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Top fashion brands reporting billion-dollar losses



The pandemic has caused record losses for fashion brands due to store closures around the world.
fashion brands - shoes

The 2020 pandemic has dealt a severe blow to the business of the world's foremost fashion manufacturers. For many brands with decades of history, this year was their last. Others are beginning to calculate record losses amid store closures and restrictions around the world. 

As WWD reports, American brand Abercrombie & Fitch lost more than $244 million in the first six months of the year, with fourth-quarter profits falling by more than a third. 

British luxury fashion house Burberry earned 257 million pounds for the year, with online sales down nearly 50%. The company had to lay off about 5% of its UK office staff. 

Revenue at Guess dropped from $536 million to $260 million in the first half of 2020. One of the largest casual clothing brands, H&M, reported a 57% drop in sales this spring, leading to the closure of more than 170 stores. Nike's losses amid the pandemic were $790 million. 

French fashion giant Kering, the owner of luxury brands Gucci, Saint Laurent, and Bottega Veneta, lost more than 16% of its revenue, estimated at 3.2 billion euros for the first quarter of 2020. Its main competitor, LVMH, reported an 84% drop in net profit. 

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Dec 25, 2023, United Kingdom:
Nestled in the historic heart of London and renowned for its Georgian-era architectural splendor.
Dec 25, 2023, USA:
The company emphasized that cost-cutting is a pivotal focus for its future endeavors.
Dec 22, 2023, United Kingdom:
The sports giant has joined a long list of international brands that will open their store doors at Trinity Leeds shopping center.
Dec 22, 2023, Austria:
The brand will present at iconic locations such as Cortina d'Ampezzo in Italy, Zermatt in Switzerland, and Hochzillertal-Kaltenbach in Austria.
Dec 21, 2023, USA:
Italian fashion house has sealed a deal to acquire the building housing its flagship store.
Dec 21, 2023, Mexico:
Luxury French fashion house Zadig & Voltaire has unveiled its boutique in Mexico City.
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