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LVMH-owned fashion label Marc Jacobs is reported to close its remaining London (UK) retail store, with other European units to follow, as part of a restructuring plan.
Founded by American fashion designer Marc Jacobs, the fashion brand of the same name, as well as the Marc by Marc Jacobs label, is well-known for the designer’s sartorial interpretations of pop culture as expressed on his leather bags and accessories collections. It operates retails units in Denmark, Italy, Norway, Luxembourg and in France.
According to Business of Fashion website, the new closures are in addition to those carried out over the past four years; all of the Marc by Marc Jacobs stores have been shut down as well as some main Marc Jacobs locations. At present, Marc Jacobs' international retail network is said to consist of four Marc Jacobs stores, one Bookmarc bookstore and four outlet stores in the U.S., as well as international stores and outlets in countries such as Japan, Malaysia and China.
The company’s consolidated retail revenues, not including fragrance, are said to have more than halved in the past three or four years, declining from around US$650 million to about US$300 million. Over a quarter of the brand’s revenue is said to be generated by outlet sales, where its leather bags and accessories are sold at a discount.
LVMH has an 80% stake in Marc Jacobs, and the other 20% are said to remain in the hands of the designer and a business partner.
Source: Business of Fashion