Luxury online platform Farfetch said it saw “strong momentum” in Q2, driven by the acceleration of online adoption, helping it to make “significant” market share gains and connect to record numbers of new customers.
Struggling UK fashion retailer New Look has proposed a second major restructuring of its store estate in three years, asking for turnover-based rent deals as part of a package of measures to ensure its survival.
American off-price retailer Stein Mart Inc filed for Chapter 11 bankruptcy protection on Wednesday, becoming the latest apparel seller to crumble under the economic stress caused by coronavirus-led lockdowns.
As Marimekko announced a 20% fall in sales, it also said it’s planning to restructure its ops. It blamed the pandemic, saying the “global fashion and specialty retail sector is facing the worst crisis in decades”.
Wednesday brought a rare piece of good news from UK fashion retail as Asos said it has “continued to deliver a strong operational performance and year-on-year improvements in profitability” in this financial year.
Adidas has seen no impact on its sales from employee complaints over racism at the German sportswear company that led to the departure of its human resources boss, Chief Executive Kasper Rorsted said on Tuesday.