All Coronavirus articles – 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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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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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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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
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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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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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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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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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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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 ...
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Yue Yuen’s manufacturing revenues fall by 10%
Yue Yuen Industrial Holdings is warning investors that its results for the first quarter of 2020 will show a net loss of $50 million to $70 million, compared with a gain of $75 million in the year-ago period, because of the disruption of its supply chain and the ...
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News briefs
Schuh Trust makes Covid-19 donations
The British Schuh Trust is donating £2 million (€2.3m-$2.5m) to the National Emergencies Trust and £1 million (€1.1m-$1.2m) to the NHS Charities Together Covid-19 Appeal . In total this is about a 12-fold increase from the trust’s average yearly charitable donations since 2011, when it was founded by ...
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News briefs
Wolverine Worldwide launches several support initiatives in Covid-19 fight
Wolverine Worldwide, based in Rockford, Michigan, has launched a series of initiatives to support health services and people under financial stress due to the Covid-19 pandemic. The group has donated more than 35,000 face masks to Spectrum Health in Grand Rapids, Michigan. The protective equipment will be used ...
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News briefs
Peter Kaiser manufactures face masks
Peter Kaiser started manufacturing face masks at its production site in Germany. The masks are made from black or white cotton and can be attached to the head with elastic straps. They are only intended for personal use and have not been certified.
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News briefs
Ara Shoes donates shoes to people working in the health care system
Ara Shoes has donated shoes for every employee of a hospital in Heinsberg, Germany. The company also launched a social media campaign via Facebook and Instagram on March 30 to support and pay tribute to people who work in the health care sector, food retailing or help ...
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Ecco goes more digital
The expansion of Ecco’s store portfolio growth slowed to the addition of only six extra shops, with 200 openings and 194 closures. On the other hand, investments in direct-to-consumer sales channels continued in 2019, with net sales from retail and e-commerce combined increasing by 10.9 percent. Revenues from online channels ...
