JD Sports’ January Sales Fall in ‘Challenging’ Market
British sportswear retailer JD Sports said trading conditions remained challenging after its like-for-like sales dropped in January, resulting in fourth-quarter growth of just 0.1 percent.
The retailer temporarily closed its stores in Ukraine following Russia’s invasion of the country in February of last year.
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The company said the decision was the result of operational challenges and the worsening conflict in Ukraine. It had faced public pressure to pull back.
The Uniqlo owner said it will continue to operate in Russia, even international pressure in response to the country’s invasion of Ukraine sees waves of companies pull out.
Spanish fashion retailer Inditex has halted trading in Russia, closing its 502 shops and stopping online sales, the company said in a statement on Saturday.
Companies are also continuing to pledge humanitarian aid, while the LVMH Prize said it will offer support to its three former semi-finalists from Ukraine Friday.
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Brands continue to pull back from Russia as sanctions challenge shipments, while Coperni dedicated its Paris Fashion Week show to its Ukrainian tailoring manufacturer.
Burberry, Valentino and more are making public donations to charities offering aid in Ukraine.
A growing number of brands are halting deliveries, with a handful saying they will suspend sales.
As Ukraine faces its darkest hour, the country’s fashion community is asking the wider industry to act.
British sportswear retailer JD Sports said trading conditions remained challenging after its like-for-like sales dropped in January, resulting in fourth-quarter growth of just 0.1 percent.
Luxury watchmaker Favre Leuba plans to unveil more than two dozen timepieces later this year, priced as much as 24,000 Swiss francs ($26,489), as part of a brand relaunch that seeks to expand the Swiss pioneer’s appeal beyond its majority Indian consumer base.
L Catterton, backed by French luxury group LVMH Moet Hennessy Louis Vuitton SE, is launching a new vehicle to invest in Indian consumer-sector companies as it increases the focus on the fastest-growing major economy in the world.
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The Swedish retailer recorded operating profit of 2.08 billion Swedish krona ($196 million), with operating margin more than doubling from the year before.
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