Fashion
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 %.
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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.
A strong second quarter has led Zalando to increase its forecasts to a full-year sales growth of 15 to 20 %. The German webshop was helped by the coronavirus pandemic, which forced a lot of people to shop online.
A Belgian court has turned down the unions' demand to appoint a temporary management at retailer FNG, meaning the current management can continue.
(update) French fashion chain Promod is reducing the size of its foreign activities. The German branch has started an insolvency procedure, the Belgian stores are also being looked into. However, only one Belgian store is closing.
Dutch fashion label G-Star is suffering due to the corona crisis: in the US and Australia the brand applied for creditor protection, in Sweden bankruptcy was declared. Yet the company claims to be financially healthy.
Dries Van Noten opens its first store in China at the end of August. The Belgian fashion designer moves into a building of no less than 1,800 square metres in Shanghai.
Levi's is cutting 700 jobs in its offices, or about 15% of the workforce. As a result of the corona crisis, turnover of the jeans brand fell by no less than 62% in the past quarter and uncertainty remains.
The Brussels Financial Services and Markets Authority FSMA expands its research into fashion group FNG and hands over the files to the court. There would be indications of possible market manipulation.
Boohoo is going through the dust now that the British fashion brand is accused of slavery in a factory. Large online retailers such as Asos and Zalando immediately stopped the collaboration.
Fashion Group FNG, which owns retail brands Brantano and Miss Etam amongst others, is protected against its creditors for three months. This was decided by court after examining the retailer’s reorganisation application for a week.
Willem Olsthoorn, co-founder of children's clothing brand Oilily, passed away last Wednesday. The label was mainly known for its colourful designs and gained international fame. Olsthoorn turned 81.
