Introducing: The Speciale hand-framed cotton sweater
March 20, 2024BruceDayneIntroducing: The Speciale hand-framed cotton sweater
I love cotton knits in the Summer. I couldn’t always see the point of them, but in the past few years I’ve regularly taken one on our holidays (usually to Portugal or France) and I adore the feeling on putting one on as the day cools down.
They provide a layer of warmth as you need it, but are cool to the touch and open and breathable. In fact they feel and perform a lot like linen trousers, which is probably why the two make such a practical Summer combination.
I’ve owned and worn several over the years, but my favourite is from Speciale - the lovely shop and bespoke tailor at the top of the Portobello Road.
Their model has a lovely handle and is the perfect weight: cottons need some substance to give them their satisfying body, but too much and they get droopy. The handle, meanwhile, was down to them being hand-framed by Corgi in Wales - the Royal Warrant-holding knitter I visited many moons ago.
The only issue with the model was that it was designed for wearing with high-waisted trousers - as fits with Speciale's bespoke tailoring and general aesthetic. I had sized up to get a better length, and it was really too big elsewhere.
So after another Summer of wearing the knit all the time (the feel winning out over the fit) I asked the guys if they’d be interested in a collaboration - in us become a wholesaler for a version of their knit, with a longer body.
They agreed, wonderfully, and this is what we’re launching today on PS - the Speciale cotton knits, 5cm longer in the body than their standard model. The guys have also been amazing in getting these through early, and they’re now on display in the PS Pop-Up - come try them on, it's open from today until Saturday.
The cottons are also available online now, and in two colours - navy and cream.
When I mentioned the knits in passing last week, a reader asked whether they could be worn with both tailoring and with jeans - which was helpful, because it reminded me that they can, that I do, and that I should spell this out.
So in these images I’ve tried to show a full range of looks, in order to demonstrate that versatility.
Below, first, is the navy knit with a pair of grey-linen trousers and a black belt and loafers. I like this look - summery but also quite business-like, with something Armani-ish in there too.
Then above, we have the navy knit with a pair of cotton shorts. Quite smart shorts, admittedly, tailored and white (an ongoing project with Whitcomb & Shaftesbury) but those could be tough khaki shorts too - the texture of the knit means it’s not out of place with something that casual.
Then for the cream, I’ve pictured it with jeans (always has to be one with jeans) and with vintage fatigues, below.
The cream is definitely cream - not white, or off-white, or ecru - which is a gorgeous Summer colour, especially nice with blue or black denim, khaki cottons, and Army green like the fatigues.
The navy is good with blue jeans too of course, and actually is pretty good with black jeans, as long as there’s a little fade going on. And perhaps a belt to break them up.
Hand framing knitwear means using a smaller loom than normal, operated by hand. It’s basically the same machine that’s been used since the 16th century, and it produces a sweater that has more natural stretch and pliability - between an actual hand-knit (one person, knitting needles) and a power loom (the vast majority of knitwear).
We actually covered hand framing for the first time when I visited Corgi all those moons ago, but we've also talked about it in respect to Stoffa’s knits, and the high-end ranges from Saman Amel and Rubato. It’s more expensive, but for the work involved and the end product, still good value.
Hand framing is also noticeable by the way the knit is fashioned together - those seams on the side of the body, on the saddle shoulder, on the ribbing and the collar. It’s a lovely bit of craft to notice and pick up on.
In terms of fit, the knits are made to a similar size as the Cashmere Crewneck, and I’d recommend taking the same size if you already have one. I wear a Medium in both.
Cotton does grow with wear, but should only do so where it needs to - where the body is pushing against it (rather like denim). So for that reason if you’re between sizes, you might be better with the smaller one as it will enlarge by a couple of cm as it needs to.
The collar is deliberately small, and will feel tight when you first put it on. But it too will grow as needed, and in fact we added a centimetre here to what Speciale does as standard. I have a 60cm head (certainly not small) and the collar works well. Much more flattering than one sitting sloppy and low.
Cotton knits are just very pliable, and rather like the sweatshirts we talked about a while back, and can be moulded a little to your shape - a gentle tug of the chest, a little pull at the collar. You can also do it with the body length, though in that case make sure to pull the whole hem down, not just in one place.
Some nice design details are that the collar is made in a 2x2 rib, but the hem in a 1x1. This looks really nice at the collar, but gives the hem greater tension, so it holds the waist and doesn’t drop down.
And the cotton used is a four-ply - similar in that way to the Cashmere Rugby. The yarns are different of course, but they have a similar feel and the same kind of pleasing handle.
The Hand-framed Cotton Sweater is available now on the PS Shop, in navy and cream, and five sizes. It is also in the PS Pop-Up at 19 Savile Row to try on.
Any questions, please let us know in the comments below.
Product details:
- 100% cotton knit made in collaboration with Speciale
- Hand-framed, with hand-fashioned seams, in Wales by Corgi
- 4-ply cotton, 5-gauge knit
- 2x2 rib collar, but 1x1 hem
- Saddle shoulder
- Cost £345 (including VAT)
Sizing details:
- Fits true to size, similar to the Cashmere Crewneck
- Simon wears a Medium, and is six-foot tall with a 39-inch waist
- Collar is deliberately tight to begin with, but softens as needed
- Material will grow if needed, so take size down if between sizes, although a comfortable rather than close fit is recommended
- Product measurements are in centimetres, but inch conversions provided for reference
Size chart:
cm | Small | Medium | Large | X-Large | XX-Large |
Chest | 51.5 | 54 | 56.5 | 59 | 61.5 |
Length | 63 | 65 | 67 | 69 | 71 |
Sleeve | 49 | 50 | 51 | 52 | 53 |
inches | Small | Medium | Large | X-Large | XX-Large |
Chest | 20.25 | 21.25 | 22.25 | 23.25 | 24.25 |
Length | 24.75 | 25.5 | 26.5 | 27.25 | 28 |
Sleeve | 19.25 | 19.75 | 20 | 20.5 | 20.75 |
Chest: pit to pit
Length: the back, from where shoulder seam meets collar
Sleeve: underarm, along seam, including cuff
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Can Allbirds Survive Its Own Turnaround Plan?
March 20, 2024BruceDayneAllbirds just can’t seem to land on its feet.
Last week, the beleaguered direct-to-consumer brand announced co-founder Joey Zwillinger was stepping down as chief executive after nine years, though he’ll remain on the board as an advisor. Given recent performance, the departure wasn’t a shock — Allbirds has posted sales declines for the last five quarters, with 2023 sales dropping 15 percent to $254 million. Net losses widened 52 percent to $152 million. After releasing those results, Allbirds walked back previous guidance that it would generate earnings before interest, taxes, depreciation and amortisation by 2025.
After posting results, the company’s stock, which had already lost over 95 percent of its value at its November 2021 initial public offering, fell sharply. Allbirds’ market capitalisation is now just over $100 million, down from over $2 billion at its IPO.
It was just the latest in a long, painful fall from grace for a brand that was once viewed as one of the biggest success stories of the direct-to-consumer boom in the 2010s. It also cast fresh doubt on a “transformation plan” introduced about a year ago to put the company on the path to profitable growth. That plan included halting new store openings, partnering with global distributors and focusing on its core product, footwear.
There’s been some moves in that direction: Allbirds forged partnerships with distributors in Canada, South Korea, Japan, Australia and New Zealand, and it plans to close at least 10 stores this year in order to reduce overhead. But attempts to improve the quality of its $98 Wool Runner sneakers haven’t yet led to a sales increase. It expects further sales declines in the short-term, with 2024 sales projected to fall as much as 25 percent year over year to $190 million, down from a peak of nearly $300 million in 2022.
Now, Allbirds’ transformation plan is in the hands of its new chief executive Joe Vernachio, an apparel and footwear veteran who joined the company in 2021 as chief operating officer and started his new role on March 15. The brand still hasn’t given up on its goal of returning to growth by 2025. Despite its repeated stumbles, Allbirds’ decision to promote its operations chief is a sign that it’s at least confident in its ability to become a more efficiently run company.
“It’s not an easy thing for a founder to step aside, but they kind of reached a point where they said ‘this is the right thing for the business,’” said Tom Nikic, a senior equity analyst at Wedbush Securities. “It’s telling that the person that they chose as the new CEO was the chief operating officer. It’s very clear that the company’s operations need to be improved.”
Who is Allbirds’ new leader?
A new CEO may provide Allbirds with a fresh start. Like many brands born out of the DTC boom, Allbirds co-founders didn’t have traditional fashion backgrounds: Zwillinger was a former consultant and biotech executive, and fellow co-founder (and former co-CEO) Tim Brown was a professional athlete.
Vernachio, meanwhile, is an experienced retail executive, with past roles at Patagonia, Nike and The North Face. He’s dealt with brands in crisis: Before Allbirds, he was president at outdoor gear and equipment brand Mountain Hardwear, where he oversaw the company’s plans to restore its sales growth and profits.
The need for this sort of experience has become more pronounced as many prominent DTC companies have floundered in recent years.
“We see that these founders can be really great leaders and culture carriers in a period of growth and maybe aren’t the right people to lead the transformation or operating model reset,” said Abbie Zvejnieks, senior equity research analyst at Piper Sandler.
When Vernachio joined Allbirds in 2021, he was tasked with leading inventory, distribution and manufacturing. But by the end of 2023, the company expanded his role to include the brand’s international business and product development; he hired a new design chief in December.
As chief executive, he will be responsible for the brand’s turnaround, overseeing efforts such as the aforementioned store closures, with the goal of saving at least $35 million in operating and production costs by 2025.
“Joe [Vernachio] has a better background to be able to lead Allbirds in the environment that we’re in currently,” Zvejnieks said. “You need somebody who’s going to get into the details of the operations of the product plant, managing inventory and the plan for … transitioning some of these international markets to distributors.”
Can Allbirds’ products drive growth?
Even if Allbirds can narrow losses, the bigger issue lies in whether it can get sales growing again.
Declines have been prompted by an over-investment in new product lines, like running sneakers, that didn’t catch on with consumers and left the company with a deluge of unsold goods.
Since launching its transformation plan, Allbirds has been making incremental improvements to its core styles, including re-engineering materials to increase its shoes’ durability. Last November, for example, the brand released the Wool Runner 2 with a new midsole that provides more cushion and merino wool that wicks away moisture. It will launch a similar update to its Tree Runner style in April.
Allbirds’ 14 percent sales drop in the final quarter of 2023, though, is proof that it can’t solely focus on core products. Introducing new, innovative products could entice new and existing customers, Zvejnieks said.
On that front, it still plans to release Mo.onshot, a zero-carbon shoe made from regenerative wool and bioplastics, later this year. But that launch appears to be more of an advancement of the company’s sustainability efforts than a guaranteed sales driver.
“These shoes are a world first and are the culmination of seven years of learnings and innovations. We’re hopeful this moment will spark dialogue, exploration, and action for the fashion industry to make meaningful progress against climate change,” the company said in an emailed statement.
Where can Allbirds go from here?
Allbirds may have earned the title of Silicon Valley’s go-to shoe, but it has yet to prove its goodwill extends much further. Footwear giants like Nike and Vans have hit their own product ruts, but ultimately have decades of brand equity, nostalgia and rabid fan bases that will return to their products again, Zvejnieks said.
“It’s a very, very competitive industry, and it’s hard to make a mark, and once you’ve sort of lost the cool factor, which they seem to have lost, it’s hard to get it back,” Nikic said. And with its market cap lower than the $130 million in cash it has on hand, institutional investors may continue to lose interest, he added.
“They don’t have the luxury of having all the time on their other side. So they need to execute on this turnaround fairly quickly.”
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Gap’s Head of Creative on the New Linen Moves Campaign and the Team Behind It
March 20, 2024BruceDayneSan Francisco-born fashion brand Gap, which sits within the brand roster of parent company Gap Inc. alongside Banana Republic, Athleta and Old Navy, is on a journey to reignite the brand. Under the direction of Gap Inc. CEO Richard Dickson, former president and chief operating officer of Barbie-owner Mattel, and Gap CEO Mark Breitbard, Gap’s renewed focus is both creative and strategic.
Positioning the brand as a platform for creative and cultural players, Gap is tapping into what made it special in its heyday. To spearhead this strategy, Gap’s creative team is delving into the archive and collaborating with today’s creative talent in the entertainment and music industry, celebrating self-expression. Its most recent spring campaign, Linen Moves, focuses on linen and nods to the brand’s heritage. British music group Jungle and South African singer songwriter Tyla collaborated with Gap to feature in a new video, wearing the brand’s spring linen collection. The campaign aims to nod to the cultural zeitgeist in an authentic way through music, dance and movement, tapping into Gap’s cultural voice once more.
Critical to reigniting the Gap brand and its product offering are the creative teams at the core of the business. Gap Inc. boasts a 95,000-strong workforce globally and its San Francisco and New York headquarters foster creativity through its collaborative workspaces and culture — which supports talent’s movement across its roster of brands.
Leading the creative team at Gap, a group of graphic designers, editors, art directors, stylists and more, is Calvin Leung. His career began on the frontline with customers, working at brands including Banana Republic before working with streetwear labels like The Brooklyn Circus. Ultimately, Leung joined Gap Inc.’s Rotational Management Program, designed to build future leaders by providing talent with a range of brand and product function experiences. Leung went on to hold merchandising and creative leadership roles at Old Navy and Yeezy Gap before landing his current position.
Now, BoF sits down with Leung to learn more about how the brand is inspiring its creative team, fostering talent and evolving for the future.
What is your creative focus today as head of creative at Gap?
We want to focus on creating cultural relevance for Gap again. Gap is one of those brands that, in the best version of itself, can be a leader, a cultural beacon. It’s about getting back to that place, which starts with looking at the past to inspire the future.
The spring campaign is an example of this approach. I had my eye on Jungle for a while, and when the music video for “Back on 74″ went viral, I was inspired by the movement. So we reached out to them. It turned out Gap’s Khaki Swing ad from 1998 was on their moodboard. We wanted to work with them, but to add a new lens to the campaign, we reached out to South African singer songwriter Tyla, who not only has an amazing sound, but is also creating buzz in the dance community and sharing a powerful cultural message through her work.
We wanted to celebrate the unique talents of everyone involved – those making waves in culture and the creative minds behind it who deserve a platform. From Jungle and Tyla to the amazing dancers and choreographer Shay Latukolan, as well as the director Charlie Di Placido, we all came together to create something special: a new side of the genre, with cultures and worlds colliding in a way that felt fresh and interesting. The whole experience from there was truly organic; it was purely creative and a collaboration between us all.
How do you encourage the team to work with Gap’s brand legacy?
When I was growing up in the 1980s and 1990s, Gap was one of the “it” brands. When you wanted to show up to school looking good, you went to The Gap. A lot of people identify with that same story. So, for me, it starts with reflection.
With a legacy brand like Gap, there’s such rich history. We have an incredible archive, with more than five decades of our most iconic marketing, photography, product – a true personification of our purpose, which is what this brand was founded on.
There’s a difference between recreation and evolution. What we are doing should feel familiar in the best way.
There’s a difference between recreation and evolution. What we are doing should feel familiar in the best way — all of the iconic codes that make Gap, Gap – but fresh and relevant for today.
What informs the culture of the creative team at Gap?
As a team, we are curious. Always asking ourselves: “What if? What could be? What if we tried? And what could be better?” We are creating a culture of exploration. Exploration is about putting yourself in a position to be informed, which could include competitive research, participating in culture and spending time absorbing the zeitgeist.
For me personally, creativity comes when I can step outside of my day-to-day. Today, we often move so fast that we skip the exploration part of the workflow and end up drawing from muscle memory rather than finding the time to create something new.
How would you describe the working style of your team?
At Gap, we are in a constant cycle of sharing. Our style of communication is like a group chat, sharing things all the time. It might provoke an idea, or it might not. It might validate something we’re doing, or it might not. Ultimately, it’s about keeping us energised by what’s happening out there.
We work to keep learning from each other. I aim to create an open dialogue, creating a cycle that allows people to feel like they can bring their true selves to the conversation, where it’s less about being concerned whether the idea is right or wrong.
I aim to create an open dialogue, creating a cycle that allows people to feel like they can bring their true selves to the conversation.
The diversity of the team is part of the magic that we’re able to draw from, because Gap isn’t a “one size fits all” environment — the brand means something different to each person and it’s about how we draw from that to create a confident point of view.
How do you foster creative talent internally?
For one, there’s no one voice or face of the creative team. When our talent has ideas or work, they present it. It’s about fostering confidence through exposure, learning to drive by taking the wheel, dealing with the nerves and with feedback.
We also encourage the team to spend time understanding the market by visiting stores — I worked in Gap stores and that experience opened my eyes to what the consumer values, what that experience is like and how clothes can make you feel.
We want our team to feel inspired by finding white space. Whether that is in a store, a gallery, or the beach, we want everyone to find that moment of calm and creativity, where they can recharge and discover new ideas.
What role does collaboration play in your team’s development?
The world moves fast. To keep up, we have to be in sync as a team, with clarity and empathy for what everyone does, knowing we each play a part in the total equation. It’s not about me versus you. It’s about working as a collective. We win together; we lose together.
Ultimately, we know where Gap belongs in culture and I’m excited to get the brand there with quality.
This is a sponsored feature paid for by Gap as part of a BoF partnership.
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US Luxury Purchases Fell 15 Percent in February, According to Citi Credit Card Data
March 19, 2024BruceDayneUS luxury sales have continued to slide from their post-pandemic peak, credit card data from Citi suggests.
Luxury spending was 15 percent lower year-on-year in February, following a 19 percent drop for January according to a panel of more than 10 million US cardholders, the bank’s analysts said.
American customers were the driving force for a post-pandemic boom in high-end fashion sales amid surging equity prices, economic stimulus and restrictions on other spending categories like restaurants and travel. But since late 2022 forces including slowing growth, rapid inflation and the return of travel and experiences have all taken the wind out of US luxury’s sails.
”These figures suggest the high-end US consumer remains fragile, having reconnected over the past year with the economic cycle, particularly lower-income consumers whose excess savings have eroded with inflation, rising jobless claims and credit card delinquencies,” Citi analyst Thomas Chauvet wrote in a note.
Hefty price hikes to products popular among aspirational clients could exacerbate the challenge, Chauvet added.”Since the [third quarter of 2022], most luxury companies have highlighted demand weakness in entry-level categories usually targeting aspirational consumers, with sharp multi-year price increases posing a risk to future volume growth.”
Listed luxury companies who are the most exposed to US consumers include LVMH, Watches of Switzerland, Brunello Cucinelli, Pandora and Ferragamo, while the least exposed companies are Prada, Hugo Boss, Swatch, Moncler and Tod’s, Citi said.
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Nordstrom’s Founding Family in New Bid to Take US Retailer Private
March 19, 2024BruceDayneThe founding family behind Nordstrom Inc is seeking to take the US department store operator private, six years after a similar attempt proved unsuccessful, people familiar with the matter said on Tuesday.
The deal deliberations come as Nordstrom and other US retailers grapple with consumers curbing their discretionary spending following a bout of inflation and high interest rates. Macy’s Inc another department store operator, has also become a takeover target.
Nordstrom has asked investment banks Morgan Stanley and Centerview Partners to reach out to private equity firms and gauge their interest for a potential deal, the sources said.
There is no certainty that an agreement will be reached, the sources added, asking not to be identified because the matter is confidential.
Nordstrom, Centerview and Morgan Stanley did not immediately respond to requests for comment.
Nordstrom shares rose 12 percent to $19.22 on the news on Tuesday, giving the company a market value of $3.2 billion. The company also has debt net of cash of about $2.3 billion.
Nordstrom has more than 350 stores as well as e-commerce operations. Chief executive Erik Nordstrom and other members of the Nordstrom family collectively own about a 30 percent stake in the Seattle-based company.
Nordstrom formed a special board committee in 2017 to consider a bid by the family to go private and explored a deal with several private equity firms, including Leonard Green. The special committee in 2018 turned down an $8.4-billion offer as inadequate.
Earlier this month, Nordstrom forecast annual results largely below Wall Street expectations as price-conscious consumers weigh on revenue. One bright spot has been Nordstrom Rack, its discount chain, that has been adding stores.
Investment firms Arkhouse Management and Brigade Capital have been seeking to take Macy’s private for $6.6 billion and have also mounted a challenge to its board. Macy’s has so far rebuffed these firms’ overtures, but the two sides remain in talks.
Ryan Cohen, the billionaire investor and chief executive of video game retailer GameStop Corp, revealed last year he had amassed a 4.2 percent stake in Nordstrom but did not press on with plans for a board challenge.
By Greg Roumeliotis and Abigail Summerville; Editing by Chizu Nomiyama and Nick Zieminski
Learn more:
Nordstrom’s Weak 2024 Forecasts Overshadow Strong Holiday-Quarter Sales
Nordstrom forecast annual revenue and profit largely below Wall Street expectations on Tuesday, signalling a slower-than-expected rebound in demand even as consumers see some relief from easing inflationary pressures.
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