STOCKHOLM—Sweden-based online fashion retailer Boozt AB said Thursday it has blocked 42,000 customers for returning too many items they had purchased, calling their actions too costly for the company and the environment. Ask Kirkeskov Riis, a spokesman for multibrand online store selling clothes and beauty products, said customers who were indefinitely blocked had sent back…
Swedish Online Fashion Retailer Blocks 42,000 Customers for Returning Too Many Purchased Items
H&M Reports Surprise Q1 Profit
STOCKHOLM—Fashion retailer H&M reported a surprise operating profit for its first quarter due to a one-off gain and as cost-cutting measures started to bear fruit despite consumers curbing spending. While H&M showed signs of bringing its costs under control, it still struggled to compete with major rival Inditex, owner of Zara and other brands, as…
H&M Slips Out of Fashion as 1st-Quarter Sales Lag
STOCKHOLM—H&M, the world’s second-biggest fashion retailer, reported on Wednesday a smaller-than-expected increase in sales in the latest sign it is struggling to compete with Zara-owner Inditex. Shares in H&M were down 6 percent in early trade, underperforming the wider Swedish market. The Swedish group said sales measured in local currencies for the period, its fiscal…
US Retailers’ Ocean Shipping Price Woes Ending, but New Delays Threaten
LONG BEACH, Calif.—Collapsing ocean shipping rates would seem to be good news for U.S. retailers, but they are now bracing for delays as some carriers try to prop up prices by cancelling voyages. Retailers had paid as much as $20,000 to move a container of goods during the worst pandemic disruptions. Carriers like MSC and…
Sweden’s H&M to Lay Off 1,500 Staff in Drive to Cut Soaring Costs and Rescue Profits
November 30, 2022
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COPENHAGEN—Swedish fashion giant H&M on Wednesday became the first big European retailer to start laying off staff in response to the cost of living crisis despite a still tight labor market, as it tries to save 2 billion Swedish crowns ($190 million) a year. The move by the world’s No.2 fashion retailer to reduce mainly…
Amazon to Hire 150,000 Workers Ahead of Holiday Season
Amazon.com Inc. said on Thursday it would hire 150,000 employees in full-time, seasonal, and part-time roles across its operations in the United States ahead of the upcoming holiday season. The world’s largest online retailer, which hired the same number of workers last year September, said the new roles are for packing, picking, sorting, and shipping…
China’s Factories Speed up but New COVID-19 Pain Hits Retailers
BEIJING—China’s factory output grew faster than expected in November, supported by stronger energy production and a moderation in sky-high materials costs, but new curbs to fight rising COVID-19 cases hit retailers in the world’s second-largest economy. The data, along with a slowdown in investment growth, underlines the persistent headwinds facing the economy, which have already…
Foot Locker Is Buying Sneaker Retailer Atmos, Which Recently Merged With Philly Sneaker Boutique Ubiq
By Damichael Cole From The Philadelphia Inquirer Foot Locker announced Monday in a press release that it is buying two major sneaker store chains for a total of $1.1 billion. The stores are Japanese streetwear brand Atmos and California athletic retailer WSS. Just last November, Atmos merged with popular Philly sneaker boutique, Ubiq. Originally opened…
Chocolate Chain Thorntons to Close UK Stores, 600 Jobs at Risk
LONDON—Thorntons, the 110-year-old British chocolatier and retailer, said on Monday it would permanently close all 61 UK stores, putting 603 jobs at risk, blaming the impact of COVID-19 lockdown restrictions. Multiple lockdowns in Britain have heaped pressure on store-based retailers already struggling with tight margins and intense competition from purely online players. Thorntons, which was…
Proposed Cannabis Outlet in Ontario Town Raising Concerns
A proposed cannabis retail outlet located next to a youth centre and a community living space for special needs adults is raising eyebrows in Hanover, Ontario. Locals became aware of the issue after it was reported in the local newspaper that True North Cannabis Co. had filed an application with the province’s liquor and gaming…
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