Guess ends 2020 strong; earns acclaim for
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
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
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.