Victoria’s Secret’s UK arm fell into administration – thus becoming yet another retailer to fall prey to coronavirus.Image Courtesy: dfordelhi.inThis has now put around 25 of its stores and 800 employees at risk. Here it’s imperative to mention that several of its employees in the UK have already been furloughed and nothing is expected to change in that regard sooner.There are reports that Deloitte will be new administrator to renegotiate rent deals with landlords so as to help the brand combat

In a 4-year-long copyright lawsuit which claimed that H&M allegedly produced a garment with geometric patterns that were ‘remarkably similar’ with that of US-based Unicolors Inc., the court gave the decision in favour of H&M along with US $ 780,775 in damages, attorney fees and more.Image Courtesy: www.thefashionlaw.comThe lawsuit was pursued first in a district court which ran in favour of Unicolors.The company is known for manufacturing and owning rights to various patterns of design w

The British luxury giant, Matches Fashion, has announced the launch of a Black Employees Forum in an effort to show solidarity against racism protests in USA.Image Courtesy: www.drapersonline.comThe retailer claims to be an equal opportunity provider and the recent steps are announced to further bolster the same ideology.Ajay Kavan, Chief Executive of Matches Fashion, said that he has been following the events with horror and believes that the solution is a tangible and lasting action. He announ

One of the oldest American retailers, Brooks Brother is in talks with financial institutions and banks about a potential bankruptcy that could come as soon as July, after the Covid pandemic caused sales figures to plummet.Image Courtesy: nytimes.comEarlier in April this year, Bloomberg news had reported Brooks Brothers exploring an option for a sale, and while that is still on the table, the other strategic option is filing for court protection.The company will look towards debtor-in-possession

In their recent post on Instagram, Supreme announced a donation of US $ 500,000 to several anti-racist organisations like Black Lives Matter, Equal Justice Initiative, Campaign Zero and Black Futures Lab.Image Courtesy: www.highsnobiety.comSupreme has been outspoken about fighting such issues and expressed the continuous support that it has gotten from the black community since their inception.Supreme started off as a brand for skaters which sold sneakers and skates. However, the rise of streetw

, a designer and marketer of apparel and accessories, posted 36.1 per cent sales decline to $405.1 million in first quarter (Q1) FY21 ended on April 30, 2020 compared to sales of $633.6 million in same period prior year. Net loss for the quarter were $39.3 million compared to net income of $12.0 million in Q1 FY20.Gross profit for the quarter dropped to $124.4 million (Q1 FY20: $236.0 million). Selling, general and administrative expenses were $154.6 million ($201.8 million). Operating loss for

Gap Inc.’s first quarter report is out for the 2020 financial year and expectedly it doesn’t read well for the American retailer. The impact of the pandemic is hitting every retailer badly.Image Courtesy: commons.wikimedia.orgThe fashion label has recorded an operating loss of US $ 1.2 billion in Q1 owing to closure of its stores and subsequent loss of sales over the last few months.The net sales, including that of its brands Gap, Banana Republic and Old Navy, fell by 43 per cent Y-o-Y during th

With coronavirus far from over, the riots in US have now hit the fashion bigwigs in a big way!Image Courtesy: usatoday.comThe Swedish fast fashion giant H&M has announced to temporarily shut its 95 stores all across America amidst protests following George Floyd’s death.In a statement signed by Helena Helmersson, CEO, H&M, the fashion retailer said that it is fully committed to taking such steps so as to stand against racism and stand with its colleagues, customers and communities.H&

Here’s another fashion retailer that’s become a victim of COVID-19!Image Courtesy: clark.comThe American wear-to-work retailer for women, New York & Co., is on the verge of bankruptcy, as warned by its owner RTW Retailwinds.Reportedly, RTW Retailwinds said that it is in the process of finalising a 10-K form that summarises company’s financial performance – reflecting ‘substantial doubt about company’s ability to continue’.Coronavirus seems to have taken a heavy toll on the retailer with seve

US jewelry giant Tiffany’s saw their shares take a plunge as reports of the LVMH takeover of the brand may not go through.Image Courtesy: www.fortune.comThe unstable market scenario of the United States, which was triggered by months of lockdown followed by civil unrest and several violent protests in the wake of George Floyd’s murder by Minneapolis Police Department, has opened questions of uncertainty of the future of Tiffany’s in the US, which is its biggest market.By the end of last year, LV