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.
Though e-commerce reshaped retailing in the US and Europe even before the pandemic, a confluence of economic, financial and logistical circumstance kept the South American nation insulated from the trend until later.
This week’s round-up of global markets fashion business news also features Korean shopping app Ably, Kenya’s second-hand clothing trade and the EU’s bid to curb forced labour in Chinese cotton.
From Viviano Sue to Soshi Otsuki, a new generation of Tokyo-based designers are preparing to make their international breakthrough.
This week’s round-up of global markets fashion business news also features Latin American mall giants, Nigerian craft entrepreneurs and the mixed picture of China’s luxury market.