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Business

Covid-19 could cause 50 percent drop in European textile and clothing sales

European textile and clothing manufacturing could suffer a 50 percent drop in sales and production due to the Covid-19 pandemic as they struggle with the financial and logistical implications of the crisis, new data suggests. An ongoing poll by the European Apparel and Textile Confederation (Euratex) of European companies found that over half of...

26 minutes ago

Business

VF names Nina Flood as President, Eastpak

VF Corporation has announced the appointment of Nina Flood as President, Eastpak, effective April 1, 2020. The company said in a statement that she will be based in Antwerp, Belgium where the brands’ marketing and sales operations are based and will report to Martino Scabbia Guerrini, Executive Vice President and Group President, EMEA. “I’d like...

1 hour ago

Business

PVH says earnings hit by COVID-19 outbreak

Fourth quarter revenue at PVH Corp increased 5 percent or 6 percent on constant currency basis to 2.6 billion dollars compared to the prior year period. The company said in a statement that loss per share on a GAAP basis was 93 cents for the quarter compared to earnings per share of 2.09 dollars in the prior year period, while on non-GAAP basis...

4 hours ago

Business

L'Oréal acquires Mugler and Azzaro perfumes

Typically an economic downturn is a rare time for mergers and acquisitions, but L'Oréal has just completed the acquisition of both Mugler and Azzaro perfumes.Last year, the cosmetics conglomerate announced a deal with Clarins to purchase the two perfume brands, and in the midst of a global pandemic, they somehow have managed to finalize the...

19 hours ago

Business

Restoque posts Q4 loss, gross revenues drop by 12.6 percent

Gross revenue in the fourth quarter totalled 335.5 million Brazilian real (64.4 million dollars) at Restoque Comércio e Confecções de Roupas S.A., down 12.6 percent, which the company said was impacted by the measures adopted by the company to eliminate channel conflicts and reinforce the positioning of its brands, strengthening the bases for...

1 Apr 2020

Business

Consumption: what will the Covid-19 crisis change?

In this time of crisis, on social networks, in our personal conversations and in the press, a question about fashion often comes up: will we still need it? On Instagram, fashion journalist @Abou_sega asked his subscribers about the future of fashion and shared a varied panorama of answers. One follower replied, "Have we ever needed it?" while...

1 Apr 2020

Business

Adidas stops 1 billion euro share buyback

Berlin -Adidas (ADDYY.PK, ADDDF.PK) said it stop a 1 billion euros share buyback it had planned for this year, citing economic uncertainty caused by the dynamic developments related to the coronavirus outbreak. The adidas Executive Board decided to proactively adopt a conservative approach to liquidity management in order to preserve the...

1 Apr 2020

Business

Eric Bompard ropes in ex-LVMH, Hermès executive as new CEO

In a transformational phase, Eric Bompard has named Barbara Werschine as the company’s new Chief Executive Officer, effective immediately. Werschine joins Eric Bompard from Zadig & Voltaire, where she served as vice president for Europe since 2018. The family-owned French cashmere sweater brand was acquired by Xavier Marie in 2018, who is now...

1 Apr 2020

Business

The Children's Place initiates several measures to maintain financial stability

The Children’s Place has suspended all store operations in the United States and Canada beginning March 18, 2020. The company said in a statement that store sales were planned to represent approximately 65 percent of Q1 fiscal 2020 revenue with a significant portion of sales planned for the months of March and April, while its digital sales...

1 Apr 2020

Business

Tailored Brands reopens ecommerce fulfilment centres, to donate 50,000 face masks

Tailored Brands, Inc. has reopened its ecommerce fulfilment centres effective March 30 and these centres have begun shipping online orders. The company also announced that its factory in New Bedford, Massachusetts, in conjunction with a leading privately held manufacturer and distributor of medical supplies, will begin the production of cotton...

1 Apr 2020

Business

JCPenney decides to furlough majority of corporate staff and store associates

J. C. Penney Company, Inc. has announced extension of the temporary closure of its stores and business offices due to the coronavirus pandemic. As a result of its store closures, the company said in a statement, it has decided to temporarily furlough the majority of store hourly associates, beginning April 2. The company added that during this...

1 Apr 2020

Business

Adidas suspends 1 billion euros share buyback program

Considering the high level of economic uncertainty caused by the dynamic developments related to the coronavirus outbreak, Adidas Ag said in a statement that its executive board has decided to formally stop the repurchasing of Adidas shares for the remainder of the year. The company had earlier announced temporary suspension of the 2020 tranche...

1 Apr 2020

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