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Business

Swedish Stockings launches first collection of tables made out of discarded tights

Stockholm-based sustainable tights brand Swedish Stockings is going full circle by converting discarded stockings into statement tables. While it is not yet possible to make new tights out of discarded tights, at least they get a new life as a stylish furniture item, which was developed in collaboration with furniture designer Gustaf Westmanis....

21 minutes ago

Business

Daniel Grieder steps down as Tommy Hilfiger Global & PVH Europe CEO

PVH Corp has announced that Daniel Grieder is stepping down from his role of Chief Executive Officer, Tommy Hilfiger Global & PVH Europe after 23 years in various management roles within the organization, and will be leaving the company to pursue other interests. The company said in a statement that Martijn Hagman will succeed Grieder, effective...

18 hours ago

Business

Boohoo faces 100 million dollar lawsuit over 'sham sales'

Boohoo is facing a 100 million dollar (81 million pound) lawsuit over claims by lawyers in the US that it is using fake sales and promotions. US law firms Almadani Law and AI LawLawyers accuse the company of misleading shoppers by creating “sham sales” using fake ‘original’ prices on products against which the new ‘sale’ prices appear slashed....

21 hours ago

Business

Uniqlo Japan: Store closures impact sales, same-store sales drop by 18.1 percent

May 2020 same-store sales including online sales decreased by 18.1 percent at Uniqlo Japan, while total sales including online sales decreased by 19.7 percent. The company, part of the Fast Retailing Group, said in a statement that same-store sales declined in May as approximately 20 percent of the stores were closed temporarily on average...

1 day ago

Business

Zalando SBTs: reducing carbon emissions by 80 percent before 2025

Online fashion retailer Zalando has realised the need of the hour and maintains sustainability as a focus area even in times of the coronavirus crisis. As the first platform worldwide, Zalando is therefore setting itself Science Based Targets (SBTs) for reducing carbon emissions in line with the 1.5 degree Celsius target of the Paris Agreement....

2 Jun 2020

Business

Safilo completes acquisition of 70 percent stake in Blenders Eyewear

Safilo Group has announced the closing of 70 percent stake acquisition in the California company Blenders Eyewear LLC. Founded in San Diego in 2012 by Chase Fisher, Blenders Eyewear generates approximately 95 percent of its current business through its direct-to-consumer e-commerce platform. The company closed 2019 with net sales of 40.7 million...

2 Jun 2020

Business

33 Sustainability efforts of the fashion industry in April and May 2020

While traditional brands and retailers are struggling to manage inventory, overstock and decreasing consumer spending, there are those that are thriving in the current corona crisis: sustainable designs and resale fashion for example. Brand collaborations are also still going strong. If you have missed our sustainability round-up in April (and...

29 May 2020

Business

Nordstrom Q1 revenue and profits decline

The company reported a Q1 net loss on Thursday. Compared with the same period last year, revenues also slipped by 39.5 percent. For Q1, the company's net profit was -62 million dollars, which decreased from 513 million dollars last year. Revenues decreased to 2,026 million dollars. The profit margin of the company slipped to -3 percent compared...

29 May 2020

Business

Sales and earnings drop at Abercrombie & Fitch

Abercrombie & Fitch Co. has reported net loss per diluted share of 3.90 dollars and 3.29 dollars on a reported and adjusted non-GAAP basis compared to net loss per diluted share of 29 cents on both, reported and adjusted non-GAAP basis last year. Net sales for the quarter declined by 34 percent to 485 million dollars. Commenting on the first...

28 May 2020

Business

Abercrombie & Fitch revenue slips 33.9 percent for Q1

The company reported a Q1 net loss on Thursday. Revenues slipped by 33.9 percent from the same period last year. The company's net loss for Q1 was -244 million dollars, surged from -19 million dollars a year earlier. Furthermore, revenues slipped to 485 million dollars. Abercrombie & Fitch (NYSE: ANF) is an American retailer that focuses on...

28 May 2020

Business

Steve Madden revenues decline by 13.6 percent in the first quarter

Revenue at Steve Madden decreased 13.6 percent to 359.2 million dollars compared to the same period of 2019. The company said in a statement that gross margin for the quarter was 37.2 percent compared to 38.9 percent in the same period last year. The company added that net loss attributable to Steven Madden, Ltd. was 17.5 million dollars or 22...

28 May 2020

Business

Zalando, Sustainable Apparel Coalition and Higg Co introduce new global sustainability standard

Online fashion retailer Zalando, the Sustainable Apparel Coalition (SAC) and technology company Higg Co have announced their new collaboration, a new global sustainability standard for fashion brands and retailers, meant to accelerate sustainability industry wide. With SAC’s updated version of the Higg Brand & Retail Module (Higg BRM), Zalando -...

28 May 2020