H&M, Zalando and C&A lead fashion sales in Germany, while Marks & Spencer, Next and Primark take the main spot in the UK. France is dominated by sport players and Italy by pure players.
Average rents along Manhattan’s 16 retail corriders have being declining for eleven consecutive quarters. In the UK, retail store vacancies have reached its six-year high.
When consumers work from home, they reallocate spend similarly to consumers in retirement, and apparel is the category that experiences the deepest decline.
The announcement follows senior leadership changes made last week. Nike intends to streamline its organization to transform the company faster.
The apparel retailer was founded in 1818 and has dressed presidents from Abraham Lincoln to Barack Obama. It is know owned by Italian businessmen Claudio del Vecchio.
The Hong Kong-listed apparel retailer filed for Protective Shield Proceedings for six German subsidiaries last March.
The Swedish giant reported a pre-tax loss of 6.5 billion crowns ($685 million), against a year-ago 5.9 billion profit. The group is going to increase the pace of closures with around 170 gross closures this year.
Fashion groups that depend on these two markets follow closely the evolution of the pandemic and the business structure in both countries and are already beginning to think of alternatives.
Local consultancy Fung Business Intelligence estimated that consumption will return to pre-crisis levels in two or three months, according to a report published on March 18, with an especially rapid recovery in clothing and cosmetics.
The IMF expects a “partial” recovery in 2021. The cumulative loss to global GDP over 2020 and 2021 could be around 9 trillion dollars.
Pablo Isla, chairman of the owner of Zara, has announced that it will continue to pay employees without government assistance.
