Under Armour Inc raised its expectations for annual profit and sales on Tuesday, after reporting a 35% jump in revenue as the reopening of economies in the US and Asia fueled demand for its sports shoes and apparel.
At least three Chinese celebrities on Saturday dropped German fashion house Hugo Boss, the latest foreign brand caught in a concerted boycott by Chinese consumers over Western accusations of forced labour in Xinjiang.
Eyewear giant Safilo has reported Q4 and full-year results and in the light of the pandemic, the figures look good. It managed a Q4 sales rise and adjusted EBITDA also rose, even though the full year was loss-making.
Under Armour said Friday it expects margins to be pressured for the rest of the year on the back of increased promotions, even as online demand helped the sportswear maker post a smaller-than-expected loss.
Under Armour Inc forecast on Monday a 50% to 60% drop in second-quarter revenue as most of its stores remained closed because of the COVID-19 pandemic, sending the athletic apparel maker’s shares down about 11%.
A group of employers' organisations, unions and major brands in the garment industry are working with the International Labour Organisation (ILO) to support manufacturers affected by the coronavirus outbreak.