Estee Lauder is showing 32% decline in sales and announced this week that it will cut 1,500 to 2,000 jobs or about 3% of its workforce.
Target on the other hand reports its best quarterly sales growth and tripled online revenue. U.S shoppers are using their stimulus checks to shop for beauty products.
Walmart shoppers are using their stimulus money on clothes and shoes and the company is reporting biggest ever growth in online sales, according to Fashion Network.
While losses continue for Farfetch its Q2 Gross Merchandise Value (GMV) and Digital Platform GMV growth rates are faster than ever, according to Fashion Network.
Ralph Lauren, as part of the investment will help scale New York Fashion Week’s process and develop performance apparel from natural, sustainable materials.
Eco brand Allbirds, known for logo-free sneakers, announces expansion in Korea.
Maurice Marciano, Chief Creative Officer and Director of Guess is stepping down after a bike accident. Paul Marciano shared with fashion network: “After careful medical review, my brother Maurice will be in rehabilitation and therapy for an extended period of time and, therefore, will no longer continue to serve as non-executive Chairman of the Board.”
