LONDON: Zara owner Inditex , the world’s biggest listed fast fashion company by sales, is expanding its low-priced Gen Z-focused brand Lefties to counter Chinese-founded rival Shein. The rapid growth of Shein, an online marketplace with no physical stores, is putting pressure on retailers like Inditex and Sweden’s H&M to find ways to respond to…
MADRID: Swedish fashion retailer H&M announced on Friday a plan to close down more than a quarter of its stores and lay off as many as 588 workers in Spain, home of its bigger rival, Zara owner Inditex, local unions said. The company will carry out the layoffs for unspecified organizational, productive and economic reasons,…
Until the rise of online retail, you might have been forgiven for thinking that all apparel was shipped in burlap sacks. Those wanting their garment spending to be sustainable these days can take comfort in reusable wooden hangers, paper shopping bags, and recycled fibres. The only glimpse of plastic in many fashion stores is the…
Spanish fashion giant Mango has unveiled ambitious plans to establish 500 new stores by 2026, strategically targeting key markets like the United States, Canada, France, Italy, the United Kingdom, and India.The family-owned retailer, positioned as a local competitor to Zara‘s parent company, Inditex, anticipates achieving record sales this year, projecting a growth of at least…
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…
