The mass-market fashion giant said 76 percent of its worldwide retail selling space remains shut, and if closures persist into late February, sales losses could mount to 1.05 billion pounds.
“We’ve seen more than seven years of online growth in nine months,” said Anita Balchandani, a McKinsey partner and head of the apparel, fashion and luxury team in the U.K. and EMEA.
Companies navigating the global health and economic crisis face new rules of engagement.
The Dublin-based retailer is stumping up an additional 370 million pounds in payments to suppliers.
Inditex, which owns Zara and a host of other retailers, said it is committed to working with its suppliers “through the impacts of COVID-19.”
The #PayUp campaign by social justice nonprofit Remake alleges brands like Gap, C&A and others have gone silent. WWD sorts through it all.
The move follows that of Arcadia Group, where top bosses’ pay checks were slashed up to 50 percent.
The fast-fashion chain said it will honor commitments to goods in production.
The retailer’s stores in the U.K. will close their doors Sunday, March 22, following a worldwide shutdown.
Parent ABF said Monday that stores accounting for 20 percent of selling space are now shut, due to local governments’ new rules.
The 3.3 million-square-foot project is building up to its retail opening, which is set for March.
Retailers of all kinds are putting beauty at the top of their retail strategies.
Last year alone, the industry generated 27.2 billion pounds in consumer spending.
Bvlgari's Jean-Christophe Babin describes diversity and inclusion as an ethos embedded into the renowned brand.