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Frasers Group warns of 200 million pound hit from Covid

Frasers Group has warned of a potential 200 million pound hit linked to Covid - twice the amount it estimated back in February. The group, which owns brands Sports Direct, Flannels, House of Fraser, and Jack Wills, said it believes further restrictions are “almost certain”, and said it is “continuing to assess the Covid-19 potential impact on...

1 day ago

Business

Blockchain start-up Retraced: “We aim to prove transparency pays off”

The ascent of German blockchain start-up Retraced has been rapid: Founded in October 2018, and just over a year later, the company won the German Sustainability Prize 2019. During the pandemic year 2020, Retraced was able to win over 40 fashion companies (including Armedangels, Boyish Jeans and ErlichTextil) and started 2021 with raisingone...

9 Apr 2021

Business

Digital Showroom startup HATCH launches HATCH Connect: an immersive remote selling experience for brands and retailers

Virtual appointments, real connections. Amsterdam, the Netherlands (April 2021): PVH-backed startup HATCH is launching HATCH Connect, its latest addition to their Digital Showroom platform. HATCH Connect enables customers to conduct virtual appointments directly from the Digital Showroom without having to use additional software such as Google...

9 Apr 2021

Business

Asos looks to raise 500 million pounds for global expansion

Asos has announced plans to raise 500 million pounds to drive its global expansion a day after the British fashion giant reported surging profits for the first half of the year. The company said it is offering 500 million pounds of senior unsecured guaranteed convertible bonds due 2026 through its subsidiary Cornwall (Jersey) Limited. Asos said...

9 Apr 2021

Business

The market nods to Falabella's departure from Argentina

The Chilean fashion retail group Falabella has confirmed that it will close the doors of all its physical establishments in Argentina, a country that has been key in its expansion in the Latin American market. Industry experts approve the move, key in Falabella’s omni-channel strategy. Last September, the Chilean parent group announced that it...

8 Apr 2021

Business

British Fashion Council to support students with fabric donations

The British Fashion Council has announced that it is launching the Student Fabric Initiative, a collective community action project that aims to support fashion students across the UK in the face of the pandemic, while reducing waste across the industry. The initiative aims to support students as they complete their BA fashion degrees, explained...

8 Apr 2021

Business

Centra and FashionUnited partner up to offer brands a wider reach to wholesale buyers

In response to the pandemic, Centra and FashionUnited have partnered up to extend reach from Centra’s private digital Showroom onto the FashionUnited Global B2B Marketplace. At the backbone of the partnership lies a solid API- integration that allows Centra’s clients to showcase their collections to 40.000 wholesale buyers in the FashionUnited...

8 Apr 2021

Business

Fast Retailing reports 22.9 percent increase in H1 profit

The Fast Retailing Group reported a decline in revenue but a large jump in profits in the first half of fiscal 2021 with consolidated revenue totalling 1.2028 trillion yen, down 0.5 percent and operating profit rising to 167.9 billion yen, up 22.9 percent. The company said in a release that rise in profit can be attributed primarily to large...

8 Apr 2021

Business

Accessories brand Cacto announces it is carbon-negative

Carbon neutrality is no longer enough, states Mexican-American accessories brand Cacto, which is claiming to be the first carbon-negative fashion company in the Americas. Cacto, which produces sustainable accessories made of cactus leather, has partnered with Swiss nonprofit organisation, On A Mission, which has measured and offset 150 percent...

8 Apr 2021

Business

Asos posts surge in H1 profit, sales jump 25 percent

Retail sales at Asos plc grew 25 percent to 1,976 million pounds, while pre-tax profit increased by 253 percent to 106.4 million pounds, with consistently strong performance throughout the period. The company said in a statement that growth was in part driven by exceptional performance in the UK where retail sales grew by 36 percent in P1 and...

8 Apr 2021

Business

The unexpected impacts of Covid retail closures on small investors

Since the pandemic started, hundreds of thousands of retail locations have closed; some temporarily, many for good. While this trend has had a visible, almost immediate effect on retailers’ financials and strategies, there is another group of stakeholders who are facing unexpected challenges: Small investors. Commercial real estate has...

7 Apr 2021

Business

Frasers Group calls for inquiry into Peacocks sale

Frasers Group has called for an inquiry into the sale of Peacocks, which was bought out of administration this week after collapsing in November. Administrators from FRP announced Tuesday that Peacocks had been acquired by an international investment consortium lead by the discount retailer’s former chief operating officer, Steve Simpson....

7 Apr 2021