MADRID, June 11 ― Zara, H&M and Gap may be slowly reopening their stores but the coronavirus epidemic has had a devastating financial impact on the fast fashion sector, which needs a radical overhaul if it is to recover, experts say. Nearly 40 per cent of businesses in the sector are...
Thursday, 11 Jun 2020 08:15 AM MYTMADRID, June 11 ― Zara, H&M and Gap may be slowly reopening their stores but the coronavirus epidemic has had a devastating financial impact on the fast fashion sector, which needs a radical overhaul if it is to recover, experts say.
But the group, which has solid financials and whose shares have held up well, has continued to pay its staff throughout the crisis without having to put them on short-term leave through a furlough scheme.Primark furloughed nearly 8,000 of its employees in Spain and Mango did the same for its 4,700 staff, according to the Workers' Commissions union.
Around 68,000 employees of Britain's budget fashion chain Primark have benefitted from furlough payments through various government schemes across Europe, “without which we would have been forced to make most redundant,” chief executive George Weston admitted in a statement.American retailer Gap also posted a first-quarter loss of US$900 million.
And in the short-to-medium term, consumers' appetite for fashion “is going to be fairly diminished due to decrease due to the strong reduction of disposable income,” Euromonitor analyst Marguerite Le Rolland said in an ongoing briefing.“ pleasure and social aspect of shopping for fashion is going to be very difficult to keep with social distancing measures in place,” she said.
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