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.
BEAVERTON, United States — Nike Inc said on Thursday store closures across the globe will hurt its retail and wholesales businesses in the fourth quarter, even as it ramps up its e-commerce capabilities to address increased online orders amid the Covid-19 pandemic.
The sportswear maker forecast a hit to its fourth-quarter financials in all the geographies where its products are sold, as only 5 percent to 40 percent of Nike-owned stores are open there.
However, the company said all Nike-owned stores are open in China, while more than 95 percent are open in South Korea, some with reduced hours. It added that traffic remains below prior year levels.
The company also said it is seeing increased new member acquisitions and the strong digital demand is partly offsetting declines in its owned stores and wholesale channel.
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Nike has been reopening stores in more than 15 countries including Germany, France, Brazil and the United States.
Shares of the company fell marginally in extended trading.
By Praveen Paramasivam; editor: Shailesh Kuber.
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.
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.