Salesforce releases USA ‘Cyber Week’ shopping figures of digital mediums. Salesforce, an American cloud-based software company, has released data of Cyber Week shopping figures in USA.
The recently released figures are for the industry to know how online mediums – desktop and smartphone – performed during the week. Reliance Retail posts 14% fall in profit; flat revenue in Q2. Since consumer preferences have witnessed a shift, of late, owing to the global coronavirus pandemic, retail stores have been experiencing less footfalls.
Most shoppers now prefer staying indoors and buying from local or online stores. Reliance Retail too had to bear the brunt of the crisis, as it reported a 14 per cent fall in operating profit while revenues remained flat. The company’s retail division – operating around 12,000 outlets offering products across categories including apparel, groceries and electronics – registered sales of Rs. 41,100 crore with earnings before interest, taxes, depreciation and amortisation (EBITDA) at Rs. 1,986 crore. US Bankruptcy Judge calls Aurelius Group to submit rival bid to buy JCPenney. US Bankruptcy Judge David Jones has urged a group of JCPenney creditors to submit a rival bid so as to buy the struggling retailer.
The group of creditors, which include Aurelius Capital Management that holds US $ 162 million of term loans and other JCPenney debt, earlier this week, had slammed the deal wherein Simon Property Group and Brookfield Property Partners would buy the retailer’s operations. FullBeauty to acquire Catherines for nearly US $ 41 million. The American plus size women’s and men’s apparel firm FullBeauty Brands is set to buy the plus-size label Catherines from Ascena Retail Group for US $ 40.8 million.
The New York-based fashion brand emerged as the winner at the recently concluded Ascena’s bankruptcy auction. The bid made by FullBeauty Brands was more than double of what was offered by City Chic Collective Limited (US $ 16 million). The Sydney-based City Chic, as per the court documents, is now the backup bidder with a US $ 39.9 million offer. Meanwhile, Ascena has notified the US Bankruptcy Court for the Eastern District of Virginia in Richmond that it will be permanently shutting down 23 more stores run by its Justice tween apparel label.
V2 Retail reports net loss of Rs. 9 crore in June 2020 quarter. Fashion retailer V2 Retail Limited on Wednesday posted a standalone net loss of Rs. 9 crore for the first quarter ended 30 June 2020, as against a net profit of Rs. 11 crore in the corresponding quarter of the previous fiscal.
The company’s revenue from operations stood at Rs. 37 crore, falling 82 per cent, in the April-June 2020 quarter, as compared to Rs. 202 crore during the same quarter of 2019. Retail stores weren’t operational for a major part of the quarter owing to the nationwide lockdowns in the wake of the coronavirus pandemic, which led to the plummeting figures, underlined V2 Retail. Ram Chandra Agarwal, the company’s Chairman and Managing Director, stated now that stores have become fully operational, the brand has begun to witness gradual pickup. Zalando predicts full year earnings to reach €300 million; surge in online demand.
The German online fashion platform Zalando is one of those few that seemed to have enjoyed every bit of the extended lockdown period.
And it has all reasons to! With people staying at home and physical stores closed, shoppers’ online purchase has seen a massive surge. Back in March, when the pandemic was spreading fast across Europe and there were restrictions on non-essential purchase, Zalando was forced to abandon its initial full year earning prediction of €275 million. Everyone was suffering and Zalando was no exception. Amazon announces 10-week seller fee waiver as part of ‘Stand for Handmade’ initiative. One of India’s largest e-commerce giants, Amazon has waived the fee to sell on Amazon for artisans, weavers and women entrepreneurs over the course of the next 10 weeks.
This move is in keeping with its ‘Stand for Handmade’ which aims to promote indigenous products handcrafted by artisans and the seller-fee waiver will help them tide over the financial woes created by the pandemic. As part of ‘Stand with Handmade’, Amazon has created a storefront wherein consumers can peruse the products made under the ‘Karigar’ and ‘Saheli’ programmes. Each of these programmes has taken under their wing, 8 lakh artisans and weavers, and 2.8 lakh women entrepreneurs, respectively. Raymond sacks hundreds of employees since February.
India’s textile and apparel major Raymond has laid off hundreds of employees across the board.
The firing started as early as February, due to reasons like Group’s mounting debts, economic slowdown and the ongoing crisis caused by the outbreak of coronavirus pandemic. And that’s not all! As per the complaints raised by few of the employees, the company has also failed to give them the promised severance pay. The recent development caused a stir on social media. COS launches a sustainable activewear collection for the summer. Macy’s loses vendor-shipment credit insurance. Macy’s has been struggling with the economic slowdown brought on by the coronavirus pandemic but the situation seems to be worsening for the retailer now.
After lay-offs, store closure and incurring mounting debt, Macy’s is facing another obstacle. Two of the biggest retail credit insurers, Coface and Euler Hermes Group, are reluctant to provide vendor-shipment coverage to Macy’s, citing concerns about the sector. The lack of credit insurance would make bouncing back, after the lockdowns are lifted, very difficult for the company. Sycamore Partners tries to back out; Victoria’s Secret deal may fall through.
After incurring heavy losses for L Brands, Victoria’s Secret was all set to be acquired in a private deal.
However, the current financial crisis most firms are facing has put the deal in jeopardy. Sycamore Partners, the private equity firm that had agreed to buy a 55 per cent stake in the company in February for a total of US $ 1.1 billion, is now looking to back out. Adidas gets €3 billion as Government aid. German sportswear giant adidas has announced the approval of €3 billion (or US $ 3.3 billion) as aid from German government and banks as the company grapples with the falling business during lockdowns worldwide. The aid will be in the form of a syndicated revolving credit line with €2.4 billion being contributed by German state-owned bank KfW and the rest €600 million coming from a consortium of the company’s partner banks including Bank of America, Citibank, Deutsche Bank, HSBC, UniCredit, Standard Chartered Bank and Mizuho Bank, as per a statement by the company.
They will be unable to pay out dividends for the duration of the loan as per a condition laid out as part of the syndicated loan. Flipkart CEO assures employees of no salary cuts, lay-offs. Walmart-owned online firm Flipkart has assured its employees that the company will not slash salaries and there would be no lay-offs and all job offers including internships will be honoured even as the COVID-19 pandemic has disrupted the businesses in the country and worldwide. Flipkart CEO Kalyan Krishnamurthy gave an assurance to its employees that the company is ‘financially healthy’ and that there is no cause to worry. According to sources, Krishnamurthy assured staff that the company remains committed to its employees, vendors and seller-partners.
“A crisis is a great time to show your statesmanship, commitment and character. We are honouring all commitments, campus placements and also looking at innovative ways of virtual inductions and onboarding,” he said. Krishnamurthy told them that the key is for all employees to remain safe and healthy and urged them to be more responsible. Also, its fashion portal Myntra has temporarily suspended services during the 21-day shutdown.
Arvind unveils Festive 2020 collection ‘United by Indigo’ Riding on the growing denim sector in India, textile-to-technology conglomerate Arvind announced the launch of its newest collection, United by Indigo which is its forthcoming Festive 2020 collection. The latest offering balances the legacy of authentic denim with future possibilities to capture the essence of the present day global trends. The launch event was co-hosted by The Lycra Company, a market leader in functional and performance speciality – stretch yarn technology. Kobe Bryant’s first NBA All-Star season jersey being auctioned. Here’s something for Kobe Bryant fans and admirers! Even as the world is still mourning the tragic death of NBA legend Kobe Bryant, Los Angeles auction house Nate D.
Sanders has announced that it will host an auction featuring memorabilia from the Lakers legend. And one of the prized items that’s going to be up for bidding will be a game-worn jersey that Kobe wore in his first All-Star game during the 1998-1999 season. Other items will include a game-worn shirt from the same season, three basketballs signed by Kobe, as well as trading cards signed by him, Michael Jordan and LeBron James. Nate D. Victoria’s Secret goes private! Louis Vuitton India witnesses 24% rise in profit in FY19. M.M.LaFleur pulls back plus-size clothing.
Francesca’s appoints its new CEO. Nike’s Move to Zero capsule to release this summer! Nike, the US-based sportswear brand, will be releasing its ‘Move to Zero’ capsule collection of apparels coming summer. The new collection will be an integration of sustainable cotton and recycled polyester and can be produced using less chemicals and less water. Telugu actor Vijay Deverakonda launches his streetwear brand Rowdy Wear on Myntra.
L Brands nears sale of Victoria’s Secret to a private equity firm. Macy’s to shut down 125 stores; to focus on reducing headcount. Uniqlo to open its third store in India at DLF Avenue, Saket on 29 February. Maison Margeila to foray into footwear with Reebok. Authentic Brands Group coming to Forever 21’s rescue! It’s February! Raw Mango to soon open pop-ups in Mexico. Hugo Boss donates A$ 100,000 to help Australia fight bushfires. & Other Stories to open store in Russia. MCM launches lounge and sleepwear collection. Gucci’s new logo is a hit in Vietnam. Wildberries to enter Europe; to open pick up points in Poland. Wildberries, one of the renowned online retailers from Russia, now plans to enter Europe.
SHEIN India connects with 100+ colleges for its Campus Ambassador Campaign. SHEIN India, the popular e-commerce destination, recently initiated an influencer campaign titled ‘Campus Ambassador’ to generate brand awareness, loyalty and visibility among the consumers. The campaign also aims to target and engage the young college-going enthusiasts and provide them an opportunity beyond academics to develop the soft skills of communication, marketing and networking. The Campus Ambassador programme was started in Mumbai with 30 ambassadors in 15 colleges, slowly widening the horizons to Pune, Delhi and Bangalore. Presently, they have a workforce of 100 ambassadors, who will continue to work for the brand as long as they are students in a college. Mytheresa to launch its menswear collection; joins hands with Prada. Mountain Warehouse reports 16.2% growth during Christmas.
Mountain Warehouse has had a bright beginning this New Year! Myntra sells 3.3 million products on Day 1 of End of Reason Sale. Club Factory’s seller base jumps by 4-folds! It’s over 20,000 now. JW Anderson signs footwear licensing deal with OLG. Uniqlo’s founder to step down as SoftBank board member. Customer experience workers at Everlane unionising. American Eagle Outfitters store now in Bengaluru! JadeBlue goes online; focuses on revamping business. Carma’s shopping fest begins tomorrow. H&M’s Cos to soon rent out clothes in China. Van Heusen comes up with a range of innovative collections. Ralph Lauren posts higher than estimated quarterly profit; share prices climb 14% Bhilwara Suitings changing business strategies; offering schemes.
Bloomingdale’s opens in Kuwait. 37% net profit increase in 6 months; Ralph Lauren heading towards its 2023 vision. LVMH announces re-launch of department store La Samaritaine. Mark Cross opens maiden standalone store in 3 decades. Timberland’s maiden eco-concept outlet launched in London. Bottega Veneta now in Miami! Adidas shifts smart factories from US and Germany to Asia. Gap and HKRITA join hands to promote sustainable fashion. Investments and not predatory pricing causing losses to Amazon and Flipkart.
Uniqlo witnesses slump in its sales in South Korea. 90% sustainable by 2023! Monsoon’s commitment to sustainability continues. Rs. 4,472.50 crore! That’s what Amazon is investing in its India business. H&M opens ‘hyper-local flagship’ in Berlin. The North Face and Vans witness growth in China in Q3. GRADO by OCM unveils its all-new festive collection. Steve Madden comes to Malaysia. AEPC urges Government to ensure banks do not declare NPAs of MSMEs. Nothing can stop Fast Retailing from growing! Amazon and Flipkart alleged to be influencing prices; DPIIT to hold discussion. Italy’s Moda Biella enters Indian market.
Amazon to launch Go in retail stores and movie theatres. CAIT seeks investigation into e-commerce companies evading GST during festive sales. Retail Information: Amazon now lets you try clothes before buying! Retail Information. Retail Information - The Amazon success story (with image) · AppResources. Retail News ,Latest Retail Information , Top Apparel Retailers & Retail Industry News. Retail Information 22 March - Apparel Resources. Retail Information- Apparel retailer GAP reveals new virtual dressing app (with image) · AppResources. RETAIL INFORMATION 23 FEBRUARY 2017 - Apparel Resources. Retail industry information 12 january 2017 - Apparel Resources. Retail News ,Latest Retail Information & Top Apparel Retailers.