American off-price retailer Stein Mart Inc filed for Chapter 11 bankruptcy protection on Wednesday, becoming the latest apparel seller to crumble under the economic stress caused by coronavirus-led lockdowns.
As Marimekko announced a 20% fall in sales, it also said it’s planning to restructure its ops. It blamed the pandemic, saying the “global fashion and specialty retail sector is facing the worst crisis in decades”.
Wednesday brought a rare piece of good news from UK fashion retail as Asos said it has “continued to deliver a strong operational performance and year-on-year improvements in profitability” in this financial year.
Adidas has seen no impact on its sales from employee complaints over racism at the German sportswear company that led to the departure of its human resources boss, Chief Executive Kasper Rorsted said on Tuesday.
German online fashion retailer Zalando on Tuesday reported a more than doubling of sales on its site from brands seeking to expand their e-commerce presence, helping total second-quarter revenue jump 27%.
Struggling fashion retailer Superdry had good news on Monday as it announced a new financing facility and that its trading in recent months has been better than it was expecting, even though it remains down.