Companies

The French maison is promoting the creation of Nevold, an independent company to scale the development of circular materials. The new entity is led by Sophie Brocart, former CEO of luxury brand Patou.

The Persson family, which founded the fashion group in 1947, has also acquired 85% of the group's voting rights, which could put the Swedish retail giant on the road to becoming a listed company.

The group closed the first quarter with a 9.44% increase in sales, weighed down by the poor performance in Asia. Profitability was affected by higher expenses, exchange rates and an unfavorable channel mix.

The Inditex chain strengthens its presence in the United States and Italy with new openings: The Grove, in southern California, and via Roma, in the capital of Piedmont. In Spain, the Serrano store will close tomorrow for renovations.

The company has promoted the CFO, who in his new position now oversees finance, logistics and sustainability. The sustainability area changes its manager and loses its position on the management committee.

The e-commerce company, founded by Jeff Bezos, plans to open several physical shops which will work as department stores in the United States to help expand the reach of sales in apparel, home goods, electronics and other areas. The e-commerce company, founded by Jeff Bezzos, plans to open several physical shops which will work as department stores in the United States to help expand the reach of sales in apparel, home goods, electronics and other areas.

During the Covid-19 year, the group reacted by accelerating the importance of proximity on its production, with 49% of total suppliers. The group stopped working with 65 suppliers in China.

The company’s net sales decreased by 21 percent in the quarter ended 28 February. The Swedish group has also issued a statement after the boycott suffered in China.

The fashion retailer had a turnover of 6.6 billion euros online last year. High-street rivals H&M and Gap generated online less than €6 billion each last year.

H&M, Zalando and C&A lead fashion sales in Germany, while Marks & Spencer, Next and Primark take the main spot in the UK. France is dominated by sport players and Italy by pure players.

The announcement follows senior leadership changes made last week. Nike intends to streamline its organization to transform the company faster.

The apparel retailer was founded in 1818 and has dressed presidents from Abraham Lincoln to Barack Obama. It is know owned by Italian businessmen Claudio del Vecchio.

The Hong Kong-listed apparel retailer filed for Protective Shield Proceedings for six German subsidiaries last March.

The Swedish giant reported a pre-tax loss of 6.5 billion crowns ($685 million), against a year-ago 5.9 billion profit. The group is going to increase the pace of closures with around 170 gross closures this year.

While analysts consider the fast fashion model to be a risk for the future, proximity sourcing has saved Inditex in the first quarter. The group has reduced its cost of sales in proportion to the drop in sales.