Leading fashion and apparel retailers are reducing their discounts when demand continues to be subdued and their inventory much lower than earlier by cautious procurement in the last 2-3 quarters, to focus more on margins and profits, chief executives said. These companies feel when store footfalls are weak, there is no need to provide additional discounts and instead focus on premiumization of these consumers. One of the largest apparel retailers and manufacturers, Aditya Birla Fashion & Retail managing director Ashish Dikshit said there is a slowdown which is reflected in the footfalls into malls and stores. The company has decided…
Tag: apparel or apparels
Abercrombie & Fitch forecasts upbeat revenue growth on strong apparel demand By Reuters
© Reuters. FILE PHOTO: Abercrombie & Fitch products are seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, US, February 15, 2022. REUTERS/Andrew Kelly/FILE PHOTO By Juveria Tabassum (Reuters) -Abercrombie & Fitch Co on Wednesday forecast full-year revenue growth above Wall Street estimates, as it bets on strong full-price demand for its apparel brands on the back of a robust holiday shopping season and a strong start to spring in the United States. Apparel retailers such as Abercrombie and Lululemon Athletica (NASDAQ:) have benefited from efforts to trim inventory and introduce fresh styles on…
Apparel companies thredUP, Stitch Fix lean into AI, and optimized marketing mix to jumpstart growth
Even though apparel and accessories is the third fastest-growing product category we measure—growing 3.9% to reach $616.37 billion in US sales this year—retailers need to find creative ways to court consumers as they remain price-sensitive. For resaler thredUP, it’s using AI to build on the success it found in fiscal year 2023 with increased orders (6% growth YoY) and revenues (12% YoY). While Stitch Fix is shifting its media mix to expect an 18% YoY revenue loss in Q2 2024 and a 17% YoY decline in active clients. Putting the AI in retail: thredUP has recently rolled out new AI-backed…