The H&M Group, a Swedish multinational clothing-retail company, has reported 16 per cent sales decline to SEK 50,870 million (Swedish krona) in its third quarter (Q3) fiscal 2020 ended on August 31, compared to the sales of SEK 62,572 million in the same period previous year. Profit for the period fell to SEK 1,821 million (Q3 FY19: SEK 3,859 million).Pic: Shutterstock“Through much-appreciated collections and rapid, decisive actions, we returned to profit already in the third quarter. Our em

The UKwill follow up work on its 2018 inquiry, ‘Fixing fashion: clothing consumption and sustainability’. EAC has chosen to revisit the issue to monitor its progress due to continued concerns around the environmental impact of the fashion industry and work conditions in UK garment factories. The government rejected most EAC recommendations in 2019.Pic: ShutterstockThe 2019ranged from a producer responsibility charge to pay for better clothing collection and recycling to requiring due diligence c

J Jill, a US-based premier omnichannel retailer and women’s apparel brand, has announced the appointment of Claire Spofford as chief executive officer, effective no later than February 15. Spofford will also become a member of the board of directors. Company further stated that Jim Scully will remain interim CEO to ensure a smooth transition of the role.Pic: ShutterstockSpofford a veteran retail executive with more than 20 years of experience, most recently served as president of Cornerstone Bra

Value and lifestyle fashion retailers in India are expected to witness 35-42 per cent decline in revenues in fiscal 2020-21, according to ICRA, which recently said revenues in the second quarter, though improved sequentially, are expected to remain substantially lower on a year-on-year (YoY) basis, adversely affected by local lockdowns and restrictions.A meaningful ramp up in sales is expected from the third quarter onwards, led by increased demand during the festive season and the substantial e

2020 has been an eventful year for J. Jill as it has been for most of the retailers across the globe.Image Courtesy: livinginstyleoc.comIt was only last month that the leading American womenswear retailer had exited Chapter 11 after it had got approval from its lenders.Also Read:And now the retailer has announced the name of new Chief Executive Officer (CEO).In a statement released to media, J. Jill has said that Claire Spofford will assume the office of CEO effective no later than 15 February 2

Here’s Looop!Image Courtesy: top4man.ruThat’s H&M’s first garment-to-garment recycling system, which will be unveiled in its Drottninggatan store in Stockholm on 12 October (Monday).The recycling machine uses technique that dissembles and assembles old garments into new ones.The process involves cleaning the garments and shredding them into fibres and spinning them into new yarn which are then knitted into new fashion items.The development is enabled by the company’s non-profit foundation an

US Bankruptcy Judge David Jones has urged a group of JCPenney creditors to submit a rival bid so as to buy the struggling retailer.Image Courtesy: startribune.comThe 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.The creditors had said that the aforementioned deal was overly gene

The sales momentum keeps continuing for Sosandar!Image Courtesy: Sosandar.comAfter a good first quarter, the UK-based online women’s fashion retailer saw its half-yearly sales ended 30 September 2020 jump by an impressive 52 per cent to clock£4.3 million.The second quarter sales rose by 50 per cent year-on-year (Y-o-Y) helping to drive a material reduction in Sosandar’s EBITDA loss.August, in particular, saw a higher proportion of repeat orders along with a huge demand for its full price summer

IBM, the American multinational technology company in collaboration with Burberry, has developed Voyage – a prototype of product traceability technology.The development is a part of the tech supplier’s internship programme with the theme ‘Sustainability in Fashion’.Image Courtesy: www.forbes.comThe participant students were tasked with designing, development and testing of an innovative new product for an IBM client. The work was been done in collaboration with Burberry’s digital experts.Voyage

Authenticated luxury consignment marketplace The RealReal has joined hands with Gucci through the end of the year to unveil an online shop featuring pre-loved Gucci items and promote circularity for luxury fashion. For all Gucci purchases or US consignments made through The RealReal, the companies will also plant a tree through nonprofit One Tree Planted.The RealReal is the world’s largest online marketplace for authenticated, consigned luxury goods. Planting of trees will help The RealReal’s gl