New Look Retail Holdings Ltd Group in the United Kingdom has agreed with its financial creditors to the key terms of a comprehensive recapitalisation transaction that will extend New Look’s facilities, deliver a new money investment of £40 million and significantly de-leverage the balance sheet. It will have funding to provide a sustainable platform for post-COVID trading.Pic: New Look GroupThe transaction will enable the group to invest in and deliver its strategic business plan, according to a

Ever since the fashion and apparel world was hit by the deadly pandemic 6 months ago, the entire retail sector has been plagued by uncertainty and unpredictability arising out of store closures, debts and constant lockdowns.Image Courtesy: diepresse.comWith cases surging in different countries at different times, every country is today on the verge of going into lockdown any time. There isn’t anything more unpredictable and scary than being in such a situation. Retailers are reassessing where to

WeDesign has launched the Future Fashion Now design competition, in collaboration with the Ellen MacArthur Foundation and the UN. It is a global, sustainable design competition that enables entrants to rethink how the fashion industry works. The Foundation works to inspire a generation to re-think, re-design, and build a positive future circular economy.Pic: Future Fashion Now / Ellen MacArthur FoundationInspired by Make Fashion Circular and the UN’s Sustainable Development Goals, the competitio

Esprit has been facing difficult times much before the pandemic started owing to enfeebled sales and has now warned shareholders that it will be posting a loss of US $ 503.2 million in its annual report slated to release late next month.Image Courtesy: scmp.comThe European entities of the retailer are already under statutory administration and its shares were trading for as low as 12 cents in Hong Kong.Many analysts and investors believe the company has no reason left to continue trading.COVID-1

FLORENCE - Italian brand Salvatore Ferragamo has become the first fashion company to receive the expansive SI Rating Silver certification for its progress towards sustainability.The SI Rating, created by Italian start-up ARBalzan, claims to be the first algorithm on a single platform that includes all the tools of the ESG (Environmental, Social and Governance) criteria and the 17 United Nations Sustainable Development Goals (SDGs).Source:Eco Textile

H&M has collaborated with Boltware, a Berlin-based wearable tech solution company, to develop Wearable Love – a jean jacket that can mimic the feeling of being touched.Image Courtesy: insideretail.com.auThe development holds relevance in today’s times when social distancing has put restrictions on human beings to hug and touch.And that’s where this collaboration will help!The jacket shoulders are embedded with flexible sensors and tactile elements. The customer first of all needs to download

After struggling to make ends meet during recent times and filing for Chapter 11 bankruptcy protection in July, the 200-year-old luxury retailer Brooks Brothers has finally found a buyer.Image Courtesy: rli.uk.comAs brand licensing company WHP Global Inc. bowed out of the race, Brooks Brothers announced that it will be acquired by Sparc Group LLC, a joint venture of Authentic Group and mall-owner Simon Property Group, who raised their offer from US $ 305 million to US $ 325 million.Sparc Group h

Hugo Boss, a German luxury fashion house, has reported 59 per cent sales decline to €275 million in its second quarter (Q2) fiscal year 2020 ended on June 30, 2020 compared to sales of €675 million in same period last year. During the quarter, group incurred a net loss of €186 million compared to net income of €52 million in Q2 FY19.Pic: ShutterstockGross profit for Q2 FY20 fell 66 per cent to €150 million (Q2 FY19: €445 million). Operating loss for the quarter were €399 million.“The second quar

Ascena Retail Group, a US-based specialty retailer offering apparel, shoes, and accessories for women, has reported sales decline to $601.2 million in its third quarter (Q3) fiscal 2020 ended on May 2, 2020 compared to sales of $1,088.4 million in same period last year. Group incurred a net loss of $643.5 million (Q3 FY19: $237.9 million).Pic: ShutterstockGross margin for the quarter fell to $185.8 million ($627.3 million). Selling, general and administrative expenses registered a loss of $412.4

Fashion and apparel brands are still struggling to make ends meet with many resorting to taking credit facilities, while others have to shut shop due to the slow turn of the market.Image Courtesy: jamo.jpJapanese clothing company World Co Ltd. has announced its decision to close 358 stores in the country by the end of March 2021. This decision comes as structural reforms were made necessary by the onset of the pandemic.Along with store closures, the company has scrapped five labels in its portfo