Guess ends 2020 strong; earns acclaim for sustainability efforts
 

Guess, the US clothing and fashion retailer, has emerged stronger in 2020 when most of the apparel retailers struggled to survive owing to the deadly pandemic.

As it happened with most of the apparel retailers, Guess too had a poor Q1 Ė all thanks to COVID-19-induced store closures and extended lockdowns.

Consequently, in March 2020, the retailer had to draw down around US $ 212 million of its credit facilities in the US, Canada and Europe to ensure maximum liquidity. This was followed by closure of its many stores in June.

However, the third quarter saw the retailerís total net revenue fall Y-o-Y by only 7.6 per cent to US $ 569.3 million. That was an improvement from previous two quarters. Its net earnings for Q3 too, reportedly, jumped to US $27.5 million.

Soon the company came on track and earned accolades for making first collection of jeans according to guidelines set by Ellen MacArthur Foundationís Jeans Redesign programme.

And then in August 2020, Guess was awarded CR Reporting Awards (CRRA) by Corporate Register for innovation in reporting. This was for its FY18-19 Sustainability Report: Evolution! Change for Good.

The brand has said that this year it will produce 25 per cent of its denim in accordance with its Guess Eco guidelines.

2021 is here and Guess now plans to have 20 per cent of its overall materialsí portfolio to be sustainably certified.

There are big plans for 2021 and Guess has started initiating efforts to achieve them.

 

 

 

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