Photo: Kevin Carter/Getty Images
These are the stories making headlines in fashion on Friday.
Macy’s to close 66 stores in 2025
Macy’s Inc. is closing 66 stores this year, including the Macy’s department store in downtown Brooklyn. Within New York City, the retailer is also closing its Staten Island furniture store and the Macy’s Backstage off-price stores in Sheepshead Bay, Fordham Place in the Bronx and Queens Place in Queens. This downsizing is part of the company’s Bold New Chapter strategy announced in February 2024, which calls for closing about 150 underproductive stores and investing in 350 “go-forward” Macy’s locations. For the full list of the affected locations categorized by state, visit here. {WWD/paywalled}
Consumers are increasingly adopting cost-conscious shopping habits
The BoF-McKinsey State of Fashion 2025 Executive Survey found that more than 40% of shoppers in the U.S., U.K. and Germany are spending less on clothing, footwear and accessories than they did a year ago. In the first half of 2024, consumer confidence levels in the Eurozone and U.S. rose slightly from 2023. Amid rising economic pressures, consumers are looking to spend less and stretch their money further: More than 70% of customers plan to purchase from outlets or off-price retailers in the next 12 months and nearly one in three U.S. adults say they intentionally bought a dupe of a premium or luxury product. {Business of Fashion/paywalled}
As contract deadline approaches, a second East Coast port strike looms
Back in late October of 2024, port workers and shipping companies reached a deal to extend their current contract into January 2025 to avoid a strike before the crucial holiday season, but the extended contract’s deadline is approaching with no new deal in sight. To avoid an East Coast strike, the International Longshoremen’s Association (ILA) and the shipping companies employing its members must have a new contract agreement by Jan. 15. Negotiations between the ILA and the United States Maritime Alliance just restarted on Jan. 7, and an upcoming strike seems likely. {Glossy/paywalled}
Tapestry signs three-year deal with Gen Phoenix
Tapestry has signed a three-year purchase agreement with recycled leather fiber manufacturer Gen Phoenix. The leather goods brand will launch a new line of Coach Classic bags produced from Gen Phoenix’s fully-coated recycled leather material that will roll out in 2026. Gen Phoenix has long produced recycled leather for mass transportation (think plane and bus seating), and both companies first joined forces two years ago after Tapestry participated in an $18 million funding round for Gen Phoenix. In April 2023, Coachtopia‘s handbags featured an uncoated lining from Gen Phoenix’s recycled leather fiber material. {WWD/paywalled}
Will next-gen materials find traction in 2025?
“Next-gen” material innovators had a difficult 2024: Renewcell filed for bankruptcy, Spinnova saw major operating losses and Natural Fiber Welding laid off a “significant” portion of its staff. With funding and consumer engagement challenges, the market for next-gen materials is difficult to navigate. “Change is possible, but it requires brands to commit to offtake agreements and invest in scaling technologies, while innovators focus on building market-ready solutions and securing diverse funding streams,” Katrin Ley, managing director of sustainable innovation platform Fashion for Good, told Sourcing Journal. “Without systemic support, innovation risks stalling in the face of economic pressures.” {Sourcing Journal}
Source: Fashionista.com