As the year is coming to an end, there seems to be no respite from the deadly pandemic!
The fashion retail world is still suffering as much as it was all through the year. Swedish retail giant H&M saw its sales slump by 22 per cent from late October to November.
While substantiating further on the same, the retailer said that the pandemic-induced lockdown forced people to stay indoors in November and the first week of December, thereby impacting its sales.
Zara owner Inditex too shared the same thoughts and said that the Group witnessed its sales fall by 19 per cent in November.
The first 10 days of December have been even worse for the Spanish retailer as it posted a drop of 13 per cent in sales.
Notably, Inditex’s sales have declined for the ninth successive month.
While retailers have been putting their efforts to restore their old charm despite all constraints, the return of lockdown in Europe has shown how unstable the recovery has been.
Both H&M and Inditex know their worries are only going to increase in the coming days. While there are reports of fresh lockdown in Germany, Italy too is mulling Christmas lockdown. In the UK too, Government has imposed strict restrictions in some areas.
It’s indeed a tough quarter ahead for both the retail giants.
