With Zara-owner Inditex and H&M set to disclose their most recent sales results, investors will be focused on one major question: how are the two fast-fashion pioneers responding to the current market leader, Shein? Shein has a huge valuation and is primed for an IPO. With sales almost entirely online, the retailer generated about $23…
MADRID: Zara owner Inditex said on Wednesday its net profit jumped 32.5% in February-October, but the fast fashion giant’s sales growth in the nine-month period slowed down from a year ago amid tougher times for consumers. The world’s biggest fashion retailer said its net profit was 4.1 billion euros ($4.42 billion) as expected by analysts,…
Madrid: Spanish fashion retailer Zara is expanding its service to sell, repair or donate second-hand clothes in several European countries from Dec. 12, the company said on Tuesday, as the market for used apparel grows. The service called ‘Pre-Owned’ is already available in the United Kingdom and France through Zara’s stores, its website and a…
An employee irons a garment at a textile factory in Istanbul, Turkey, November 15, 2023. REUTERS/Umit Bektas Ceyda Caglayan ISTANBUL, – Turkish clothing manufacturers, the third-largest suppliers of apparel to Europe, face higher production costs and risk falling further behind their Asian rivals after the government hiked taxes on textile imports, sector leaders say. Ankara…
NEW DELHI: Global fashion retailers including H&M and Gap are committed to raising purchase prices for Bangladesh-made clothing to help factories there offset higher workers’ wages, a U.S.-based association representing more than 1,000 brands said. Bangladesh is the world’s biggest garments exporter after China. This week, after deadly protests between police and factory workers, the…
LONDON- British clothing retailer Next on Wednesday raised its full-year profit outlook for the fourth time in six months as it reported better-than-expected sales in a third quarter heavily impacted by variable weather. The group, which trades from about 460 stores in the UK and Ireland and has an online presence in over 70 countries,…
Swedish fashion retailer Hennes & Mauritz (H&M) posted a 40% increase in sales in the year to March 2023, still managing to retain its position as India’s largest fast fashion brand by revenues on lower pricing. The sales expansion, however, was lower compared to 49% a year ago, indicating consumer shift to competition including Uniqlo…
