All Retail articles – Page 19
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News briefs
Dozens of shoe stores damaged in Kazakh unrest
Several dozens of shoe stores were damaged by the unrest in Kazakhstan during the first week of January, according to local reports. The National Chamber of Entrepreneurs of Kazakhstan calculated at 88.1 billion tenges (€178m- $200m) the damage caused to businesses by the rioters. More than 90 percent of the ...
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Next cuts sick pay for unvaccinated staff isolating after Covid contact
The British fashion retailer Next is cutting sick pay for unvaccinated staff who must self-isolate due to exposure to Covid-19. The move means that unvaccinated workers required to isolate after being identified as a close contact of someone with Covid could receive as little as the UK’s statutory sick pay ...
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Rizzo’s debt restructuring to be discussed Jan. 24
The Stockholm District Court will hold hearings on Jan. 24 to discuss a debt restructuring proposal for Rizzo and its subsidiary Rizzo International. The court also approved to Rizzo’s request to extend its restructuring period for an additional three months to March 21. The Swedish retailer’s composition offer involves the ...
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Sergio Rossi to open a store in Milan’s Spiga 26 hub
The Italian shoe maker Sergio Rossi has decided to rent an about 200-square-meter space at the Spiga 26 hub located in the heart of Milan’s fashion district. Sergio Rossi is the second tenant of the real estate project after the brand Moschino, owned by the fashion group Aeffe. The shoemaker’s ...
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Skechers takes over its distribution in the Philippines
Skechers has taken charge of its distribution in the Philippines through a subsidiary, Skechers USA Philippines. The current distributor, Trendworks International, will continue to sell Skechers products until the end of this year. According to David Weinberg, chief operating officer of Skechers USA, a “dedicated team focused on growth and ...
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ArticleBoohoo warns returns, weak U.S. sales are hitting profits
The British fast-fashion retailer Boohoo issued a profit warning on its full-year profits because of higher returns in the U.K. and a weaker-than-expected performance in the U.S. The company now expects a net sales growth of 12-14 percent, down from a previous growth guidance of 20-25 percent, for the year ...
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ArticleU.K. clothing sales above pre-Covid levels
In November, for the first time, sales of clothing stores in the U.K. surpassed their pre-Covid levels, according to the Office for National Statistics (ONS). Clothing stores reported an increase of 2.9 percent month-over-month in sales volumes, which were 3.2 percent above levels in February 2020, the last month not ...
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H&M returns to pre-Covid levels
In the fourth quarter ended Nov. 30, the Swedish fashion retailer H&M posted fourth quarter-revenues of SEK 56.813 billion (€5.53bn-$6.22bn), up by 8 percent from a year ago, while in the full year the top line was up by 6 percent to SEK 198.967 billion (€19.38bn-$21.79bn). In local currencies, fourth-quarter ...
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Article
Inditex posts record Q3 results
Inditex, the Spanish group that owns the brands Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho and Uterqüe, posted revenues of €19.33 billion in the first nine months to Oct. 31, up by 37 percent from a year earlier, and a gross margin of 59 percent after posting record-breaking third-quarter results. ...
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RVRC launches hiking shoes
The Swedish retailer of outdoor clothing RevolutionRace (RVRC) launched a line of hiking shoes. The company describes the Phantom Trail Mid, its first-ever footwear model, as being a waterproof hiking boot for men and women with the flexibility of a trail running shoe, designed for various activities all year round. ...
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Rizzo makes offer to creditors
Rizzo Group has made an offer to its creditors to avoid bankruptcy. The Swedish retailer’s composition offer, which also applies for its subsidiary Rizzo International, involves the entire payment of unsecured debt up to SEK 2,000 (€195-$220) and 25 percent of any excess amount. The company has been in corporate ...
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Veja opens a second Parisian store
Veja, the French brand of eco-sneakers, has opened a second store in Paris. Located in the hilltop quarter of Montmartre, the store was designed by the Veja studio and the architect Hugo Haas. While it has retained many of the elements already present – the premises were formerly occupied by ...
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OR Group reports a surge in Black Friday sales
OR Group, formerly known as Obuv Rossii, reported a substantial rise in online sales during Black Friday, held on Nov. 26. Online sales jumped by 44 percent in volume and by 30 percent in value, compared to a year earlier, the company said, not providing any additional details. OR Group ...
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Bavarian footwear retailers exempted from new Covid restrictions
Shoe retailers in Bavaria will not have to apply harsher Covid-19 restrictions rolled out in the whole of Germany for stores selling non-essential goods. According to a decision by Bavaria’s regional government, footwear retailers, along with other trades such as food stores, pharmacies, medical supply stores, opticians, bookstores, gas stations, ...
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ArticleGeox plans to return to pre-Covid sales levels in 2024
Geox expects to approach pre-Covid sales levels in 2024, when it plans to achieve sales of over €800 million compared with €806 million in 2019. The Italian footwear company anticipates to finish 2021 with sales above €600 million. The compound average growth rate (CAGR) between 2021 and 2024 is estimated ...
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ArticleGenesco sees supply chain problems lasting most of next year
Genesco’s operating margins have been hit by higher freight costs and it believes that supply chain disruptions will probably continue for most of next year. The strain on deliveries has helped reduce promotional activity but has also led to a depletion in inventories. During a conference call on the company’s ...
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ArticleShoe Carnival buys Shoe Station
Shoe Carnival is buying substantially all of the assets of family-owned Shoe Station, a footwear retailer which operates stores in five Southeastern U.S. states. The assets are being acquired for $67 million and funded through cash on hand. Mark Worden, Shoe Carnival’s president and CEO said that the deal accelerates ...
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ArticleSnipes buys the U.S. chain Jimmy Jazz
Snipes, the sneaker retail chain owned by the Deichmann Group, has agreed to acquire Jimmy Jazz, an American chain of sneaker stores with a hip-hop vibe and headquarters in Secaucus, New Jersey. The deal was signed on Dec. 1 and should close before the year is out. Terms remain undisclosed. ...
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L.K. Bennett joins forces with Mode for new payment system
L.K. Bennett has entered a partnership with the fintech group Mode to offer customers of the U.K.-based fashion retailer a simpler way of paying for purchases. Mode’s app enables an instant and cardless payment through a QR code or a click of a button, with real-time authorization through biometric security ...
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ArticleKhadim India sees business returning to pre-Covid levels
Khadim India, a Kolkata-based manufacturer and retailer of footwear products and accessories, primarily in eastern and southern parts of India, expects its business to return to pre-Covid levels in the second half of its fiscal year ending on March 31, 2022. The top line recovery is underpinned by increased ...
