Bernard Arnault, Europe’s richest man, has acquired a one-quarter stake in Arnaud Lagardère’s holding company, in a move that will be seen as an attempt to support the family of his fellow French billionaire.
US brand Vans, launched in the midst of the 1966 skate scene, is supporting its retailers through its e-commerce site. Custom Vans have been created by the stores, which will receive a portion of the profits.
M&S has plans to hibernate some of its SS20 stock as it reveals a big sales hit due to the pandemic. But the firm is upbeat and says Clothing & Home is progressing, even though fashion retail will change post-crisis.
The owner of Vans, The North Face and Timberland managed an impressive transformation in the fiscal year ended March 28, 2020, achieving a 2% increase in revenue despite a strong downturn in sales in Q4 due to Covid-19.
The New York-based brand management company announced a 20.7% decrease in first-quarter revenues from continuing operations on Friday, a decline which resulted in a significant widening of the group’s total net loss.
The owners of fashion businesses like River Island, The Edinburgh Woollen Mill Group, Arcadia, Charles Tyrwhitt, New Look and Monsoon Accessorize have all seen their estimated personal wealth fall over the past year.
Farfetch saw its revenue almost doubling in the first quarter as lockdowns meant online was the only option for luxury fashion shoppers. The firm remains loss-making but says it's still on target for profits next year.
Nike said on Thursday store closures across the globe will hurt its retail and wholesale businesses in the fourth quarter, even as it ramps up its e-commerce capabilities to address increased online orders amid Covid-19.
There's speculation that a successful sale of Newcastle United football club for £300 million could release cash for Frasers Group boss Mike Ashley to invest into the retail business and to buy more distressed brands.
The New York-based owner of brands including Umbro, Lee Cooper and Ecko Unltd. announced a net loss of $21.5 million for the first quarter on Tuesday, down from income of $17.9 million in the prior-year period.
A group of fashion CEOs, retailers and designers, including luminaries like Dries Van Noten, Tory Burch and Craig Green, have called for a major rethink in fashion deliveries and greater sustainability in an open letter.