After incurring heavy losses for L Brands, Victoria’s Secret was all set to be acquired in a private deal. However, the current financial crisis most firms are facing has put the deal in jeopardy.Image Courtesy: thesomersetcollection.comSycamore Partners, the private equity firm that had agreed to buy a 55 per cent stake in the company in February for a total of US $ 1.1 billion, is now looking to back out.Blaming the violation of their previous agreement, Sycamore Partners has filed a court com

YAMAGUCHI - Uniqlo owner Fast Retailing has spelt out the measures which it says it is taking to protect the workers who make its clothes during the current coronavirus crisis.The company says it has been committed from the outset of the pandemic to pay suppliers for complete orders and those in production, with no change to the payment schedules which were in place prior to COVID-19.It has also committed to using all fabrics or materials already purchased by factories to fulfil its orders or to

As many retailers and brands worldwide have been turning to banks and Governments for loans and aids, German sportswear giant adidas too earlier this month agreed to take a state-backed loan.Image Courtesy: retaillnews.asiaThe company now realises that it does not require the loan and is planning to replace it using a multi-billion euro bond to get through the crisis caused by the pandemic.After the announcement of the postponement of the Euro cup and the Olympics along with the closure of store

Image Courtesy: BurberryKeeping in line with its extended sustainability focus, global luxury fashion brand Burberry has launched a collection featuring 26 pieces from its Spring/Summer 2020 collection.Titled ‘ReBurberry’, the collection is crafted using circular materials and sustainable fabrics.Featuring a mix of menswear and womenswear, as well as a range of sustainable accessories, the edit includes the classic Burberry trench, a series of car coats, Cannon belt packs and backpacks.The outer

Casper, the DTC mattress brand, has announced the departure of their CFO and COO, Greg Macfarlane, in a press release. He will be relieving himself of the position on 15 May and is said to be pursuing interests outside the sleep industry.The retailer had to close all its stores temporarily, which has resulted in heavy losses and therefore is working to minimise costs.After furloughing most of their employees earlier this month, the retailer has now taken the tough decision to lay off 78 employee

Kering,a global luxury group, posted 15.4 per cent decrease in its revenue to €3,203.2 million in first quarter (Q1) FY20 ended in March 2020. The group reported encouraging signs from the Mainland China with the reopening of most of its stores in March. Also, a 21.1 per cent growth was reported in the e-commerce business during the quarter.“After a very promising start to the year for all our Houses, the rapid spread of Covid-19 affected our performance in our main markets,”François-Henri Pinau

History has seen creative solutions during times of stress and struggle. This time around, as the COVID-19 pandemic cripples economies worldwide, British Fashion Council has announced its plans to revive London Fashion Week in a new format.According to a recent post on Instagram, the council suggested that the current schedule of London Fashion Week will be taken to a digital-only platform.The platform will cover all the fashion shows that are set to display the collections in the next 12 months

Vestiaire Collection, a luxury re-sale platform based in Paris, has secured total funding of US $ 64 million, which will be utilised for its expansion in USA and Asia.Image Courtesy: drapersonline.comThe French company has been working hard to expand to countries like South Korea and Japan with the support of Korelya Capital, which is backed by Korean conglomerate Naver, one of its investors.Additionally, it plans to launch the platform in USA in the early summer and in Asia before the end of 20

In an effort to ease the financial catastrophe that has hit the global fashion industry, the UK-based fast fashion retailer Primark has agreed to buy additional stock of finished and unfinished products worth £300 million from its suppliers overseas.Image Courtesy: www.lavozdeltajo.comThis follows the shockwaves set by major retailers that were reluctant to pay for orders that had been placed early on. Retailers like GAP, Zara, H&M and more have been struggling to keep up with its vendors am

DUBLIN - Fast fashion giant Primark has agreed to pay its suppliers for all completed orders, as well as those in production, providing they had been scheduled for shipment by 17th April.The company, whichwas criticised after it was named as the brand to have cancelled or postponed the most orders from suppliers in Bangladesh, says the move will cost it £370 million (US$462m).Primark had previously agreed to pay the wages of garment workers in its supplier factories for this work but critics poi