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2020: Setbacks & challenges for European retail

30
Dec '20
Pic: Papin Lab / Shutterstock.com
Pic: Papin Lab / Shutterstock.com
Despite being a mature market, European retail faced many challenges and setbacks in 2020. The pandemic-affected year tested many influential and powerful retailers including the Inditex Group, the H&M Group, Primark, LVMH, Next, JD Sports Fashion, Ted Baker, Zalando, etc known for emanating fashion trends and taking European fashion retail to the world.

The new business update for Spain's Inditex Group over nine months period includes an overall sales decline of 29 per cent and net profit decline of 75 per cent. However, Group’s online sales continued to grow at 75 per cent with 44 per cent increase in online visits reaching a count of 3.4 billion, writes Sanjay Bakshi presenting a yearly roundup on Europe fashion in the January 2021 edition of Fibre2Fashion.

Despite a strong recovery in the Q3, Sweden's H&M Group's Q4, 2020 (September 1, 2020—November 30, 2020) net sales, amounting to SEK 52,543 million, decreased by 10 per cent in local currencies compared with Q4, 2019. For FY20, net sales decreased by 18 per cent in local currencies.

Primark, the retail business owned by Associated British Food plc, is one of the largest fashion retailers in Europe and the largest clothing, footwear and accessories retailer by volume in the UK. ABF’s FY20 revenue was £13,915 million, 12 per cent down from previous year. This was primarily due to third quarter performance in which Primark’s stores were closed.

LVMH, one of the world’s leading luxury products group, recorded revenue of €30.3 billion in the first nine months of 2020, registering a decline of 21 per cent compared to the same period in 2019. Basis the Q3 comparison of 2020 and 2019, revenue was down by 7 per cent.

Subscribe now to read the complete article in the much-awaited January 2021 print edition of Fibre2Fashion

Fibre2Fashion News Desk (RKS)


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