Fashion
Spanish fashion chain Mango attracted as many as 900,000 new online customers during the lockdown, almost doubling online sales. Digital transformation remains a priority for the company.
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Suit Supply receives 40 million euros in government-guaranteed loans. The shareholders of the of made-to-measure menswear retailer also inject another 20 million euros into the company after the corona crisis hit hard.
Ailing fashion group FNG (Brantano, Miss Etam) rearranges its board of directors. Former Flemish television boss Paul Lembrechts becomes CEO ad interim.
American luxury group Capri (Jimmy Choo, Michael Kors, Versace) fears a 70% loss of sales due to the corona pandemic. The group will therefore close 170 stores over the next two years.
To recover from the Covid crisis, fashion chain Esprit has to cut costs. Half of its 100 stores in Germany will be closed, 1100 people will lose their jobs. A further 100 jobs will also be lost in the headquarters in Hong Kong.
Belgian fashion group FNG will have to wait to next week to learn about its fate: a judge will take seven days to decide over the reorganisation plan. We have reported on the matter in great detail in Dutch, and summarised the most important facts in this English analysis.
Primark has lost almost 900 million euros to the coronavirus crisis: the Irish fashion discounter now expects its full-year profit will drop by almost 70 %.
Swedish fashion group H&M plans to close 170 stores this year, following the coronavirus crisis and the losses incurred as a result. The focus will be more on e-commerce.
French baby store chain Orchestra Prémaman is going to fall back on the French-speaking part of Belgium, closing all stores in the Dutch-speaking part. "We have never been able to make a breakthrough there", founder Pierre Mestre admits.
Swedish fashion chain H&M recorded a net quarterly loss for the first time in decades: sales halved as a result of the lockdowns and price cuts put pressure on margins.
The coronavirus crisis hit Nike hard, with the sportswear brand suffering an unexpected net loss and a 38 % drop in sales in the last quarter. The reason for the net loss is the expensiveness of e-commerce, apparently.
In yet another lawsuit between Yves Saint Laurent and former artistic director Hedi Slimane, the French fashion house has once again emerged as the loser: YSL is sentenced to pay nearly 700,000 euros to Slimane for the use of Slimane's photos.
It seems that the current scandal at Belgian fashion retailer FNG has been deeply rooted into its past. Is finding out who benefited the key to the secret? And what else will be uncovered?
The coronavirus crisis has already cost the Belgian fashion chains some 1.2 billion euros in turnover, trade federation Comeos calculated.
Outdoor brand The North Face has decided to stop running ads on Facebook, as civil rights organisations in the United States are calling for a boycott of the company (and its subsidiaries like Instagram).
Founder Pierre Mestre regains control of Orchestra Prémaman after a judicial reorganisation. This is good news for the Belgian branch of the baby chain, whose activities will be retained.
