What to Do When Your Product Goes Viral

Abercrombie & Fitch's Sales Jump, Again; Social Media's Unsavoury Upside for Luxury Brands

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WHAT YOU NEED TO KNOW TODAY: THURSDAY, AUGUST 29, 2024 It's hard to predict when a product will go viral, but brands can take steps to ensure they're ready when lightning strikes. Luxury brands stand to benefit as consumers look to shop their way out of feelings of inadequecy brought on by social media, a new report from Bernstein argues. Brands are circumventing backlash by inviting customers to join the splashy trips once exclusively reserved for influencers. Abercrombie & Fitch reported another quarter of explosive growth, but its stock plunged as the company warned of uncertain times ahead. Foot Locker said it would move its headquarters from New York to St. Petersburg, Florida next year.

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MARKETING What to Do When Your Product Goes Viral By Diana Pearl

Virality can be a blessing and a curse. To avoid becoming a one-hit wonder, companies should make the most of the moment, but also think long-term. READ MORE

TECHNOLOGY Social Media's Unsavoury Upside for Luxury Brands By Marc Bain

Social media is causing feelings of inadequacy that consumers try to make up for with luxury purchases, Bernstein analysts argued in a recent research note. READ MORE

BEAUTY Why Brands Are Inviting Customers on Influencer Trips By Liz Flora

Lavish trips full of free swag are no longer exclusively for the high-follower-count elites. READ MORE

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NEWS BRIEFS Abercrombie Sales Beat Underwhelms After Big Run-Up in Stock Foot Locker Plummets as Investors Unimpressed by Progress Victoria Beckham Losses Shrink as Sales Soar 50% at Fashion Brand Kohl's Profit Gets a Lift From Cost Controls, Leaner Inventories Kurt Geiger Increases Sales by Nearly 10% Despite Tough Times for Retailers

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The Business of Fashion Joins Forces With Australian Fashion Week 2025 The largest international fashion event in the Asia Pacific region, Australian Fashion Week will return in May 2025. Exclusive content will be provided by The Business of Fashion through a series of on-schedule events, including panel talks, intimate designer conversations and presentations.  While the fashion industry in Australia has historically faced challenges with its geographical positioning and a relatively small local marketplace, Australian designers today are putting the country's creative talent on the fashion map. Notable success stories include Zimmermann, Camilla, Aje and Rebecca Vallance.  The country is also experiencing increased attention from major international players vying for growing consumer markets in even one of Australia's most remote locations: Chanel, Louis Vuitton, Tiffany & Co and Gucci are among the brands expanding in the Western city of Perth — all looking to benefit from its newfound status as a travel hub. READ MORE

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