Apparel seller Stitch Fix Inc plans to cut jobs in California and invest in other U.S. states where the company would offer new roles to all those affected, Chief Executive Officer Katrina Lake said on Monday.
Reopening is hugely important for every physical retailer, but it's even more so for Primark, which has admitted it's been losing £650 million in sales a month due to lockdowns as it has no webstore to fall back on.
The Canadian fashion retailer has announced a 6.3% increase in fourth-quarter sales thanks to a strong performance from its e-commerce business, but anticipates significant declines in the first quarter due to Covid-19.
The outdoor apparel and equipment company has announced a new partnership with The Savory Insititute as part of its efforts to help build a regenerative leather supply chain for the apparel and footwear industry.
The funding consists of a £25m revolving credit facility from the government’s Coronavirus Large Business Interruption Loan Scheme and £25m of new notes that will be purchased by a group of current bondholders.
European e-tailer Zalando has taken a major step forward in driving a more sustainability-focused retail sector post-pandemic, making sustainability assessment mandatory for its private labels and partner brands.
Retailers and fashion firms will find themselves under heavier pressure from August with UK chancellor Rishi Sunak having announced on Friday that employers will have to pay part of the wages of furloughed staff.