Like many other US retailers, now PVH Corp. too has announced a cut in salary. And that’s not all! It is initiating several such steps to cut costs as business is heavily under pressure owing to fast spreading COVID-19.The retailer continues to review and eliminate or reduce all discretionary operating expenses, including a reduced marketing spend and a decrease in capital expenditures to approximately US $ 190 million from US $ 345 million in 2019.The company, which owns brands like Calvin Klei

Organised by Global Fashion Agenda, a non-profit organisation, and scheduled to take place on 12 and 13 October, Copenhagen Fashion Summit 2020 revealed its new theme. It will be focusing on rebuilding a better new normal post the COVID-19Through the theme,Redesigning Value: How do we define value in fashion post-crisis?,the summit will navigate the current and future realities facing our industry as it weathers the storm of global health and economic crises – the repercussions of which will be

As the Coronavirus crisis continues to cast shadow over the apparel and fashion industry, Capri Holdings Ltd. is the latest company to furlough retail workers and cut executive salaries.The company will furlough its entire North American retail staff, which is roughly 7,000 workers beginning 11 April. However, furloughed workers will get scheduled benefits.Parent company to high street luxury brands Jimmy Choo, Michael Kors and Versace, its stores in North America and Europe have been closed sin

Amidst the COVID-19 crisis, a number of companies are stepping up and donating to tackle the situations and meet immediate needs. Nike is one of them.The brand has committed more than US $ 17 million to COVID-19 response efforts including the additional US $ 1.6 million donation to help local organisations meet immediate needs, such as food and medical care in key cities and communities around the world.Image Courtesy: fortune.com“These grants will support on-the-ground organisations that need i

The luxury retailer Neiman Marcus has proceeded with talks of a possible bankruptcy protection by the end of this month.Image Courtesy: www.businessinsider.comAfter struggling to earn profits for several quarters and the global spread of COVID-19 resulting in shutting of their retail stores, the Neiman Marcus Group is in talks with various creditors to provide bankruptcy protection to continue its operations.The Group has been having confidential discussions with its lenders to provide financial

The floral fashion brand – Cath Kidston – calls in administrators as the pandemic shutdown pushes High Street retailers on the verge of breaking.Image Courtesy: headtopics.comCath Kidston confirmed that it intends to appoint advisory firm Alvarez & Marsal as administrators. An urgent review of the business began last month and there has been interest from possible buyers.The company employs 941 people out of which 820 had been furloughed on 22 March under the Government’s employee payment sc

Coronavirus has wreaked havoc on the world as retailers, slammed by store closures, have been cancelling orders for merchandise they previously placed with suppliers.Image Courtesy: Westend mallIn some cases, it is getting even worse as the stock inventories ready for shipment are being refused, which is risking failure of factories that are just getting back on their feet.Fast-fashion icon H&M is leading a different way amidst such unpleasant times as it assures its suppliers to accept the

Urban Outfitters, the US-based fashion retailer, has said that it will be suspending all rent payments in addition to delaying all new store openings amidst the COVID-19 outbreak.The retailer said that all the existing outlets shall temporarily remain closed till anything further announcement.Starting today (1 April 2020), a significant number of store, wholesale as well as home office employees will be furloughed for as many as 60 days. However, the company quickly added that the employees will

French fashion label Christian Dior puts its hands into producing face masks for workers in supermarkets and other sectors still operating during the nCOVID-19 pandemic, tuning with the moves made by other luxury brands.Image Courtesy: LuxuvereDior’s plant situated in Brittany, northern France will produce the protective gear, which normally makes high-end baby clothes.The brand’s rest of the production sites have been closed.LVMH, which is the parent company of Dior, is using some of its perfum

OnTheList, a members-only weekly flash sales concept which provides members with exclusive access to luxury brands at discounted prices for a limited time, is revolutionising the luxury retail landscape in Asia. It acts as the middleman between members looking for affordable luxury lifestyle products and brands that are looking to sell off past season items.Pic: ShutterstockOnTheList currently caters to 250,000 members across Hong Kong, Shanghai, Beijing and Taiwan, including 20,000 members in S