Los Angeles, California. The last time the house was featured in the United States was in New York for its Spring 2023 show at the New York Stock Exchange.
With this new announcement, Balenciaga follows behind Gucci, Louis Vuitton, Dior, CELINE, Saint Laurent and Versace who have all paraded in the beach town in recent years. Scheduled for December 2, the show will unveil Balenciaga’s unisex Fall 2024 men’s and women’s collection.
Roger Federer and JW Anderson announce the next Uniqlo collection
Rodger Federer has teamed up with JW Anderson for a Uniqlo collection – which marks a first for the famous tennis star and the famous British label. With the new collection, expect to see a blend of Federer’s athletic experience with JW Anderson’s signature design sentiments.
“I’ve always wanted to have a collection that’s perfect for playing tennis while being versatile for other aspects of everyday life,” the tennis star said. “I’m lucky that Jonathan shares this vision. Together we were able to create a sleek and comfortable line rooted in classic tennis style. Jonathan is talented, creative and incredibly down to earth. It was a pleasure to work with him on this collection.
The Roger Federer x JW Anderson Uniqlo collection is set to hit stores and online on August 28.