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.
Russian high street retail giant, Gloria Jeans, increased its revenue by 40 percent in its first quarter 2021, compared to the same period last year, making 44 billion roubles ($591 million), owner Vladimir Melnikov said in a statement.
Despite the pandemic causing widely unfavourable conditions for retail, the company, which also operates in other countries formerly part of the Soviet Union, doubled its first quarter profit year-on-year, to more than 4 billion roubles ($53 million). Melnikov also said the company is plotting expansion beyond the former Soviet bloc and planning an initial public offering.
Over the past 12 months, its store network has increased from 580 to 610 and Melnikov said the company’s goal was to increase the share of e-commerce sales to 30 percent in cooperation with leading local e-commerce platform, Wildberries.
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.