Latest Headlines – Page 113
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ArticleZara’s parent wants 25% of sales online within 2 years
Inditex, the Spanish group that owns the brands Zara, Pull & Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqüe, wants online sales to represent over 25 percent of the total by 2022, compared with 14 percent in 2019, and to restructure its store network, that will be further ...
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Hunter goes under review as CEO quits
Vincent Wauters, the former president of Arc’teryx who became the chief executive of Hunter Boot Ltd in 2016, will be stepping down “by mutual agreement” at the end of July to pursue new opportunities, said the Edinburgh-based company, adding that it is launching a “strategic review” of its operations. ...
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Mandatory tagging of shoes will start in Russia on July 1st
There will be no further delays in the introduction of mandatory tagging of footwear products sold on the Russian market, said Victor Evtukhov, Deputy Industry and Trade Minister. All untagged shoes will be banned for sale in the country from July 1, he added. The tags consist of electronic chips ...
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ArticleFootway wants to buy a streetwear specialist
The Footway Group, the increasingly international Swedish online shoe retailer that recently agreed to merge with Sportamore, wants to create a leading platform for e-commerce in sports and fashion by also acquiring an online retailer of streetwear and sneakers, Californian Roots, or Caliroots for short. Caliroots has been undergoing a ...
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ANWR Group grants KfW loans
The ANWR Group’s credit institutions, the DZB Bank and the Aktivbank, have received accreditation for the granting loans in behalf of KfW (Kreditanstalt für Wiederaufbau or Credit Institute for Reconstruction) a bank of the German government that provides low-interest loans to support German companies, generally start-ups and small and medium-sized ...
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Cambodian manufacturers plead for postponement of EU sanctions
Sales of Cambodian apparel, footwear and travel goods are estimated to fall by 50 to 60 percent in the second quarter year-on-year, according to the Cambodia Footwear Association, the Garment Manufacturers Association in Cambodia and the European Chamber of Commerce in Cambodia. In a co-signed letter sent to the European ...
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Japanese department stores hit by coronavirus and tourism slump
Japan was already in recession before the coronavirus crisis, with GDP down by an annualized 7.1 percent in the last quarter of 2019, and by 2.2 percent from January to March 2020. The country stayed under a state of emergency between April 6 and May 25, however with lighter restrictions ...
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ArticleCaleres to accelerate store closures as e-commerce surges
The Covid-19 pandemic has led to a dramatic surge in the importance of e-commerce in Caleres’ sales, representing about a third of the company’s revenues in its fiscal first quarter, and prompting it to accelerate the closure of some 160 stores by the end of 2021.
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ArticleMaterial Exchange rides the digitalization wave
Material Exchange, an online platform for the procurement of materials based in Stockholm, has seen growth in the number of its footwear and fashion supplier and brand members accelerate as the Covid-19 pandemic gives a new impetus to digitalization.
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Primark is awash with stock but does not plan aggressive discounting
The Irish fast fashion retailer Primark, which is owned by Associated British Foods (ABF), is carrying very high stock levels as it accelerates its store openings. Nevertheless, it believes it will be able to sell the goods without special discounting.
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Up to half of Moscow’s shoe stores may not reopen
Between 35 to 50 percent of Moscow’s footwear stores are likely not to resume trading after the lifting of the lockdown in the Russian capital due to the impact of the economic crisis and online competition, according to the local think tank Fashion Research Group. Moscow introduced a lockdown on ...
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ArticleVietnam promotes footwear exports to U.S. as its industry suffers
For the first time, an interactive video conference was held in Washington D.C. on May 27 to connect Vietnamese footwear manufacturers and U.S. distributors and retailers.The initiative comes as the Asian’s footwear industry is suffering severely from the drop in demand stemming from the Covid-19 pandemic. The conference entitled “Promoting ...
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Zalando will be subjecting its partners to sustainability standards
Zalando is implementing standards for to measurement the social and environmental sustainability of its operations and, in time, those of its business partners. Specifically, the German e-tailer is adopting the Higg Brand & Retail Module (BRM), developed by the Sustainable Apparel Coalition (SAC) and its subsidiary Higg Co. The BRM ...
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ArticleWGSN sees three major consumer groups emerging from the crisis
The coronavirus pandemic has accelerated societal changes and is forcing industries worldwide to adapt to the resulting changes in consumption. Thus, WGSN has set out to predict what consumers will be looking for in the next couple of years.
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Macy’s’ credit rating downgraded to ‘BB’ by Fitch
Macy’s credit rating was cut by Fitch, as, like many other American department stores, the retailer suffered from coronavirus-related lockdowns and has seen its leverage increase.
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Jimmy Choo returns to last’s year sales levels in China
Jimmy Choo has returned to last year’s sales levels in Mainland China over the past two months, as volumes gradually built up since the end of the coronavirus-related lockdown in the country. Capri Holdings, which owns the shoe maker along with the Versace and Michael brands, pointed out that Versace ...
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Steve Madden posts $17.5m loss in Q1
After a great year in 2019, Steve Madden was hit hard by the coronavirus pandemic and posted lower-than-expected results for the first quarter. The New York-based company recorded a net loss of $17.5 million, compared with a net income of $34.5 million for the year-ago quarter. Revenues decreased by 13.6 ...
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ArticleFerragamo calls back Michele Norsa as deputy chairman
Salvatore Ferragamo reformed its corporate governance and appointed its former chief executive Michele Norsa, 71, as executive deputy chairman, rekindling speculation of a possible change of ownership.
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UK stores look to June 15 reopening with concern
The UK’s non-essential retailers are getting ready for a June 15 reopening date, after retail sales volumes tumbled in the wake of lockdown measures imposed to slow the spread of the Covid-19 outbreak. But, shopkeepers are concerned about the business environment, and more than a third of women and youth ...
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La Halle receives 7 offers for 60% of its business
La Halle, the big French low-cost clothing, footwear and accessories retailer owned by Vivarte, will have to be sold piecemeal, while more time is being granted by a court to find a buyer for André, the more high-end shoe retailer, which is currently in bankruptcy proceedings.
