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Luxury industry pessimistic about rapid recovery from Covid-19 crisis

Luxury industry pessimistic about rapid recovery from Covid-19 crisis

Luxury industry leaders have assessed the impact of Covid-19 on the sector, envisaging a recovery only in the long-term, according to a survey by the Italian Fashion Chamber and Pitti Immagine, with McKinsey & Company.
Fashion
Brazilian flip-flops maker Havaianas turns Japanese for the season

Brazilian flip-flops maker Havaianas turns Japanese for the season

Havaianas is paying homage to its DNA and also to the Land of the Rising Sun, with the launch of Tradi Zori streetwear-inspired flip-flops, which celebrate Japanese design.
Fashion
G-III posts 36% drop in sales, announces shuttering of almost 200 stores

G-III posts 36% drop in sales, announces shuttering of almost 200 stores

The NYC-based owner of DKNY and Donna Karan has reported a 36.1% decline in its Q1 sales as a result of the Covid-19 pandemic, and also announced the permanent closure of its Wilsons Leather and G.H. Bass Stores.
Fashion
Gap reports huge first-quarter loss on coronavirus-led store closures

Gap reports huge first-quarter loss on coronavirus-led store closures

Gap Inc on Thursday reported a whopping first-quarter loss of $932 million as the apparel retailer wrote down the value of some assets due to coronavirus-driven store closures.
Fashion
EssilorLuxottica set to get EU warning about Dutch deal: sources

EssilorLuxottica set to get EU warning about Dutch deal: sources

EU regulators are set to warn EssilorLuxottica that its 7.2 billion euro bid for opticians group GrandVision may harm competition, people familiar with the matter said, pressuring the group to offer concessions.
Fashion
Canadian retailer Comark Holdings to restructure as virus crisis weighs

Canadian retailer Comark Holdings to restructure as virus crisis weighs

Comark Holdings Inc said on Wednesday it would restructure under the Companies’ Creditors Arrangement Act (CCAA) as the fallout from the COVID-19 pandemic hit the Canadian apparel retailer’s business.
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Adidas says China sales back to growth faster than expected

Adidas says China sales back to growth faster than expected

Adidas said on Thursday that sales had returned to growth in greater China faster than it had expected after the coronavirus lockdown, while the reopening of business in Europe and the Americas was going more gradually.
Fashion
Amazon in talks to buy $2 billion stake in Indian telco Bharti Airtel - sources

Amazon in talks to buy $2 billion stake in Indian telco Bharti Airtel - sources

Amazon.com is in early-stage talks to buy a stake worth at least $2 bn in Indian mobile operator Bharti Airtel , three sources said, underscoring the growing attraction of India's digital economy for U.S. tech giants.
Fashion
Ebay raises current-quarter sales, profit forecast on higher demand

Ebay raises current-quarter sales, profit forecast on higher demand

Ebay Inc raised current-quarter revenue and profit forecast on Thursday, as people stuck at home due to the COVID-19 pandemic ordered more from the e-commerce platform, sending its shares up 10%.
Fashion
Fashion wholesalers call on UK to extend business rates relief

Fashion wholesalers call on UK to extend business rates relief

Daniel Morris, co-founder of fashion Agency Morris Fyfe, has launched an online petition calling on the government to extend its Covid-19 support for retail businesses to include wholesale agents and distributors.
Fashion
Lingerie sales surge by 300% as UK lockdown eases

Lingerie sales surge by 300% as UK lockdown eases

New data has revealed that the relaxation of lockdown rules has prompted a sharp increase in lingerie sales in Britain.
Fashion
Debenhams reopenings start next week, plans 'big bang' approach on June 15

Debenhams reopenings start next week, plans 'big bang' approach on June 15

Having struck rent deals for most of its stores, Debenhams is planning for its reopening programme to begin next week as three Northern Ireland shops open on Tuesday. 
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LVMH insists it's not buying Tiffany shares on market; suggesting deal to go ahead, but at lower price

LVMH insists it's not buying Tiffany shares on market; suggesting deal to go ahead, but at lower price

With rumors mounting that Bernard Arnault may be attempting to renegotiate a lower deal price for LVMH’s acquisition of Tiffany, the luxury group said Thursday it will not buy any shares in the jeweler on the market.
Fashion
New Look in landlord talks about turnover-linked rents

New Look in landlord talks about turnover-linked rents

Less than two years on from its CVA, New Look is in talks with its landlords again and has appointed property agents to help it negotiate rent deals based on turnover as it prepares to reopen its store estate this month.
Fashion
Fossil's Q1 hit by pandemic, losses widen but cost savings grow too

Fossil's Q1 hit by pandemic, losses widen but cost savings grow too

Watchmaking giant Fossil had a tough time in Q1 as the effects of the global pandemic hurt its operations all over the world. But things could have been worse and its Q1 global net sales fell ’only’ 16% to $390.7m.
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