The revenue of top fashion multinationals plummeted by 21.8% in the first nine months of 2020 because of the pandemic, according to a study published on Wednesday by Italian investment bank Mediobanca.
H&M's sales were running only 3% down this autumn until the latest wave of lockdowns forced its stores to close again. But its figures for Q4 and the full year show it's managing fairly well in a tough year.
Inditex’s flagship brand is expanding in Asia with the opening of its largest regional store in Beijing. The new location spreads across 3,500 sq m over four floors. Zara first launched in China in 2004.
Zara-owner Inditex's little-known budget brand Lefties started online sales in Spain and Portugal on Thursday, giving the label a digital advantage over discount fashion chain Primark in its second-biggest market.