Fashion (Europe)
Tesco launches separate stores for clothing brand F&F
British retail chain Tesco has big plans with its clothing brand F&F and wants to launch it through franchising in countries where it currently has no hypermarkets.
Esprit drops goal of saving 100 million per year
Chinese clothing group Esprit will not succeed in annually cutting costs of one billion Hong Kong dollar, about a hundred million euro, by 2015. According to new CEO Jose Manuel Martinez Gutierrez they are no longer applicable.
Puma lowers prognoses
German sportswear group Puma has lowered its prognoses for sales and profits for the year, because sales in Europe and Asia leave a lot to be desired. According to company management sales will be 1% to 5% lower than in 2012 and also the operating profit is under pressure.
Mark Maidment new head of Ben Sherman
British chain of men’s wear Ben Sherman has appointed Mark Maidment as new CEO, in succession of Tom Chubb. He was CEO since November 2012 and is leaving to lead parent company Oxford Industries.
H&M, Inditex and C&A sign charter for safer factories in Bangladesh
Three weeks after 1,100 textile workers died when their workshops collapsed in Bangladesh, H&M, Inditex and C&A have signed a charter that should drastically improve the security of Bengal textile workers.
Esprit issues profit warning
Clothing chain Esprit is sending out a profit warning after disappointing results in the third quarter. A new drop in sales and provisions for the closing of loss making shops will burden the fashion company based in Hong Kong with a substantial loss for the current financial year.
Adidas uses texting to report social abuses
German sports goods manufacturer Adidas is going to offer employees in six factories the possibility to report social abuses via texting. In the testing stage in one factory, complaints were mainly about restructuring, working hours and insurance.
Permira lowers interest in Hugo Boss
Investment fund Permira has lowered its interest in German fashion label Hugo Boss to 56 percent, after selling 10 percent of its shares. The next few months no extra shares will be sold.
Zegna sees sales and profit rise by over 10%
Italian fashion producer Ermenegildo Zegna saw sales and profit enjoy a double digit growth in 2012: sales went up 12% to 1.26 billion euro (+11.9%), while profit grew even a little faster to 130 million euro. For 2013 Zegna is predicting a more moderate growth, due to the weakening of sales on the Chinese market.
Tragedy Bangladesh jumpstarts debate working conditions
The collapse of the textile factory in Savar, in which at least 381 people have died, has once again jumpstarted the debate about local working conditions. The Irish retail chain Primark was one of the companies of which clothes were made in the collapsed factory.
