Latest Headlines – Page 115
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Tod’s very prudent as Q1 sales drop nearly 30%
In the first quarter, Tod’s sales fell by 29.4 percent to €152.8 million due to the impact of the Covid-19 pandemic and the company’s “very prudent” delivery policy, both toward its stores and wholesale clients. At constant currency rates, revenues fell by 29.7 percent. All the group’s brands and geographies ...
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Ferragamo sees strong signs of recovery in China, South Korea
Salvatore Ferragamo swung to a net loss in the first quarter of the year, but it has seen strong signs of recovery in sales in China and South Korea since early May.
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Puma posts a 1.5% drop in Q1
Doing better than some competitors, Puma reported sales declines of only 1.5 percent in euros and 1.3 percent in local currencies during the first quarter, leading to a 61.6 percent drop in net earnings to €36.2 million on sales of €1,299.8 million, although the company started the year with an ...
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Aldo Group files for bankruptcy protection to restructure
Montreal-based Aldo Group has filed for bankruptcy protection in Canada and in the U.S. as it prepares to restructure and stabilize its business after turnaround plans for its already loss-making business were derailed by the Covid-19 pandemic.
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Altagamma predicts 20 percent drop in global luxury goods sales this year
Global sales of luxury goods are forecast to fall by 20 percent this year, with Europe most affected. It could take until 2023 to return to 2019 levels, according to forecasts by Altagamma and the consultancy Bain & Company.
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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 of the ...
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Zalando sees 2020 revenues up by 10-20%
Zalando issued a new full-year guidance which takes into account the impact of the Covid-19 pandemic and sees gross merchandise volume (GMV) and revenues up by 10-20 percent. It noted that its forecast growth is significantly above the expected increase for the overall fashion industry.
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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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Weyco Q1 sales down by 14%
Revenues for the Weyco group declined by 14 percent to $63.6 million in the first quarter after having to close its domestic U.S. retail locations on March 18 due to the Covid-19 pandemic. Wholesale and retail businesses in Australia, Asia, South Africa, and Europe were similarly affected by retail store ...
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Vivarte prepares to reopen stores on May 11
Vivarte, the French retailer that owns the banners La Halle, Caroll and Minelli, will reopen its 1,350 stores after eight weeks of closure on May 11. Stringent hygienic rules will be introduced, especially for fittings.
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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 and $211 ...
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Rohde plans e-commerce platform this year
The German shoemaker Rohde intends to launch a business-to-business (B2B) online platform this summer, followed by a business-to-consumer (B2C) site.
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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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India urges foreign buyers to honor contracts
The Council for Leather Exports (CLE) has called for foreign buyers to fulfil purchase contracts, as falls in demand due to Covid-19 prompted them to cancel orders and delay payments, putting at risk the Indian industry.
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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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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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Boohoo hikes cash pile while Farfetch continues to burn cash
boohoo is building up its cash pile thanks to its highly cash-generative business model and is ready to go on an acquisition campaign. Meanwhile, Farfetch continues to burn cash.
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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 grown to ...
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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 the Covid-19 ...
