Kohl's, a US-based omnichannel retailer, has reported 14 per cent decrease in its total revenue to $3.9 billion during the third quarter (Q3) for fiscal 2020 that ended on October 31, 2020, compared to the revenue of $4.6 billion in same period previous fiscal. Company incurred a net loss for Q3 FY20 of $12 million (Q3 FY19: net profit $123 million).Pic: Shutterstock“Our third quarter results exceeded our expectations with significant sequential sales and profitability improvement. Digital s

As the year is nearing the end, the struggle to survive continues for retailers across the globe.Image Courtesy: chicago.racked.comThe Houston-based clothing retailer Francesca’s is no exception! The fashion retailer has said that it will be shutting down 140 stores by 30 January 2021.The retailer announced this yesterday (16 November) in a filing with the Securities and Exchange Commission (SEC).Francesca’s also made it clear that if it fails to raise enough capital to continue its operations a

Burberry Group plc, a British luxury fashion house, has announced its first half (H1) results for fiscal 2021 that ended on September 28. Revenue for the six-month period declined 31 per cent to £878 million compared to revenue of £1,281 million in same period previous year. Attributable profit for H1 FY21 fell to £48 million (H1 FY20: £150 million).Pic: Shutterstock“Though the momentum we had built was disrupted by Covid-19 at the start of the year, we were quick to adapt, while making further

In continuation to the previous report on the fashion industry’s resilience worldwide as international markets reopen,we now draw focus upon the markets of France, Japan, Russia and Brazil – on how they plan to secure a more sustainable future.COVID-19 has accelerated shifts in attitudes with consumers paying more attention than ever to the safety, quality, and sustainability of materials used in fashion and accessories, and the risks associated with local and global supply chains.Presented by I

Milan Fashion Week will continue to employ virtual catwalks owing to the pandemic crisis!Image Courtesy: cdn-image.departures.comThe event being held early next year will commence from 15 to 19 January for the men’s shows, while women’s Fashion Week will be held from 23 February to 1 March.Carlo Capasa, chamber president, said that the event will be held digitally or physically depending on the evolution of the pandemic.The British Fashion Council cancelled the men’s Fashion Week in London last

Adidas, a designer and manufacturer of shoes, clothing and accessories, reported 7 per cent sales decline to €5.96 billion in its third quarter (Q3) for fiscal 2020 ended on September 30 compared to sales of €6.41 billion in same period last year. Net income from continuing operation for the reported quarter slipped to €578 million (Q3 FY19: €644 million).Pic: Shutterstock“We saw a strong recovery in our business in Q3. Our focus on healthy inventories, profitable sell-through and disciplined se

MAE SOT - Entertainment giants Disney and NBC Universal are being urged to compensate migrant garment workers who were reportedly subject to appalling conditions while making their products at a factory in Thailand.A total of 26 Burmese garment workers were awarded 3.46 million Thai baht (US$110,000) in compensation for the exploitation they suffered while making goods for Disney, NBC Universal, Starbucks, and Tesco.A court heard that they had worked seven days per week in a sweltering factory w

LONDON - More than 60 retailers, including Burberry, Missguided, ASOS and Primark have pledged to support the British Retail Consortium's Climate Action Roadmap which sets a target of net-zero emissions by 2040.The BRC's roadmap applies to the sector's direct operations and its entire global supply chain, and includes decarbonising stores by 2030, deliveries by 2035 and products by 2040.Outlined at the UNFCCC Race to Zero Dialogues online event today (10 November), the Climate Action

BARCELONA – Spanish fashion brand Mango has joined the United Nations’ Fashion Charter for Climate Action committing the company to achieve net-zero greenhouse gas (GHG) emissions by 2050 and a 30 per cent reduction by 2030.The company joins a growing number of industry stakeholders to align with the Charter, as it looks to turn the tide on fashion’s vast environmental impact.Having been one of many firms to have signed the Fashion Pact upon its inception last year, Mango is now signalling its g

Philip Day’s retailers Edinburgh Woollen Mill (EWM) and Ponden Home in the UK recently collapsed into administration with 866 jobs axed and hundreds more under threat. A total of 64 stores—56 EWM and eight Ponden Home—will be permanently closed. The remaining 328 EWM and 65 Ponden Home stores will operate with COVID-19 restrictions, while a buyer is sought.Pic: Edinburgh Woollen Mill“Lockdown restrictions and low consumer confidence and footfall of core customer demographics, including senior sh