In January, the US subsidiary of cosmetics group L’Occitane filed for chapter 11 bankruptcy protection as a prelude to restructuring L'Occitane en Provence’s business, a reorganisation that has recently been completed.
Due to the pandemic, L’Occitane has had to restructure. But thanks to e-tail and China, the multinational beauty group has proven resilient, and hopes this dark period will foster more responsible business practices.
A new report by Kline, a consulting and market intelligence company, found that while foot traffic was down, sales "did not decline as significantly," thanks to higher consumer spending and stocking up during visits.
The Hut Group continued to outperform in the fourth quarter with the company saying on Tuesday that it saw revenue growth of 51% year-on-year, much better than the range of 40% to 45% that it had predicted earlier.
According to the Center for an Urban Future, retail chains shuttered more than 1,000 stores in New York this year due to the impact of Covid-19, with both clothing and beauty stores implementing widespread closures.
In the first half of the current financial year, sales at L’Occitane International (the owner of L'Occitane en Provence and Erborian) dropped by 15.2%, to €616.6 million, affected by the Covid-19 crisis.