Fashion
The creditors of the fashion group Gerry Weber have almost unanimously approved an insolvency plan, therefore paving the way for a new start with new owners.
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Tom Tailor is close to a refinancing agreement. The clothing group has been able to conclude an agreement with the owner, Fosun, and the banks. As for Bonita, the cause of the problems, a new buyer is being sought.
Zara is currently testing automatic parcel machines in its stores in Germany: in their flagship store in Hamburg, there is room for as many as 700 parcels. The fashion chain’s aim, is to encourage click&collect.
Avail, a new social e-commerce platform, was launched today to bring together emerging fashion brands and fashion lovers. It is an initiative of entrepreneur Wouter Torfs and the Belgian venture capital fund 9.5 Ventures.
Yesterday, H&M Group announced that their budget fashion chain, H&M, which represents the majority of Group sales, will trial selling external brands and products. A major change of strategy.
In the third quarter, H&M Group recorded a 12% increase in sales. Taking into account constant exchange rates, the increase was 8%. And it was all thanks to a good summer.
With the acquisition of Ellos (Sweden), fashion group FNG wants to achieve synergies of up to 30 million euros. Analysts at ABN Amro, however, have raised questions about this, both in terms of financing and the actual benefit of the acquisition.
The British fashion chains Topshop and Topman ended their previous financial year with a loss of 505 million pounds (567,50 million euros) before tax. The group is now planning a major restructure, which will put thousands of jobs at risk.
Esprit has launched in Beijing with a completely new store concept. As part of this revival, the modem brand wants to make it clear that it is "back in the game". Photos can be found here. In the meantime, just five franchise stores have closed in the Netherlands.
Spanish Inditex saw its turnover grow 7 % and its profit by 10 % in the first half of its financial year, despite the challenges on the fashion market. Zara's and Massimo Dutti's parent company too feels the consequences of a decreasing fashion market
Next year, Primark wants to open 19 more stores - including a first one in Poland. A webshop however is still not on the cards.
Swiss fashion group C&A has expanded its board of directors with Allan Leighton (chairman) and Alexander Birken (director).
Belgian fashion group FNG continues its impressive growth despite a struggling market. The owner of chains like Brantano and Miss Etam saw both turnover and profit go up in the first six months of this year.
Canadian chain Hudson’s Bay has decided to close all of its stores in the Netherlands, meaning 1424 people will lose their jobs by the end of the year.
Lithuanian second-hand clothing and accessory platform Vinted has reached 700,000 members in Belgium and now expands to the Netherlands as well.
American fashion chain Forever 21 is moving closer to bankruptcy, as final negotiations with potential investors seem to have ended without an agreement.
