Bangladeshi banker and economist Muhammad Yunus has long been acknowledged as a man of ideas, having won the Nobel Peace Prize in 2006 for his grassroots Grameen Bank and the U.S. Congressional Gold Medal in 2010.
What’s the fallout?
That’s the question fashion vendors are pondering now that the bankers are just about done and Saks Inc. is set to be taken over by Richard Baker’s Hudson’s Bay Co. in a $2.9 billion deal.
The second-half storm clouds are gathering.
Consumer incomes are weak, the stock market is starting to look overvalued and apparel retailers have inventory piling up. There is also no obvious must-have item or trend to excite the desires of shoppers, who are focused on new cars and new gadgets.
Salvatore Ferragamo SpA on Thursday reported an 81 percent jump in first-half net profits to 81 million euros, or $106.1 million, compared to 45 million euros, or $58 million, in the same period last year.
William Ackman arranged on Monday to sell his 39.1 million shares of Penney’s in a stock offering being underwritten by Citigroup — beginning the process that will end his dramatic three-year run as a central figure at the struggling company.
Uncertainty about retail prospects for the rest of the year hung over the apparel trade shows here as questions about consumer spending mounted, but retail buyers and apparel vendors aimed to entice shoppers with strong color statements and new silhouettes.
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