retailtrade
The United Colours of Benetton, one of the most well-known and loved brands of the 1980s and 1990s, is facing a revamp. According to Reuters, the company is looking to make some major restructuring changes in the near future, to try and curb losses. The company made a net loss of some €230 million in 2023, a sharp fall from 2022's net loss of €81 million. The figures include impairments, meaning a reduction in the value or amount of a company asset, which are substantial. One of the biggest changes expected to happen is that current Benetton CEO Massimo Renon will step down. The company's shar...
Euronews (English)
Retail sales in the UK were down sharply in April, with a fall of -2.3% and down further from March's -0.2% in March, according to the Office for National Statistics (ONS). The figure, the largest drop in retail sales in the past four months was much worse than analyst expectations of -0.4%. The main reason for this was a drop in sales volumes across several sectors, especially non-food sales, which dropped 4.1%. The sectors include sports equipment, furniture, clothing, games and toys and more. Food costs remain highBad weather for most of April was seen as the main culprit, deterring several...
Euronews (English)
Casino said this week it would be making the job cuts to improve its financial situation - and said it would refocus its business on convenience stores instead. Meanwhile, the group said it would consult with unions and other stakeholders on 6 May to unveil plans to safeguard most of the nearly 30,000 people it employs in France. Shares in the retailer are down 96% year-to date but investors responded positively to the update, liftings its stock by about 5%. In a separate statement, Casino said it will also implement a reverse share split of its share capital through the exchange of 100 existi...
Euronews (English)
JD Sports says it has entered a binding agreement to fully acquire Hibbett for $87.5 (€82) per share in cash, offering a 21% premium over the US company's Monday price and valuing it at just under $1.1 billion (€1.0 billion). "Today is a significant milestone for JD Sports as we take this transformative step as a global leader in the sports fashion industry through this transaction with Hibbett," JD Sports' chief executive officer Régis Schultz said in a statement. "With Hibbett's highly complementary footprint, this transaction represents a logical next step in our strategic growth plans, fur...
Euronews (English)
The volume of retail sales in the eurozone fell by 0.5% month-over-month in February, more than expected, and by 0.4% in the EU. That's according to the seasonally adjusted first estimates from Eurostat. Retail sales also dropped in a yearly comparison in both the EU and the eurozone, by 0.2% and 0.7% respectively, continuing a declining trend in the eurozone that has been going on for 17 consecutive months. All categories of retail spending suffered in February. In a monthly comparison, trade of food, drinks and tobacco decreased by 0.4%, non-food products by 0.2%, and automotive fuel by 1.4%...
Euronews (English)
With Spring in mind, French sports retailer Decathlon has announced the launch of its rebrand as it anticipates a growth in demand for sports gear. The French retailer is an official sponsor of the **Paris 2024 Olympics**and it is hoping its logo and emblematic brands will enjoy boosted visibility because of the event. The obvious change is the brand's new visual identity, going from an almost turquoise sky blue to a deeper, darker cobalt blue. Stores will also go through a similar metamorphosis, although it will take time. Decathlon has revealed a more modern-looking sporting goods store wher...
Euronews (English)
Investors are putting pressure on Spanish clothing company Inditex to share more information about its supply chain, according to Reuters. Inditex, the largest apparel retailer in the world, is the owner of brands Zara, Bershka, Pull&Bear, Massimo Dutti, Oysho and Stradivarius. The firm publishes an annual list detailing the number of suppliers it buys goods from in 12 key countries, but the names of specific factories are withheld. This bucks a trend set by major clothing retailers like Adidas, H&M, and Primark, who all share this information. Dutch asset manager MN, an Inditex shareholder, t...
Euronews (English)
Following nearly two years of closure, retail giant Zara is ready to reopen many of its stores in Ukraine, according to the Financial Times. The Spanish brand closed its 84 stores in Ukraine as well as its operations in Russia after the latter launched its full-scale invasion of its neighbour on 24 February 2022. The war has claimed more than 30,000 lives since. Zara's owner Inditex told the FT that it will begin by gradually reopening its stores in Ukraine, first by relaunching 20 of its stores in Kyiv shopping centres and then by eventually swelling the number of operating shops to 50. How Z...
Euronews (English)
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