Fashion vs. the Economy: Retail Faces Double Dip

Click here to read the full article.

The economic roller coaster isn’t over — and fashion can just hold on as tight as possible. 

As horrible as the first phase of the coronavirus crisis was, it was relatively straightforward (and straight down). Almost everybody was forced to shut down and go home, leading a projected contraction of more than 30 percent in second-quarter gross domestic product and an unemployment rate of more than 11 percent. 

More from WWD

Even though the initial shock passed, that sinking feeling hasn’t gone away. No one knows what’s coming next. For retailers and brands, that means adjusting their business models and conserving cash, fingers-crossed they make it to the other side of the open-ended economic crisis. 

The coronavirus is the driving force behind the chaos, but it’s not the only variable. The reactions to the pandemic on the part of federal policy makers,

Read More

Fast-Fashion Retailer Quiz Launches Probe Into Leicester Factory

Click here to read the full article.

LONDON — Yet another British fast-fashion retailer, Quiz, has launched a probe into one of its factories in Leicester, England, a city that is quickly making a name as the country’s sweatshop capital.

Quiz, which is headquartered in Glasgow, Scotland, and is quoted on the London Stock Exchange, said Monday it is investigating “an alleged instance of non-compliance with national living wage requirements” in a factory that makes some of its products.

It has also cut ties with the supplier working with the factory in Leicester, a city that remains in lockdown due to a spike in the number of COVID-19 cases.

Shares in Quiz, which were down 5 percent at 6.41 pounds in late-morning trading on Monday, closed up 3.2 percent at 6.97 pounds.

The investigation follows an undercover sting published by The Times of London on Saturday, which revealed that workers

Read More

Macy’s Black Friday in July

Our editors independently selected these items because we think you will enjoy them and might like them at these prices. If you purchase something through our links, we may earn a commission. Pricing and availability are accurate as of publish time. Learn more about Shop TODAY.

Slashing prices on homeware, kitchen items, clothing and beauty products, Macy’s is hosting a Black Friday in July sale with huge discounts that match those you would normally see around Thanksgiving. Brands like KitchenAid, Tommy Hilfiger and Martha Stewart Collection are participating, giving shoppers the opportunity to purchase thousands of high quality products at low prices. The sale is active through July 13.

While Macy’s typically holds a clearance event towards the end of the summer, Michael Bonebright, consumer analyst for DealNews.com, said this year’s sale is earlier and filled with “unusually good” discounts. He attributes the sale to Macy’s

Read More

Zilingo Cuts 12% More Jobs as Online Fashion Shopping Plummets

(Bloomberg) — Follow Bloomberg on LINE messenger for all the business news and analysis you need.

Zilingo Pte, a fashion tech platform backed by Temasek Holdings Pte, has cut an additional 12% of its total workforce as it extends cost-cutting measures to deal with Covid-19 fallout, according to a blog post.

The latest cuts come on top of a 5% headcount reduction around April. The company helps small fashion outlets across South and Southeast Asia get online, market and deliver their goods, but it said the coronavirus outbreak has already led to a quarter of those businesses closing doors.

To rein in its own costs, Zilingo is downsizing marketing, sourcing and support teams in the U.S., Australia, Singapore and Indonesia. The leadership team is taking a 30% pay cut, most employees will shift to working from home at least part of the time and some regional offices will be let

Read More