All Retail articles – Page 40
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ArticleGörtz makes its CEO a shareholder, hires a new CFO
The German footwear chain Görtz is opening its capital to its top manager as it undergoes a management shake-up and further advances its multichannel strategy by pushing its online presence. The chief executive, Frank Revermann, who has served in this position since the end of 2015, will acquire shares ...
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ArticleClarks’ landlords criticize the rescue plan’s terms
The British shoe maker Clarks has been accused of freezing landlords out of discussions over its £100 million (€110.9m-$130.0m) bailout by Hong Kong-based private equity firm LionRock Capital. Landlords are furious that despite facing large losses on rent write-offs, they will only represent 25 percent of a vote to approve ...
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News briefsRumbo to close down
The Spanish footwear retailer Rumbo will close down after having failed to reach an agreement with its creditors to relaunch its business. The Murcia-based company has 68 stores and posted sales of about €25 million in 2019. Rumbo went into administration in June, but the court-appointed administrator, the legal firm ...
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News briefsVRG rebrands Accent stores as Rizzo
Venue Retail Group (VRG) is converting its Accent stores in Sweden and Morris stores in Norway to a new store concept which it has been testing since July 1 and currently has four pilot shops. The pilots have shown “a very positive development and we have received the answers we ...
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Article
Primark faces £375 mn loss of sales due to Covid restrictions
The Irish fast fashion retailer Primark, which is owned by Associated British Foods (ABF), could lose £375 million pounds (€415.9m-$484.0m) in sales due to the closure of stores following restrictions imposed by local authorities throughout Europe to combat the Covid-19 pandemic. The estimate includes a planned lockdown in England. As ...
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News briefs
The second-hand market is growing in Russia
The Covid-19 pandemic has spurred the demand for second-hand shoes and clothes in Russia, a research conducted by the Russian consulting agency Fashion Research Group showed. As of today, this segment accounts for 6 percent of sales of the Russian fashion market. The continuing deterioration in purchasing power is likely ...
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News briefs
French economy risks “collapse” with new lockdown
A new total or partial Covid-19-related lockdown could lead to a “collapse” of the French economy, according to the Confederation of Small and Medium-sized Enterprises (CPME). CPME warned that companies are currently “much weaker” than in March, when the government introduced a lockdown, and many, especially the smaller ones, would ...
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ArticleEl Corte Inglés offers e-commerce support to third parties
The Spanish department store El Corte Inglés is in talks with 100 brands to become their e-commerce partner, according to the Spanish daily Cinco Dias. But, no deals have been struck yet, it added, citing the company. The retailer would rely on its logistics platform to guarantee all the services ...
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ArticleContrasting consumer sentiment across Europe
The second wave of the Covid-19 pandemic is beginning to stifle the previously expected recovery of the European economy, particularly for the consumption of non-essential products and services. Fortunately, it has not yet led to the retail lockdowns of the first wave in the spring – except in Wales and ...
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ArticleU.K. government under pressure over move to scrap tax-free shopping
The British Finance Minister Rishi Sunak is under mounting pressure from major retailers to reverse his decision to abolish duty-free shopping next year which they claim will lead to significant job losses. Leading U.K. fashion and luxury brands, including Paul Smith, Ted Baker, The White Company and Superdry, have warned ...
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ArticleFootwear stores hit hard in Moscow, St. Petersburg
In September, independent footwear stores in Russia experienced, on average, a 17 percent slump in sales, compared with the same period of the previous year, on the back of a second wave of Covid-19 in the country, Moscow-based think tank Evotor estimated. It is believed that chains are performing slightly ...
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ArticleKurt Geiger plans 500 job cuts over U.K. plan to drop tax-free shopping
Kurt Geiger, a luxury footwear and accessories retailer, plans 500 job cuts, affecting over a quarter of its workforce, early next year after the British government announced that it would abolish tax-free shopping on Dec. 31. The standard value-added tax (VAT) is 20 percent in the U.K. In a letter ...
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ArticleU.K. threatens no-deal Brexit but talks to continue
Tensions on stalled Brexit trade talks intensified as Boris Johnson, the British Prime Minister, said Britons should prepare for a no-deal departure if the European Union (EU) did not compromise, raising the prospect of supply chain chaos across Europe. Johnson stopped short of saying he was walking away from the ...
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News briefsClarks reportedly plans to close 50 stores
The Hong Kong-based private equity firm LionRock Capital wants Clarks to reach a Company Voluntary Arrangement (CVA) with its creditors before investing into the British footwear group, according to Sky News. A CVA would enable Clarks to close up to 50 stores and renegotiate rents for the rest of the ...
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ArticleStreetTrend buys Italian sneaker brand P448
StreetTrend has acquired the sneaker brand P448 from NoThanks, an Italian company based in Forli, and will enter it into its portfolio of footwear and fashion brands. StreetTrend is a fashion footwear and street wear brand company launched in 2017 by Wayne Kulkin, the former chief executive of Stuart Wetizman ...
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News briefsRussia reportedly planning to limit shoe imports
The Russian government is mulling over measures aimed at limiting footwear imports, according to the Russian press. The local authorities plan to take advantage of the situation created by the Covid-19 pandemic, including a slump in the import of fashion goods and restrictions on international travel, to expand the domestic ...
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ArticleAlibaba in partnership with the duty free retailer Dufry in omnichannel drive
The Chinese e-commerce group Alibaba has entered into a partnership with the Swiss duty free retailer Dufry that will further integrate online and offline shopping. The parties will form a strategic joint venture in China, and Alibaba will become a minority shareholder in Dufry.
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News briefs
Dielmann to close 13 stores
Schuhhaus Dielmann, the German footwear chain currently placed into administration after the launch of creditor protection proceedings, will close 13 stores by the end of the year. The shops operate under the names Dielmann, Dstep and Sommerkind. In a statement, the company added that clearance sales will start in the ...
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ArticleCovid-19 is forcing fashion and retail to rethink their business models
The Covid-19 pandemic has accelerated changes in consumer attitudes towards fashion and retail, and calls are getting louder for “something to be done,” namely fewer collections, less fast fashion and more attention to sustainability.
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ArticleH&M expects 250 net store closures in 2021
Hennes & Mauritz (H&M) expects a net decrease of about 250 stores in 2021, as the Swedish retailer faces growing pressure to sell online. It highlighted that rapid changes in customer behavior have been further accelerated by the Covid-19 pandemic. Therefore, it is stepping up the pace of its transformation ...
