Latest news with #fashionretail
Zawya
8 hours ago
- Business
- Zawya
South Africa: End of tax loophole for Shein and Temu starting to have impact, say local retailers
South Africa's closure of a tax loophole that benefited global discount e-commerce retailers Shein and Temu is starting to show positive signs as some consumers reject the higher prices, the CEOs of local fashion retailers Mr Price and TFG said. Last November, South Africa's tax authority ended the practice known as "de minimis", which allowed companies to drop-ship packages valued at less than R500 rand from suppliers in China to consumers in South Africa, paying a flat rate of 20% in lieu of customs duties, and no VAT of 15%. Other markets including the United States, Britain and the European Union are also closing or planning to close loopholes that have given low-cost online platforms like Shein and Temu, owned by PDD Holdings', pricing advantages. "There's nothing punitive about them, it's just levelling the playing field so that everybody trading in South Africa and importing products pays exactly the same duties," TFG CEO Anthony Thunström told Reuters in an interview after the company's earnings release. Both Thunström and Mr Price CEO Mark Blair said it was difficult to get official data to quantify the exact impact on the fast-fashion giants. "But our understanding is that the closure of that loophole has significantly slowed down some of the international pure play online into South Africa," Thunström said. Local brick-and-mortar fashion and e-commerce retailers had urged South African regulators to impose a 45% import duty on all clothing imports, no matter the price, to level the playing field. "One thing all of us have seen on Shein is the social media outrage that's now taken place because of higher prices, so it does make us feel comfortable that the new legislation has been applied correctly," Blair told investors during an earnings presentation. "I think it's still a bit erratic, not across the board and if I look at our own e-commerce sales, it grew slightly ahead of our store sales, so there must be some positive impact," he added. Mr Price and TFG are also investing in technology and enhancing product ranges as they bid to gain market share. Mr Price also added that it expects to invest R1.6bn this financial year ending March 2026 in about 200 new stores, supply chain, store revamps and technology, while TFG said it plans to open over 100 new stores. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Yahoo
10 hours ago
- Business
- Yahoo
M&S resumes limited online sales after ransomware attack
Marks & Spencer (M&S) has resumed some online clothes orders six weeks after a damaging cyberattack that the retailer has warned will cost it hundreds of millions of pounds. "Select fashion ranges" are available again for the first time in 46 days for customers across Britain. M&S said that people in Northern Ireland were still missing out as its online operations got back in gear. Money latest: Ransomware hackers broke into its systems in April by tricking employees at a third-party contractor, skirting its digital defences, according to the company. "We are bringing back online shopping this week," said John Lyttle, managing director of fashion, home and beauty. "A selection of our best-selling fashion ranges will be available for home delivery to England, Scotland and Wales. "More of our fashion, home and beauty products will be added every day and we will resume deliveries to Northern Ireland and Click and Collect in the coming weeks." M&S stopped taking clothing and home orders through its website and app on 25 April. Read more from Sky News:Unemployment rate highest in four years Three days earlier, it said it was managing a "cyber incident", with problems for its contactless pay and click and collect services over the Easter holiday weekend. Last month, M&S said it expected online disruption to continue into July and forecast the attack would cost it £300m. However, it expected insurance would cover some of those losses. The company has refused to say if it has paid any ransom to the hackers.
Yahoo
3 days ago
- Lifestyle
- Yahoo
Amazon's Best Summer Fashion Finds Under $50 Just Dropped — And Will Sell Out
Manifesting a summer fashion glow-up? Amazon's got Us covered! The retailer just dropped their Summer Fashion Favorites list — and all of the pieces are under $50! From flowy dresses, to linen pants, these picks will have you looking stylish and staying cool all season long. This curated collection includes an array of cute accessories to create endless summer fashion looks (think: rattan bags, designer-looking and boutique-y jewelry). Your summer style will be anything but basic! 1. Our Favorite: This boutique-looking boho dress has a loose, yet slimming design that flatters the body. 2. Crochet Cover-Up: Over 2,000 shoppers bought this crochet cover up dress last month — it's such a chic vacation find! 3. Simple Sundress: Made for chilling in your backyard and weekend coffee runs, this floral mini dress feels as comfy as loungewear. 4. Has Pockets: Combining fashion and function is this loose midi dress that includes pockets on both sides. 5. Vacation-Worthy: Got a vacation on the books? Get your wardrobe ready with this flowy maxi dress that's both comfy and chic. Us Weekly Reader Exclusive: These 17 Slimming Rich Mom Dresses and Tops Are Now Up to 50% Off 6. Our Favorite: With thousands of five-star ratings, shoppers love this round rattan bag that goes with all kinds of summer dresses. 7. Make a Statement: Bring summer fun into your accessories with these floral statement earrings. 8. Designer-Looking: One affordable accessory that can make your summer outfits like 10x more expensive? These designer-looking sunglasses. 9. Rich Mom Style: This gold seashell necklace looks like one of those jewelry pieces you'd find in an expensive Hamptons shop. 10 Loose and Flattering Linen Dresses That Feel Like a Cool Breeze — Starting at $13 10. Our Favorite: These comfy wedge espadrilles have to be one our favorite summer shoes on Amazon — they're so stylish and make walking a breeze. 11. Fabulous Flip Flops: Go into zen mode with these cushion flip flops that provide arch support. 12. A Bestseller: Thanks to their comfy and timeless design, these corkbed slide sandals are a consistent bestseller. 13. Classic Sneakers: We love the way these classic white sneakers pair with almost any dress style. 14. Our Favorite: You'll want to reach for these breezy linen pants over denim all season long. 15. Easy, Breezy Shorts: Nothing will keep you as cool as these high-waisted linen shorts that have a customizable drawstring waistline. 16. Trending Tunic: Upgrade your summer blouse collection with this loose floral tunic that costs the same as a Starbucks coffee. 17. Pretty Puff Sleeve: Great for wearing to summer concerts or backyard barbecues is this floral puff sleeve top that elevates your basic T-shirt. 15 Luxe Linen-Like Pieces to Nail Rich Hamptons Mom Style — With Prices as Low as $15 Us Weekly and Yahoo have affiliate partnerships. We receive compensation when you click on a link and make a purchase. Learn more!
The Sun
3 days ago
- Business
- The Sun
Huge fashion retailer with over 250 UK stores ‘drawing up radical rescue plan' with shops and jobs at risk
A HUGE fashion retailer with over 250 UK stores is reportedly drawing up a radical rescue plan which could see shops and jobs axed. The high street giant - which is being forced to restructure due to tough trading standards - employs around 5,500 people and was founded in London in 1948. 2 2 The chain's owners have brought in advisers from PricewaterhouseCoopers (PwC) to come up with money-saving solutions, reports Sky News. The proposals are expected to be finalised in a matter of weeks, though sources have reportedly claimed no decisions have been green lit on the retailer's future. Accounts for River Island Clothing Co for the year ending December 30 2023 showed the firm made a £33.2 million pre-tax loss. Then the turnover during the following 12 months fell by more than 19% to £578.1 million. The firm's latest accounts at Companies House, warned of growing financial and operational risks. "The market for retailing of fashion clothing is fast changing with customer preferences for more diverse, convenient and speedier shopping journeys and with increasing competition especially in the digital space," it said. "The key business risks for the group are the pressures of a highly competitive and changing retail environment combined with increased economic uncertainty. "A number of geopolitical events have resulted in continuing supply chain disruption as well as energy, labour and food price increases, driving inflation and interest rates higher and resulting in weaker disposable income and lower consumer confidence." In January, River Island hired consulting firm, AlixPartners, to undertake work on cost reductions and profit improvement. It's understood PwC has now taken over. Why are so many pubs and bars closing? In recent months, a number of River Island stores have been closing, including in Corby and Chesterfield. Originally named Lewis Separates and then Chelsea Girl, the chain was founded by Bernard Lewis in 1948 and became influential during the 1960s fashion scene, including the iconic mini-dress trend. It was re-branded as River Island in 1988 and throughout the next two decades expanded to become a leading high street force in the UK. It now has a presence in over 125 worldwide markets, in stores and online. Why are retailers closing shops? EMPTY shops have become an eyesore on many British high streets and are often symbolic of a town centre's decline. The Sun's business editor Ashley Armstrong explains why so many retailers are shutting their doors. In many cases, retailers are shutting stores because they are no longer the money-makers they once were because of the rise of online shopping. Falling store sales and rising staff costs have made it even more expensive for shops to stay open. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April 2025, will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. In some cases, retailers are shutting a store and reopening a new shop at the other end of a high street to reflect how a town has changed. The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing. Retail parks are increasingly popular with shoppers, who want to be able to get easy, free parking at a time when local councils have hiked parking charges in towns. Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better-performing retail parks instead. In some cases, stores have been shut when a retailer goes bust, as in the case of Carpetright, Debenhams, Dorothy Perkins, Paperchase, Ted Baker, The Body Shop, Topshop and Wilko to name a few. What's increasingly common is when a chain goes bust a rival retailer or private equity firm snaps up the intellectual property rights so they can own the brand and sell it online. They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places. The Centre for Retail Research (CRR) has warned that around 17,350 retail sites are expected to shut down this year.
