Zimmermann continues to gain ground in the Mexican market with the opening of its second single-brand boutique in the country, this time in Quintana Roo in Cancún. The opening underscores the brand’s commitment to high-profile tourist destinations.
Zimmermann boutique in Cancún – Web Zimmermann
The Australian label’s boutique is already open at the La Isla Cancún shopping centre, a deliberate choice given that the complex hosts international luxury brands such as Dior, Louis Vuitton, Chanel, and Bottega Veneta, among others.
The Cancún boutique joins the Los Cabos location, situated in Anima Village, which also opened in late 2025 and marked the brand’s official entry into Latin America, as reported by FashionNetwork.com.
Departing from the norm, Zimmermann chose cities outside the capital for its entry into Mexico. The decision aligns with the brand’s DNA, centred on printed dresses and sophisticated beachwear, which finds a natural fit in Cancún and Los Cabos.
Both destinations are established tourist hubs, attracting large numbers of international visitors and generating significant economic activity, albeit with distinct profiles on the Caribbean and Pacific coasts.
Zimmermann is also available in Mexico through El Palacio de Hierro, further extending its reach in the market.
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Laurent Milchior, president of the family-owned lingerie group Etam, has chosen to promote from within to lead the group’s flagship brand. The departure of Marie Schott, deputy managing director since her return to the French company in 2023, was announced in November and takes effect at the start of 2026. Marie Delahaie, current managing director of Undiz, a role she has held since mid-2024, will take the reins at Etam in May, the group told FashionNetwork.com.
“Marie Delahaie’s appointment as Etam’s managing director forms part of a growth trajectory and renewed ambition. Her ability to build and carry a brand vision, her exacting standards in execution and her management approach, grounded in cross-functional collaboration and the strength of the collective, have already proved their worth at Undiz,” says Laurent Milchior in a press release, while the group adds that he will serve as interim managing director of the brand and that Marie Delahaie will begin refining her vision for Etam from February, while retaining her current duties as managing director of Undiz.
As the group searches for a new leader to head Undiz, the group’s second-largest brand, which is said to account for almost a quarter of its sales, Marie Delahaie is expected to keep a close eye on its progress.
“I would like to thank Laurent Milchior for his confidence. I am delighted to be joining Etam from May. This transition begins immediately, with the aim of collectively building a clear vision, true to the brand’s DNA, while supporting its momentum. I will also remain fully committed alongside the Undiz teams to ensure robust continuity and to support the continuation of the work under way.”
According to management, she will “play a key role within the Etam Group’s lingerie governance, in order to guarantee the strategic coherence between Etam and Undiz and to preserve the complementary nature of their positioning.” The group reported revenue of €892 million with its Etam and Undiz brands, as well as Maison 1,2,3 and Ysé, and is a shareholder in the Livy brand.
“This change in governance will also strengthen the strategic complementarity between Etam and Undiz, with their differentiated and complementary positioning, in the service of coherent, high-performance development within the group,” adds Laurent Milchior.
There will be numerous challenges for Marie Delahaie, as Etam accounts for more than half of the French group’s activity and faces the rollout of its new store concept, the scaling up of its responsible offering, the integration of new tools to build its ranges, and the defence of its French home turf, where the lingerie market is in decline in 2025, as well as asserting its positions in its main export markets.
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At first glance, Saks looked like exactly the kind of mess hedge funds love. Just months after the company borrowed $2.2 billion to finance its takeover of rival Neiman Marcus, the newly formed luxury retail powerhouse was already running short on cash. Creditors spooked by the pace of the slide rushed for the exits, offering the bonds for less than 40 cents on the dollar.
Saks bonds’ value dropped to just 1 cent – REUTERS/Angelina Katsanis
Bargain hunting hedge funds gleefully took the debt off their hands. This was, after all, a marquee name with valuable brands, prime real estate, big-name backers, and a business that executives said just needed a bit more time to steady itself. Firms including Pentwater Capital Management and Bracebridge Capital jumped in, chasing the promise of eye-popping returns.
Much is still to be determined in the wake of Saks’ bankruptcy this week, including any recovery for its creditors. Yet in the meantime, the episode is shaping up to be a painful lesson in the dangers of trying to catch a falling knife. The bonds that distressed-debt shops snapped up on the cheap are now being bid at less than 1 cent, according to broker runs. The hundreds of millions in extra financing they provided, which sits higher in the repayment pecking order, isn’t faring much better, changing hands around 10 cents.
Through Saks’ Chapter 11 filing, a clearer picture has emerged of a company that quickly veered off plan. Targets were missed, savings failed to materialise, cash drained at a rapid clip, and fixes meant to stop the bleeding never did. Bonds with roughly $486 million of face value held by Pentwater are now quoted at pennies on the dollar, as are about $257 million held by Bracebridge.
“This was a ticking time bomb, and the fuse was lit the day the merger was consummated,” said Mark Cohen, the former director of retail studies at Columbia Business School. “I’ve never seen anything go bad this fast; I don’t know that anyone has.”
A representative for Saks declined to comment beyond the company’s bankruptcy filing. Pentwater and Bracebridge declined to comment. Even after the staggering declines, Saks’ biggest creditors aren’t ready to throw in the towel.
In its bankruptcy filing, the company said it had secured roughly $1.75 billion in post-petition financing, including $1.5 billion from a group of senior secured bondholders betting a second act could yet salvage the retailer- and their own fortunes, possibly by converting battered debt positions into significant equity stakes.
Some will also collect fees for helping arrange the financing. What’s more, the structure of the post-bankruptcy financing Saks has lined up could allow certain debtholders to realise better returns on the company’s outstanding bonds than where they’re currently trading, some investors suggested.
Pentwater and Bracebridge are among those putting up more money, according to people with knowledge of the matter.
Whether it’s enough to turn around a company that burned through more cash than it generated last year remains to be seen. Perennially late payments have “damaged trust” with Saks’ suppliers, the retailer said in bankruptcy documents, and while new management is working to repair those relationships, some vendors may decide to take their business elsewhere.
The company is also facing stiff objections from unsecured creditors, including Amazon.com Inc., that are seeking to block access to the new financing package. The tech giant, which previously acquired a $475 million preferred equity stake in the luxury retailer, recently called its investment in Saks “presumptively worthless.” Other equity holders including Rhone Capital and Insight Partners also suffered significant losses, separate people familiar with the situation said.
Representatives for Amazon and Insight Partners didn’t respond to requests for comment. Rhone Capital declined to comment.
Some investors who opted not to participate in the latest debtor-in-possession financing were concerned that the rescue could echo other recent misfires. They pointed to First Brands Group, the bankrupt auto-parts supplier whose lenders put up more than $1 billion post bankruptcy, only to watch their super-senior bonds crater in value as the company burned through the cash and signalled it would need even more money.
With rescue financing, “you get a lot of structuring fees, an above-market interest rate, liens on the best collateral, an equity cushion below you, with the added upside that you’re in control as the restructuring process plays out,” said Rishi Goel, the global head of distressed debt at Aegon Asset Management.
“But it’s got to be structured correctly. The equity value below you has to be real,” Goel said. “If you’re misled, or the business is worth less than you thought or becomes worse than you thought, the value can dry up quickly.”
For now, Saks has said that stores under all its brands are open. A number of creditors say they are confident that new management, led by former Neiman Marcus Chief Executive Officer Geoffroy van Raemdonck, can steer the company through bankruptcy and, once it emerges, make its portfolio of luxury department stores profitable.
Not everyone is convinced. “The rationale for putting these two businesses together made no sense form the get go, and it’s hard to believe that these deep-pocketed masters of the universe fell for it,” Cohen said.
Rapha has made a major step forward with its international ambitions, unveiling its debut collection for the USA Cycling team. The high-profile London-based performance wear specialist said the association “ushers in a new era for American cycling”. It’s also a timely move, given the US will be staging the next summer Olympic Games in 2028.
Rapha
Rapha said it will be outfitting the USA’s “most talented athletes” through to the end of 2029, “bringing its signature style and panache to the ultimate stage for the sport”.
It also sees the team partnership taking Rapha into new disciplines such as Track, BMX Racing, and BMX Freestyle.
The debut collection draws inspiration from the 1984 Los Angeles Olympics, “a watershed moment for American cycling” when the home nation took nine medals.
Blending elements from the Stars and Stripes with a ‘Lightspeed’ pattern (on the front and back of the jerseys) is central to the designs with the latter “adding to a long tradition of using patterns to express motion and speed in sportswear”. Stripes are also an integral part of both Rapha’s design heritage and the history of cycling apparel, the brand noted. The kit’s lighter colouring ensures suitability to hot conditions.
The designs also incorporate a collegiate-style typeface, characteristic of American sports, accented with a stripe.
The jersey’s sleeves also feature star and stripe detailing, with the left arm showcasing the navy Rapha armband and script logo. The bib shorts contrast white striped stars and USA graphics with a navy base, designed to contour to the body and enhance the feeling of speed.
With story labels a long-standing Rapha tradition, such details are also inscribed inside of the garments with the collection featuring five unique story labels “celebrating the full range of USA Cycling disciplines”.
Of course, seeing as American interest in cycling “is at an all-time high”, with 112 million people there riding bikes in 2024, according to PeopleForBikes, replica kit and a range of merchandise will be available next month.
Rapha CEO Fran Millar, said: “This kit represents over a decade of world-class competition and innovation. We’ve left no stone unturned so that when USA Cycling athletes show up for their country, they can stand on the start line with total confidence.
“The starting pistol for LA has been fired and there is nothing more powerful for a sport than a home Games. The energy, the expectation, the history – Rapha will support American cycling to seize the opportunity with both hands.”
In November, Rapha also “marked a major milestone” by opening its first ‘Clubhouse’ in mainland China. Located on Donghu Road in the heart of Shanghai’s historic Hengshan-Fuxing Road Cultural Area, it said the new space becomes a “purposeful commitment to one of the fastest-growing cycling communities in the world”.
Politics8 years ago