China’s top ride-hailing app dropped Swedish fashion retailer H&M from its listings as Chinese celebrities stopped endorsing foreign labels in a growing uproar over Western accusations of forced labour in Xinjiang.
The Spanish apparel group’s president insisted the business model is “solid” and said he is confident about the group’s recovery. If all Inditex stores will re-open in April, 2021 sales will be on par with 2019.
Retail giant Inditex hasn’t come out of the pandemic year unscathed. But the strength of its business model appears to have carried it through so far and its performance since its fiscal year ended has been encouraging
Inditex staff in Spain say they are being forced out as the owner of fast-fashion brand Zara rolls out its plan to shut up to 1,200 stores worldwide, despite a company agreement with Spanish unions to project jobs.
Uniqlo owner Fast Retailing has hit a milestone in its global ambitions with its value as defined by its share price reaching ¥10.87trn (€85bn) this week, more than any other company in the global clothing sector.
The revenue of top fashion multinationals plummeted by 21.8% in the first nine months of 2020 because of the pandemic, according to a study published on Wednesday by Italian investment bank Mediobanca.
After 32 years, Antonio Abril is leaving the Spanish textile giant to focus on academia, replaced by Oscar García Maceiras, a state attorney from A Coruña and deputy secretary of the board at Banco Santander.