Fashion
The end game has begun for FNG: seven candidates would be interested in acquiring parts of the Belgian fashion group, which has reopened its stores in order to clear the current stocks.
» Read more
Over the past six months, EssilorLuxottica (Ray-Ban, Varilux) has seen its profits evaporate almost completely. In the meantime, the planned merger with GrandVision has led to a war between the two parties.
Uniquely among the main fashion brands, Spanish Mango is positive about the first half of 2020. Despite the measures to stop the spread of Covid-19, the chain did not suffer significant turnover losses in important European markets.
Outdoor group VF Corp, owner of brands like The North Face and Vans, saw its turnover halved last quarter, but is very optimistic about the long-term future as outdoors, sustainability, casual wear and digital sales are on the rise.
The Belgian summer sales period suffered from the resurgence of Covid-19 and subsequent measures: its first-day turnover was only half that of last year.
Even before Belgian fashion group FNG was declared bankrupt this morning, the banks have blocked its wages: it is possible employees have worked for nought last weekend.
Comparable sales went down more than 40 % at French luxury brand Hermès, which felt obligated to emphasise that the crisis is not over yet.
Belgian fashion group FNG has filed for bankruptcy, as it was unable to find investors in time. The bankruptcy does not involve all of FNG's activities, however: the Dutch branch asks for protection against creditors, the Scandinavian branch is completely unaffected.
French luxury group Kering, owner of Gucci and rival to LVMH, saw its sales drop by 44 % in the past quarter. Despite the first signs of recovery after the lockdowns, especially in China, the second half of the year remains uncertain.
Dutch suit maker SuitSupply has improved dramatically from last year: its net loss is almost gone, and it found new capital to continue growth.
Luxury is one of the worst hit sectors by the covid pandemic, as proven (again) by LVMH's half-year results. Turnover went down 27 %, net profit even 85 %.
Mango is going to share part of its revenues from e-commerce with its franchisers as they "are undeniably responsible for the significant growth of the online business", the Spanish fashion group says.
The Yoox Net-a-Porter Group and Armani have announced they will extend their collaboration: in better connecting online and offline, they want to improve the shopping experience for their customers.
French clothing retailer Tati is forced to close its last remaining store due to the coronavirus fallout, fierce competition and changing consumer habits. That spells the end for the iconic pink and white chequers.
More people than commonly thought have feet in two different sizes. To cater for them, Zappos has started selling single shoes - or uneven pairs.
Burberry is going to cut 500 jobs, 150 of which in its British headquarters. Along with other measures, this should save the luxury brand 60 million euros annually.
