Stitch Fix, an online personal styling and personalisation service for apparel, has announced a slump of 9 per cent in sales for the third quarter of FY20, ended 2 May.Backlogged orders and supply chain disruption due to the pandemic is what the company blames for the wider-than-expected net loss.Despite incurring a net loss of US $ 33.9 million, according to Chief Executive Katrina Lake, the company will likely return to growth in the fourth quarter as more and more warehouses are now functiona

India’swill organise the IHGF Textiles Virtual Fair, the Indian show for furnishing, textiles and flooring in a virtual format from 15 to 18 June. The show will display weaves, surface detailing, florals, shots of colour, block printing, ajrakh, chippa work and applications with monochrome, ombre and contrasts.Pic: IHGF Textilesand sustainable materials will be exclusively focussed on during the fair. It will also showcase enticing Ikat compositions, hand crafting techniques, popsicle tones in f

MILAN - Italian luxury fashion brand Gucci has published its 2019 Environmental Profit and Loss results in which it claims to have achieved a 21 per cent reduction year-on-year in its total environmental impact.The company says the results reveal it is ahead of schedule in its progress to reaching the sustainability targets outlined in its 10-year Culture of Purpose strategy.These objectives include a 40 per cent reduction in Gucci’s total environmental impact - within its direct operations and

New York-basedrecently announced restructuring of its retail operations, which includes the closing of 110 Wilsons Leather and 89 G.H. Bass stores. It has hired Hilco Global to assist in the liquidation, which will start soon or as stores reopen.include DKNY, Donna Karan, Vilebrequin, Eliza J, Jessica Howard, Andrew Marc and Marc New York.Pic: G-III Apparel GroupThe company expects to incur an aggregate charge of approximately $100 million related to landlord termination fees, severance costs, s

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