Views: 4 Author: Site Editor Publish Time: 2020-05-27 Origin: Site
Bleak apparel sales and more nonessential businesses shuttered
According to Reuters, H&M, Europe's largest clothing retailer, recently reported that sales value fell by 46% in Mar due to the impact of the pandemic, and it is expected that it will still suffer losses in the second quarter. Nonessential businesses were forced to shutter due to the COVID-19 outbreak, which created an equally staggering increase in cash, Gap, the US clothing giant, said on Apr 24. It has racked up $1 billion since February and is expected to have only $750 million left in its bank account by next week. Mr. Serra said sales in the EU's branded apparel sector had fallen about 90% due to the COVID-19 outbreak. In addition to the support of the state, employees have gained economic support from employers, avoiding unemployment, but this is not a long-term solution. Similar reports continue to show that great impact has been made on end-users demand, and China's textile and apparel industry is also facing great challenges.