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.
SAN FRANCISCO, United States — Apparel retailer Gap Inc reported a 13 percent rise in quarterly comparable sales on Thursday, with shoppers buying Old Navy, Athleta and Gap clothing online as the company's stores remained shut due to the COVID-19 pandemic.
Analysts had forecast a 20.97 percent fall in comparable sales, according to IBES data from Refinitiv.
The San Francisco-based retailer reported a net loss of $62 million, or 17 cents per share, for the second quarter ended Aug. 1, compared to a profit of $168 million, or 44 cents per share, a year earlier.
By Nivedita Balu in Bengaluru; Editor: Vinay Dwivedi.
The company, which has come under fire for allegedly ripping off emerging designers’ work, has partnered with thousands of creatives through its SheinX programme. BoF spoke with participants about what it’s really like to work with the fast-fashion giant.
The brand’s quirky running sneakers are no longer a novelty as rivals like Nike, Adidas and On launch similar styles. Yet sales continue to soar as consumers embrace its winning formula of comfort, versatility and unconventional looks.
As digital advertising costs climb, fashion brands are embracing events like in-store happy hours, trunk shows and parties in various formats to generate brand awareness and drive sales.
The activewear brand’s revenue rose 24 percent year-over-year to $2 billion, reflecting growth driven by China, a successful loyalty programme and new categories