Venerable US retailer Lord & Taylor filed for Chapter 11 bankruptcy on Sunday, becoming the latest in a growing list of storied names to do so amid the ongoing coronavirus outbreak that has crippled the retail sector.
UK malls giant Hammerson on Monday confirmed press peculation that it’s in “advanced discussions on the terms of a possible disposal of its 50% interest in VIA Outlets to its joint venture partner APG”.
Oakley and Ray-Ban maker EssilorLuxottica's second-quarter revenue almost halved due to store closures to curb the spread of the coronavirus, it said on Friday, sending operating profit tumbling by more than 90%.
Sales at Maybelline maker L’Oréal fell more sharply than expected in the second quarter, though the French beauty giant managed to contain any major profit erosion as the COVID-19 pandemic forced stores to close.
Burberry on Friday announced the opening of its long-awaited social retail store in China’s technology hub Shenzhen, “blending the physical and social worlds in a digitally immersive retail experience”.
PayPal reported an 86% jump in Q2 profit on Wednesday as the e-commerce payments processor benefited from the shift to online spending amid the coronavirus pandemic. Net income increased to $1.53 billion.
Italian fashion group Prada said on Wednesday sales had recovered sharply in Asia since June after the fallout from the coronavirus pandemic triggered a 40% decline for comparable revenues in the first half of the year.
It’s been a weird year for fashion retail so far and Q2 in particular saw unprecedented global conditions, so it’s no surprise that the new Lyst Index is different from usual with Nike and Birkenstock's riding high.
French luxury group Kering's Q2 comp sales plunged by 43.7% due to the coronavirus. Gucci comp sales fell 45% and Saint Laurent 48%, but recovering Bottega Veneta contained the drop in revenue to only 24.4%
LVMH, the world’s biggest luxury goods group, said sales momentum picked up in June and had especially improved in China, after store closures sparked by the pandemic tore a hole in the Louis Vuitton owner’s Q2 sales.
Italian fashion group Moncler reported a first-half operating loss for the first time in its history on Monday as a drop in sales caused by the coronavirus crisis lockdowns accelerated sharply in the second quarter.