Fashion
The fast-fashion industry is facing a massive challenge if analysts at major bank UBS are to be believed. In the following five to ten years, the consumers' increased focus on sustainability could cause large corporations such as Zara, H&M and Primark to lose up to 30 per cent of their profits.
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Victor and William Fung, the brothers who are two of the main shareholders in Belgian luxury brand Delvaux, are said to be looking to sell their stake in the 192 years old hand bag producer.
H&M is launching a remarkable initiative: under the name "One/Second/Suit", the fashion giant will rent out suits for men. According to the Swedes, this is aimed primarily at men who are applying for new jobs.
FNG may keep the e-commerce platform Ellos (for now) after all: the fashion group, formerly also the owner of Brantano, is paying the disgruntled former owner Nordic Capital 100 million euros. Together they will ensure a relaunch.
After C&A Germany joined Zalando's Connected Retail partner programme at the beginning of this year, the retailer is now extending the collaboration to seven other European countries. The Netherlands is among the first to follow. Belgium will join at a later stage.
Belgian hypermarket chain Cora expands its store La Louvière with a shop-in-shop for babies clothing of French fashion retailer Kiabi.
Hugo Boss has made its webshop accessible to twelve additional countries, including Russia, Turkey and the United Arab Emirates. The German fashion label wants to double its online turnover in two years' time.
Last year, fashion platform About You passed the billion-euro milestone in terms of turnover. Sales outside the German-speaking market have more than doubled, and in the fourth quarter, the marketplace reached break-even for the first time.
French luxury group LVMH has presented excellent results as Chinese and American consumers, in particular, are once again happy to treat themselves to handbags and champagne in the absence of other entertainment.
Nike will be giving a new lease of life to returned shoes: the apparel manufacturer is going to patch up returned shoes and sell them as 'refurbished'.
Several fashion companies, including Inditex and Uniqlo, have been taken to court in Paris for covering up forced labour and crimes against humanity.
Online fashion platform About You is experiencing rapid growth and is currently preparing a stock market flotation.
Levi Strauss & Co. saw sales fall significantly in the first quarter due to store closures in Europe. The jeans manufacturer is nevertheless raising its forecast for the current year, believing that the worst of the corona crisis is behind it.
Niklas Östberg, CEO and co-founder of Delivery Hero, will soon become a member of the supervisory board of fashion platform Zalando.
Just like many other retailers who solely operate online, Asos has benefited greatly in recent months from the coronavirus crisis. Especially the profit of the British fashion webshop rose spectacularly, which opens doors to further expansion.
Luxury brand Dolce & Gabbana is denying rumours that it is negotiating with French group Kering. Instead, CEO Alfonso Dolce hopes for and "broader Italian project".
