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.
Across the board, American stocks closed at new highs Wednesday after the inauguration of Joe Biden as the 46th US president. Both the S&P 500 and the Dow Jones Industrial Average saw their best Inauguration Day gains in four decades, since Ronald Reagan was sworn in for his second term in 1985.
The S&P 500 rose about 1.4 percent Wednesday, and the S&P Retail Select Industry Index increased about 0.4 percent in the same period. Major chains including Nike, Gap, Walmart and Lululemon all posted gains in the low single digits.
Typically it’s Republican presidents who drive the market upward after being elected, but analysts say Biden’s much anticipated $1.9 trillion coronavirus relief package as well as his pandemic task force will protect businesses struggling after nearly a year of disruption.
The category’s biggest brands by market capitalisation report results this week, and will need to show they have a plan to fend off fast-growing competition.
By investing in an elevated product and shopping experience, Spanish retailers Inditex and Mango are seeing tremendous growth despite fierce competition from the likes of Temu and a cash-strapped consumer.
The ByteDance-owned app’s e-commerce play has been met with mixed response from users. Still, sales seem to keep ticking up.
The fashion resale company finally became profitable last year, but it was at the cost of losing consignors who complain that reselling is no longer as lucrative as it once was on the platform.