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.
The NRF announced an increased sales forecast on Wednesday, a number that would reflect a 10.5 percent to 13.5 percent bump compared to retail sales in 2020. The updated forecast reflects the optimistic pace of stateside retail recovery as vaccine rollout and reopenings continue.
Despite worker shortages and tax increases, “Overall households are healthier, and consumers are demonstrating their ability and willingness to spend,” NRF president and chief executive Matthew Shay said in a statement.
The NRF’s previous projection of 2021 sales — 6.5 percent growth — was made in February, when there were still doubts about vaccine distribution and consumer spending, the organisation said. It added that 2021 online sales are slated to grow even faster than overall sales — between 18 and 23 percent.
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.