Coronavirus news and archive

China's retail reopening hampered by Covid surge

China’s abolishing of its zero Covid strategy has perhaps less to do with civilian protests than a shrinking economy. China, often dubbed the world’s factory, saw production and retail sales miss November forecasts, resulting in the country’s worst output data in six months. Growth was 2.2 percent compared to October’s 5 percent, and below...

RetailFeatured

Covid scars had deeper impact on UK retail than expected

The negative impact of the Covid-19 on the retail industry may have been underestimated, according to new official data. Findings from the UK’s Office for National Statistics (ONS) released on Monday indicate a shrunken economy and ongoing suffering in post-pandemic daily life for many individuals. The ONS said the revised estimates of GDP still...

BusinessFeatured

Democratization: Fashion Weeks’ secret to offset 600 million pandemic loss

The global fashion industry faces a bumpy road ahead. Not only they have to figure out their own logistics conundrums but to reinvent the supply chain, re-connect with consumers and make up for double-digit decline in revenues. At a global level, the fashion industry posted a 20 percent decline in revenues in the 2019–20 period, with margins for...

Business

Shopify to cut 10 percent of its workforce, as demand for physical retail returns

Shopify, the Canadian e-commerce provider powering thousands of fashion stores, is to cut 10 percent of its workforce. Of its 10,000 strong workforce, approximately 1,000 employees are expected to be let go. The roles most affected are customer support, HR recruitment and sales. Shopify’s management team is expected to host a conference call to...

Retail |Opinion Featured

With China in lockdown, sales of luxury falters

In the west we all remember the days where the outside world was shuttered and we were in a government-enforced lockdown, which experts said would curtail the spread of Covid-19. Working from home, the only outing for many was a trip to the supermarkets, where bare shelves due to supply chain issues had become the norm. The rest of the physical...

Business

Luxury sector unphased by Corona despite soaring inflation

The pandemic and soaring inflation have done nothing to take the shine off luxury brands, from Louis Vuitton to Gucci and Cartier, as the sector hiked prices to notch up stellar profits. The world economy began to recover from the pandemic last year but the rebound has been accompanied by rising inflation, with prices for raw materials and...

Business

Can New York City market its way to another recovery?

One of the most memorable marketing campaigns is not for a sedan or a soft drink but for a city. This past summer, on the Q train back from Coney Island, a family of six could be spotted riding back from the beach sporting the campaign’s famous logo on tank tops and baseball caps—a nod to its forty-four years of longevity. The “I Love New York”...

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Omicron and supply chain issues hamper Joules profitability

Further to the trading update in December, the Joules Group has confirmed its financial results for the six months were in line with previous guidance with revenues of 127.9 million pounds compared to 95.4 million pounds in the first half of FY2021 . It made a profit before tax and pre-adjusting items of 2.6 million pounds compared to 3.7...

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LVMH revenues surpass 2019 figure by 20 percent

LVMH Moët Hennessy Louis Vuitton recorded revenue of 64.2 billion euros in 2021, up 44 percent compared to 2020 and up 20 percent compared to 2019. Organic revenue growth was 36 percent compared to 2020 and 14 percent compared to 2019. The company said in a release that the group’s organic revenue growth of 22 percent in the fourth quarter...

Retail

As UK lifts coronavirus restrictions, some retailers urge to keep wearing masks

From Thursday face masks in the UK will no longer be mandatory in public spaces, according to updated Government protocols. Plan B rules, imposed in early December to battle the Omicron variant, are being lifted because infections have peaked nationally. Some retailers, however are nudging their customers to continue to wear face masks. John...

BusinessFeatured

The coronavirus pandemic nearly doubled luxury sales in China

It takes more than a coronavirus pandemic to suppress the demand for luxury goods in China. Figures from Bain & Company show despite mounting global social and economic challenges, China’s luxury goods market finished another year with double-digit growth, with some brands exceeding a 70 percent increase. In 2021 the sales of luxury reached 471...

Business

Puma Q4 profit jumps on strong sales

Puma has achieved a currency-adjusted sales growth of approximately 14 percent to 1,767 million euros in the fourth quarter 2021. On a preliminary basis, the operating result (EBIT) increased to 65 million euros in the same period. The company said in a release that this growth was achieved due to the continued brand momentum and a strong global...