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.
NEW YORK, United States — Coach handbag maker Tapestry Inc. said on Thursday it would begin reopening some stores in North America, as the company tries to recover from the sales damage caused by the coronavirus pandemic.
Luxury goods companies have been among the worst hit in the retail sector as fashion capitals in Italy, France and the United States virtually halt business activity and restrict people's movement to help curb the spread of the virus.
Tapestry said about 90 percent of its stores were either closed or operating on shortened hours during its third quarters, but it will reopen about 40 stores in North America for contactless curbside pickup services beginning May 1.
The company has already opened most of its stores in China and South Korea.
Net sales fell 19.4 percent to $1.07 billion in the third quarter ended March 28.
The company reported a net loss of $677.1 million, or $2.45 per share, compared to a profit of $117.4 million, or 40 cents per share, a year earlier.
By Uday Sampath; editors: Shailesh Kuber and Supriya Kurane
Krishna Nikhil has stepped down for family reasons after just over 18 months at the helm of eco-innovation brand, the company said.
The luggage and lifestyle brand is expanding its product and marketing strategies while launching collaborations and pop-up stores as its founder, Shay Mitchell, eyes expansion and profitability after five years in business. BoF learns more.
Richemont, owner of jeweller Cartier, said on Wednesday it would not inject any cash into online luxury retailer Farfetch, following a report that the latter was exploring going private.
Consumer spending over Thanksgiving Weekend may have exceeded expectations, but shoppers may be stretching their wallets too thin, analysts say.