Sunday , May 16 2021

European fashion business lives in black on Monday and falls by as much as 40%



Indéx, the Amancio Ortega holding company overseeing Zara, is down 3% and is the worst performer in Ibex 35 in Madrid.


The main textile groups in Europe are undergoing heavy falls at the moment when 40 percent of the UK fashion business, Asos, collapsed after their downward forecasts.

The online fashion business slams its forecast in November when sales are "considerably below the estimates". It is the last of a number of companies that have reduced forecasts. Before they were Sports Direct, Dixons Carphone and Bonmarche, Reuters reported.

Indéx, the Amancio Ortega holding company overseeing Zara, is down 3% and is the worst performer in Ibex 35 in Madrid.

His German competitor, Zalando, fell 16.8%, the Stoxx 600's biggest drop today. Other competitors also have a heavy cut. Swedish H & M loses 5.3%, while British Next and Mark & ​​Spencer fall by 4.2% and 2.4%

Last Tuesday, Inditex shares have been hit by the stock market. The titles of the textile giant have fallen by 4.8 per cent at the end of the day when it published the results for the first nine months of the financial year and increased by 4 per cent of the net profit and was EUR 2,318 million, says Cinco Días.


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