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.
Swatch Group said consumers were willing to splash out on watches in markets where shops are open, in Asia and also the United States, chief executive Nick Hayek told an online media briefing on the watchmaker’s full-year results on Thursday.
“People want to compensate after the crisis is over, they want to spend... they want to have sure values. We see it in mainland China, Macau, Korea, Taiwan, Thailand. The restriction that is blocking us to develop the full power of sales we had before 2020 is of course tourism,” Hayek said.
Swatch Group in January posted a net loss of 53 million Swiss francs ($57.34 million) for 2020, its first in decades, as the Covid-19 pandemic shuttered shops and smartwatches made inroads into the market, hitting demand for Swatch plastic watches.
By Silke Koltrowitz; Editor Riham Alkousaa
Fast-growing start-ups like Hettas, Saysh and Moolah Kicks created sneakers designed specifically for active women. The sportswear giants are watching closely.
The companies agreed to cap credit-card swipe fees in one of the most significant antitrust settlements ever, following a legal fight that spanned almost two decades.
In an era of austerity on Wall Street, apparel businesses are more likely to be valued on their profits rather than sales, which usually means lower payouts for founders and investors. That is, if they can find a buyer in the first place.
The fast fashion giant occupies a shrinking middle ground between Shein and Zara. New CEO Daniel Ervér can lay out the path forward when the company reports quarterly results this week.