Zara, H&M and Gap may be slowly reopening their stores but the coronavirus epidemic has had a devastating financial impact on the fast fashion sector, which needs a radical overhaul if it is to recover, experts say.
While no major fashion firms have been spared, Japan's Fast Retailing, owner of the Uniqlo brand and not far behind the world's No. 2 H&M in sales, looks well placed to cope with the crisis better than rivals.
With coronavirus-related restrictions slowly being lifted in a number of states, companies including Macy’s, Nordstrom, Caleres and Ulta have joined the list of U.S. retailers slowly reopening their stores.
The San Francisco-based fashion retailer has been sued by the landlord of its store at 1212 Avenue of the Americas, New York City, for failing to pay rent for April and May due to the ongoing Covid-19 pandemic.
The American fashion group has announced that it has appointed IMG as its first ever exclusive multi-brand licensing representative, a partnership that opens the door for a range of cross-category product extensions.