​Paul Smith has admitted it was a “mistake” to continue trading in Russia, albeit through a franchise partner. The global fashion giant is now closing its two branded stores, on Moscow’s Red Square and in St Petersburg.

Kering said on Friday it was entering the cosmetics business, with the announcement that it has recruited seasoned Estee Lauder executive Raffaella Cornaggia to head the push into the new segment. 

​Footfall to UK retail destinations was up 12.5% in January, according to the latest BRC-Sensormatic IQ data. But while it rose, it was 2.6 percentage points down on December.

Activist investor Ryan Cohen is racking up a sizable stake in Nordstrom and plans to urge the department-store chain to make changes to its board after a decline in share prices, the Wall Street Journal reported.

This past week in Paris, Brazil’s most important luxury retailer Iguatemi feted its rebound from the pandemic, as its CEO Cristina Betts explained its M&A plans and predicted double continued digit growth in 2023.

The British Fashion Council has released its London Fashion Week schedule, taking place 17-21 February. Top billing goes to British luxury brand Burberry on Monday (20th) under the new creative direction of Daniel Lee.

The iconic French designer of the 1980s and 1990s is back with a new fashion project. A collection called Rev inspired by her archive pieces, which will be unveiled at the next Paris Fashion Week.

Prada hit something of a low just a few years ago due to the pandemic. But its impressive recovery was underlined on Thursday as the latest instalment of the Lyst Index showed it as the hottest brand in the world.

​In another sign that repair is one of the key trends for 2023, YNAP said its in-season and off-price e-tailers Net-A-Porter, Mr Porter and The Outnet are launching their first dedicated customer care & repair offers.

Source Fashion, the UK-based international sourcing show, has announced its line-up of international speakers, designers, industry professionals, experts and brands for the 12-14 February event at Olympia London.

Central London commercial property landlord Shaftesbury is to partner with Good On You, fashion’s source for brand sustainability ratings.

London department store Selfridges and ethical fine jewellery boutique La Maison Couture have partnered to launch ‘Selfridges’ 2D Energy’, a nine-brand pop-up campaign of creative talent running until 26 February. 

The UK’s Competition and Markets Authority (CMA) is looking into Farfetch’s purchase of a stake in Yoox Net-A-Porter, owned by Swiss luxury goods group Richemont, claiming it might reduce competition in the UK market.

Launched at the beginning of the year, worldwide and on all media platforms, the collaboration with the Japanese artist is creating an unprecedented buzz for the luxury brand.

​THG Ingenuity has inked a strategic alliance with And Digital, the software engineering firm, “to accelerate digital transformation, help brands bridge the digital skills gap and unlock the potential of commerce tech”.

​Shop price inflation continues to rise, despite hopes that it would begin to ease soon. The latest BRC-NielsenIQ Shop price Index for January showed it acerbating to 8% from 7.3% in December.