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.
In June, the market’s retail sales totalled $2.43 billion in a year-on-year boost of 25.8 percent, Retail in Asia reports.
Singapore’s Department of Statistics attributed the surge to a low base; it was only until June 18 2020 that stores began reopening. E-commerce made up 15.4 percent of overall retail sales in June, a larger portion than in May due to major sales events like the Great Singapore Sale, which this year joined forces with Alibaba-owned Lazada.
Fashion and luxury were the bestsellers behind hard luxury. Watches and jewellery sales rose 78.4 percent year-on-year, department store sales increased 61.8 percent and apparel and footwear sales were up 60 percent from 2020.
Just last week, Singaporean authorities announced plans to ease Covid-19 restrictions and slowly lift border controls, marking a shift from its earlier ‘Covid Zero’ policy. Instead, ‘living with the virus’ through a mass vaccination programme could help stabilise its retail and economic recovery. Currently, 67 percent of its population has been fully vaccinated.
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Singapore Retailers Hit Hard by Increased Covid Restrictions
According to The State of Fashion 2024, a potentially volatile global economy and geopolitical tensions in the coming months could further dent consumer confidence in key markets, requiring fashion brands, retailers and suppliers to bolster contingency planning and double down on operating efficiencies, among other measures.
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.