H&M has shut its flagship Shanghai store, its latest closure in China where consumer demand has slumped amid COVID-19 lockdowns and it has received backlash against companies that refuse to use Xinjiang cotton.
UK consumer confidence fell to a record low in June as shoppers grappled with a stark new economic reality, figures from Gfk’s long-running series of reports show. Its confidence Index dipped one point to -41.
German online fashion e-tailer Zalando has been forced to revise its guidance for the year. It cited a further deterioration in macroeconomic conditions as the EU consumer confidence index fell further in June.
The first monthly retail sales report for June is out and it doesn’t look good. The Confederation of British Industry has released its regular report and said retail sales volumes fell slightly in the year to June.
With experiences becoming ever more important in post-pandemic retail, this move must be music to the ears of one major mall. Ministry of Sound is to take over the former House of Fraser store at Westfield London.
Easy payments financier Klarna has launched a loyalty card feature on its app. It will allow users to store and access their physical loyalty cards as a digital version “removing the need to carry plastic equivalents".
A giant group comprising European fashion councils and other bodies has been created under the European Fashion Alliance (EFA) banner to “empower a prosperous, sustainable and inclusive European fashion ecosystem”.
E-tail giant Boohoo Group has named Shaun McCabe as its new CFO to succeed Neil Catto whose role will transition to an Executive Director, remaining on the board, “with responsibility for strategic projects”.
The second-hand clothing company has changed its name, is focusing on providing services for brands and retailers, and raising another €12 million from the same funds with which it had already raised €7 million in 2021.
Franchise Group is considering lowering its bid for department store chain Kohl's Corp to closer to $50 per share from about $60 apiece, CNBC reported on Wednesday, citing a source familiar with the deal talks.