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Ralph Lauren Q2 FY20 revenue dips 30% to $1.2 bn

Ralph Lauren Corporation, a leading designer of premium lifestyle products, reported 30 per cent revenue decline to $1.2 billion in its second quarter (Q2) fiscal 2020 ended on September 26, compared to revenue of $1.7 billion in same period last year. Company incurred a net loss of $39.1 million compared to net income of $182.1 million in Q2 FY19.

 

“Looking across the first half of the fiscal year, we continued our elevation journey while fast-tracking connected retail and our company-wide digital transformation,” Patrice Louvet, president and chief executive officer at Ralph Lauren, said in a press release.

 

Gross profit for Q2 FY20 fell to $799.4 million (Q2 FY19: $1.0 billion). Company’s operating loss was $20.3 million during the period compared to operating income of $233.1 million in Q2 FY19.

 

Revenues in North America region dropped to $542.9 million ($881.2 million). In Europe, revenues slipped to $359.5 million ($480.2 million). While revenue in Asia came down to $236.6 million ($255.3 million).

 

“Looking ahead, we will continue to work proactively to deliver an elevated experience that inspires consumers around the world and creates value for all of our stakeholders,” Louvet said.

Fibre2Fashion News Desk (JL)

Ralph Lauren Corporation, a …

Gucci hottest brand on planet in Q3 2020: The Lyst Index


Italy’s Gucci was the hottest brand on the planet in the third quarter of this year, according to The Lyst Index, a quarterly ranking of fashion’s hottest brands and products. It was followed by Italy’s Off-White, US brand Nike and Prada respectively. Paris-based fashion house Balenciaga was ranked fifth, Italy’s Fendi was ranked sixth and Versace seventh.

The rest in the top ten were French luxury fashion brand Saint Laurent and Italy’s Bottega Veneta and Valentino.

When Gucci livestreamed its Epilogue collection in July, worldwide views exceeded 35 million, making it the brand’s most-watched digital event ever. On Lyst, page views for Gucci increased by 52 per cent in the third quarter year-on-year, London-based fashion shopping platform Lyst said on its website.

Jacquemus, which is 11th hottest brand following its rapid ascent, was among the first to hold a socially distanced fashion show since the crisis began. Set in a wheat field outside Paris, the show yielded a rich crop of social media posts despite the limited number of attendees. Demand for the brand rose by 186 per cent in the 24-hours following the event.

The coronavirus pandemic continues to upend the fashion industry and change consumers’ habits, but

Fashion Revolution supports Tamil Nadu Alliance initiative


London-headquartered non-profit movement Fashion Revolution is supporting the Tamil Nadu Alliance in the launch of the Tamil Nadu Declaration and Framework of Action, which urges major fashion brands and retailers to do more to tackle exploitative working conditions in textile spinning mills in the region and expand transparency to cover all textiles production sites in their supply chains.

The Tamil Nadu Alliance is a coalition of civil society networks, representing over 100 grassroots organisations, working to improve the conditions of workers in the textile supply chain in the state. The global fashion industry is a vital source of jobs across southern India, employing approximately 280,000 workers, particularly young women.

Excessive and involuntary overtime, extremely low wages, physical and sexual violence and restriction of freedom of movement—many of which are indicators of forced labour—have been documented by civil society groups for many years. This is why more urgent and collaborative action is needed to improve the situation for workers in the industry, Fashion Revolution said in a press release.

The declaration calls for reforms on five key areas: transparency, policy development and engagement, fair and equitable purchasing practices, worker-centred monitoring mechanisms, and grievance mechanisms.

It expects expansion of supply chain

GFG launches sustainable shopping edit in Southeast Asia

Pic: Global Fashion Group


Global Fashion Group (GFG) has launched the sustainable shopping edit, Earth Edit, in Southeast Asia. It curates products with sustainability credentials and is available on Zalora’s website and app via the Earth Edit filter. GFG is a fashion and lifestyle destination that connects over 10,000 global and local brands to a market of one billion consumers.

The selection is also easily identified by six distinct criteria. Sustainable Materials includes products made of raw materials with a lower environmental impact than conventional alternatives; Fair Production includes products manufactured in a location holding a certificate associated with decent working conditions; Eco-Production includes products manufactured through a process with a lower environmental impact and using less harmful chemicals; Animal Friendly includes products made using non-animal alternative materials, or methods associated with good animal welfare; Community Engagement includes products made by brands associated with community benefits or committed to give back to the community through donations; and Pre-Loved includes second hand luxury and premium products that are sold by specialised third party sellers on Zalora, according to a press release by GFG.

GFG launched its first sustainable shopping edit in Australia in early 2019. By the end of 2021,

Odd Molly posts Q3 FY20 revenue of SEK 164 mn

Pic: Odd Molly

Odd Molly International, a designer and seller of fashion and other lifestyle products, reported 27 per cent revenue decline to SEK 164.0 million after the end of its third quarter (Q3) FY20 ended on September 30, compared to SEK 225.5 million in the same period last year. However, company’s operating loss improved to SEK 1.4 million (SEK 44.7 million).

 

Gross profit margin for the nine months period increased to 53.1 per cent (49.1 per cent). Loss after tax for the period was SEK 11.4 million (SEK 47.4 million).

 

In the second half of August, the Hunkydory brand was relaunched, which is the first to be developed since Odd Molly licensed the brand in autumn 2019, as company stated in a press release.

Fibre2Fashion News Desk (JL)


Odd Molly International, a designer and seller of fashion and other lifestyle products, reported 27 per cent revenue decline to SEK 164.0 million after the end of its third quarter (Q3) FY20 ended on September 30, compared to SEK 225.5 million in the same period last year. However, company’s operating loss improved to SEK 1.4 million (SEK 44.7 million).