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.
Apparel retailer Abercrombie & Fitch Co on Monday forecast holiday-quarter net sales to decline between 5 percent and 7 percent, as strong online demand was not enough to cushion the blow from temporary store closures and Covid-19 restrictions.
The company, which owns the Hollister apparel brand, had previously estimated net sales to decline between 5 percent and 10 percent for the quarter, with analysts expecting a 5.5 percent fall, according to IBES data from Refinitiv.
Abercrombie also said it expected fourth-quarter gross profit rate to be up at least 130 basis points, compared to last year’s 58.2 percent, as it discounted less.
Online demand for activewear and loungewear has soared since the start of the lockdowns, but in-store sales have taken a hit as a resurgence in COVID-19 cases in North America and major European markets forced governments to reintroduce certain restrictions.
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Abercrombie’s shares rose about 1 percent to $23.34 in extended trading.
By Praveen Paramasivam; editors: Amy Caren Daniel and Shounak Dasgupta.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.