Here’s WhatsApp’s initiative to help small businesses! The Watford Borough Council, the local authority for the Watford non-metropolitan district of England, has collaborated with WhatsApp to create the UK’s first ‘WhatsApp High Street’ of businesses.
The council is working with WhatsApp as its pilot company. As a part of the programme, experts from WhatsApp are providing training to 12 local businesses on Market Street. The company is providing training to these businesses on WhatsApp Business so as to help them connect with their customers and therefore overcome the challenges of the pandemic. Notably, the WhatsApp Business is being used by almost 50 million users across the world.
Boohoo asks US Court to drop US $ 100 million lawsuit. British e-commerce fashion firm Boohoo has urged the US court to drop a US $ 100 million lawsuit after it was accused of offering fake discounts to shoppers.
Designer Kanika Goyal introduces new website and online store. TJX Companies slump after predicting a sales fall of 20% in current quarter. Not good times for TJX companies!
The American fashion giant, which owns iconic brands like TJ Maxx and Marshalls, fell big in more than 4 months following its prediction that there could be a drop of 20 per cent in sales in the current quarter. Ralph Lauren plans restructuring following a difficult last quarter. The pandemic has wiped out several fashion retailers in last few months and so Ralph Lauren has already started working on strategies to avoid joining the list of insolvent clothing retailers.
It’s been a tough last quarter for Ralph Lauren too! While the quarterly sales of the American fashion retailer have dipped by a huge 57 per cent, it has seen a loss of US $ 1.82 per share, contrary to US $ 1.73 that analysts had predicted. In North America alone, the sales for the retailer plunged by a worrying 77 per cent. And if analysts are to be believed, the demand for clothes and accessories are not going to increase anytime in future with world economy on the verge of entering recession.
The retailer has, reportedly, confirmed that it is now planning to restructure with focus on organising teams, its corporate office real estate footprint and also revisiting its wide repertoire of brands. Japanese apparel brand Cecil McBee to shut down all its stores. After being in the business for nearly 4 decades, Cecil McBee, the renowned apparel brand of Japan, is finally finding it difficult to survive the tough times.
The brand, famous for its trendy and beautiful designs, has been struggling for over a decade now against the likes of bigwigs like H&M and Forever 21 that have been gaining lot of popularity in the country especially among the youth. Amidst this struggle to not lose its identity, the fashion brand got its final blow this year when the deadly pandemic led to massive store closures eventually killing its sales. In fact, in fiscal 2020, its sales were a disappointing 12.1 billion yen and with cases rising in the country again, the fashion label knows it cannot afford another lockdown.
So, when the fashion brand announced the closure of stores, it didn’t come as a surprise. Hugo Boss eyeing online expansion to almost 25 countries by FY20-end. In view of the growth of the online retail market, brands have been strategising to strengthen their e-commerce platform.
German luxury fashion house Hugo Boss is also aiming to generate online sales upwards of €400 million come 2022, as compared to revenue of €151 million garnered in 2019. To achieve this target, Hugo Boss’ online portal will foray into 24 new markets this fiscal itself. The countries added to the label’s portfolio June onwards include Australia, Japan, Hong Kong, Poland and Portugal, while the group will reinforce their online footprint in North America by foraying to Canada and Mexico in August. The Indian counterpart of the online store is set to go live in August too. Landmark mall starts e-chat service to help shoppers buy luxury products online. As more malls and shopping centres reopen following the lifting of lockdowns, they’re coming up with innovative strategies to entice customers into shopping again.
Landmark mall in Hong Kong has launched an ‘e-chat shopping’ luxury service on its mobile app. The mall already has an online shopping concierge that helps customers select and purchase or reserve products through WhatsApp. The e-chat service is an enhancement of the process enabling one-on-one communication with the store staff. Customers can easily clarify their queries about products and styles and also get tips on the latest trends through the online concierge offering options from over 500 products. The luxury service is available for 48 brands like Fendi, Tory Burch, BottegaVeneta, Chopard and R Sanderson, among others. Stefano Sassi to leave this Italian luxury house; ex-Gucci executive steps in. Stefano Sassi, who was leading Italian luxury house Valentino, is leaving the company.
And, who’s stepping in! The luxury label has roped in former Gucci executive Jacopo Venturini as the new Chief Executive to lead the company from June onwards. PETA acquires shares in 20 luxury businesses including Burberry and Kering. During the ongoing COVID-19 pandemic and its resulting impact on the fashion and retail industry, People for the Ethical Treatment of Animals (PETA) has taken the opportunity to acquire a considerable number of shares in major fashion brands.
PETA, whose efforts are directed towards protecting and safeguarding animal rights, announced that it has “bought shares in around 20 businesses including French luxury giant Kering, Burberry, Ralph Lauren and Guess.” The aim behind this exercise is “to push fashion brands to stop using wool, mohair and cashmere,” the NGO said in a statement. Online-only fashion retailer ASOS shores up 247 million pounds. ASOS raises 247 million pounds by placing shares to help it shore up its finances.
The online fashion retailer is prone to the current retail scenario that is hit badly owing to Coronavirus pandemic. Notably, ASOS revealed a 25 per cent drop in sales despite recording half-year profits as consumers have started cutting on discretionary expenses. 100 Thieves drops entire apparel line in Animal Crossing. For all those who have been eyeing apparel drops from 100 Thieves over the past 3 years, here is good news! The Los-Angeles based lifestyle brand and gaming organisation 100 Thieves make an entire apparel line available in Animal Crossing: New Horizons. Partnering up with twitter users ActualIyCasey and dearanipii, the esports and streetwear label has now made their complete inventory free and downloadable for fans that are currently playing one of the Nintendo Switch’s currently biggest games, thanks to the title’s highly customisable items and outfits. 100 Thieves has launched digital variation of each item they have actually launched today.
Flipkart ropes in Instagram’s Bharath Ram as Vice President. H&M expecting loss in second quarter after plunge of 46% in March sales. Swedish fashion brand H&M reported a plunge of 46 per cent in March sales as the COVID-19 pandemic impacted the business. The brand also said that it is expecting to run a loss in its fiscal second quarter. H&M has temporarily shut 3,778 of its 5,065 stores as of the end of March, and has flagged big layoffs and scrapped its annual dividend for the first time since its 1974 listing in the wake of this outbreak.
Reportedly, the brand said “The second quarter will naturally be very negatively impacted by the Coronavirus situation and will therefore be loss-making.” H&M has confirmed that it has prepared a number of sources of financing in order to strengthen its liquidity buffer and is expecting to finalise them in the second quarter.
The firm said that it expects to cut operating expenses, excluding depreciation and amortisation, by around 20 to 25 per cent in the second quarter. Adidas Superstar will have 24-karat gold plating throughout the upper. Adidas’ Three Stripes is putting 24-karat gold plating on the shoe that is launching exclusively for women this week, in continuation with the tradition of the iconic Adidas Superstar’s 50th birthday. This collection is limited to only 5,000 pairs and comes in a glittery gold material all throughout the upper with actual 24-karat gold plating on the tongue, the Three Stripes branding and the heel tab stamped with a shooting star logo.
The pair draws inspiration from glitz and glamour of the award season. The shoe has a white contrasting shell toe on the forefoot and an equally adorable white rubber outsole. The brand revealed a new campaign, ‘Change Is a Team Sport’ that has brought together some of its most notable endorsers, including popular gamer Ninja, K-Pop superstar Blackpink and singer-producer Pharrell Williams, among others.
Uniqlo reopens around 100 stores in China. Fast Retailing, the parent company of Uniqlo, announced that around 100 of its outlets have reopened in China since last week. However, about a third of its 750-strong ones remained closed owing to the outbreak of the deadly Coronavirus. Reportedly, the firm is also gradually opening some of its partner factories. The company said that few of its items in its Spring/Summer Uniqlo U collection, which were to go on sale on Friday, were being delayed because of the prolonged disruption of its supply chain, which started to impact the business outside China as well.
Good news for Uniqlo lovers in Hanoi! After opening its first store in Ho Chi Minh City late last year, fast fashion retailer Uniqlo is all set to open its second store in the country. Also Read – Stars campaign for Uniqlo Vietnam! First store to open on 6 December And this time it’s in Hanoi! The Japanese fashion label will enter the city in early March. This was confirmed by Koyama Noriaki, Vice President, Uniqlo Group, yesterday, during a meeting with Nguyen Duc Chung, Chairman, Hanoi People’s Committee. Bossini faces huge losses; sales go down by 20% Rue21 to expand plus size offerings in 61 outlets in Q1. Golden Goose sneaker brand sold to Permira.
Menswear label SS HOMME will now be known as Sarah & Sandeep. Biking influencer Faisal Khan launches biking gear line called FK-R. Celebrated automotive influencer Faisal Khan has come out with a special line of motorcycle riding gear called FK-R. Launched under the MotorBeam Digital Private Limited banner, this personalised gear is limited edition for those looking at levelling up their style with quality biking gear.
M&S appoints Eoin Tonge as CFO. Gucci joins UNDP project to save wildlife. Gucci, the fashion label from Italy, in its efforts to save wildlife, has joined The Lion’s Share Fund – an initiative to tackle crises in nature, climate and biodiversity worldwide. Led by the United Nations Development Programme (UNDP) and other UN partners and businesses, the project aims to raise US $ 100 million annually in next 5 years for animal conservation, biodiversity and climate. H&M notices 35% growth in India; Stefan Persson to step down as Chairman. H&M is growing and, importantly, India’s contribution to the brand’s growth cannot be overlooked.
New Guards Group acquires Opening Ceremony. The US-based apparel brand and retailer Opening Ceremony has been bought by Farfetch-owned New Guards Group (NGG), which also boasts of renowned streetwear brands Palm Angels and Off-White. The terms of the agreement were, however, not disclosed. Abercrombie & Fitch Co. to shrink its footprint. Abercrombie & Fitch, the lifestyle retailer from America, is set to shrink its footprint!
The brand is keen to get the right store in the right location at the right size and endorsing the thoughts, Scott Lipesky, CFO, Abercrombie & Fitch, said “We are willing to walk away from any mall at this point.” BSL plans to open 6,000 multi-brand stores in 6 years. BSL, Indian fabric manufacturer, is eyeing new export markets now! While suitings account for 40 per cent of BSL’s earnings, the contribution of its domestic operations stands at 20 per cent. The company has also, reportedly, said that in next 6 years it plans to open 6,000 multi-brand retail stores. H&M’s Monki will be in Philippines soon! Pentland Group buys Speedo North America for US $ 170 million. Kering and PVH Corp. among several fashion brands combating Australian bushfires.
PVH Corp. appoints Tom Chu as Regional President of PVH Asia Pacific. Forever 21 teams up with Global-e to launch localised digital stores. Nasty Gal’s maiden activewear range unveiled. Women’s apparel brand Mustard to open 100 stores. Men buy more clothes online than women: Nielsen. Carrera Jeans to enter India in 2020. Shoppers Stop opens 6th store in Kolkata. Pernia Qureshi unveils ‘Gur’, a sustainable apparel. Apparel market in India to hit US $ 85 billion by 2021. Bricks-and-mortar stores still a hit in Australia, proves Accent Group.
Kim Kardashian’s Skims launches sleepwear. Love, Bonito confirms data breach; online customers impacted. The Collective’s expansion plans; to double store count in 3 years. Inditex witnesses 12% growth in profit in first 9 months. Carma’s shopping fest begins tomorrow. 100 stores by 2025! Promod’s big plans for India. Winding up sourcing from India, zLabels increases focus on Bangladesh. Primark enters Slovakia market. Kering holds exploratory talks with Moncler. Patrik Söderström is the new CEO of Gant. Jabong’s revenue sees rise of 19% this financial year. Flipkart joins forces with FICCI to help MSMEs expand business online. EasyRewardz secures undisclosed funding from Flipkart. JCPenney shrinks losses for Q3 of FY20. Alibaba invests additional US $ 3.3 billion in Cainiao Smart Logistics Network. Here comes world’s first biodegradable stretch denim! Global Fashion Group clocks 18.7% rise in Q3 revenue.
Foreign fashion labels eyeing Vietnam. Sweaty Betty is now in Asia! Lifestyle concept store launched in Vietnamm. Raymond announces demerger of its lifestyle business from the firm. Start-ups to be exempted from regulatory filings for 10 years. Lee Cooper now in Bangladesh. Escada bought by private equity firm Regent. M&S beats Impulse to win Fashion Industry Cricket Encounter (FICE) Cup.
Instapump Fury Boost™ sneakers by Reebok & Adidas to be available from 15 Nov. Destination XL appoints Erica Thompson as CMO. Authentic Brands bids on Barneys; could launch more stores inside Saks after deal. Apparel retailer GAP reveals new virtual dressing app. Market Retail Information - News, Analysis Around World. Retail Information. ASOS pays Euro 20.2 million over trademark dispute. Superdry to open more retail outlets in India.
Retail Information Archives. Outdoor clothing brand Ibex to share revenue with retailers.