financetom
Business
financetom
/
Business
/
Fast-fashion retailer H&M delayed some campaigns due to Red Sea crisis
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Fast-fashion retailer H&M delayed some campaigns due to Red Sea crisis
Mar 27, 2024 4:30 AM

STOCKHOLM (Reuters) - H&M, the world's second-biggest listed fashion retailer, postponed the start of some Spring/Summer campaigns to adjust to shipping delays caused by the Red Sea crisis, CEO Daniel Erver said on Wednesday.

"We have made some short-term adaptation on the starting date and the launch date of campaigns," Erver told Reuters in an interview, adding the impact on what is available to customers was minor.

He said the extent of the delay would vary from country to country, but could be around two weeks in some markets.

Shipping firms have avoided the Suez Canal as militant attacks have led container vessels to be re-routed around the southern tip of Africa, adding to freight costs and delaying the arrival of clothes and shoes in Europe from factories in Asia.

H&M said in connection with its first quarter report on Wednesday that it was monitoring developments in the Red Sea and has acted to minimise any impact on the company's product availability, freight costs and stock levels.

Erver told Reuters the retailer has taken steps to limit disruption, such as asking suppliers to ship products earlier than usual, and accelerating plans to shift production closer to customers.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Kiwetinohk Energy Renewing Normal Course Issuer Bid
Kiwetinohk Energy Renewing Normal Course Issuer Bid
Dec 19, 2024
09:17 AM EST, 12/19/2024 (MT Newswires) -- Kiwetinohk Energy Corp. ( KWTEF ) on Thursday announced that the Toronto Stock Exchange (TSX) has approved the company's notice to renew its normal course issuer bid (NCIB) for its common shares. A statement noted the NCIB is anticipated to commence on December 23, 2024 and to expire December 22, 2025. Kiwetinohk may...
X Financial to Buy Back Shares Worth $48.7 Million From Stockholder
X Financial to Buy Back Shares Worth $48.7 Million From Stockholder
Dec 19, 2024
09:15 AM EST, 12/19/2024 (MT Newswires) -- X Financial ( XYF ) said Thursday it has signed a deal with a major stockholder to buy back about 6.3 million American depositary shares representing about 38.1 million class A shares at $7.67 per ADS for a total of $48.7 million. The company said that in relation to the deal, its board...
illumin Announced TSX Acceptance of Normal Course Issuer Bid
illumin Announced TSX Acceptance of Normal Course Issuer Bid
Dec 19, 2024
09:19 AM EST, 12/19/2024 (MT Newswires) -- illumin Holdings Inc. ( ILLMF ) on Thursday announced that it has received approval from the Toronto Stock Exchange to proceed with a normal course issuer bid. Under the NCIB, the company may purchase for cancellation up to 3,914,167 common shares of the company. As at December 10, 2024, illumin had 50,954,061 shares...
Cintas Slips Despite Q2 Earnings Beat And Margin Growth: Details
Cintas Slips Despite Q2 Earnings Beat And Margin Growth: Details
Dec 19, 2024
Corporate apparel company Cintas Corporation ( CTAS ) shares are trading lower on Thursday after it reported second-quarter earnings. Quarterly sales of $2.56 billion (+7.8% Y/Y) were in line with the consensus. The company reported EPS of $1.09, beating the analyst consensus of $1.01. Gross profit for the quarter was $1.28 billion, an increase of 11.8% Y/Y. Gross margin expanded to 49.8% from 48.0%. Energy expenses that comprised gasoline, natural gas, and electricity were 20...
Copyright 2023-2026 - www.financetom.com All Rights Reserved