Image Courtesy: mlive.comAmerican retailer JCPenney has been struggling for past few months to finalise a buyer, but it seems like their woes may come to end soon.CEO Jill Soltau says that she expects the company to exit Chapter 11 bankruptcy proceedings before the holiday season in December.JCPenney has filed a draft asset purchase agreement, moving a step closer to finalising the deal with Brookfield Property Partners and Simon Property Group.Although the deal still needs a court approval amon

Image Courtesy: marketingderby.co.ukThe pandemic is far from over and the rise of a second wave in Europe is forcing the Government to impose a partial lockdown along with stricter guidelines so as to minimise exposure of citizens.British retail was on its way to getting back on its feet but the tougher Government measures have led to a fall in shopper numbers for the fourth week straight, according to market researcher Springboard.The research organisation said that total shopper numbers fell 3

Image Courtesy: indianretailer.comAuthentic Brands Group is eyeing Latin America to spread the reach of its popular fast fashion brand Forever 21.For this purpose, ABG has partnered with AR Holdings which is a leading retail operator in the region.The plan is to launch Forever 21 on e-commerce, wholesale and 26 retail locations across Chile, Costa Rica, Peru, Panama, Colombia, Ecuador, Dominican Republic, Ecuador, El Salvador and Guatemala, with the help of AR Holdings.Forever 21 is a newer acqu

NEW YORK - French luxury goods company Kering, which owns Gucci, Yves Saint Laurent and Alexander McQueen, has been ranked second for its business model and innovation in the Wall Street Journal's list of the world's top 100 most sustainable companies.Gildan Activewear (sixth) and Zara owner Inditex (ninth) are also in the top 10 in the category which reportedly includes more than half of the sustainability categories most relevant for the industry.Kering, which says it can trace the ori

Nordstrom announces the expansion of its pickup option to make shopping more convenient for its customers. With this the company will now be offering order pickup at Nordstrom Rack stores along with the curbside pickup at Nordstrom locations.Image Courtesy: www.sandiegouniontribune.comThe customers shopping on the company’s brands–Nordstrom, Nordstrom Rack and HauteLook–will now be able to opt for store pickup at Nordstrom Rack locations.The service will start later this month.“Our Nordstrom Rac

Fast Retailing, a Japanese manufacturer and retailer company, posted 12.3 per cent decline in its revenue to ¥2,008.8 billion (Japanese Yen) during the fiscal 2020 that ended on August 31, 2020 compared to the revenue of ¥22,90.5 billion in previous year. Business profit for the year dropped 35.9 per cent to ¥170.0 billion (FY19: ¥265.0 billion).Pic: ShutterstockGross profit for the year fell 12.8 per cent to ¥975.8 billion (¥1,119.5 billion). Selling, general and administrative expenses were do

British e-commerce fashion retailer Asos has recorded a pre-tax profit of £142.1 million for the year that ended 31 August 2020.Image Courtesy: internetretailing.netThat’s an extraordinary jump of 329 per cent on last year’s £33.1 million.The retailer has attributed the terrific growth in profits to the huge demand for casualwear and sportswear in last 6 months – expectedly so with ‘work from home’ now being the new normal across the globe.The sales too grew by 19 per cent to clock £3.3 billion.

The same-store apparel sales in 10,806 stores of 56 firms associated with Japan Chain Stores Association (JCSA) have gone down in July ’20 and August ’20 both on M-o-M basis and Y-o-Y basis.After rising 40.11 per cent in June ’20 over May ’20, the apparel sales dropped by 17.75 per cent in July ’20 from June ’20 and by 13.40 per cent as compared to July ’19 to clock just 65,275 million yen revenue.The drop continued even in August ’20 as revenues further plunged by 12.88 per cent as compared to

Stoll, leader in flat knitting technology, unveils its latest trend collection FASTER: From (CONCEPT) – To (STORE), which is driven by the motto of its Fashion & Technology department ‘Design to Inspire’.Image Courtesy: textilevaluechain.inThe knitting tech supplier motivates the fashion industry to copy details and integrate them to their design work, focusing on style groups and price points.The company mentions that though the industry works on protecting themselves from being copied, Sto

All We Wear Group (AWWG), originally known as Pepe Jeans, has announced the closure of 50 stores worldwide as well as some international offices as part of its ‘Re:set’ transformation strategy.Image Courtesy: stores.pepejeans.comNotably, “AWWG Group had launched the ‘Re:set’ transformation plan in January.This programme has now been accelerated and adapted due to COVID-19 to address the company’s new needs,” read a statement released by AWWG.As part of the transformation plan, the retailer will