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Macy’s aims to streamline store portfolio and intensify cost-efficiency efforts

Despite recent reports that the industry’s holiday season was shaping up to top previous estimates due to success driven by strong online sales and a burst of last-minute purchase, this didn’t help a lot of retailers who couldn’t tide through the storm. One such retailer is Macy’s whose shares tumbled more than 9 per cent after it posted disappointing holiday sales, releasing a list of 68 of the 100 stores that it plans to close. […]

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Macy’s announces fourth quarter results

Major US apparel retailer Macy’s Inc. has announced its fourth quarter results. During the period under review, its total sales stood US $ 8.515 billion, down 4 per cent from total sales of US $ 8.869 billion in the fourth quarter of 2015. On an owned basis, fourth quarter comparable sales declined by 2.7 per cent. Comparable sales on an owned plus licensed basis for the review quarter were down 2.1 per cent. Sales in […]

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Amazon to be the No. 1 apparel seller in US

Growing dominance of e-commerce giant Amzaon.com Inc. in the apparel sector can create issues for fashion brands like Macy’s, Nordstrom and JCPenney…The online retailer is going to launch its own brand of athletic apparels as part of its clothing business efforts, and a report by Cowen & Co. has claimed that Amazon could surpass Macy’s to become the ‘biggest apparel seller’ in the US this year. And this seems very true as the sales at […]

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Macy’s to cut 10,100 jobs in US

Major US apparel retailer, Macy’s Inc. has recently announced its plans to cut 10,100 jobs as it is closing stores across the American market. Store closures will eliminate 3,900 sales jobs, while a series of streamlining moves, that include cutting middle managers and restructuring store operations, will eliminate an additional 6,200 positions. The decisions come after predictions of significant cutbacks in brick-and-mortar stores with the rise of e-commerce. Macy’s intends to close 68 stores by […]

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The Finish Line unveils third quarter financial report

The Finish Line Inc., premium retailer of athletic shoes, apparel and accessories, has announced its financial results for the third quarter ended November 26, 2016. The company’s net sales stood at US $ 371 million, up by 3 per cent compared to US $ 361 million in the corresponding period previous year. In the period under review, the retailer generated gross profit of US $ 99 million, up from last year’s US $ 83 million. However, its […]

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IDG concentrates on innovation and design

A private label manufacturer, International Direct Group (IDG) caters to the US market for woven bottoms and tops for its core customers, including American Department stores such as Macy’s, Dillard’s, etc. It’s been five years since the company started sourcing from India through Delhi-based buying agents – Montrose – primarily for products that the country is well known for, such as woven shirts, embroideries and other techniques that are unique to India. Speaking exclusively to […]

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Macy’s announces Q3 FY ’16 results

American fashion retailer Macy’s Inc. has unveiled its financial results for the third quarter of current fiscal ended October 29, 2016. The company’s sales plunged by 4.2 per cent to US $ 5.626 billion compared to US $ 5.874 billion in the same period last year. In the period under review, comparable sales on an owned plus licensed basis were down by 2.7 per cent. On an owned basis, the comparable sales fell by 3.3 per cent. The […]

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Jolt for Welspun, Target terminates business ties

Welspun India Ltd., one of the biggest home furnishing companies of India is facing the heat as Target Corp. is severing ties with the company. Target, which is one of Welspun’s biggest customers and the second-largest discount retailer in the US, said in a statement that Welspun substituted Egyptian cotton with a cheaper variant of cotton while supplying it bedsheets. Taking this into account, Welspun has said that it will appoint an auditor to probe […]

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Advanced RFID tags to prevent apparel shoplifting

UK-based Advanced E-Textiles is on its way to revolutionize the RFID (Radio Frequency Identification) tags for luxury brands by developing thread-size microelectronic RFID tags. Tags by Advanced E-Textiles are undetectable threads that could track the lifecycle of a garment, contain information about the garment’s fibre content and age, and where it was bought from. Once a consumer outwears the garment, he/she could return it to the brand’s retail store for recycling. The old threads can […]

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Macy’s reveals Q2 results; to shut 100 stores

American fashion retailer Macy’s Inc. has unveiled its financial results for the second quarter ended July 30, 2016. The company’s sales noted a plunge of 3.9 per cent to US $ 5.866 billion as against US $ 6.104 billion in the corresponding period last year. In the period under review, its comparable sales on an owned plus licensed basis were down by 2 per cent and on an owned basis, it declined by 2.6 per cent. […]

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Macy’s names new CEO

Fashion retailer Macy’s Inc. has announced that Terry J. Lundgren, the company’s CEO since 2003 and Chairman since 2004, will transfer the title to Jeff Gennette early next year under the Board of Directors’ succession plan that includes Gennette’s election as President of Macy’s. Beyond the first quarter of 2017, Lundgren will continue as Executive Chairman and work along with Gennette as President and CEO of the company. He will also assume additional management responsibilities […]

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Macy’s makes peace with a union, averts strike

Macy’s, a mid-range chain of department stores, recently arrived at a tentative agreement with a union representing workers in the New York City, managing to avert a strike later on the same day. The workers associated with Retail, Wholesale and Department Store Union were in talks with the company late into the night for a new four-year contract, where the major point of conflict was a highly deductible health-care plan. Macy’s states in the release […]

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Online apparel & accessories sales to see 20% boom

E-commerce is gaining pace with every passing second… Retailers across the globe are venturing to either expand or start their own online space. Dominating the e-commerce market are segments like apparel and accessories. According to the report from Goldman Sachs, the online apparel and accessories sales in the USA is expected to grow by 20 per cent in the next four years, compared to mere 10 per cent six years ago. It further states that […]

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Macy’s quarterly sales spell doom for US retail market

US’s largest department-store chain Macy’s has triggered fresh fears within the country’s retail market, with its unexpected drop in quarterly sales, which is being considered as the worst quarterly sales since recession. Eventually, the chain has also slashed its full-year forecast, sending the retail market in a tizzy over its future health in the midst of a fast reducing demand for clothing. The company’s shares dropped to the lowest since 2008 (a dip of 15 […]

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USFIA appoints new Chairman

United States Fashion Industry Association (USFIA), which represents the fashion industry – textile and apparel brands, retailers, importers, and wholesalers based in the United States and doing business globally, has appointed a new Chairman – Michael Singer, who is serving as Vice President of Customs & Social Compliance for Macy’s Merchandising Group. Thrilled about the new role, Singer said, “I look forward to continuing to lead USFIA in our mission to eliminate barriers to trade […]

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