Textile workers’ rights group: Shein ‘offering up fig leaf’ with £12m investment into factory standards December 6, 2022 Shein has left many environmental campaigners unimpressed after revealing it would invest £12.2m into improving standards at its suppliers’ factories. The Chinese retailer admitted its hours for workers at two sites breached local regulations, after allegations of worker mistreatment in a recent Channel 4 documentary. Staff at one factory were working up to 13.5 hour [...]
Zara owner Inditex admits further price increases are on the way September 14, 2022 Zara owner Inditex has admitted it plans to increase prices again this autumn, as it battles elevated headwinds. It comes as clothes shoppers are facing their own constraints on discretionary spending as household bills rocket. Europe’s largest fashion retailer will boost prices in the second half of the year, its chief financial officer Ignacio Fernandez [...]
Asos shares slip after top exec announces departure August 17, 2022 The ASOS board have agreed a phased plan under which Mat Dunn, Chief Operating Officer and Chief Financial Officer, will step down from his roles as ASOS restructures its executive team.
Asos warns profit will be hit as shoppers return more clothes amid cost of living crunch June 16, 2022 Asos has warned it is expecting lower profit this year after an increase in customers returning clothes due to the pressures of higher living costs. Asos lowered forecasts for the year, with sales anticipated to be in the range of four per cent and seven per cent, which it put down to “market volatility and [...]
H&M beats expectations with sales boost amid warnings of rivals snapping up market share June 15, 2022 H&M has posted a sales boost larger than anticipated for the three month spring period, echoing figures from rival Zara last year. The Swedish fashion giant revealed net sales were up 17% year-on-year, or 12% measured in local currencies, at 54.5bn Swedish crowns (£4.36bn), According to the Reuters news agency, analysts polled by Refinitiv had [...]
Zara owner Inditex’s profit up 80 per cent as shoppers stock up June 8, 2022 Zara owner Inditex has posted a bumper quarterly profit, while taking a hit of €216m after the temporary closure of its business in Ukraine and Russia. The Madrid-listed firm, which is the largest fashion company in the world, saw net income profit hit €760m in the first quarter of the year. It marked a decade-high [...]
Fast fashion retailer Shein hits $100bn valuation with fresh funding round April 6, 2022 Fast-fashion giant Shein has hit a $100bn valuation this week after a fresh funding round, making it the third most valuable startup in the world after Elon Musk’s SpaceX and ByteDance.
Zara owner Inditex warns of challenges ahead after shutting Russian shops March 16, 2022 Zara owner Inditex has reported sales surpassing pre-Covid levels but warned of looming challenges after severing ties with Russia. The world’s largest fashion retailer said Russia was a major market, after it shut its 503 shops and suspended online sales in the country amid its war in Ukraine. Russia and Ukraine accounted for five per [...]
Zara owner Inditex posts record sales and profits as founder’s daughter prepares for top job December 15, 2021 The Spanish owner of Zara has reported sales and profits at record highs, as it continues to bounce back from a hit at the start of the pandemic. Inditex said sales and net profits were higher than pre-pandemic levels in the three months to the end of October. Shares in the retailer were down on [...]
Retail recovery race: Zara sales outpace rival H&M September 15, 2021 Sales at Zara-owner Inditex are almost back to pre-crisis levels, but arch-rival H&M is seeing a slower road to recovery. Watch the full report.