The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
PARIS, France — French fashion group SMCP , whose brands include Sandro and Maje, warned on Wednesday that the coronavirus crisis would hit its first quarter sales, due to the impact of store closures and fewer shoppers.
SMCP, which is majority-owned by Chinese company Shandong Ruyi, said its sales for the first quarter of 2020 were expected to be down by slightly more than 20 percent.
The company, which also reported higher annual results for 2019, added it was drawing down on its revolving credit facility to bolster its cash position in order to cope with the effects of the hit to its business from the coronavirus.
SMCP said it had more than 200 million euros ($216 million) in cash available, to help it deal with the situation.
By Sudip Kar-Gupta; editor: Kim Coghill.
The Japanese apparel chain will be launching its sister brand GU in the US later this year, targeting younger consumers with lower prices and a curated selection of trendy wares.
Canada, France and Ireland are among the countries working with home-grown fashion talent to create uniforms for their teams at this summer’s Olympic Games. For these small labels, it’s an unprecedented opportunity to capitalise on one of sports’ largest events.
The online fashion retailer plans to update China’s securities regulator on the change of the initial public offering venue and file with the London Stock Exchange as soon as this month, a person with knowledge of the matter said.
The company, under siege from Arkhouse Management Co. and Brigade Capital Management, doesn’t need the activists when it can be its own, writes Andrea Felsted.