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"I feel really alone and if somebody with the status of an elected official can’t be protected then how must others feel?” said Omar. Official data shows a significant, smaller increase in anti-Muslim incidents in Britain and is patchy for the other two countries. "The vast majority of Muslims do not file a complaint when they are victims of such acts. A spokesperson for France's national police acknowledged data on anti-Muslim incidents was "incomplete", and relied on victims filing a complaint. For some Muslims in Germany, which has welcomed about a million Syrians and just under 400,000 Afghans in recent years, rising hostility came as a surprise.

Persons: Jian Omar, Lisi Niesner, ”, Omar, Zara Mohammed, Geert Wilders, Ben Badis, Rachid Abdouni, Khalil Raboun, Tell Mama, Mama, Abdallah Zekri, Zekri, Rima Hanano, Gerald Darmanin, Reza Zia, Emmanuel Macron, Zia, Ebrahimi, fomented, Aiman, Germany's, Reem Alabali, Radovan, Ghalia Zaghal, Zaghal, Layli Foroudi, Thomas Escritt, Sarah Marsh, Andrew MacAskill, Frank Jack Daniel Our Organizations: Hamas, REUTERS, Reuters, Muslim Council of, Ministers, Local, French Muslim Council, HISTORY, Kings College London, Amnesty, German Muslim Council, Thomson Locations: German, Kurdish, Israel, Palestinian, Berlin, Germany, BERLIN, LONDON, Europe, Gaza, London, France, Britain, Muslim Council of Britain, British, Dutch, Netherlands, United States, Nanterre, Paris, French, Moroccan, Western, Syria

☆ Shein Still Needs to Prove It’s a Bargain
▼ + stars: | 2023-11-28 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

A wide range of apparel at affordable prices has made Shein a sensation. Photo: Adrienne Grunwald for The Wall Street JournalBuilt-in-China online fashion company Shein has swept the world with its fast-to-market, hip designs. It now needs to show investors that its breakneck growth can convert into bigger profit, too. The company is probably looking for a valuation higher than the $66 billion implied by a fundraising round in May. That would put Shein’s market value comfortably above H&M ’s $27 billion but below Zara’s parent Inditex ’s $127 billion.

Persons: Adrienne Grunwald, Shein Organizations: Wall Locations: China, Singapore, U.S

☆ How China's Shein became a fast-fashion giant
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +3 min

A Shein logo is pictured at the company's office in the central business district of Singapore, October 18, 2022. REUTERS/Chen Lin/File Photo Acquire Licensing RightsNov 28 (Reuters) - China-founded fashion company Shein has confidentially filed to go public in the United States, two sources familiar with the matter told Reuters on Monday. Shein says the approach has helped it consistently achieve average unsold inventory rates in the low single digits. At that valuation, Shein would still trail Uniqlo owner Fast Retailing's (9983.T) $80 billion valuation and Zara owner Inditex's (ITX.MC) $126 billion. Shein moved its headquarters to Singapore from Nanjing, capital of China's eastern Jiangsu province, around late 2021, a shift that analysts said helps the firm circumvent China's tough new rules on overseas listings.

Persons: Chen Lin, Shein, Chris Xu, PDD, Inditex's, Miyoung Kim, Stephen Coates Organizations: REUTERS, Reuters, WHO, Shein, Walmart, Thomson Locations: Singapore, China, United States, Europe, Asia, U.S, Swedish, Zara, Nanjing, China's, Jiangsu

☆ What is fast fashion, and why is it so controversial?
▼ + stars: | 2023-11-24 | by ( Amaya Mcdonald | Taylor Nicioli | ) edition.cnn.com time to read: +7 min

But while cheap chic may seem like the way to go, the fast fashion industry sees clothing pushed out on a scale that is even too large for most consumers to keep up with. Why is fast fashion so popular? Fast fashion accounts for “quick designs, quick manufacturing, quick marketing, quick retailing — it doesn’t leave the time to consider these bigger needs, like ethical considerations or rights of workers,” Osnes said. “The planet is on fire, and the truth is the fashion industry aids in a percentage of that.”Is ‘sustainable fashion,’ a viable alternative? But shop responsibly… try to use your budget to buy one good quality item,” Arya said, instead of a glut of fast fashion basics.

Persons: CNN —, Preeti Arya, Vox, Shein, Jade Gao, Beth Osnes, ” Osnes, “ It’s, ”, Aja Barber, Technology’s Preeti Arya, Richard Levine, Arya, ” Arya Organizations: CNN, Fashion Institute of Technology, New York Times, Times, Shein, Getty, United Nations Environment Programme, Greenpeace, George Washington University . Apparel, University of Colorado, Fashion Institute, Technology’s, Thrift Locations: New York, United States, Paris, Zara, Singapore, China, Guangzhou, AFP, India, Bangladesh, Pakistan

Brokerage TD Cowen lowered its U.S. holiday spending estimate to 2% to 3% growth, from 4% to 5%, as it forecast flat Black Friday traffic. With many consumers squeezed by persistent inflation and high interest rates, U.S. holiday spending is expected to rise at the slowest pace in five years. A record 130.7 million people are expected to shop in stores and online in the U.S. on Black Friday this year, the National Retail Federation (NRF) estimates. In France, Italy, and Spain, most shoppers planned to buy clothing on Black Friday, with electronic goods coming second, according to a PwC survey. Thanksgiving Day discounts online peaked at about 28% for toys, while electronics had discounts as steep as 27%, Adobe said.

Persons: Shannon Stapleton, Cowen, Theresa Forsberg, “ It’s, ”, Jill Lizzo, she’s, “, I’m, Lizzo, PwC, hasn’t, Naomi Ojomo, Jeff Gennette, Barbie, John Roberts, Apple AirPods, Bergdorf Goodman, Nordstrom, Oscar de, Katherine Masters, Arriana McLymore, Helen Reid, Mimosa Spencer, Corina Pons, James Davey, Siddharth Cavale, Arriana, Deboarh Sophia, David Gaffen, Miral Fahmy, Nick Zieminski, Frances Kerry Organizations: Black, REUTERS, Shoppers, National Retail Federation, Insider Intelligence, Barclays, Macy's, Adobe Analytics, Adobe, Walmart, Argos, PlayStation, Apple, Thomson Locations: Westbury , New York, U.S, RALEIGH, N.C, New Milford , Connecticut, . U.S, Harlem, Manhattan, France, Italy, Spain, Zara, Canary Wharf, London, British, Paris, Madrid, New York, Raleigh , North Carolina, Bengaluru

Shein's website drew 28.6 million unique monthly visitors in October, up 7.25% from a year earlier, according to Similarweb. Amazon trounces both online retailers with 56% of its 268 million unique monthly visits in October resulting in purchases, its data shows. Temu, which launched in the U.S. in September 2022, is offering deals for cheap goods for the holiday shopping season. Shein is ramping up holiday marketing in the U.S. and Europe as it extends its reach and products on its platform. Peter Pernot-Day, head of corporate strategy at Shein, said Shein has advised its marketplace sellers "to optimize their product listings" by "providing competitive pricing and keeping inventory up to date."

Persons: David, Dee, Delgado, Temu, Shein, Inditex's Zara, Melissa Minkow, Peter Pernot, Arriana McLymore, Nick Zieminski Organizations: REUTERS, Missguided, CI, Thomson Locations: New York City, U.S, Singapore, Europe, Similarweb, New York

☆ These big names in retail could get hit by Temu's surging growth, Bank of America says
▼ + stars: | 2023-11-22 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

The explosive growth of Temu, the U.S. arm of Chinese e-commerce giant Pinduoduo , could spell trouble for some major retailers, according to Bank of America. Just six months ago, Temu's sales were only 4% of Target's. The analysts say Temu's growth has been fueled by aggressive advertising using influencers, social media and search, with daily active users reaching 40% of Amazon's level. Retailers at risk The BofA analysts say retailers competing on price alone are particularly exposed to Temu's disruption. Separately, analysts at UBS investment bank also see Temu's growth in a similar vein.

Persons: Thomas Thornton, Kohl, Zara, Inditex, Pinduoduo, Lowe, CNBC's Michael Bloom Organizations: Bank of America, Consumers, of America's, Navy, Urban Outfitters, Walmart, Target, UBS, Costco Locations: Temu, U.S, United States, Swiss

HAWSTON, South Africa (AP) — Nearly every house in Hawston has a boat in its yard, sometimes two. It's reduced the endangered South African abalone to unprecedented low levels, wildlife groups say. Political Cartoons View All 1256 ImagesAt first, the South African government banned abalone fishing completely. Hong Kong is importing between 2,000-3,000 metric tons of illegal South African abalone a year, the report estimated. Chan also rates South African abalone highly, as so many do, with its rich taste and slightly chewy texture.

Persons: Raphael Fisher, perlemoen, Fisher, ”, “ It’s, Wendy Chan, Chan, “, Keet, It's, Bertus van, van Oordt, Van Oordt, we'll, ” van Oordt, “ We'll, Markus Burgener, ” Burgener, Burgener, Zara, Toby, ” Fisher, Kanis Leung, Alice Fung Organizations: South, Global, Transnational, International Union for Conservation, Nature, Divers, Lookouts, Trade Monitoring, AP Locations: South Africa, Hawston, East Asia, Hong Kong, China, Japan, Taiwan, Gansbaai, HIK, Hawston's, Africa, africa

☆ 'Dupes' clothing, perfume craze lures holiday shoppers as major brands fret
▼ + stars: | 2023-11-20 | by ( Katherine Masters | ) www.reuters.com time to read: +7 min

Hashtag searches for dupes of major brands - including Skims underwear and Deckers' (DECK.N) Ugg boots - have been viewed millions of times on TikTok. Graphic shows pictures of four original products and their original prices under named brands compared with the prices of their 'dupe' counterparts. Newer technologies like the Google Lens app allow people to take photos of items they like and find similar products for sale. In other cases, dupe sellers opt to replicate the look of higher-priced originals with cheaper materials to maximize profit. However, experts say dupe sellers have grown increasingly skilled at avoiding brand logos and other design features that could infringe existing patents or copyrights.

Persons: Lauren Maginness, Shannon Stapleton, Maginness, Estee, Tom Ford, Dupes, “, ”, Penny Pincher, Leslie Ghize, Doneger Tobe, Calvin McDonald, Ian Taplin, Juozas Kaziukenas, Kaziukenas, Maria Boschetti, Mike Scheschuk, Birkenstock, Katherine Masters, Dorothy Kam, Vanessa O'Connell, Rod Nickel, Matthew Lewis Organizations: REUTERS, Abercrombie, Fitch, Scout, Walmart, Department, Nordstrom, Circana Inc, COMMERCE, Wake Forest University, eBay, Google, HK, Amazon, New, Thomson Locations: New York City, U.S, Hong Kong, TikTok, Los Angeles, Zara, Italy, New York

☆ Violent wage protests in Bangladesh could hit top fashion brands
▼ + stars: | 2023-11-09 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +8 min

On Tuesday, the country’s wage board announced an increase of $113 a month for garment workers, set to take effect December 1. Garment workers in Bangladesh currently make $95 a month producing clothes for big brands such as H&M, Zara and Levi’s. The American Apparel and Footwear Association, or AAFP, which represents brands in the US suggests a timelier minimum wage review. CNN reached out to the Bangladesh Garment Manufacturers and Exporters Association which represents factory owners for comment but did not hear back. Cambodia now raises its minimum wage for garment workers once a year.

Persons: “, ”, Christina Hajagos, Clausen, Narza Akter, Imran Hossain, ” Matthew Miller, Bangladesh hasn’t, Fitch, Nate Herman, Levi Strauss, Elizabeth Cline, Jason Judd, Judd Organizations: New, New York CNN, Textile and Garment Industry, IndustriALL Global Union, Bangladesh Bureau, Statistics . Garment, Workers, US State Department, United, State Department, McKinsey, US Commerce Department, Puma, Abercrombie, American Apparel and Footwear Association, CNN, Brands, Government, Bangladesh Garment Manufacturers, Policy, Columbia University, Consumer, World Bank, Consumers, Global Labor Institute, Cornell University, Workers Rights Consortium Locations: New York, Bangladesh, Zara, Levi’s, China, United States, Southeast Asia, AAFP, Swedish, ”, Patagonia, Cambodia

[1/5] Garment workers come out of a factory during lunch hours at the Ashulia area, outskirts of Dhaka, Bangladesh, November 8, 2023. A panel of factory owners, union leaders and officials agreed to the increase unanimously, said Siddiqur Rahman, the owners' representative. "We continue to recommend that the government of Bangladesh adopt an annual minimum wage review mechanism to keep up with changing macroeconomic factors," the letter said. In addition to the wage increase, the government has said that workers would be given a 5% annual increment. Babul Akter, president of the Bangladesh Garment and Industrial Workers Federation, urged global brands to pay more, saying: "There could be some problems for the owners to cope with the increased salaries."

Persons: Mohammad Ponir Hossain, Siddiqur Rahman, Rahman, Inditex, Hugo Boss, Fazlul Hoque, Hoque, Levi Strauss, Armour, Sheikh Hasina, Akter, Abdus Salam Murshedy, Murshedy, Krishna N, Ruma Paul, Miral Organizations: REUTERS, Rights DHAKA, Reuters, Inc, Knitwear Manufacturers, Association, Labour, Abercrombie & Fitch, Adidas, Puma, Bangladesh Garment and Industrial Workers Federation, Envoy Group, Walmart, Hasina's Awami League, Das, Thomson Locations: Dhaka, Bangladesh, DELHI, China, Zara, Ukraine, New Delhi

☆ Workers Making Clothes for Top Brands Reject a Proposal: $113 a Month
▼ + stars: | 2023-11-08 | by ( Saif Hasnat | ) www.nytimes.com time to read: +1 min

Days after violent protests over wages as low as $80 a month, officials in Bangladesh said on Wednesday they would increase the pay of garment workers by about 50 percent, a concession that appeared to fall short of satisfying thousands of workers who produce clothes for brands like H&M and Zara. Over the weekend, at least two garment factory workers were killed and several police officers wounded in Gazipur District, north of Dhaka, as protesters ratcheted up their longstanding demand for higher wages. The garment industry accounts for more than 80 percent of Bangladesh’s annual exports of about $55 billion, and it is seen as the key driver of Bangladesh’s economic growth in recent decades. More than 50 percent of employees in the industry are women, in a region with abysmal female participation in the formal work force. They are calling for an increase to about $200 a month to meet the rising cost of living.

Persons: Covid lockdowns Locations: Bangladesh, Zara, Gazipur District, Dhaka

☆ Turkey is celebrating 100 years as a republic. But today’s nation is a long way from 1923’s secular state
▼ + stars: | 2023-10-30 | by ( Zara Khan | ) edition.cnn.com time to read: +10 min

Today’s Turkey, however, is starkly different from the secular, Westernized state envisioned by Ataturk 100 years ago. The Turkish republic as imagined by Ataturk was firmly rooted in the West and a quick succession of reforms sought to modernize a population decimated by war. People often express such justification through religion, Murat Somer, a professor of political science at Ozyegin University in Istanbul, told CNN. What Ataturk may have been most proud of in today’s Turkey, however, is its growing influence on the world stage, analysts say. In 1926, after an assassination plot against him was discovered, Ataturk told his new nation: “One day my mortal body will turn to dust, but the Turkish republic will stand forever.”

Persons: Recep Tayyip Erdogan, Erdogan, Mustafa Kemal Ataturk, Ataturk, Hagia Sofia, Ataturk’s, weren’t, Ozel, Murat Somer, ”, Somer, “, Ayse, Ismet Inonu, Power, Ataturk “, ” Somer, Adem Altan, “ I’m, ” Zarakol, ” Ozel Organizations: CNN, Turks, Ataturk, Hagia, Ottomans, Hulton, International Relations, Kadir Has University, Ozyegin University, Republican People’s Party, University of Cambridge, Anitkabir, Sunday, Getty, NATO, East, Central Asia Locations: Istanbul, Turkish, Ottoman, Today’s Turkey, Ottoman Empire, Europe, Russia, Anatolia, Ankara, The Turkish, West, fez, Hagia Sofia, Turkey, Hagia, Kasimpasa, “, Ataturk, Turkish Republic, AFP, today’s Turkey, Ukraine, Central

REUTERS/Arriana McLymore/File Photo Acquire Licensing RightsMADRID/LONDON, Oct 25 (Reuters) - Zara owner Inditex (ITX.MC), the world's biggest clothing retailer, has agreed to buy recycled polyester from U.S. start-up Ambercycle, the companies said on Wednesday. As fast-fashion retailers face pressure to reduce waste and use recycled fabrics, Inditex is spending more than 70 million euros ($74 million) to secure supply of Ambercycle's recycled polyester made from textile waste. Under the offtake deal, Inditex will buy a "significant" portion of Ambercycle's production of recycled polyester, which is sold under the brand cycora, over three years. Textile-to-textile polyester recycling is in its infancy, though, and will take time to reach the scale required by global fashion brands. The Ambercycle deal marks the latest in a series of investments made by Inditex into textile recycling start-ups.

Persons: Arriana, Inditex, Zara Athleticz, Javier Losada, Corina Pons, Helen Reid, Cynthia Osterman, David Holmes Organizations: REUTERS, Infinited, Thomson Locations: Zara's Soho, New York City, U.S, MADRID, LONDON, Zara, Los Angeles, Circ, Spain

☆ What are global firms with presence in Israel doing after Hamas attack
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +4 min

Following are the steps taken by the companies ranging from airlines to banks:TRAVELSeveral Asian, European and U.S. airlines have suspended direct flights to Tel Aviv. Delta Air Lines (DAL.N):The airline said it continues to monitor events in the region and has made the decision to cancel Delta-operated Tel Aviv flights through Oct. 31. Goldman Sachs (GS.N):The bank's employees at its office in Tel Aviv have been asked to work from home, a spokesperson said. TECHNvidia (NVDA.O):The world's largest maker of chips used for artificial intelligence and computer graphics said it had canceled an AI summit scheduled for Tel Aviv next week. CONSUMER AND RETAILH&M (HMb.ST):The clothing company said its local franchise partner has temporarily closed all stores in Israel.

Persons: Amir Cohen, El, Goldman Sachs, Morgan Stanley, Gautam Adani's, Jensen Huang, PHARMA Eli Lilly, Lilly, Priyamvada C, Mehr Bedi, Ananya Mariam Rajesh, Khushi, Jaiveer Singh, Samrhitha, Helen Reid, Sriraj Kalluvila, Shounak Dasgupta, Shinjini Organizations: Gaza, REUTERS, Palestinian, Hamas, Tel Aviv . Delta Air Lines, Royal, Chevron, JPMorgan Chase, Reuters, Bank of America, Bloomberg News, FedEx, TECH Nvidia, Tel, Inditex SA, PHARMA, Thomson Locations: Sderot, Israel, U.S, Tel Aviv, Royal Caribbean, Haifa Port, Zara, Bengaluru, London

☆ H&M blames warm weather for September sales slide
▼ + stars: | 2023-09-27 | by ( Helen Reid | トムソンロイター | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +3 min

H&M, whose biggest rival is Zara owner Inditex (ITX.MC), said September sales would be down 10% year-on-year measured in local currencies. That compares with Inditex reporting sales between Aug. 1 and Sept. 11 that were up 14%. Operating profit in the Swedish group's third quarter jumped to 4.74 billion crowns ($431 million) from a year-earlier 902 million. The year-ago figure included a one-off cost of 2.1 billion crowns for the group's exit from Russia, which also accounted for four percentage points of the 10% September sales decline. H&M announced a share buyback programme starting on Wednesday, planning to buy back up to 3 billion crowns of stock by March 31 next year.

Persons: サマリー, Inditex, Vera Diehl, Nicolas Champ, LSEG, Richard Chamberlain, Anna Ringstrom, Helen Reid, Jan Harvey, Mark Potter Organizations: Union Investment, Barclays, RBC, HK, Tmall Locations: STOCKHOLM, Zara, Swedish, Russia, JD.com, China's Xinjiang, Alibaba's

☆ Fast fashion is leaning into resale, but it may do little to reduce emissions, new study says
▼ + stars: | 2023-09-26 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Fast-fashion retailers like Zara, Shein and H&M are using resale platforms to reduce their carbon footprints, but the programs are projected to do little to reduce emissions, a new study released Tuesday found. The study analyzed five brand archetypes, spanning fast fashion to premium apparel, and how reselling previously owned items could affect their overall carbon emissions between 2023 and 2040. It found that fast-fashion retailers, which create about 11.5 kilograms (25.3 pounds) of carbon dioxide for every item they make, will only reduce their emissions by 0.7% with resale programs. Outdoor brands, like Patagonia and the North Face, create about 12.5 kilograms of CO2 per item and could reduce emissions by 15.8%, according to the study. Ruben said it takes a lot of work for fast-fashion retailers to implement resale programs, but "you're not getting a lot of juice for the squeeze."

Persons: Andy Ruben, Tory Burch, Ralph Lauren, they're, Ruben, you've Organizations: Trove, Deloitte, McKinsey, University of California, CNBC, Outdoor, U.S . Securities, Exchange Commission Locations: Guangzhou, China, Brazil, Zara, Shein, Berkeley, Patagonia, reselling

☆ I'm a celebrity fashion stylist. Here are 5 brands I love that scream 'quiet luxury'—they start at just $9
▼ + stars: | 2023-09-22 | by ( Ashley Afriyie | ) www.cnbc.com time to read: +3 min

Zoom In Icon Arrows pointing outwards Credit: The Frankie ShopZoom In Icon Arrows pointing outwards Credit: The Frankie ShopWhile a bit more expensive than Zara, they offer more curated products and on-trend, minimalist designs. Zoom In Icon Arrows pointing outwards Credit: IntimissimiSilk and cashmere are sought after because the process to create them takes so long. Zoom In Icon Arrows pointing outwards Credit: MejuriMy must-haves are the pearl-stud earrings ($198) and delicate chain necklace ($148). Zoom In Icon Arrows pointing outwards Credit: Mejuri5. Zoom In Icon Arrows pointing outwards Credit: Uniqlo

Persons: Celine, Max Mara, Zara Zara's, Zara, Uniqlo Organizations: Gucci, Saks Fifth, Uniqlo Locations: Zara, New York City, Paris

"Indonesia is not an easy market to do business on your own," said Kim, adding that, beyond government sales, VKTR was in talks with large domestic businesses to sell BYD EV buses. TAKING ON TESLAThai EV buyers contributed 24% of BYD's overseas sales in the second quarter, making it the Chinese automaker's largest foreign market, according to Counterpoint, whereas fewer than 1% of Tesla's sales are in Southeast Asia. BYD's Southeast Asia playbook and its embrace of dealerships contrasts with Tesla, whose direct-to-consumer approach is hard to replicate, since no other new EV brand has its buzz or the outsized media presence of its CEO Elon Musk. BYD and its partner Sime Darby Motors are experimenting with a new approach to draw young, tech-savvy consumers towards the Chinese brand in Singapore. The partnership has launched five "BYD by 1826" showrooms that double as white-tablecloth restaurants where dishes are named after BYD EV models.

Persons: Edgar Su, EVs, Tesla's, Soumen, BYD, Sime Darby, Indonesia's, Chee, Kiang Lim, Ayala, Antonio Zara, Rever, Alex Kim, Kim, VKTR, Tesla, Elon Musk, Darby, Jeffrey Gan, Devjyot Ghoshal, Stefanno Sulaiman, Jamie Freed Organizations: REUTERS, Rights, Counterpoint Research, Reuters, Commission, Ayala Corp, Thailand's, Urban Science, Brothers, Ayala Corp's, Motors, Thai EV, Asia playbook, Darby Motors, Sime, Sime Darby Motors, Thomson Locations: Singapore, Rights BANGKOK, JAKARTA, Southeast Asia, Thailand, Malaysia, Philippines, China, Shenzhen, Bangkok, Indonesia, Jakarta, Asia, Hong Kong, Macau

☆ H&M looks out of sync with shoppers’ reality
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

The H&M clothing store is seen in Times Square in Manhattan, New York, U.S., November 15, 2019. REUTERS/Mike Segar Acquire Licensing RightsMILAN, Sept 15 (Reuters Breakingviews) - H&M (HMb.ST) CEO Helena Helmersson is feeling the heat. H&M has probably been operating under the illusion that it could maintain pricing power while consumers are being hit by inflation. Its $120 billion rival Inditex (ITX.MC), whose Zara brand is considered more upmarket than H&M, has started to pause price increases. Right now, H&M trades on the same 20 times forward earnings multiple than Inditex.

Persons: Mike Segar, Helena Helmersson, “, That’s, Shein, Inditex's, Lisa Jucca, George Hay, Streisand Neto Organizations: REUTERS, Reuters, RBC, X, Thomson Locations: Manhattan , New York, U.S, Swedish

☆ Zara owner Inditex profit jumps 40% as price rises slow
▼ + stars: | 2023-09-13 | by ( ) www.cnbc.com time to read: +3 min

Zara owner Inditex on Wednesday beat expectations with a 40% jump in half-year net profit despite the world's biggest fast fashion company slowing the pace of its price increases. The company posted a net profit of 2.5 billion euros ($2.7 billion) for the six months to July 31, outpacing a 2.38 billion euro market forecast according to data from LSEG. Inditex sales rose 13.5% to 16.9 billion euros and a gross margin of 58.2%. With a big share of its costs in euros, Inditex said it expects currencies to have a -3.5% impact on sales this year, worse than the -2.5% impact it expected previously. Inditex was among the first fashion retailers to raise prices in response to surging inflation early last year.

Persons: Inditex, Bernstein, William Woods, Richard Chamberlain, Steven Meisel, Linda Evangelista Organizations: Zara, Bank of America, Royal Bank of Canada, Reuters Locations: Zara, New York, LSEG, Madrid, United States, Spain

☆ Inditex can afford to start sharing its cash pile
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +2 min

An employee arranges clothes at one of the largest Zara stores in the world, in Madrid, Spain, April 7, 2022. REUTERS/Juan Medina/File Photo Acquire Licensing RightsLONDON, Sept 13 (Reuters Breakingviews) - Marta Ortega is facing a test on Inditex’s (ITX.MC) bulging cash pile. In the same period, Inditex delivered 2.5 billion euros of net profit, up 40% year-on-year. Still, growing profits mean its cash pile will only get larger. Net cash is expected to balloon to 12 billion euros by year-end, LSEG data show.

Persons: Juan Medina, Marta Ortega, Massimo Dutti, Inditex, Ortega, Inditex’s, Aimee Donnellan, BoE, Lisa Jucca, Streisand Neto Organizations: REUTERS, Reuters, Reuters Graphics Reuters, X, Treasury, UBS, Warner Bros Discovery, Thomson Locations: Zara, Madrid, Spain, Asia

☆ H&M to sell second-hand clothes at London store
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

LONDON, Sept 13 (Reuters) - H&M (HMb.ST) plans to sell second-hand clothes and accessories at its flagship store in London from Oct. 5, as pressure increases on fast fashion companies to curb their environmental impact by encouraging the reuse and recycling of garments. It will be the second H&M store to offer second-hand clothes, after Barcelona which opened earlier this year. H&M also has an online second-hand offering in Sweden and Germany. H&M launched a clothing rental service at its Regent Street store in November last year. Zara (ITX.MC) last week launched its online second-hand service in France, having trialled it in Britain since November last year.

Persons: Helen Reid, Alison Williams Organizations: European Union, M's, Regent, Thomson Locations: London, Cos, Monki, Barcelona, Sweden, Germany, Europe, United States, Zara, ITX.MC, France, Britain

☆ H&M to sell second-hand clothes at London flagship
▼ + stars: | 2023-09-13 | by ( ) www.cnbc.com time to read: +2 min

People passing a large scale sign for the high street clothes and clothing brand H&M outside their flagship store on the corner of Oxford Street and Regent Street. H&M plans to sell second-hand clothes and accessories at its flagship store in London from Oct. 5, as pressure increases on fast fashion companies to curb their environmental impact by encouraging the reuse and recycling of garments. It will be the second H&M store to offer second-hand clothes, after Barcelona which opened earlier this year. H&M launched a clothing rental service at its Regent Street store in November last year. Zara last week launched its online second-hand service in France, having trialed it in Britain since November last year.

Organizations: Oxford Street, Regent, European Union, M's Locations: London, United Kingdom, Cos, Monki, Barcelona, Sweden, Germany, Europe, United States, Zara, France, Britain

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