Latest Headlines – Page 114
-
Article
Italian retailers face huge downturn, slow recovery
The Italian non-food retail sector risks losing a fifth of its businesses by the end of the year and nearly half of its revenues without financial help and government support to stimulate the economy. The sector could also take more than eight years to return to pre-Covid-19 levels, according to ...
-
Article
Nordstrom permanently closes 16 stores, plus its 3 Jeffrey locations
Nordstrom has decided to permanently close 16 of its full-line stores, lowering the tally to 100 in the U.S., Canada and Puerto Rico, and its three Jeffrey stores as it restructures to respond to the impact of the Covid-19 pandemic. The American luxury retailer will incur non-cash impairment charges associated ...
-
Article
UK to erase import tariffs for leather from 2021
The British government has removed import duties for leather in its new tariff regime known as the U.K. Global Tariff (UKGT), and which will replace the European Union’s Common External Tariff (CET) from Jan. 1, 2021. But tariffs for leather footwear remain largely unchanged.
-
Article
Ugg’s decline offset by Hoka One One and Teva at Deckers
Despite headwinds from Covid-19, and a nearly 18 percent decline for Ugg, robust sales at Hoka One One and Teva helped limit the damage for Deckers Brands’s revenues in its fourth fiscal quarter.
-
ArticleMicam has industry support for September edition and prepares a B2B site
The organizers of Micam confirmed plans to hold the trade fair on Sept. 20-23, indicating that 75 percent of the Italian and international companies surveyed believe that the Milan-based event is an essential element to relaunch the industry. Micam also plans to launch a B2B platform.
-
-
ArticleFacebook wants to become a shopping platform
In response to the current coronavirus crisis with the worldwide closure of many physical shops, Facebook has started to integrate a shopping function into its main social network, as it has already been doing on Instagram. Mark Zuckerberg, founder and chief executive of Facebook, said in a livestreamed video on ...
-
Article
Spain permits large stores to open in “Phase 1” regions
Spain’s Ministry of Health has revised its initial guidelines for stores re-openings in Phase 1 regions. By the estimate of the Spanish daily El País, about 70 percent of Spain is currently in Phase 1 of the country’s “de-escalation” of the Covid-19 lockdown. Madrid, Barcelona, certain other populous cities and ...
-
Article
Visa witnesses “massive” surge in e-commerce use
Confirming other studies showing that the Covid-19 pandemic and subsequent lockdowns have spurred online sales, the financial services company Visa said that it is seeing a “massive acceleration toward e-commerce adoption.”
-
Article
Clarks reshuffles its staff
Clarks has decided to eliminate a further 900-odd jobs around the world as part of a strategy to build a more “sustainable and successful” future for the company, placing its focus on the changing consumer needs. The new wave of layoffs follows 170 cuts already implemented at the end of ...
-
Article
Ferragamo enjoys strong recovery in China
The Italian fashion house Salvatore Ferragamo is experiencing a strong recovery in sales in China as the situation in the country returns to normality after the Covid-19 outbreak and subsequent lockdown, according to chief executive Micaela Le Divelec Lemmi.
-
Article
Footwear did not benefit from surge in online purchases in the U.K.
A couple of suveys have confirmed that online sales surged during the lockdown in the U.K. but unfortunately footwear did not profit from the rising tide. The situation is also changing consumers’ behaviors to the detriment of clothing.
-
Article
Stuart Weitzman parent company reopens over 300 stores in North America
Tapestry and Columbia Sportswear, like many other retailers, are reopening stores in North America, after U.S. sales of clothing and footwear fell by over 89 percent year-on-year in April due to the lockdown imposed to combat the Covid-19 pandemic.
-
Article
Italian footwear sales drop by 38.4% in Q1
In the first quarter, the Italian footwear industry suffered a 38.4 percent year-on-year drop in sales, representing a €1.7 billion loss in revenues, and a 46.2 percent decline in orders due to the impact of the Covid-19 pandemic. Among the means seen necessary to relaunch the industry is the organization ...
-
Article
J.C. Penney files for bankruptcy protection
Founded in 1902, J.C. Penney has filed for bankruptcy protection in the wake of the Covid-19 pandemic, following Neiman Marcus and J.Crew.
-
Article
VF claims it can navigate through the Covid storm easily
In releasing its financial results for the fourth quarter ended on March 31, the management of VF Corp. insisted that the company is in a better position than some of its competitors to navigate through the “storm” caused by the coronavirus pandemic for several reasons, including good liquidity, a flexible ...
-
Article
Another difficult quarter for Grendene
After several quarters of declining sales, Grendene was starting to see the light at the end of the tunnel in the opening months of the year, but Covid-19 dashed its hopes. Results for the first quarter were disappointing for the Brazilian group, which owns brands such as Ipanema and Melissa. ...
-
Article
Heavy losses for Yue Yuen
As China struggled with the coronavirus outbreak early in the first quarter, Yue Yen Industrial Holdings was strongly impacted by government measures to contain the spread of the disease. The world’s largest shoe manufacturer posted a net loss of $56.3 million for the period, against net income of $75.5 million ...
-
Article
Some shoe stores resume operations in Russia
While big cities like Moscow and St. Petersbourg are still locked down, about 15 percent of the 85 Russian regions have allowed brick-and-mortar shoe stores and a few other types of retailers of non-essential items to resume operations after President Vladimir Putin lifted the nationwide quarantine designed to fend off ...
-
Article
U.S. footwear retailers reopen amid consumer wariness
American footwear retailers are gradually reopening with the staggered lifting of the lockdown in the U.S., but local consumers have expressed unease about shopping as the country continues to be affected by the Covid-19 pandemic.
