Facebook Boycott: Coca-Cola and Levi's suspend social media advertising
Coca-Cola has announced the suspension of advertising on all social media platforms around the world. Within weeks of the group calling on Facebook advertisers to suspend their advertising expenditures for July, more than 90 major advertisers, including Levi's, Dockers, Patagonia, REI, Lending Club, and The North Face, announced their intention to join the campaign.
American Eagle has introduced a new fashion brand Unsubscribed
The company, which already operates brands American Eagle, Aerie, and Todd Snyder, is opening a clothing store called Unsubscribed. American Eagle Outfitters has announced the opening of a new shopping space in East Hampton, New York. The store will be the first under the brand Unsubscribed and its main concept will be its focus on "slow" fashion, a modern trend that emerged in contrast to "fast" fashion.
Kanye West is teaming up with Gap to launch a new clothing line
American hip-hop artist Kanye West has announced a collaboration with one of the largest international fashion brands, Gap. The partnership will include a special collection of clothing under the brand YEEZY Gap. The launch of sales in Gap stores and online will start in 2021, though the exact release date is not yet known.
Microsoft will permanently close its stores globally
The company has decided to completely abandon physical retail stores and focus on online channels instead. Microsoft has announced its decision to rethink retailing and completely close its retail network around the world. The exceptions will be four stores in New York, London, Sydney, and Redmond, which will be transformed into experience centers and will not sell the company's products.
Nike reported a drop in sales and a loss of $790 million
Even a strong brand like Nike has suffered from store closures and reduced sales. Nike published the results of its latest fiscal quarter, which showed that sales fell by 38% and the loss reached $790 million. For comparison, a year ago the brand reported a net income of $989 million. Sales of footwear fell by 35%, apparel fell by 42%, and sales of various accessories fell by 53%.
Sephora will showcase over 80 brands on its Instagram storefront
Instagram users can buy Drunk Elephant, Milk Makeup, and dozens of other brands offered by Sephora without leaving the platform. Starting June 24, cosmetic products from different brands presented by Sephora will be available for purchase through Instagram Checkout, a virtual showcase allowing users to place an order directly from the user's feed or stories.
29 JUNE 2020, USA