Revenues of all major fashion companies such as Minor Group, the marketer of Esprit, Bossini, Charles & Keith and Anello brands; ICC International Plc, the marketer of Arrow and Guy Laroche; and Greyhound Co, the marketer of Greyhound and Smileyhound by Greyhound lifestyle fashion brands, have fallen by an average of 20 per cent.
DhitibhumWongkiatkachorn, Marketing and Business Development Director, Greyhound Co, says, the company’s online sales are also suffering compared to the first outbreak last year because of weakened consumer confidence. Greyhound believes the tepid market sentiment will continue until the third quarter this year. As a result, the company is postponing the launch of new sporting product lines for its two fashion brands, Greyhound and Smileyhound, as well as a new fashion brand until the fourth quarter this year. However, the firm has expedited the launch of its sales campaign for its summer collection by two to three months, running from May to June 30 this year.
Minor Group’s retail trading business (MINT) in the first three months this year dropped by 31 per cent to 473 million baht, mainly due to weak consumer spending in the fashion business, the temporary closures of some stores and the slowdown of the tourism sector amid COVID-19.
At the end of the first quarter of this year, MINT reported the number of its shops dropped to 428, down from 473 in the same quarter last year, primarily from the closing of the OVS and Etam brands. Of the total 428 retail trading outlets, 77 per cent are operated under fashion brands, including Anello, Bossini, Charles & Keith, Esprit and Radley, while 23% are operated under lifestyle brands including Joseph Joseph, Zwilling J.A. Henckels, Bodum and Scomadi.
According to Chaiyapat Paitoon, MINT's chief strategy officer, non-essential spending could be suspended from 2020-2022 as the group focuses on the hotel and food businesses.
Thammarat Chokwatana, Executive Vice-President, ICC International, said, the company plans to focus on promoting potential brands and explore new channels to drive sales
