After a successful start in the French-speaking part of Belgium, French sneaker chain Courir plans to cross the language border soon, spurred by the ambitions of its new owner.
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Belgian fashion group FNG has a new CEO: co-founder Manu Bracke succeeds Dieter Penninckx, who is forced to quit due to medical reasons. His responsibilities are now divided between Bracke, who also remains COO, and CFO Nathasja Van Bael.
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Fashion brand Esprit says goodbye to its 56?stores in Asia: the chain will only remain active with its own retail network in China, even though the company is listed in Hong Kong. The group has also already applied for protection against creditors.
A rather special auction is organised in France: more than fifty famous brands from the fashion industry, from Chanel over Karl Lagerfeld to Dries Van Noten, are selling garments or accessories to buy medical equipment for hospitals.?
Adidas has seen its profits evaporate in its first quarter, plummeting by 97?%. Turnover fell by 19?%, but a drop twice as big is expected for the second quarter.
Hermès appears to be more resilient to the coronavirus crisis than many of its competitors: sales declined by "only" 7.7?% on a comparable basis in the first quarter, and sales in China are now expected to pick up again.
Private equity fund Sycamore Partners is trying to get out of its acquisition deal with L Brands, to take over a 55?% stake in lingerie brand Victoria’s Secret. The named reason/excuse is the fact nearly all stores are closed due to the corona crisis.
The coronavirus outbreak, especially in China, has a major impact on luxury group Kering: the Gucci owner saw turnover drop 15.4?% in the first quarter. Nevertheless, the fashion house is already seeing signs of recovery.
The coronavirus has caused an unprecedented turnover drop at fashion discounter Primark. As the chain has no webshop and all physical stores are closed, its monthly sales have dropped to literally zero euros.
The Covid-19 pandemic has cost French luxury group LVMH 15?% in revenue in its first quarter. Most shops and production facilities are closed, but owner Bernard Arnault remains positive. He has waived his salary to set an example.
German fashion webshop Zalando has had to admit a (preliminary) loss for this year's first quarter. The company now wants to speed up its platform and support its partners more.
Belgian luxury handbag producer Delvaux is opening its own webshop today. The company long resisted e-commerce, but its hand was forced by the corona crisis and the mandatory closing of its physical shops.
German sports giant Adidas has been granted a three billion euro loan from the German government, in order to enable it to survive the impact of the coronavirus. In return, however, the company will temporarily not be allowed to pay dividends.
Closed stores and stock that cannot be sold: the havoc that corona will wreak in the fashion retail is becoming increasingly apparent. New studies now predict which chains will be the first to fall...
Asos wants to raise more than 200?million pounds (230?million euros) with a new share issue, following the announcement of strong half-year figures. During the corona crisis, however, sales fell by almost 25?%.
Ready-to-wear giants Primark and H&M promise continue to pay textile workers in Bangladesh, even though they are cancelling their orders because of the coronavirus crisis. They do so to support the badly affected country.