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

Cairo-based e-commerce start-up Dresscode recently raised a six-figure US dollar seed funding round to help accelerate its growth by expanding its team and product offering and initiating next-day and same-day deliveries. It has seen strong growth during the COVID-19 crisis, which accelerated the process with Egypt Ventures to raise the funds.Pic: DresscodeFounded in 2018 by Mohamed Abdel Dayem and Ali Zakaria, Dresscode sells female clothing, beauty and home products, connecting Egyptian manufa

During quarantine, the fashion world is saying goodbye to formal wears, however, the comfortable/casual wears becoming mainstream fashion concepts.In this pandemic, comfortable wear demand and sales are increasing rapidly. As of April, pajama sales had increased by 143% and tracksuits and jumpsuit sales had increased by 70% and 80% respectively.Figure:In this pandemic, comfortable wear demand and sales are increasing rapidly.Casual wear wouldn’t look out of place in most workplaces and classroom

US-based luxury clothing retailer Ralph Lauren continues to focus on its global online platform, observing coronavirus epidemics and potential resurgence challenges as an opportunity to deepen and expand its digital capabilities.In the first quarter, Ralph Lauren accelerated the rollout of connected retail programs and moved to a truly omniChannel model that includes personalized customer engagement, including virtual sales appointments, Livestream sales, shipping from stores, and personalized p