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Singapore retail sales fall at steepest pace in 12 years as virus deters shoppers

Singapore retail sales fall at steepest pace in 12 years as virus deters shoppers

Singapore's retail sales in February fell at the steepest pace in more than 12 years on a month-on-month basis as consumption fell across categories such as apparel and cosmetics due to the coronavirus pandemic.
Fashion
Spain's coronavirus crisis stalls global fashion giant Inditex

Spain's coronavirus crisis stalls global fashion giant Inditex

Inditex has switched its clothes factories in Spain over to making medical supplies and its logistics hub has almost ground to a halt, effectively freezing the nerve centre of its business from which it supplies stores.
Fashion
Pitti Uomo postpones June 2020 edition to September

Pitti Uomo postpones June 2020 edition to September

After the serial cancellations of the June men's Fashion Weeks, the benchmark menswear show has announced the postponement of its next summer edition, which is now scheduled to be held in Florence on September 2-4.
Fashion
Primark boss takes 50% pay cut as pandemic lockdown continues

Primark boss takes 50% pay cut as pandemic lockdown continues

Primark became the latest retailer on Friday for its leaders to show solidarity with its workforce as parent company Associated British Foods announced a pay cut for bosses.
Fashion
Fashion is biggest loser as UK retail sales plunge

Fashion is biggest loser as UK retail sales plunge

There were no surprises from the latest BDO monthly High Street Sales Tracker on Friday as the figures showed the worst month on record for retail sales in March and especially for fashion
Fashion
Bagir to run out of cash, is now assessing options

Bagir to run out of cash, is now assessing options

Troubled tailoring specialist Bagir Group is assessing its options as it said the coronavirus crisis means it has "insufficient cash resources available" and undermined its ability to continue as a going concern.
Fashion
Galeria Karstadt Kaufhof files for creditor protection

Galeria Karstadt Kaufhof files for creditor protection

German department store Galeria Karstadt Kaufhof and its subsidiary Karstadt Sports have filed for creditor protection after seeing a drop in sales as a result of the coronavirus crisis.
Fashion
Joules raises £15m in share placing to get it through the Covid-19 crisis

Joules raises £15m in share placing to get it through the Covid-19 crisis

Joules has announced the successful completion of a share placing with nearly 19 million new ordinary shares having been placed. It raised £15 million in gross proceeds. 
Fashion
H&M powers ahead in Q1, but Covid-19 sends Q2 into reverse

H&M powers ahead in Q1, but Covid-19 sends Q2 into reverse

Q1 was a good time for H&M and its profits leapt ahead. But Q2 will be loss-making with sales dropping 46% during March as shops in its key markets shut their doors. 
Fashion
AEO, Caleres and Lululemon implement cost-cutting initiatives to stay afloat during Covid-19 pandemic

AEO, Caleres and Lululemon implement cost-cutting initiatives to stay afloat during Covid-19 pandemic

As it becomes clear that store closures will continue for longer than anticipated, companies including AEO, Caleres, Lululemon and Ulta Beauty have announced further measures to preserve their financial liquidity.
Fashion
Arcadia furloughs 14,500 staff, more firms will join it says analyst

Arcadia furloughs 14,500 staff, more firms will join it says analyst

The owner of the Topshop and Dorothy Perkins chains has furloughed the majority of its staff as, like the rest of the retail sector, it continues its fight for survival in the face of the coronavirus crisis.
Fashion
H&M to pay suppliers in full for orders fulfilled, but halts new orders

H&M to pay suppliers in full for orders fulfilled, but halts new orders

Swedish giant H&M Group has told suppliers in Bangladesh and other manufacturing countries that they will receive payment for the orders they have already fulfilled or begun and it won't expect discounts. 
Fashion
CEO of menswear label Pal Zileri says effects of Covid-19 on business “devastating”

CEO of menswear label Pal Zileri says effects of Covid-19 on business “devastating”

The Italian menswear label, now facing the A/W20 collection’s first order cancellations, is asking the Italian government for cash-flow support, an extension to temporary redundancy measures and rent suspensions.
Fashion
Mango launches livestreamed Home Sessions concerts via Instagram

Mango launches livestreamed Home Sessions concerts via Instagram

Mango is launching a lockdown initiative called Home Sessions, a series of livestreamed concerts. The first happens at 6 pm on Thursday with Marta Knight performing live from her home via the Mango Instagram channel.
Fashion
Next wants to sell and lease back HQ and warehouses to raise cash

Next wants to sell and lease back HQ and warehouses to raise cash

The company thinks that it could potentially rise up to £100 million in the sale of the properties as it works to conserve as much cash as possible in the current coronavirus crisis.
Fashion
Shopify announces optimistic Q1, suspends 2020 outlook

Shopify announces optimistic Q1, suspends 2020 outlook

Ottawa-based e-commerce company Shopify Inc. said on Wednesday that it is suspending its previous financial expectations provided for full-year 2020, as the Covid-19 crisis continues.
Fashion