JD Sports Fashion, a UK-based retailer of sports, fashion and outdoor brands, posted 30 per cent revenue growth to £6,110.8 million in fiscal 2020, ended on February 2, 2020 compared to £4,717.8 million in previous year. Profit for the period fell to £250.7 million (FY19: £264.2 million). Operating profit in FY20 were £426.6 million (FY19: £346.2 million).Pic: JD Sports Fashion“Whilst Covid-19 has constrained our short term progress, it is important that we do not lose sight of the core retail s

Bangladesh’s apparel exports declined by 18.12% to $27.95 billion in the fiscal year 2019-20 as the COVID-19 pandemic slashed global demands for clothing items.According to Export Promotion Bureau (EPB) data released Sunday, Bangladesh earned $27.95 billion from apparel goods exports, down by 18.12% in the fiscal year, which was $34.13 billion in the same period a year ago.Figure: Bangladesh’s main fashion apparel export destinations were paralyzed in the pandemic. Causing a sharp fall in export

RANDE - Danish fashion brand Bestseller has announced it is to pay for all current orders immediately - as well as implementing early payments until October - to help its suppliers survive the coronavirus crisis.Bestseller said it recognised the predicament faced by its supply factories, and their employees, and wanted to do what it could to ease the financial pressures they were facing.Many brands have been criticised for cancelling or delaying orders, or demanding discounts to accept them, dur

LONDON - Next, Amazon UK, IKEA and Marks & Spencer (M&S) are among 20 major UK retailers who this week pledged to jointly develop a net-zero roadmap for the retail sector, setting a more ambitious target than the national 2050 requirement.The coalition of retailers pledged to publish the roadmap in the run-up to COP26 in Glasgow, which has been postponed to November 2021 because of the COVID-19 pandemic, in a declaration coordinated by the British Retail Consortium (BRC).The group will w

Capri Holdings Limited, a US-based global fashion luxury group, reported 11.3 per cent revenue decline to $1.19 billion in fourth quarter (Q4) FY20, ended on March 28, 2020 compared to revenue of $1.34 billion in same quarter last year. Company reported a net loss of $551 million during the quarter compared to net income of $19 million in Q4 FY19.Pic: Capri HoldingsGross profit for the quarter was $631 million (Q4 FY19: $793 million). Company incurred a loss from the operations of $536 million c

Intellectual property specialist and US brand management company Iconix Brand Group (ICON) recently entered into a share purchase agreement to sell its equity of Starter China for $16 million, according to a filing with the Securities and Exchange Commission. The buyer was not identified in the filing, but the deal is expected to close by September 15.Pic: Iconix Brand Group (ICON)The Starter China business has been part of the Iconix China subsidiary. Iconix plans to use the proceeds to repay d

FuzeHub, US-based statewide centre for the New York Manufacturing Extension Partnership, has announced it has awarded $15,000 in grant funding to Finger Lakes Textiles (FLT), an inclusive textile and knitting factory and a division of Mozaic, to help it expand and accelerate its manufacturing of face masks to prevent the spread of COVID-19.Pic: FuzeHub“Finger Lakes Textiles quickly pivoted to produce face masks to help keep people safe amid the coronavirus pandemic. It was an inspiring undertaki

Brands are not utilising the potential of regular brand audits enough. The luxury experience has to be at the centre of all activities. Consumers want to indulge in luxury, and they want to experience the extraordinary. But they do not want to do it at the expense of the environment," says Daniel Langer, CEO of Equite, which creates extreme value for brands.Pic: Shutterstock"Performance has to come first. And then brands need to connect performance to a higher purpose. This includes a

TM Lewin, the British menswear label, has decided to shut all its 66 stores thereby resulting in over 600 job losses.Image Courtesy: benharries.comAnd with this another iconic retailer has succumbed to the wrath of the deadly virus! TM Lewin will now be seen online only.Yesterday (30 June) saw the fashion labels’ private equity owner Torque Brands acquire TM Lewin’s digital business through a pre-packed deal.The deal, notably, does not include its 66 stores.While agreeing that the acquisition de

Thea Swedish multinational clothing-retail company, reported 50 per cent sales decline to SEK 28,664 million in second quarter (Q2) FY20 ended of May 31, 2020 compared to sales of SEK 57,474 million in same period prior year. However, online sales increased 36 per cent during Q2 FY20. Company incurred a loss of SEK 4,991 million in the quarter.Pic: H&M“At most around 80 per cent of our stores were closed in the second quarter and in those markets where stores were open, demand was significan