American off-price retailer Stein Mart Inc filed for Chapter 11 bankruptcy protection on Wednesday, becoming the latest apparel seller to crumble under the economic stress caused by coronavirus-led lockdowns.
As Marimekko announced a 20% fall in sales, it also said it’s planning to restructure its ops. It blamed the pandemic, saying the “global fashion and specialty retail sector is facing the worst crisis in decades”.
Marimekko, a Finnish lifestyle design company, has announced its second quarter (Q2) financial results for fiscal 2020. The company’s net sales fell 20 per cent to €23.3 million.
Online fashion and general merchandise shopping giant Very Group said Thursday that it has seen strong revenue growth and expects to return to profit for FY20.
Permira-owned Dr Martens enjoyed an online boost in the year to March 31 that helped its sales and profits surge as its products sold well globally.
Struggling fashion chain Select is to launch yet another CVA as it seeks a third round of rent reductions on the back of the pandemic crisis.
US apparel retailer Brooks Brothers said late Tuesday that it is to be acquired by Authentic Brands Group and Sparc Group after they increased their $305 million offer to $325 million.
Wednesday brought a rare piece of good news from UK fashion retail as Asos said it has “continued to deliver a strong operational performance and year-on-year improvements in profitability” in this financial year.
Adidas has seen no impact on its sales from employee complaints over racism at the German sportswear company that led to the departure of its human resources boss, Chief Executive Kasper Rorsted said on Tuesday.
Struggling British department store chain Debenhams is to cut a further 2,500 jobs, dealing the latest blow to the country’s battered retail sector from the Covid-19 crisis.
German online fashion retailer Zalando on Tuesday reported a more than doubling of sales on its site from brands seeking to expand their e-commerce presence, helping total second-quarter revenue jump 27%.
EssilorLuxottica said on Monday that GrandVision’s actions during the coronavirus crisis could provide grounds for ending its €7.2 billion ($8.5 billion) takeover of the Dutch eyewear stores operator.
Reitmans, the Canadian women's specialty apparel retailer, has posted a sales decline to C$104.7 million in its first quarter for fiscal 2021 that ended on May 2.
Struggling fashion retailer Superdry had good news on Monday as it announced a new financing facility and that its trading in recent months has been better than it was expecting, even though it remains down.
The Italian brand reported a 39 per cent sales decline to €243.6 million in its first half that ended on June 30, compared to sales of €399.4 million in the same period last year, but e-tail surged.
Philippines
