COVID-19 Updates: Apparel Makers - Orange County Business Journal |
- COVID-19 Updates: Apparel Makers - Orange County Business Journal
- This ecommerce startup finds its feet in the outsized apparel, footwear space for men - YourStory
- Coalition Of Iconic American Apparel Brands & Textile Companies Heeds Call Of Nation To Produce Medical Face Masks - Textile World Magazine
- G-III Apparel (GIII) Stock Gains on Earnings Beat in Q4 - Yahoo Finance
| COVID-19 Updates: Apparel Makers - Orange County Business Journal Posted: 21 Mar 2020 05:04 PM PDT  March 21, 4:50 PM APPAREL Costa Mesa action sports apparel company Volcom LLC has had to furlough most of its staff, according to a report from industry trade Shop-Eat-Surf. Volcom, OC's 10th largest apparel company, furloughed 75% of its U.S. team and all of its European staff, the report said. The company did not immediately respond to requests for comment from the Business Journal. — Kari Hamanaka -- March 20, 10:30 AM HEALTHCARE/TECHNOLOGY Irvine business accelerator Octane rescheduled two health- and tech-related forums, from spring and early summer to late summer and early fall, in response to the coronavirus and an executive order from California Gov. Gavin Newsom. — A. Leigh Corbett -- March 19, 10:30 PM STATEWIDE Gov. Gavin Newsom issued an executive stay-at-home order for Californians Thursday evening. Businesses such as gas stations, pharmacies, grocery and convenience stores, banks, laundromats or restaurants offering take out and delivery are exempt. -- Business owners—both large and small—are shifting operating models where they can amid store closures or modified hours. The Business Journal is tracking these closures and other efforts by businesses to maintain operations. This listing will continue to be updated as the situation changes. News for consideration in this roundup may be sent to hamanaka@ocbj.com -- March 19, 2:00 PM RETAIL Brea Mall, Brea: Closed until March 29 MainPlace Mall, Santa Ana: Closure effective March 18, management monitoring situation. Pacific Sunwear of California LLC: All stores closed through March 28. Shops at Mission Viejo, Mission Viejo: Closed until March 29. South Coast Plaza, Costa Mesa: Reopening March 31. The Outlets at Orange, Orange: Closed until March 29. Tilly's Inc.: All 239 U.S. stores closed through at least March 27. Outlets at San Clemente, San Clemente: Closed through March 31. RESTAURANTS Dough & Arrow, Costa Mesa: Offering takeout cookies and coffee, in addition to third-party delivery. More Information: doughandarrow.co Bootleggers Brewery, Fullerton/Costa Mesa/Redlands: Open noon to 8 p.m. for beer to go. Online shop set up for beer orders, delivery. More Information: bootleggers.beer/ Burnt Crumbs, Huntington Beach/Irvine: Curbside takeout and third-party delivery, with brunch being offered for delivery for the first time. Sister concept Burntzilla has also switched to takeout only, with family meal kits for up to four for $40. More Information: burntcrumbs.com/burnzilla.com The Habit Burger Grill: Operating for in-store takeout, delivery and drive-thru at select locations. More Information: habitburger.com Lazy Dog: Offering takeout and delivery in California. Chain's restaurants are offering Friends + Family meals for five starting at $25. More Information: lazydogrestaurants.com Luna Rossa, Tustin: Italian restaurant now selling flash-frozen pasta kits. To Order: (714) 259-0861 Marché Moderne, Newport Beach: Offering takeout for the first time, with an expanded menu and curbside takeout from 12 to 8 p.m. daily. The menu will change daily. OC delivery is $10, with 24-hour advance notice on all orders. Pick-up orders 30% off through March 22. To Order: (714) 259-0861 Roba Noodle, Tustin: Free delivery within three miles of Union Market location. Sauces for cooking can also be purchases. To Order: robanoodle.com The Winery Restaurant & Wine Bar, Tustin: Curbside pick-up at Tustin, La Jolla locations. Select meat cuts will also be available to cook at home. To Order: (714) 258-7600  |
| This ecommerce startup finds its feet in the outsized apparel, footwear space for men - YourStory Posted: 21 Mar 2020 07:13 PM PDT Many a startup idea blooms from an entrepreneur's personal struggle. Dhruv Chadha's Jupiter Shop is no different. The 35-year-old remembers being the odd one out in school because of his size-12 feet. This "anomaly" led to a huge blow when he was 15: an ace football player, Dhruv could not play the finals.
With not many options being available in India, Dhruv had to wait for his relatives living abroad to bring him shoes from the West.
Dhruv's personal frustration led him to start Jupiter Shop, a Mumbai-based "Big and Tall" ecommerce marketplace that helps outsized men find fashionable apparel and shoes in hard-to-find sizes. "Jupiter being the largest planet is symbolic to our purpose," Dhruv quips. The startup has been bootstrapped since its inception in 2013, with Dhruv having invested Rs 60 lakh so far.  Dhruv Chadha, Founder of Jupiter Shop The first stepsA management student from Mumbai's Mithibai Motiram Kundnani College, Dhruv started Jupiter Shop as an online store in 2013. To start with, it partnered with Nike to import apparel and shoes in large sizes.
Having tested the idea, Dhruv went on to partner with around 20 brands, including Asics, New Balance, and Crocs, among others. In fact, it also sources extra-large inventory from exporters in India that make clothes for the American and European markets. At that time, Jupiter Shop only had a backend warehouse to manage the stock for the ecommerce marketplace. "People often visited the warehouse to try out the clothes. It is then that I realised that a brick-and-mortar store was necessary," Dhruv says. In 2017, he opened Jupiter Shop's first offline store in Mumbai.  The Jupiter Shop store in Mumbai Big, happy feetTargeting mostly six-footers and large men, Jupiter Shop makes apparel from sizes XL to 9XL available, and shoes from sizes 11 to 15. According to the founder, the prices range anywhere between Rs 750 and Rs 20,000. The ecommerce startup has a customer base of more than 9,000 customers across the country, primarily from the metros. Its revenue model is that of an omni-channel retailer, and the startup has been recording a 30 percent year-on-year growth organically. Its customer retention rate is above 95 percent, Dhruv notes, adding that the annual revenue stands at Rs 1 crore currently. Currently, Jupiter Shop only has three team members. Besides himself, Dhruv has hired one person to look after the ecommerce business, and another as a merchandiser.  Team at Jupiter Shop According to the Founder, nine percent of the population falls under the 'oversized' category. "Over 60 million people in India struggle to find their sizes because regular retailers don't stock them," he says. In fact, media reports suggest that 'plus size' consumers constitute about 67 percent of the population, whose apparel needs generate around $21 billion in annual sales. The ALL brand by Future Group, which is a plus-size clothing store, is a significant player in this category. Besides this, Bigbanana is another brand offering apparel for large-sized men. However, Dhruv says Jupiter Shop's USP lies in the fact that it is "multi-branded, and offers large-sized shoes and tall apparel, besides the plus-size clothing." Going forward, Dhruv is looking to have a national-level presence, starting with metro cities including Delhi and Bengaluru. However, he does not plan to raise funds yet. (Edited by Evelyn Ratnakumar)  |
| Posted: 21 Mar 2020 11:37 AM PDT WASHINGTON — March 21, 2020 — A coalition of iconic American apparel brands and textile companies, responding to the urgent call of the White House for medical supplies, have come together to build a supply chain virtually overnight and fast-track the manufacturing of medical face masks to help hospitals, health care workers and citizens battling the spread of the COVID-19 disease. Parkdale Inc.– the largest yarn spinner in the U.S., headquartered in North Carolina—helped lead the effort to build the coalition with Hanesbrands, Fruit of the Loom and six other companies to set up a manufacturing supply chain and begin ramping up production of the masks. The coalition consists of iconic American brands such as Hanesbrands and Fruit of the Loom, often competitors in the marketplace, who are banding together for the greater good of a nation facing one if its most monumental challenges. American Giant, Los Angeles Apparel, AST Sportswear, Sanmar, America Knits, Beverly Knits and Riegel Linen are also part of the coalition working tirelessly to respond to a national emergency in the nation's time of need. Dr. Peter Navarro, assistant to the President and director of the White House Office of Trade and Manufacturing Policy, worked with the coalition and helped expedite the production of these masks. The first face masks have been approved by the U.S. Department of Health and Human Services. The companies expect to begin production on Monday and will make the first deliveries by mid-week. They are dedicating their assets, resources and manufacturing capacities to create a high output of facemasks. Once fully ramped up in four to five weeks, the companies expect to produce up to 10 million facemasks per week in the United States and in Central America. If companies are interested in dedicating resources to help the cause, please reach out to the National Council of Textile Organizations at kellis@ncto.org NCTO is a Washington, DC-based trade association that represents domestic textile manufacturers, including artificial and synthetic filament and fiber producers.
Posted March 21, 2020 Source: National Council of Textile Organizations (NCTO)  |
| G-III Apparel (GIII) Stock Gains on Earnings Beat in Q4 - Yahoo Finance Posted: 20 Mar 2020 07:38 AM PDT Shares of G-III Apparel Group, Ltd. GIII surged 69.1% during the trading session on Mar 19, following impressive fourth-quarter fiscal 2020 earnings results. Strength in the Calvin Klein, Tommy Hilfiger and DKNY brands has been a major boost. Moreover, the company's e-commerce business is performing well, with DKNY and Karl Lagerfeld recording double-digit sales growth. Moving along, management is on track with the restructuring of retail operations, which will bring down the number of stores and consequently cut losses from underperforming locations. G-III Apparel expects to continue leveraging strength in its global power brands — DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger and Karl Lagerfeld — by enhancing and developing new designs. However, management informed that it has closed retail stores and corporate offices, and has been working remotely in view of the coronavirus outbreak. Further, it informed that it has been monitoring developments of the pandemic and its impact on sales, operations and supply chain. Consequently, G-III Apparel has not provided any outlook for fiscal 2021 as of now. Furthermore, the company expects minimal delays in production and transit times, depending on the current updates for factory operations in China and other affected areas. Sales from the retail partners and the company's retail stores are also facing the brunt. Q4 in Detail Adjusted earnings improved 36.4% year over year to 75 cents per share and surpassed the Zacks Consensus Estimate of 68 cents. G-III Apparel Group, LTD. Price, Consensus and EPS Surprise
 G-III Apparel Group, LTD. Price, Consensus and EPS Surprise G-III Apparel Group, LTD. price-consensus-eps-surprise-chart | G-III Apparel Group, LTD. Quote Net sales fell 1.6% year over year to $754.6 million. Moreover, the top line missed the Zacks Consensus Estimate of $792 million, marking the sixth straight quarter of a sales miss. Sales were mainly hurt by warm weather conditions during the holiday season and in January. This weighed on sales of winter apparel, comprising outerwear. Also, decline in sales at the wholesale and retail divisions impacted the overall top line. Moreover, gross profit declined 3% year over year to $251.1 million. Meanwhile, gross margin of 33.3% contracted 50 basis points (bps), mainly attributable to the lower penetration of the retail segment, partly offset by growth in wholesale unit. However, SG&A expenses contracted 7.2% year over year to $187.3 million. Further, operating profit plunged 27.3% to $32.3 million in the fiscal fourth quarter, while operating margin contracted 150 bps to 4.3%. Segmental Performance Net sales for the Wholesale segment were $635 million, down roughly 1% year over year, mainly hurt by brands in the winter apparel categories. The decline was somewhat offset by growth in the Tommy Hilfiger and DKNY brands. Net sales at the Retail segment totaled $131 million, down nearly 16% from the prior-year quarter's reported figure. The segment witnessed sales declines across Wilsons and G.H. Bass, somewhat offset by growth in DKNY. Notably, same-store sales declined nearly 6% at Wilsons and 10% at G.H. Bass, while the metric rose 3% at DKNY stores. A decline in about 26 stores operated by the company also built pressure on the segment's performance. Other Financial Details G-III Apparel ended fourth-quarter fiscal 2020 with cash and cash equivalents of $197.4 million and long-term debt of $397.5 million. Total stockholders' equity was $1,290.7 million. It spent roughly $38 million as capital expenditures. At fiscal 2020-end, this Zacks Rank #3 (Hold) company had roughly $600 million under its $650-million revolving credit facility. 3 Better-Ranked Stocks in the Same Space Cimpress N.V. CMPR has an average positive earnings surprise of 41.4% for the trailing four quarters. Also, it sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Deckers Outdoor Corporation DECK, with a Zacks Rank #2 (Buy), has a long-term earnings per share growth rate of 12.4%. Netflix, Inc. NFLX has a long-term EPS growth rate of 30% and a Zacks Rank of 2. Today's Best Stocks from Zacks Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%. This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year. See their latest picks free >>
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