German online fashion retailer Zalando raises full year guidance

(Reuters) – German online fashion retailer Zalando SE increased its full year earnings guidance on Wednesday, as the coronavirus pandemic prompts more people to shop online.

The company said it expects to grow gross merchandise volume (GMV) by 20% to 25% and revenue by 15% to 20% in 2020, up from its guidance from May 6 when the company had expected GMV and revenue growth of 10% to 20%.

Europe’s biggest online-only fashion retailer said it expects adjusted earnings before interest and tax (EBIT) of 250-300 million euros for the full year.

The company said that based on preliminary figures for the second quarter, it has grown GMV by 32% to 34% to 2.67-2.71 billion euros and group revenues by 26% to 28% to 2.01-2.05 billion euros, adding it expects a second quarter adjusted EBIT in the range of 200-220 million euros.

The company’s financial results for the second quarter

Read More

Fast-Fashion Retailer Quiz Launches Probe Into Leicester Factory

Click here to read the full article.

LONDON — Yet another British fast-fashion retailer, Quiz, has launched a probe into one of its factories in Leicester, England, a city that is quickly making a name as the country’s sweatshop capital.

Quiz, which is headquartered in Glasgow, Scotland, and is quoted on the London Stock Exchange, said Monday it is investigating “an alleged instance of non-compliance with national living wage requirements” in a factory that makes some of its products.

It has also cut ties with the supplier working with the factory in Leicester, a city that remains in lockdown due to a spike in the number of COVID-19 cases.

Shares in Quiz, which were down 5 percent at 6.41 pounds in late-morning trading on Monday, closed up 3.2 percent at 6.97 pounds.

The investigation follows an undercover sting published by The Times of London on Saturday, which revealed that workers

Read More