Fashion
French fashion chain Promod is reducing the size of its foreign activities. The German branch has started an insolvency procedure, the Belgian stores are also being looked into.
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Dutch fashion label G-Star is suffering due to the corona crisis: in the US and Australia the brand applied for creditor protection, in Sweden bankruptcy was declared. Yet the company claims to be financially healthy.
Dries Van Noten opens its first store in China at the end of August. The Belgian fashion designer moves into a building of no less than 1,800 square metres in Shanghai.
Levi's is cutting 700 jobs in its offices, or about 15% of the workforce. As a result of the corona crisis, turnover of the jeans brand fell by no less than 62% in the past quarter and uncertainty remains.
The Brussels Financial Services and Markets Authority FSMA expands its research into fashion group FNG and hands over the files to the court. There would be indications of possible market manipulation.
Boohoo is going through the dust now that the British fashion brand is accused of slavery in a factory. Large online retailers such as Asos and Zalando immediately stopped the collaboration.
Fashion Group FNG, which owns retail brands Brantano and Miss Etam amongst others, is protected against its creditors for three months. This was decided by court after examining the retailer’s reorganisation application for a week.
Willem Olsthoorn, co-founder of children's clothing brand Oilily, passed away last Wednesday. The label was mainly known for its colourful designs and gained international fame. Olsthoorn turned 81.
Spanish fashion chain Mango attracted as many as 900,000 new online customers during the lockdown, almost doubling online sales. Digital transformation remains a priority for the company.
Suit Supply receives 40 million euros in government-guaranteed loans. The shareholders of the of made-to-measure menswear retailer also inject another 20 million euros into the company after the corona crisis hit hard.
Ailing fashion group FNG (Brantano, Miss Etam) rearranges its board of directors. Former Flemish television boss Paul Lembrechts becomes CEO ad interim.
American luxury group Capri (Jimmy Choo, Michael Kors, Versace) fears a 70% loss of sales due to the corona?pandemic. The group will therefore close 170 stores over the next two years.
To recover from the Covid crisis, fashion chain Esprit has to cut costs. Half of its 100?stores in Germany will be closed, 1100 people will lose their jobs. A further 100?jobs will also be lost in the headquarters in Hong Kong.
Belgian fashion group FNG will have to wait to next week to learn about its fate: a judge will take seven days to decide over the reorganisation plan. We have reported on the matter in great detail in Dutch, and summarised the most important facts in this English analysis.
Primark has lost almost 900?million euros to the coronavirus crisis: the Irish fashion discounter now expects its full-year profit will drop by almost 70?%.
Swedish fashion group H&M plans to close 170?stores this year, following the coronavirus crisis and the losses incurred as a result. The focus will be more on e-commerce.
