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.
Amazon.com Inc beat Wall Street expectations for first-quarter revenue on Thursday, as the e-commerce giant continued to benefit from the COVID-19 pandemic-driven online shopping boom, sending its shares up 4% in extended trading.
The health crisis has upended the retail landscape by tipping the scales in favour of companies with strong e-commerce platforms.
Amazon said it expects operating income for the current quarter to be between $4.5 billion and $8 billion, which assumes about $1.5 billion of costs related to COVID-19.
Net sales rose to $108.52 billion in the first quarter ended March 31 from $75.45 billion, beating analysts’ average estimate of $104.47 billion, according to IBES data from Refinitiv.
By Akanksha Rana and Jeffrey Dastin
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
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.