BERLIN: Merchants selling fashion online are emerging as the winners of the coronavirus crisis as consumers are staying home even as shops begin to resume, arises from significant companies revealed on Thursday.

Shares in Zalando, Europe’s most significant online-only fashion seller, jumped 11 per cent to a brand-new record high after it said it anticipates full-year sales growth of 10-20 per cent.

In contrast, H&M, the world’s second-biggest fashion retailer, stated regional currency sales had actually tumbled 57 per cent in the March 1-May 6 period, while online sales grew practically a 3rd.

H&M started to slowly reopen shops from late last month, however 3,050 or 60 per cent stay closed.

LUXURY DOWNTURN

Global sales of luxury goods are expected to drop by 50 per cent to 60 per cent in the second quarter even as some countries start to ease lockdowns and in spite of signs of recovery in the Chinese market, consultancy Bain stated on Thursday.

Hugo Employer stated online sales jumped 39 per cent in the very first quarter to account for 11 per cent of total sales and accelerated once again strongly in April.

( Extra reporting by Sonya Dowsett, Anna Ringstrom, Niklas Pollard, Sarah White and Silvia Aliosi; Editing by Elaine Hardcastle)

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