LONDON - Next, Amazon UK, IKEA and Marks & Spencer (M&S) are among 20 major UK retailers who this week pledged to jointly develop a net-zero roadmap for the retail sector, setting a more ambitious target than the national 2050 requirement.The coalition of retailers pledged to publish the roadmap in the run-up to COP26 in Glasgow, which has been postponed to November 2021 because of the COVID-19 pandemic, in a declaration coordinated by the British Retail Consortium (BRC).The group will w

Capri Holdings Limited, a US-based global fashion luxury group, reported 11.3 per cent revenue decline to $1.19 billion in fourth quarter (Q4) FY20, ended on March 28, 2020 compared to revenue of $1.34 billion in same quarter last year. Company reported a net loss of $551 million during the quarter compared to net income of $19 million in Q4 FY19.Pic: Capri HoldingsGross profit for the quarter was $631 million (Q4 FY19: $793 million). Company incurred a loss from the operations of $536 million c

Intellectual property specialist and US brand management company Iconix Brand Group (ICON) recently entered into a share purchase agreement to sell its equity of Starter China for $16 million, according to a filing with the Securities and Exchange Commission. The buyer was not identified in the filing, but the deal is expected to close by September 15.Pic: Iconix Brand Group (ICON)The Starter China business has been part of the Iconix China subsidiary. Iconix plans to use the proceeds to repay d

FuzeHub, US-based statewide centre for the New York Manufacturing Extension Partnership, has announced it has awarded $15,000 in grant funding to Finger Lakes Textiles (FLT), an inclusive textile and knitting factory and a division of Mozaic, to help it expand and accelerate its manufacturing of face masks to prevent the spread of COVID-19.Pic: FuzeHub“Finger Lakes Textiles quickly pivoted to produce face masks to help keep people safe amid the coronavirus pandemic. It was an inspiring undertaki

Brands are not utilising the potential of regular brand audits enough. The luxury experience has to be at the centre of all activities. Consumers want to indulge in luxury, and they want to experience the extraordinary. But they do not want to do it at the expense of the environment," says Daniel Langer, CEO of Equite, which creates extreme value for brands.Pic: Shutterstock"Performance has to come first. And then brands need to connect performance to a higher purpose. This includes a

TM Lewin, the British menswear label, has decided to shut all its 66 stores thereby resulting in over 600 job losses.Image Courtesy: benharries.comAnd with this another iconic retailer has succumbed to the wrath of the deadly virus! TM Lewin will now be seen online only.Yesterday (30 June) saw the fashion labels’ private equity owner Torque Brands acquire TM Lewin’s digital business through a pre-packed deal.The deal, notably, does not include its 66 stores.While agreeing that the acquisition de

TheH&M Group,a Swedish multinational clothing-retail company, reported 50 per cent sales decline to SEK 28,664 million in second quarter (Q2) FY20 ended of May 31, 2020 compared to sales of SEK 57,474 million in same period prior year. However, online sales increased 36 per cent during Q2 FY20. Company incurred a loss of SEK 4,991 million in the quarter.Pic: H&M“At most around 80 per cent of our stores were closed in the second quarter and in those markets where stores were open, demand

Dickson Concepts(International) Limited, a Hong Kong based luxury goods company, has reported 26.7 per cent sales decline to HK$ 2.93 billion (Hong Kong dollar) in fiscal year 2020, that ended on March 31, 2020 compared to sales of HK$ 4.00 billion in previous year. However, profit for the year increased to HK$ 645.82 million (FY19: HK$ 411.34 million).Gross profit during FY20 fell to HK$ 1.23 billion (HK$ 1.99 billion). Operating profit rose to HK$ 737.95 million ($463.86 million).Sales of fash

NEW YORK - Fashion brand Ralph Lauren has revealed new targets on greenhouse gas emissions and water stewardship in its 2020 Global Citizenship and Sustainability Report.The reportincludes the establishment of a science-based target for a 30 per cent reduction in greenhouse gasemissions and a collaboration with World Wildlife Fund (WWF) toreduce water use by 20 per cent.President and CEO Patrice Louvet said: “The global COVID-19 pandemic and the acceleration of the movement to end racial injusti

Making an addition to the list of high fashion labels rethinking the fashion week model in the wake of COVID-19 is Burberry which has announced its own take on the presentations.Image Courtesy: wwd.comForgoing the conventional September runway show, Burberry’s Spring/Summer 2021 collection will be ‘an immersive show experience set in the British Outdoors’.A day before the beginning of the London Fashion Week, i.e., 17 September, the British luxury label will live stream the show for all who woul