M&S has taken an unusual step this week but one that underscores the confidence it’s showing in its clothing ops, with the women’s and men’s intimates market leader set to launch its first ever joint underwear campaign for both genders.
M&S
The ‘Make an Understatement’ campaign debuts on Thursday and as well as featuring women’s product, it’s the retailer’s first men’s underwear campaign in over a decade.
We’re told it “delivers a fresh, dynamic aesthetic, with a focus on contemporary design and everyday style, underpinned by innovation and industry leading expertise… M&S is leveraging its market leading position in the underwear category as it continues to drive style perceptions and grow market share in its Clothing and Home business”.
Underwear is a key category for M&S for both women and men with a third of UK women buying their knickers from the retailer and a fifth of men buying its pants.
The retailer has kept its market-leading position in women’s underwear for over five years and also has a 39.5% share in bras. It’s achieved the top spot in men’s underwear more recently but now has a 19.2% share of the market, up 4.4% from 2021.
The ‘Make an Understatement’ campaign is hoping to drive this even higher. Running across VOD, billboards, digital and social platforms, the campaign is intended to reach an estimated 183 million people across all channels. The company said the “OOH presence will dominate Edinburgh, Liverpool, London, Newcastle, Leeds and Manchester, with dual screens in [London in] Canary Wharf and Bond Street”.
As for the product, M&S said the innovative Men’s Autograph underwear range comprises briefs, trunks & boxers and features 360 Flex tech with “soft and breathable modal-rich fabric”.
Available across a “versatile, foundational palette” of black, white, grey, navy and blue with seasonal updates including olive, taupe, and smoky green, the men’s offer is designed to complement the colourways in the lingerie styles of the women’s collection, which are also available in black, white and navy alongside smoky green “to inject some subtle spring colour”.
Italian luxury group Prada has been given access, ahead of any other potential suitors, to the financial data of smaller rival Versace which owner Capri Holdings has put up for sale, a source close to the matter said on Wednesday.
Prada has four weeks to conduct its assessment, the source said, as it weighs an acquisition that would mark a significant shift in strategy. No decision on whether to actually pursue the deal has yet been taken at this stage, the source added.
Capri Holdingss is working with Barclays to explore a sale of its Versace and Jimmy Choo brands, sources told Reuters this year. Prada and Barclays declined to comment. Capri Holdings was not immediately available for a comment.
Prada last completed acquisitions of other brands in the late 1990s and has been focusing on internal growth since then, defying expectations it could aspire to create a larger Italian fashion hub.
The acquisition of Versace would allow Prada to target a different customer group, with tastes far from Prada’s trademark minimalism. But the Hong-Kong listed group would also have to deal with a challenging turnaround of the Medusa-logo brand, industry sources said. Versace reported a 15% decline in revenues in the third quarter ending on December 28 and the operating loss increased to $21 million in the period, from $14 million a year earlier.
Capri Holdings expects Versace’s revenues to drop to $810 million in the 2025 fiscal year and the operating margin to break even in the following fiscal year, according to long term financial targets published on Wednesday.
The brand’s performance and the sector’s bleak outlook could make it hard to set a price, complicating negotiations, according to industry sources, who said a turnaround would require investment.
Capri Holdings, formerly known as Michael Kors, bought Italian luxury brand Versace in 2018, for 1.83 billion euros including debt. The four week exclusivity deal was first reported on Thursday by Italian daily Il Sole 24.
The European Commission will propose at least five sets of legislation this year to spur investment and simplify regulation on companies, including in the field of artificial intelligence, the European Union’s digital chief said on Thursday.
European Commission Executive Vice-President for Tech Sovereignty, Security and Democracy Henna Virkkunen – Reuters
The executive Commission is under pressure from EU member countries such as France to ease regulations, and also faces challenges from the administration of U.S. President Donald Trump.
A draft European Commission paper reported by Reuters last month showed AI, biotech and affordable clean energy were areas of focus as EU policymakers seek to make the bloc globally competitive.
“I personally think that we have too much of a heavy administrative burden and bureaucracy,” European Commission Executive Vice-President for Tech Sovereignty, Security and Democracy Henna Virkkunen said on Thursday. “That is why the Commission will this year present at least five legislative simplification packages, which will cut down on the extra bureaucracy, above all in order to promote investment and innovation in Europe,” she told reporters in Helsinki.
Virkkunen last month said the European Union continues to enforce its big tech regulation despite some U.S. companies calling on Trump to stop the bloc from fining them.
One of the five packages, expected to be introduced late this year, would address overlap between the EU’s artificial intelligence act, the digital services act, the digital marketing act and the union’s general data protection regulation, Virkkunen said.
“But that does not mean that the goals of these legislations would not be enforced,” she said.
She added the aim was to streamline legislation to make operating easier for companies because often the same companies have to make sure they comply with several different acts.
Other packages would be designed to ease regulation covering sustainability, small companies and agriculture, Virkkunen said.
Gold exports from Switzerland rose year on year in January as supplies to the United States soared to the highest in at least 13 years and offset lower deliveries to top consumers China and India, Swiss customs data showed on Thursday.
Reuters
Switzerland, the world’s biggest bullion refining and transit hub, alongside Britain which is home to the world’s largest over-the-counter gold trading hub, saw a surge in gold transfers to the U.S. in recent months as President Trump readies wide-reaching import tariffs that some market participants fear could affect gold deliveries.
The concern has widened the price premium between U.S. gold futures and London spot prices, attracting massive deliveries to Comex gold inventories.
According to the Swiss data, gold exports from the country to the U.S. rose to 192.9 tons in January from 64.2 tons in December. This was the highest monthly amount of exports in the customs data going back to 2012.
Trump has not mentioned precious metals are likely to be targeted at all, but since late November, when he pledged to impose tariffs on imported products from Canada and Mexico, 20.4 million troy ounces (636 metric tons) of gold worth $60 billion at current prices were delivered to Comex-approved warehouses.
These deliveries raised Comex gold stocks by 116% to 38.0 million ounces, the highest since March 2021, and tightened liquidity in the London OTC market.