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Freshly Squeezed: 16.09.19

Reading Time: 2 mins
By Published On: September 16, 20190 Comments

Madewell files for IPO and Sephora is opening its first store in South Australia. Get a healthy dose of news as we uncover the day’s top stories in e-commerce and retail.

Sephora to Open South Australia Store

The makeup retail giant, Sephora, is planning to open its first store in South Australia next month. According to the cosmetics company, it plans to open the store in Rundle Mall. “We have been eagerly waiting for the perfect location on Rundle Mall for some time now,” said Beth Glancey, Sephora ANZ’s Country Manager. “We are excited that we are only weeks away from bringing the fun, dynamic and inspiring Sephora retail experience to our clients in Adelaide.”

Madewell Files for IPO

Madewell is planning to file for IPO, after changing its name from Chinos Holdings. What is now known as Madewell is the parent company of J.Crew, and plans to split from the company once the IPO is filed. “We have consistently grown at Madewell, but we have retained both our focus and the start-up mentality of our earlier days, which allows us to remain nimble, challenges us to get creative and motivates us to always look toward the future,” said Libby Wadle, the CEO of Madewell.

“The IPO could garner a substantial valuation and help pay down a meaningful portion of the over $1.7 billion in debt, but the ultimate ability to address J.Crew’s highly leveraged capital structure depends on the public market’s receptivity to apparel retailers and the company’s operating performance,” explained Sokolyanska, Vice President-Senior Analyst at Moody’s.

An ‘Evolution’ is Heading for Victoria’s Secret

Following months of controversies and scandals, Victoria’s Secret has noted that an ‘evolution’ is underway to restore the brand’s previous reputation. “There’s a big belief in the company that we need to evolve,” said John Mehas, the Head of Victoria’s Secret Lingerie. “[Customers have] been very vocal about what [they’d] like to see from us in terms of inclusivity, #MeToo, rethinking the fashion show. We’re essentially in agreement at this.” This comes after the brand’s runway show was cancelled after airing on TV since 1995. Some of the controversies that Victoria’s Secret has faced include a lack of diversity in model’s sizes, transphobic comments, unrealistic female body expectations and issues surrounding Jeffrey Epstein, who was convicted with sex trafficking earlier in 2019.

The lingerie brand’s long-time CMO, Edward Razek, stepped down from his role last month following his comments about refusing to hire curvy or transgender models. “We will make adjustments to those things if the operating results of the business doesn’t rebound or further deteriorates,” explained Stuart Burgdoerfer, CFO of L Brands.

Catch up on last Friday’s Freshly Squeezed news here.

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