The US retailer, Gap Inc., has announced plans for closing down more than 225 stores worldwide this year, with a further batch next year. A net loss of $62 million in revenue declined 18% during the second quarter. Sales from physical companies decreased by 48%, compared with a meteorically 95% increase in online sales. During this time, the company has acquired over 3.5 million clients.The company did not give any indication of where in the world its stores would close, or which banners are mos

The J.Crew Group in the United States recently announced it has successfully completed its financial restructuring process and emerged from Chapter 11—a form of bankruptcy that involves a reorganisation of a debtor's business affairs, debts and assets. It is well positioned for long-term growth after equitizing more than $1.6 billion of secured indebtedness.Pic: J Crew GroupThe Anchorage Capital Group is now the majority owner of the J.Crew Group, an omni-channel retailer of women's, men

JC Penney, a US-based apparel and home retailer company, posted decrease in its total revenues to $1,459 million in its second quarter (Q2) for fiscal 2020 that ended on August 1, 2020, compared to revenues of $2,619 million in the same period previous fiscal. During Q2 FY20, company incurred a net loss of $398 million (Q2 FY19: $48 million).Pic: ShutterstockSelling, general and administrative expenses were down to $470 million ($870 million). Operating loss for the quarter was $153 million comp

DUBLIN - Fast fashion retailer Primark has this week launched a new campaign, Time for Change: A Better Future, which it says is aimed at making sustainable fashion more affordable.It includes significant increases in the number of products made from both sustainable cotton and materials recycled from plastic bottles, nylon and cotton.Thenew range of everyday essentials for men, women and children more than doubles the number of Primark products made from recycled materials to 40 million and inc

LONDON - Burberry has announced plans to become the first luxury brand to issue a sustainability bond to fund social and environmental improvements.The proceeds will be used to finance eligible projects listed under Burberry’s new Sustainability Bond Framework and will focus on three specific areas.The first is green buildings and expenditure relating to properties certified to either LEED platinum or gold or BREAM outstanding or excellent.Source:Eco Textile

Italian luxury label Prada is expanding its retail operations in Japan with a new boutique in Tokyo’s Shibuya district.Image Courtesy: superfuture.comThe location for the store has been carefully selected as Miyashita Park shopping mall where the unique evolution of Prada’s green themed interiors can be witnessed.The store has been designed by OMA studio, founded by Rem Koolhaas, and spans across an area of 300 square metres.Featuring Prada’s full range of ready-to-wear apparels, accessories, ba

Frasers Group, the British sports retailer owned by Mike Ashley, has accused the advisers of Debenhams of blocking it from making a bid for the struggling clothing retailer.Image Courtesy: gloucestershirelive.co.ukTalking about the same, Chris Wootton, CFO, Frasers, reportedly said that the Group was not made a part of the sale process owing to its refusal to sign a non-disclosure agreement (NDA).The NDA would prevent the Frasers Group from talking to the landlords of Debenhams for 18 months.Exp

UK-based clothing, accessory and footwear brand Seasalt Cornwall has launched a new store in Norwich with sustainable concept.Image Courtesy: www.youtube.comThe store has been designed using materials that can be moved, reused and repurposed.The new store aims to reduce the carbon footprint by more than a third compared to the existing shop.The décor of the store has been done using sustainable materials like the fabric is made in Yorkshire from wool that is biodegradable, natural and renewable,

UK’s high-street fashion retailer Primark has revealed that its third quarter sales have surged post the lifting of lockdowns as people sought to revenge shop.Image Courtesy: en.wikipedia.orgDespite the figures still being 12 per cent lower than that of last year for the same period, Primark’s parent company Associated British Foods (ABF) said that the company was on the course to secure a profit of 350 million pounds with total sales expected to exceed 2 billion pounds.Ever since the opening of

German luxury women's designer clothing company Escada SE recently filed for insolvency proceedings at the Munich district court. The proceedings only concern Escada SE and no other companies of the Escada Group. The move will affect the jobs of 180 employees who work at the company’s headquarters in Munich and in eight of its stores in Germany.Pic: EscadaThe label, which suffered declining sales in recent years that was compounded by the COVID-19 pandemic and resulting store closures, is ho