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.
LONDON, United Kingdom — Britain's John Lewis Partnership said sales at its department store chain could decline by around 35 percent over the full year in a worst case scenario due to the coronavirus crisis, it said on Tuesday.
The employee-owned group, which also owns the Waitrose supermarket business, said sales at John Lewis were down 17 percent year-on-year since the middle of March and down 7 percent since 26 January. Waitrose sales are up 8 percent since January 26.
The company, which has shut all its department stores in the national lockdown, said it had seen a surge in online demand but said many of the most sought after items were in less profitable lines. "We are buying more Scrabble but fewer sofas," it said.
By Kate Holton; editor: James Davey.
The company has continued to struggle with growing “at scale” and issued a warning in February that revenue may not start increasing again until the fourth quarter.
The British musician will collaborate with the Swiss brand on a collection of training apparel, and will serve as the face of their first collection to be released in August.
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.