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.
According to Septwolves annual report, the company’s net profit attributable to shareholders in 2020 amounted to almost 209 million yuan ($31.9 million), a year-on-year decrease of 40 percent. The high street menswear brand, also saw operating income decrease by 8 percent on the year.
The brand, which is heavily reliant on its extensive physical retail network across China, has not been able to capitalise on the country’s shift to online shopping in the way some of its competitors have, exacerbating its problems in 2020. Though the country emerged from the worst of its Covid-19 outbreak in the second quarter, Chinese shoppers remained more wary of crowded shopping centres, and more likely to shop for mass market fashion items online.
Despite decades of volatility in Latin America’s third-largest economy, some local fashion entrepreneurs have found success thanks to a combination of grit, determination and hyper-adaptability.
This week’s round-up of global markets fashion business news also features Hong Kong jewellery giant Chow Tai Fook, Ghana’s travel retail move and Brazilian apparel retailer Lojas Renner.
This week’s round-up of global markets fashion business news also features Japanese cosmetics group Kosé, Pakistan’s e-commerce market and JD.com’s management shakeup in China.
Actors are a particularly effective way of reaching Indian consumers, but fashion brands should consider widening the net to include other famous faces like local musicians, athletes and celebrity influencers, say marketing experts.