In this week’s Luxury Briefing, Glossy looks at how contemporary womenswear brand Toccin is using private shopping events, trunk shows and full-look selling to fuel its expansion. Also, what Richemont’s latest results signal about the widening divide within luxury. Plus, executive moves at Bottega Veneta, Balmain and La Perla, and other industry news to know. For tips or comments, email me at zofia@glossy.co.Three weeks after opening its first U.K. shop-in-shop at Harrods, New York-based contemporary label Toccin had sold through 30% of its initial inventory.
For co-founder and designer Michael Toccin, the early performance was particularly notable compared to the brand’s experience in the U.S., where he said a typical department-store sell-through rate is around 5% per week.
“We’re turning 10% a week,” he said. “We have never really seen traction [comparable] to our first three weeks of business [until] we launched at Harrods.”
The brand’s average transaction value at Harrods is $595, according to the company, with customers frequently buying complete looks and coordinating sets. Its bestselling item so far is the Jean Shirt Dress, a belted linen style priced at $695.
The results come as the global department-store sector is under pressure. In the U.S., Saks Global, the owner of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, filed for Chapter 11 bankruptcy in January, as reported by Glossy, following its debt-heavy merger. It emerged from bankruptcy in June under the new name Exemplar Luxury Group, having substantially reduced its store estate and debt.
