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.
One of the largest retailers in South America, Cencosud, revealed its earnings in the first quarter equaled $161.4 million, and profit for the period grew 109.3 percent year-on-year. Its first quarter revenue grew 0.6 percent when accounting for Argentina’s hyperinflation and EBITDA grew 23.3 percent.
The Chilean company, which also operates in Argentina, Brazil, Colombia and Peru, said the growth could be attributed to higher gross margins, savings in expenses at a consolidated level, and a better non-operating result in its latest financial report.
The Santiago-based company, which owns and operates shopping malls, department stores, home improvement centres, supermarket chains and real estate across Latin America, saw brick and mortar operations impacted by the pandemic, but its e-commerce sales grew 285.3 percent compared to the first quarter of 2020.
This week’s round-up of global markets fashion business news also features the China Duty Free Group, Uniqlo’s Japanese owner and a pan-African e-commerce platform in Côte d’Ivoire.
Affluent members of the Indian diaspora are underserved by fashion retailers, but dedicated e-commerce sites are not a silver bullet for Indian designers aiming to reach them.
This week’s round-up of global markets fashion business news also features Brazil’s JHSF, the Abu Dhabi Investment Authority and the impact of Taiwan’s earthquake on textile supply chains.
This week’s round-up of global markets fashion business news also features Dubai’s Majid Al Futtaim, a Polish fashion giant‘s Russia controversy and the bombing of a Malaysian retailer over blasphemous socks.