The San Francisco-based fashion subscription service reported lower than expected Q2 net sales of $504.1 million on Monday, up 12% year over year from $451.8 million. The company’s quarterly net loss was $21.0 million.
The American luxury brand has deactivated its DVF Link online rental subscription service as part of streamlining efforts being implemented as the company prioritizes the launch of its new e-commerce platform.
The company's revenues fell from 2.37 billion euros to 1.84 billion euros in 2020. Online sales grew 36% year over year to 766 million euros, representing 42% of total revenues, while EBITDA came to 193 million euros.
Asda’s new owners are planning a radical transformation of the chain that could see new services such as nail bars and beauty salons, more third-party concessions, and the sale of its George clothing operations.
HBC, the owner of Saks Fifth Avenue, said on Friday it would launch the luxury department store’s e-commerce segment as a separate business following a $500 million infusion from a U.S. private equity firm.