Sales at Maybelline maker L’Oréal fell more sharply than expected in the second quarter, though the French beauty giant managed to contain any major profit erosion as the COVID-19 pandemic forced stores to close.
Amazon on Thursday beat Wall Street's estimates for second-quarter revenue as coronavirus-driven lockdowns pushed more people to shop for groceries and other essential and non-essential items on its platform.
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.
Burberry on Friday announced the opening of its long-awaited social retail store in China’s technology hub Shenzhen, “blending the physical and social worlds in a digitally immersive retail experience”.
Fashion giant Benetton said Thursday that 2019 was an important milestone in its relaunch as its “economic-financial indicators show significant recovery and a reduction in losses compared to previous years”.
PayPal reported an 86% jump in Q2 profit on Wednesday as the e-commerce payments processor benefited from the shift to online spending amid the coronavirus pandemic. Net income increased to $1.53 billion.
French luxury group Kering's Q2 comp sales plunged by 43.7% due to the coronavirus. Gucci comp sales fell 45% and Saint Laurent 48%, but recovering Bottega Veneta contained the drop in revenue to only 24.4%
LVMH, the world’s biggest luxury goods group, said sales momentum picked up in June and had especially improved in China, after store closures sparked by the pandemic tore a hole in the Louis Vuitton owner’s Q2 sales.
Indian shoppers are cautious about spending money during the ongoing coronavirus pandemic and aim to spend less on non-essential goods, such as apparel, which paints a grim picture for retail recovery, studies show.