As it becomes clear that store closures will continue for longer than anticipated, companies including AEO, Caleres, Lululemon and Ulta Beauty have announced further measures to preserve their financial liquidity.
Mango is launching a lockdown initiative called Home Sessions, a series of livestreamed concerts. The first happens at 6 pm on Thursday with Marta Knight performing live from her home via the Mango Instagram channel.
Fashion houses have begun reaching out to their massive global communities via social media to encourage creativity at home, healthy living and inter-connectivity during the global lockdown caused by coronavirus.
Guess is the latest American fashion retailer to announce that it is furloughing a significant part of its store and head office employees, as the Covid-19 crisis forces its stores to stay closed indefinitely.
Extended store closures, furlough programs and base salary reductions are just some of the measures announced by U.S.-based fashion retailers such as Crocs, Ascena and G-III since the start of the week.
The New York-based brand management company announced a net loss of $95.0 million in the fourth quarter on Monday, widening from the loss of $69.1 million reported by the group in the same period in the previous year.