Chief Executive of Adidas says they expect to close down many stores in the coming years as part of a shift towards selling more goods online.
Adidas expects to close down stores as part of a shift towards selling more goods online.
In an interview with the Financial Times, Kasper Rorsted said "over time, we will have fewer stores but they will be better," adding that over the coming year the number of Adidas stores was expected to contract slightly.
"Our website is the most important store we have in the world."
Adidas, which wants to double its e-commerce sales to €4 billion ($4.91 billion) by 2020 from the €1.6 billion it hit last year, with 2,500 stores globally and 13,000 additional mono-branded franchise stores, the Financial Times have said.
Macy's is launching a women's line of clothing aimed at Muslim shoppers.
The chain announced it has teamed up with a boutique called Verona Collection and will sell the collection of "modest" dresses, tops, cardigans and hijabs online. The collection will launch on Macy's website on Feb. 15.
The brand was developed by Lisa Vogl, a graduate of Macy's minority- and women-owned business development program, which aims to offer more fashion diversity.
Though Macy's is the first major U.S. department store to sell hijabs, it joins brands like Nike, for example, who aim products at Muslims. Nike launched a high-performance hijab last year made for athletes.
The recent shift to online shopping isn’t working in the interest of retail brand Zara, as its exposes its issues with the fit, product quality and online service, according to Credit Suisse analyst Simon Irwin.
Comments about Zara products “are poor and declining” on consumer-review websites Trustpilot and Sitejabber, the analyst wrote in a note previewing owner Inditex SA’s first-half results on Sept. 12.
“We believe the ‘treasure trove’ nature of a Zara shop is still a better experience off-line,” Irwin wrote. While online is driving like-for-like sales growth, that can have a negative impact on gross margin, he also said.
The broker estimates that the Web will represent about 10 percent of Inditex’s sales this year, up from 2.4 percent in 2013. It also expects 2018 to be the sixth consecutive year of Ebit margin decline.
Inditex shares had their worst week in seven years last week, falling 8.7 percent after Morgan Stanley published a scathing report saying the retailer has gone from great to good.
Credit Suisse lowered its price target to 24 euros from 25 euros and maintained its underperform recommendation.