Total revenue and profits may have slumped at Capri holdings in the latest quarter, but the owner of Michael Kors, Versace and Jimmy Choo was upbeat as Chinese demand recovered strongly and e-tail soared.
Next summer’s womenswear collections showcased in New York, London, Milan and Paris – digitally and on the catwalks - were heavily influenced by life in lockdown, hankering for comfort, minimalism and inclusion.
With the coronavirus having sent most of the world's luxury spending into a tailspin and China the only major economy expected to show growth this year, brands now depend more than ever on Chinese consumers for sales.
Shares in the Philadelphia-based fashion retailer shot up more than 12% in the extended session on Tuesday, as the company reported a surprise Q2 profit of $34 million thanks to double-digit digital growth.
Target on Wednesday reported its best quarterly comp sales growth and online revenue that nearly tripled as customers took advantage of the retailer’s quick and contact-free delivery to shop for clothes and home decor.
The weather played less of a part than usual in sales at Fast Retailing’s Uniqlo chain during July with the company saying on Tuesday that its Japanese sales (including online) rose 4.7% year-on-year during the month.
Facebook beat analysts' estimates for quarterly revenue on Thursday, as businesses used its digital advertising tools to tap a surge in online traffic during the pandemic even as they slashed marketing budgets elsewhere.