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Business

Prada says May sales are up 10 percent in China

Prada is seeing a rebound in sales as it saw an increase of more than 10 percent in China this month. But while the Chinese market is rebounding, sales in Europe are lagging, specifically in the luxury sector which depends on visitors. In a television interview with Bloomberg, Prada’s chief executive Patrizio Bertelli said: “The European market...

29 May 2020

Business

Debenhams to cut hundreds of head office jobs

Debenhams has confirmed it is to cut hundreds of jobs at its head offices as it looks to streamline its administrative functions. About 160 jobs have already gone from the retailer’s merchandising team as well as a similar number from buying and an undisclosed number from design and human resources, a source told Reuters. It comes a month after...

29 May 2020

Business

33 Sustainability efforts of the fashion industry in April and May 2020

While traditional brands and retailers are struggling to manage inventory, overstock and decreasing consumer spending, there are those that are thriving in the current corona crisis: sustainable designs and resale fashion for example. Brand collaborations are also still going strong. If you have missed our sustainability round-up in April (and...

29 May 2020

Business

Burlington Stores reports net loss of 334 million dollars

Burlington Stores, Inc., for the first quarter ended May 2, 2020 reported total sales decrease of 51 percent to 798 million dollars. The company’s gross margin rate was 2 percent vs. last year’s rate of 41 percent, driven primarily by a 272 million dollars inventory charge against aged inventory due to extended store closures. Net loss was 334...

29 May 2020

Business

Nordstrom posts 40 percent drop in Q1 sales

Nordstrom, Inc. reported that its first quarter net sales decreased 40 percent to 2,026 million dollars from last year. The company said in a statement that loss per diluted share was 3.33 dollars, which included charges of 1.10 dollars associated with the impact of Covid-19. “We successfully strengthened our financial flexibility by increasing...

29 May 2020

Business

Sales and earnings drop at Abercrombie & Fitch

Abercrombie & Fitch Co. has reported net loss per diluted share of 3.90 dollars and 3.29 dollars on a reported and adjusted non-GAAP basis compared to net loss per diluted share of 29 cents on both, reported and adjusted non-GAAP basis last year. Net sales for the quarter declined by 34 percent to 485 million dollars. Commenting on the first...

28 May 2020

Business

Steve Madden revenues decline by 13.6 percent in the first quarter

Revenue at Steve Madden decreased 13.6 percent to 359.2 million dollars compared to the same period of 2019. The company said in a statement that gross margin for the quarter was 37.2 percent compared to 38.9 percent in the same period last year. The company added that net loss attributable to Steven Madden, Ltd. was 17.5 million dollars or 22...

28 May 2020

Business

Zalando, Sustainable Apparel Coalition and Higg Co introduce new global sustainability standard

Online fashion retailer Zalando, the Sustainable Apparel Coalition (SAC) and technology company Higg Co have announced their new collaboration, a new global sustainability standard for fashion brands and retailers, meant to accelerate sustainability industry wide. With SAC’s updated version of the Higg Brand & Retail Module (Higg BRM), Zalando -...

28 May 2020

Business

Boohoo acquires remaining 34 percent stake in PrettyLittleThing

Boohoo has announced the acquisition of the remaining 34 percent of shares in Prettylittlething.com Limited (PLT) from its minority shareholders Umar Kamani and Paul Papworth for an initial consideration of 269.8 million pounds, potentially rising to 323.8 million pounds. The company said in a statement that this acquisition is expected to be...

28 May 2020

Business

Rocket Internet reports positive trading at selected companies

Rocket Internet SE, confirming its pre-released first quarter result said that the company’s revenues reached 20 million euros and a consolidated loss of 162 million euros compared to 140 million euros of profit in the same quarter of 2019, representing minus 1.18 euros earnings per share. The company said, Rocket Internet’s selected companies...

28 May 2020

Business

Ralph Lauren posts bigger loss, revenues drop 15 percent

Ralph Lauren Corporation has reported loss per diluted share of 3.38 dollars on a reported basis and loss of 68 cents on an adjusted basis, for the fourth quarter of fiscal 2020 compared to earnings per diluted share of 39 cents on a reported basis and 1.07 dollars on an adjusted basis for the same quarter of fiscal 2019. For fiscal 2020,...

27 May 2020

Business

OVS posts marginal declines in sales, profit improves

Total net sales at OVS amounted to 1,370.1 million euros (1,501.1 million dollars), decreasing by 1.5 percent compared to last year. The company said in a statement that this slight decline is mostly attributable to the strategy in place of decreasing purchases and lower promotional activities, to the benefit of cash generation and...

27 May 2020