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Japan Retail: trade did not improve at the end of 2023, but a recovery is not out of the picture
As anticipated in the previous edition of the WF Retail Japan, trade (physical and online) did not improve at the end of 2023. What’s more, the country unexpectedly slipped into recession amid sluggish consumption and pressure on retail costs due to the weak yen. However, it’s expected that the easing of consumer inflation and the recovery of wages due to labour shortages could occur in the first half of 2024 and both consumer and retailer sentiment is on an upward trend. So perhaps a modest recovery could take place soon
Amazon closes 2023 with strong fourth quarter
The Seattle-based online giant ended 2023 on a high note, with a strong fourth quarter that saw significant increases year-on-year in net sales, operating income and net income
World Footwear Voices: interview with Kubilay Genckan from Alibaba.com
Today we bring you a conversation with Kubilay Genckan from Alibaba.com. Watch the new episode of the World Footwear Voices dedicated to discussing some of the pressing issues around the business of B2B platforms
US Retail: it’s all about the prices
There are signs that footwear retail sales could rise moderately in the near term, but this will all depend on future price behaviour. On the one hand, the CPI suggests that the risk of renewed price rises is well contained, but on the other hand, retailers continue to manage excess inventories, so their pricing power may not be more evident until 2024. Perhaps better news comes from consumers’ inflation expectations for the next 12 months, as they seem to believe that they will get a break from inflation, which usually leads to more discretionary demand
Germany Retail: despite some good news, retailers continue to worry
German retailers’ worries are not over. Despite a slight uptrend in the Textile, Clothing, and Footwear (TCF) Retail index, in line with the recent positive trend in consumer confidence indicators, their concerns go well beyond nominal performance and focus on whether inflation will continue to erode margins. Put simply, passing on costs to customers or closing down altogether is still keeping them up at night. As the first quarter is traditionally slow, and the volatile geopolitical situation could change at any moment, we are cautious about making near-term forecasts
France Retail: with no crystal ball and eyes wide shut
Despite the slowdown in inflation in recent months and the slight improvement in consumer confidence, footwear retail remains on a downward trend. There is some hope for an upturn in the retail environment in the first half of 2024, but the available data on imports at the moment does not allow us to look ahead with sufficient clarity. Meanwhile, the online second-hand market shows signs of becoming increasingly relevant in France
South Korean Coupang acquires Farfetch
The South Korean e-commerce giant has agreed to buy Farfetch in a bailout deal, providing the online luxury platform with 500 million USD in emergency funding. Deal to acquire a 47.5% stake in Yoox Net-a-Porter is off
US online sales to exceed 1.1 trillion dollars in 2023
E-commerce sales in the US are on track to exceed 1.1 trillion US dollars in 2023, up by 7% over 2022. But this growth is set to be the weakest since the 2009 recession
Farfetch’s owner is reportedly considering taking the company private
The online luxury retailer’s Chief Executive Officer José Neves is reportedly in talks with top shareholders and JP Morgan advisers to delist the company
Cautious British consumers hold back on spending
Figures by the British Retail Consortium (BRC) suggest that retail growth slowed down in October due to the impact of inflation, with consumers deciding to reduce spending ahead of the holidays
Japan Retail: footwear trade is not expected to improve until the end of the year
Despite some positive news on the growth of department store sales and the return of foreign tourists, rising consumer prices set alarm bells ringing in September, suggesting that Japanese consumers in general are cutting back on spending and may be at their breaking point. In addition, the reduction in the volume of footwear imports and the impact of the country’s monetary policy on the cost of imported goods is another sign that footwear retail is unlikely to improve by the end of the year. The Government has been taking measures, but the outcome shouldn’t be seen until 2024
US Retail: footwear prospects until the end of the year are at a standstill
Despite signs of a certain resilience from consumers over the summer, companies are taking a cautious approach for the rest of 2023. The long deceleration in footwear inflation came to a halt in August, so if the trend recedes, wage increases will have to follow suit, or the positive outlook for footwear retail could be jeopardised. It’s not surprising how carefully retailers are managing their inventory at the moment: neither too much nor too little
Amazon posts robust third quarter
The Seattle-based online giant posted a strong performance in the third quarter of 2023, with profits rising significantly to 9.9 billion USD from 2.9 billion USD in the same quarter of 2022
Zalando lowers full year GMV and revenue guidance
Despite confirming its 2023 profits guidance, the online retailer has lowered its GMV and revenue outlook revenue on the “expectation of continued pressure on demand for the rest of the year”
Amazon to expand drone deliveries to the UK and Italy
The Seattle-based online retail giant announced the expansion of the Prime Air drone delivery system to customers in Italy and the UK by the end of 2024. A third US city will also be covered-
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