, a designer and marketer of apparel and accessories, posted 36.1 per cent sales decline to $405.1 million in first quarter (Q1) FY21 ended on April 30, 2020 compared to sales of $633.6 million in same period prior year. Net loss for the quarter were $39.3 million compared to net income of $12.0 million in Q1 FY20.Gross profit for the quarter dropped to $124.4 million (Q1 FY20: $236.0 million). Selling, general and administrative expenses were $154.6 million ($201.8 million). Operating loss for

Gap Inc.’s first quarter report is out for the 2020 financial year and expectedly it doesn’t read well for the American retailer. The impact of the pandemic is hitting every retailer badly.Image Courtesy: commons.wikimedia.orgThe fashion label has recorded an operating loss of US $ 1.2 billion in Q1 owing to closure of its stores and subsequent loss of sales over the last few months.The net sales, including that of its brands Gap, Banana Republic and Old Navy, fell by 43 per cent Y-o-Y during th

With coronavirus far from over, the riots in US have now hit the fashion bigwigs in a big way!Image Courtesy: usatoday.comThe Swedish fast fashion giant H&M has announced to temporarily shut its 95 stores all across America amidst protests following George Floyd’s death.In a statement signed by Helena Helmersson, CEO, H&M, the fashion retailer said that it is fully committed to taking such steps so as to stand against racism and stand with its colleagues, customers and communities.H&

Here’s another fashion retailer that’s become a victim of COVID-19!Image Courtesy: clark.comThe American wear-to-work retailer for women, New York & Co., is on the verge of bankruptcy, as warned by its owner RTW Retailwinds.Reportedly, RTW Retailwinds said that it is in the process of finalising a 10-K form that summarises company’s financial performance – reflecting ‘substantial doubt about company’s ability to continue’.Coronavirus seems to have taken a heavy toll on the retailer with seve

US jewelry giant Tiffany’s saw their shares take a plunge as reports of the LVMH takeover of the brand may not go through.Image Courtesy: www.fortune.comThe unstable market scenario of the United States, which was triggered by months of lockdown followed by civil unrest and several violent protests in the wake of George Floyd’s murder by Minneapolis Police Department, has opened questions of uncertainty of the future of Tiffany’s in the US, which is its biggest market.By the end of last year, LV

The first quarter has witnessed American Eagle Outfitters (AEO) and its brands perform extraordinarily as far as digital business is concerned.Image Courtesy: post-gazette.comClosure of physical stores forced lot of people to search and buy products digitally all through the first quarter. And the results are out!While AEO recorded a rise of 33 per cent in its digital business in Q1, its intimate apparel brand Aerie clocked a whopping 75 per cent increase in digital business during the period.Th

, a manufacturer of performance luxury apparel, reported 15.4 per cent revenue growth to $958.1 million (Canadian Dollars) in fiscal 2020 ended on March 29, 2020 compared to revenue of $830.5 million in. Net income grew to $151.7 million (FY19: $143.6 million). Gross profit were $593.3 million (FY19: $516.8 million).Pic: Canada GooseHowever, revenue for the fourth quarter (Q4) FY20 fell to $140.9 million (Q4 FY19: $156.2 million. Net income for the quarter were $2.5 million (Q4 FY19: $9.0 millio

Centric Software, the US-based digital transformation solution, has launched the latest version of its Centric 8 PLM version 7.1.Image Courtesy: www.3ds.comThe innovation has been developed in response to the customer feedback and realising the new market need for a more collaborative and efficient system.The customers will now also be able to personalise the PLM experience as per their needs and convenience. “Giving individual users flexibility to optimise and personalise their workspace in jus

H&M has reached 97 per cent recycled or other sustainability sourced cotton and will not source conventional cotton for collections from 2020 onwards.Leading fashion retailer H&M has come up with its latest sustainability report and showed how aggressively it is moving forward in sustainable activities. The company also showed its firm vision and insisted that in this challenging time of COVID-19, sustainability will play an even more crucial role. It is good to see that the retailer is

With every big and small fashion brand gradually reopening their stores globally, Reiss, the British fashion label, too has decided to reopen its stores in a phased manner.The fashion brand has already reopened some of its stores in Europe and now it has announced that from 15 June, it will reopen around 26 stores in the UK. These 26 stores will include both outlets and standalone stores.Like most of the retailers, Reiss too has assured that safety of its employees and visitors will be its topmo