Problems it not only at Steilmann. Even in well-known fashion brands such as Gerry Weber, Tom Tailor and Hugo Boss, business is currently worse than expected. The reasons are as diverse as the fashion.
Germany’s textile industry clench dark clouds together. Not only the bankruptcy of the fashion company Steilmann causes unrest in the industry. A number of other well-known fashion brands such as Gerry Weber, Tom Tailor and Hugo Boss, business is worse than expected. The consequences: jobs are being cut, branch closures
The reasons for this development are manifold.. “The breaking away of Russia market has been tampered with in the past year many German textile manufacturers,” reports industry expert Alfred Hair of the consulting firm Hachmeister. “And the strong dollar has caused additional pressure because the increase in raw material prices could not be passed on to the trade and the consumer often..”
H & M, Zara or Primark
However, the changing consumption tendencies of Germans make the industry problems. For German customers spend their money more frequently prefer for new phones and travel than for new wardrobe. And if still money is spent on fashion, it ends up more often in the coffers of international fashion chains such as H &. M, Zara or Primark, which retain all steps from design to sales in their own hands
but there is more home-grown problems. Because some manufacturers scored with plans to build its own chain stores over the top and also took less attractive locations.
“The industry had long been looked worried to Bergkamen”
That now just Steilmann must file for insolvency, is not entirely unexpected for the fashion industry. “The industry had been looking for quite some time concerned to Bergkamen”, reported Thursday the trade magazine “Textile Industry”. After all, even the company’s IPO last November had gone over bumpy. A little later Steilmann had yet to issue a profit warning.
But fighting other known names in the fashion world with a headwind. So announced in February at the Westphalian fashion group Gerry Weber, he would emphasize good one in ten of its 7,000 locations and include more than 100 of the approximately 1,000 branches. “We have the branch network expanded too fast,” admitted CEO Ralf Weber a.
“The textile industry is going through a rapid change”
Also the precious Schneider Hugo Boss is no longer running it around. After another profit warning left a few weeks ago the longtime head of the company Claus-Dietrich Lahrs the company. The Group is currently struggling with problems on several fronts: In China, the customers stay out. In the US, the Swabians sets to the intense price competition. Hugo Boss also to assess its store network.
The Hamburg fashion chain Tom Tailor also must tighten their belts. You will probably want to close this year from 80 to 100 of 1500 shops, but only open 30 new stores. In the company headquarters are to be lost around 100 points. For CEO Dieter Holzer is certain: “The textile industry is going through a rapid change, driven by digitization and the changing shopping habits of customers.”
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