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coronavirus news and archive

Fashion

Steps to Reopening Retail

As retail emerges from crisis mode and prepares to reset, there are many steps retailers can take now to prepare for the fast-evolving future. Jill Standish, Senior Managing Director and Global Head of Accenture’s Retail practice, shares actionable strategies for outmaneuvering the uncertainty that lies ahead. How can retailers best support...

29 May 2020

Retail

Will shoppers buy second hand clothes when charity stores reopen in June?

Charity shops are expecting a deluge of donations when retailers reopen from June. But shoppers may be concerned second-hand clothing and accessories are susceptible to Covid-19 and avoid buying used clothing. Charity stores will be introducing extra hygiene to reassure customers, Vicki Burnett, senior consultant at the Charity Retail...

29 May 2020

Business

Prada says May sales are up 10 percent in China

Prada is seeing a rebound in sales as it saw an increase of more than 10 percent in China this month. But while the Chinese market is rebounding, sales in Europe are lagging, specifically in the luxury sector which depends on visitors. In a television interview with Bloomberg, Prada’s chief executive Patrizio Bertelli said: “The European market...

29 May 2020

Fashion

Reassessing the product range

As consumers consider their product choices much more carefully, they will ultimately be consuming less. Current excessive volumes are no longer sustainable and there will be a huge reduction in the overall number of products offered in the future. Therefore, careful range planning and execution will become key to the success of a range and...

29 May 2020

Fashion

Paris Haute Couture Week to go digital in July

The Fédération de la Haute Couture et de la Mode, the body responsible for the fashion shows in Paris, has announced it will launch an online AW20/21 Haute Couture event from 6 to 8 July. It comes after the federation announced in March that it had cancelled its July Haute Couture Week as well as its Paris menswear season in June. “This event...

29 May 2020

Business

Burlington Stores reports net loss of 334 million dollars

Burlington Stores, Inc., for the first quarter ended May 2, 2020 reported total sales decrease of 51 percent to 798 million dollars. The company’s gross margin rate was 2 percent vs. last year’s rate of 41 percent, driven primarily by a 272 million dollars inventory charge against aged inventory due to extended store closures. Net loss was 334...

29 May 2020

Business

Nordstrom posts 40 percent drop in Q1 sales

Nordstrom, Inc. reported that its first quarter net sales decreased 40 percent to 2,026 million dollars from last year. The company said in a statement that loss per diluted share was 3.33 dollars, which included charges of 1.10 dollars associated with the impact of Covid-19. “We successfully strengthened our financial flexibility by increasing...

29 May 2020

Retail

JCPenney offers designated shopping hours for at-risk customers

JCPenney has announced that it will offer designated shopping hours for at-risk customers in its newly reopened stores. The retailer defines at-risk customers as senior citizens, expectant mothers, and those with underlying health concerns. Stores will be open for only these shoppers on Wednesdays and Fridays from 11 in the morning until noon....

28 May 2020

Fashion

CFDA announces recipients of A Common Thread grant

The CFDA and Vogue have announced 44 recipients of A Common Thread - a new initiative launched two months ago to provide aid to companies within the fashion industry whose businesses have been negatively impacted by COVID-19. The CFDA has raised 5 million dollars to award grants, and over 1,000 applications from brands, retailers and factories...

28 May 2020

Retail

Afterpay launches program to help shoppers add donations to COVID relief

Afterpay is enabling shoppers to give back to COVID-19 relief. The alternative payments solution provider has launched a new "top up program" that allows customers to add a 1-dollar donation to participating charitable organizations when completing an online purchase using Afterpay. The program has launched with A Common Thread and Baby2Baby as...

28 May 2020

Retail

Capri Holdings continues reopening stores globally

Capri Holdings is resuming store operations globally, in accordance with local government reopening plans and safety protocols. Slightly more than half of the company’s global stores are currently open. The company, which consists of Versace, Jimmy Choo and Michael Kors, has reopened less than 15 percent of its 455 retail stores in the Americas....

28 May 2020

Retail

Harrods to open outlet in Westfield to clear inventory and ensure safety

Luxury department store Harrods is to open an outlet in Westfield as it prepares to make space for the new season. The outlet will hold its summer stock to enable the Knightsbridge store to merchandise the new collections and avoid crowds of shoppers. Harrods, like most retailers, holds large volumes of inventory that it wasn’t able to sell...

28 May 2020