Online fashion stocks in vogue as coronavirus speeds ecommerce

Gregory P. Daily

By Emma Thomasson

BERLIN (Reuters) – Shares in online fashion retailers Zalando and ASOS jumped on Thursday after the German company said it expects a big increase in second-quarter sales and operating profit as coronavirus lockdowns accelerate a shift to ecommerce.

The growth rate of online fashion looks set to triple this year to account for 23% of European sales in 2020, levels not expected before 2024 prior to the pandemic, analysts at Bernstein said, adding the market share could hit 37% by 2030.

“The sudden closure of all apparel retail stores across all major global markets has shaken up the channel mix in an unprecedented way this year,” said Bernstein’s Aneesha Sherman. “(It’s) five years’ worth of growth achieved in about six months.”

Zalando, Europe’s biggest online only fashion retailer, said late on Wednesday it expects to significantly beat market expectations for 16% second-quarter revenue growth and an adjusted

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Make Juneteenth a Non-Shopping Holiday

Gregory P. Daily

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Juneteenth, tomorrow, has long been celebrated by Black people and across communities of color. The holiday references June 19, 1865, two-and-a-half years after the Emancipation Proclamation, when a document declaring the end of slavery was read publicly in Galveston, Tex., by a U.S. Army general. Now the day is getting broader recognition, as numerous American companies, including some in fashion, are making it a paid holiday. Congress will likely take up the issue as well, and Juneteenth could, and should, become a national holiday.

How great and long overdue for our country to formally celebrate the end of slavery, and by doing so, come face-to-face with the horrific devastation it wrought and that is ongoing. Not so great that this reckoning comes only after the killings by police of George Floyd, Breonna Taylor, Rayshard Brooks and too many others, acts that have shaken

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