Coronavirus Ticker – Page 5
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News briefs
March shoe and clothing retail sales down 38.9% in Eurozone
Retail sales of clothing and footwear fell by 38.9 percent year-on-year in March across the Eurozone, according to the statistics office Eurostat, due to the widespread retail lockdowns across the region. The drop in total eurozone retail sales amounted to 11.2 percent, including a decline of 23.1 percent in the ...
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Article
Neiman Marcus files for Chapter 11 bankruptcy protection
Neiman Marcus , the U.S. retailer, on May 7 entered into a restructuring support agreement (RSA) with most of its creditors to undergo a financial overhaul, substantially reducing its debt load and interest payments and supporting continued operations during the Covid-19 pandemic and afterwards. The deal represents over two-thirds ...
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Article
Geox’s Q1 sales fall by 30%
Geox ’s sales fell sharply in the first quarter of 2020, which was heavily affected by temporary store closures due to the Covid-19 pandemic in all regions the company is present. It warned that the second quarter will be worse.
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News briefs
UNIC webinar on May 5 to discuss tannery reopening guidelines
UNIC-Lineapelle will be holding a webinar on May 5, from 16:00 to 17:00, to present the ”Protocol on the Reopening of Tanneries in Italy.” The Italian tanners’ association reached an agreement on the guidelines with the trade unions on April 21, in view of the resumption of manufacturing at ...
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Article
Tapestry books huge impairment charges for Stuart Weitzman
Tapestry , the parent company of Stuart Weitzman, Coach and Kate Spade , reported strong losses for its third fiscal quarter ended April 30. Net loss reached $677 million, against a net income of $117 million for the year-ago period. This is mainly due to impairment charges of $267 million ...
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News briefs
India extends lockdown for 2 weeks from May 4
The Indian government is extending a nationwide lockown for two weeks from May 4. The lockdown was scheduled to end on May 3 and will now run until May 17. The Ministry of Home Affairs however indicated that there would be significant relaxations in low risk parts of the country, ...
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Article
Prada resumes production in Italy
Prada has launched a gradual reopening in Italy of its prototyping and sample-making departments, which are essential for developing its forthcoming footwear, leathergoods and apparel collections. It is also introducing serological testing of all employees.
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News briefs
The Italian fashion industry lacks a single representative body to discuss with the government
The Italian fashion industry lacks a single business organization giving it more clout to discuss with the government, as the metalworkers do, according to Prada ’s chief executive, Patrizio Bertelli. He noted that the metalworking industry has a smaller workforce than in the fashion one but it historically gets ...
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News briefs
European, American footwear companies join international industry call for government action
The European Footwear Confederation (CEC) and the American Apparel Footwear Association (AAFA), along with 64 other industry groups worldwide, urged governments and international financial institutions to implement coordinated efforts to address the economic crisis caused by the Covid-19 pandemic. The trade associations represent the textile, ...
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Article
Consumers are buying less footwear, while re-evaluating the internet
Consumers are reducing spending on non-essential goods such as apparel and footwear because of Covid-19, but they are making more use of the internet for their purchase during the lockdown, developing new habits and creating new opportunities for the brands, based on research conducted by McKinsey & Company.
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Article
Stella’s Q1 revenues drop by 16%
In a business update for the first quarter, Stella International said it recorded a fall in manufacturing revenues and shipment volumes, due to the delayed resumption of production at its factories in China after the Lunar New Year owing to the coronavirus outbreak.
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Geox expects significant cash absorption in Q1
Geox anticipates posting a significant cash burn in the first quarter of the year due to seasonal effects and the impact of the Covid-19 pandemic. But, the situation is continuing in the second quarter and the company is negotiating the extension of credit lines.
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ArticleCovid-19 takes a heavy toll on the luxury sector
The personal luxury goods sector is set to pay a heavy price in 2020 because of the coronavirus pandemic. According to the findings of a survey by Boston Consulting Group (BCG) and Bernstein , Covid-19 could wipe out almost a third of the sector’s market value, estimated to have ...
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ArticleThe Italian footwear industry prepares to restart
On April 20, Gucci reopened ArtLab , a facility producing prototypes and samples for the brand’s leathergoods and footwear lines in Scandicci, near Florence. The announcement was a milestone in Italy’s attempt to gradually return to normality after the government imposed a nationwide lockdown on March 10 to combat ...
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News briefs
Belgium postpones its summer sales
Belgium is postponing the start of its summer sales by one month, to August 1, to cushion the blow of the Covid-19 pandemic. About 90 percent of the country’s fashion retailers signed an open letter to the government requesting postponement to generate full-price revenues from their unsold stock. Shoe and ...
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News briefs
Keen to donate shoes for Covid-19 relief
Keen Footwear has pledged to donate up to 100,000 pairs of shoes, worth about $10 million, to the workers on the front lines and the families at home fighting through the coronavirus crisis. The program is called “ Together We Can Help .” As reported on snewsnet.com , within ...
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Stuart Weitzman parent cuts North America retail staff
Tapestry is laying off 2,100 retail workers and threatening to axe more jobs from June 1 as it seeks to weather the Covid-19 pandemic. The company is also focusing its resources in the digital field.
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ArticleSome stores are re-opening in Germany
After consultations with the state governors, German Chancellor Angela Merkel announced on April 15 that certain types of stores could open again from Monday April 20, after being shut down for five weeks. The retail lockdown for non-essential items was relaxed only for stores that have a maximum surface ...
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News briefs
Crocs offering free shoes to medical personnel
Crocs is offering medical personnel in the U.S. battling the Covid-19 pandemic a free pair of Crocs , shipping included. The American company began gearing up in late March to dispatch up to 10,000 pairs a day in response to online requests. In addition, Crocs plans to donate up ...
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Crocs’ Q1 sales decline, despite strong growth in America
Coronavirus hampered Crocs’ results early in the first three months of the year, especially in Asia, but this was partly offset by high store comparable sales in America, where the virus disrupted retail late in the quarter. Revenues for the first quarter declined by 5.0 percent from the year-ago ...
