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Fashion News - Monthly Digest November 2020

Empty malls, busy websites.

Black Friday has traditionally been associated with busy malls. Not this year. The event drove clicks to websites, rather than footsteps at shopping malls. Spending online soared nearly 22% to $9 billion, according to Adobe Analytics. The company analyzes website transactions from 80 of the top 100 U.S. online retailers.

Shoppers who hit the malls or websites found deals — but the discounts weren’t as deep or as dramatic as some may have anticipated. The majority of retailers kept their promotions on par with last year rather than slashing them more to inspire purchases, according to research by Jefferies. 

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Black Friday is bad for business

In 2018, Americans spent $6.2 billion on Black Friday and $7.9 billion on Cyber Monday. Those numbers sound like good news for retailers, right? Wrong.

The reality is that Thanksgiving weekend has become a time when retailers treat their worst customers like royalty.

Here are a few ways retailers can flip the Black Friday script and approach the holidays with a customer-focused mindset that will serve your business better over time:

- Strategy one: Just skip it.

- Strategy two: Aim low.

- Strategy three: Aim high.

Read more about these strategies.

A Swedish fashion-tech company, Material Exchange, closes a new €5m round to accelerate its growth

“Our business exploded overnight as the fashion industry realized that with global travel halted, textile fairs canceled and employees forced to work remotely; – fashion brands, suppliers and manufacturers had a pressing need for a solution to source materials and manage relationships with suppliers in a completely digital environment.” Darren Glenister, CEO of Material Exchange.

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In The Midst Of COVID-19 Pandemic, Canadian Clothing Brand Releases A Work From Home Collection

For many of us, these past few months have meant being forced to leave offices and learning to work from home. Needless to say, some have been absolutely stoked about this novelty and the opportunity to get that extra hour of sleep each morning. On the other hand, for some people, this period of time has been a real struggle.

The Canadian brand suggests its customers cut the cost of their business wardrobe in half and only worry about the top half of their formal outfit. Because, let’s be real, no one is going to see the bottom half.

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