Browsing: crisis

The British wool industry is in crisis
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Cream fair isle sweater, £175, Toast

“When we launched, very few fashion brands were using wool,” says Coleridge, who is now chairman of the campaign. “I always knew fast-fashion companies would reject wool as it stands for everything they don’t: it’s designed to last and is more expensive. But a decade ago, even the established high-street brands had stopped using wool. Everything was made from oil-based synthetics. So it is very cheering to see how much the industry has changed.”

Today stores like John Lewis and Marks & Spencer have partnered with the campaign and, thanks to a new emphasis on sustainability, use wool in many of their collections. A number of smaller independent brands focusing exclusively on wool-based products have also launched, and found that the pandemic has boosted their sales.

“There is a sense of people buying less but better and choosing very consciously to invest in pieces

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Gap Q2 Comparable Sales Jump 13% as Online Shopping Nearly Doubled Amid COVID-19 Crisis; Target Price $24
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Gap Inc, an American worldwide clothing and accessories retailer, reported a 13% increase in comparable sales in the second quarter, largely driven by a 95% surge in online buying amid COVID-19 pandemic, sending its shares up over 2% on Thursday.” data-reactid=”19″Gap Inc, an American worldwide clothing and accessories retailer, reported a 13% increase in comparable sales in the second quarter, largely driven by a 95% surge in online buying amid COVID-19 pandemic, sending its shares up over 2% on Thursday.

The San Francisco-based retailer reported a second-quarter net loss of $62 million, or 17 cents per share, compared to a profit of $168 million, or 44 cents per share, a year earlier. Net sales declined about 18% to $3.28 billion but were above market consensus of $2.91 billion.

Cowen.” data-reactid=”21″“Gap (GPS) is benefiting from the shift in consumer demand toward comfort and casual

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crisis puts the brakes on fast fashion
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Zara, H&M and Gap may be slowly reopening their stores but the coronavirus epidemic has had a devastating financial impact on the fast fashion sector, which needs a radical overhaul if it is to recover, experts say.

Nearly 40 percent of businesses in the sector are expecting the impact to be “much worse” than that of the 2008 financial crisis, a Euromonitor International survey showed.

It expects sales of clothing and shoes to fall by at least 12 percent this year.

Global leader Inditex, the Spanish group which owns the Zara fashion chain, posted a first-quarter loss of 409 million euros on Wednesday, its first-ever loss since it went public in 2001.

With 88 percent of its stores closed at the height of the global lockdown, the group saw its sales practically halved.

But the group, which has solid financials and whose shares have held up well, has continued to

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