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PM Modi was briefed on the possible cyclonic storm over the Bay of Bengal.
Prime Minister Narendra Modi chaired a meeting on the cyclone-related situation in the country. PM Modi was briefed by top officials on the possible cyclonic storm over the Bay of Bengal that could affect north Andhra Pradesh and Odisha coasts.
With the IMD forecast of a cyclonic storm reaching Odisha coast on December 4, the state government on Wednesday had asked collectors of 13 districts to prepare for the evacuation of the people and has chalked out a disaster management strategy by requisitioning NDRF, ODRAF and fire department personnel for rescue and relief operation.
The forecast said that the low-pressure area in the south Andaman Sea will intensify into a depression and move towards the coast as a cyclonic storm on December 4 and the Coast Guard has initiated extensive pre-emptive measures in the eastern coast keeping it in view.
Also Read | Cyclone Jawad: IMD predicts heavy rains in Odisha, Andhra; NDRF prepares for evacuation | Top points
Due to the limited resources of the planet and the climate crisis, the way we produce and consume fashion must change. As a global fashion retailer, H&M Group has a big role to play, which is why the group is transforming its whole business to become fully circular and climate positive. Being circular means having a different approach to how fashion is designed, produced and used, and how fashion should never be seen as waste. It should be treated as a valuable resource by reusing and recycling again and again.
Drawing on his brand’s market in China that re-opened early April, Mohanty debunked myths about the need of deep discounting to clear inventory post the containment. “In the first few weeks, consumers in China were looking for exciting offerings – something unique from the brand. We had a Super Mario Bros. and Levi’s collaboration launch that sold out instantly in our team malls and stores. So was our New Balance and Levi’s collaboration, that sold out within minutes,” he added.
The pandemic situation is also impacting the supply chain of the cotton sector, it said, adding that while Chinese cotton mills’ spinning fell by up to 90 percent during the peak of crisis in early March, the recent resumption of spinning and manufacturing activities provides a hope of limiting the impact on the segment for the marketing year.
About 85 percent of the retail costs are fixed costs, which is putting several financial pressures on retailers. The industry is experiencing severe liquidity challenges, which can lead to large scale unemployment. The cash inflow of the industry has come to a standstill, while the fixed operating costs remain intact.
Expressing similar views, Shailesh Charutvedi, Managing Director and CEO, Tommy Hilfiger Apparels, Arrow and Calvin Klein India said in the last one month “we have zero sale and zero collection” and there has been only cash outflow in terms of fixed cost, including salaries of employees.
As its stores are usually large and relatively crowded, it is likely that Primark will be one of the last retailers to be allowed to open when governments start to ease lockdown restrictions. The retailer has voiced its dedication to keeping its staff and customers safe once stores do resume trading, even if that means ensuring there are fewer people shopping at any one time, which will inevitably impact sales. However, its value proposition will put it in good stead to quickly regain appeal, as economic uncertainty and increased unemployment rates will drive many consumers to trade down.
“Adidas has suffered at the hands of COVID-19. The brand has reported a decline in net profits of 97 percent and a revenue decrease of 19 percent to €4.8bn in the first three months of 2020. Economic uncertainty has squeezed the budgets of consumers and reduced discretionary spending. Adidas’ results reflect the scale of the impact.
As a result of the lockdown, we expect to see a higher transition to the online channel in the short term. While it might take some time for physical stores to be out of the lock down impact and while consumer sentiment bounces back to pre-pandemic levels, it is hence pertinent for retailers to leverage online channels for effective inventory management.
When normal routines are restored, businesses should reflect on their learnings and strategies that worked during this crisis to further prepare for future adversities. For instance, this crisis may result in companies preferring to have multiple suppliers instead of depending on a handful of factories. There is also likely to be a changed consumer behaviour. Such shifts in trends should form a part of the company’s future plans. At the end of it, hope that the COVID-19 pandemic will only be a short-term upset for the economy.
Primark’s lack of a transactional website means that it has no way of making up the £650m net global sales a month it usually makes through its stores, and so risks losing its position as the UK clothing market leader this year. The UK clothing & footwear sector’s online penetration is expected to reach 36.5 percent in 2020 due to widespread store closures, with the long term shift to online spending expected to be accelerated by COVID-19. While the retailer is confident that it has enough cash to remain resilient to the impacts of the pandemic, the unprecedented event will have likely given Primark reason to rethink its bricks-and-mortar only strategy for the future.
The Indian apparel and textile sector is the fourth largest producer of textile and garments in the world. The sector contributes 2 percent to the total GDP, employing more than 45 million workers and nurture manufacturing and retail businesses under it. The increase in the lockdown period has only added to the misery of the sector.
By bringing the fashion influencer community to the fore and allowing customers to follow their favorite brand and creators, Myntra will be able to deliver high quality, entertaining and informative content that matters to its fashion-forward customer base. The concept is designed to keep pace and stoke up the dynamic and diverse fashion culture among shoppers in India and will cover fashion, beauty and entertainment news, tips, hacks and insider tricks to looking and feeling great.