Chief Human Resources Officer at Colruyt, Koen Demaesschalck, has said he wishes to dial back wages based on seniority. Demaesschalck emphasizes he is not opposed to rewarding loyalty, but he finds the current arrangement "perverse". Belgian labour unions are outraged.
Colruyt: "Seniority has perverse consequences"
Swedish H&M is losing the fast fashion battle against Spanish Inditex. It may still be the cheapest of the two, but Inditex taps into new trends faster which in turns brings in more customers.
Swiss luxury group Richemont proposed to obtain a majority stake in online retailer Yoox Net-a-Porter. The move is a way to implement its online strategy faster.
Fashion chain The Sting generated a profit once more in 2016, after it had to deal with a more than 5 million euro loss in the year before. Affiliate brand Costes also generated a profit in its fiscal year 2016.
Italian shoe brand Geox’ turnover dropped slightly in the past fiscal year. It also replaced former CEO Gregorio Borgo with Matteo Mascazzini, who came from Italian fashion brand Gucci.
Irish fashion chain Primark has seen its first quarter turnover grow 7 % at level exchange rates and 9 % taking the fluctuations into account. Analysts however had expected faster growth.
German fashion web shop Zalando has grown nearly a quarter in the past fiscal year and its company profit also nearly grew 5 %, although the latter was slightly below its own expectations.