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Business

Louis Vuitton repurposes workshops to make face masks

French fashion house Louis Vuitton has confirmed that it is repurposing its workshops across France to produce hundreds of thousands of non-surgical protective masks to aid in the “battle against Covid-19”. The initiative will see 300 Louis Vuitton artisans from workshops in Marsaz, Saint-Donat, Saint-Pourcain, Ducey and Sainte-Florence,...

8 hours ago

Business ANALYSIS

Lululemon’s CEO reassures the market: “Our financial health is strong”

New York – In a recent earnings, Calvin McDonald, CEO at Lululemon, discussed the company’s fourth-quarter results, as well as the near future of the company in the light of the coronavirus pandemic. The yoga apparel brand’s leadership is confident in their results in the short and middle term. “The safety and well-being of our people and our...

10 hours ago

Business

PETA buys stock in Ralph Lauren, Urban Outfitters and others

Animal rights group PETA has taken advantage of the COVID-19 stock market downturn through purchasing stock in nearly two dozen fashion companies, including Ralph Lauren, Urban Outfitters and Guess. This move is a strategy the organization often takes to influence decisions made by clothing companies. PETA frequently purchases the minimum number...

1 day ago

Business

Fashion industry forecasted to contract by up to 30 percent

A new report by The Business of Fashion and McKinsey & Company has detailed the effects of COVID-19 on the global fashion industry, and the results are not pretty. The fashion industry is in crisis, and millions of jobs are at stake, along with the potential for many companies to go bankrupt. The global fashion industry is projected to contrast...

8 Apr 2020

Business

TJX to furlough employees and cut executive pay

Even off-price retail chains, which have long been a sweet spot for retail even in the midst of a recession, are feeling the impact of COVID-19. TJX, the parent company of TJ Maxx and Marshalls, will be furloughing employees and cutting executive pay by 20 to 30 percent until further notice. Beginning April 12, the majority of in-store and...

8 Apr 2020

Business

H&M signs 980 million euro credit facility to boost liquidity buffer in response to Covid-19

H&M Hennes & Mauritz AB has signed a new 12 months 980 million euros revolving credit facility with a six months extension option in order to further strengthen its liquidity buffer and financial flexibility in response to the Covid-19 situation. The company said in a statement: “The H&M group’s liquidity remains good. The group is continuing...

8 Apr 2020

Business

US fashion heavyweights PVH Corp and VF Corp announce Covid-19 mitigation measures

American fashion companies PVH Corp and VF Corp have both announced their latest measures to mitigate the impact of the Covid-19 pandemic on their businesses. PVH Corp, whose portfolio includes brands Calvin Klein and Tommy Hilfiger, said that in North America, where it has the highest concentration of its workforce, approximately 75 percent of...

8 Apr 2020

Business

Levi Strauss posts sales and profit growth

Levi Strauss & Co., for its first quarter ended February 23, 2020 reported net revenue growth of 5 percent on a reported basis, and 6 percent on a constant-currency basis excluding 11 million in unfavourable currency effects to 1,506 million dollars. The company said in a statement that net revenues growth was partially offset by an estimated 20...

8 Apr 2020

Business

Asos plans to extend debt and share placing as Covid-19 hits sales

Total sales at Asos plc grew by 21 percent to 1,597 million pounds (1,967.5 million dollars). The company said in a statement that gross profit increased 17 percent but gross margin declined 170bps versus the prior year. Profit before tax increased 653 percent to 30.1 million pounds (37 million dollars), while basic and diluted earnings per...

8 Apr 2020

Business

Ralph Lauren to forego his entire salary for fiscal year 2021

American luxury designer brand Ralph Lauren is to give furloughs, pay cuts and foundation donations to ensure the safety and wellbeing of its employees while it navigates the impacts of Covid-19. The company said in a statement that executives across the label would reduce their salaries and compensation including Ralph Lauren, executive...

7 Apr 2020

Business

Hugo Boss Suspends Dividend Amid Covid-19 Pandemic

German luxury fashion brand Hugo Boss AG (HUGSF.PK) said that its Managing Board and the Supervisory Board have decided to propose to the Annual Shareholders' Meeting that the dividend payment for fiscal year 2019 will be suspended. The negative effects of the Covid-19 pandemic on macroeconomic development are currently also leading to a...

7 Apr 2020

Business

Lindex owner Stockmaan files for corporate restructuring

Finnish fashion group Stockmann is filing for corporate restructuring after experiencing a “significant” impact from the Covid-19 pandemic. The group, which owns Swedish fashion chain Lindex, said it has made “continued strong growth” on its online stores since the beginning of March, but that has not been enough to offset a “drastic decline” in...

7 Apr 2020