Asked about the “Asos” stock market crash, the president of Acotex believes that the value of the English brand was “overvalued” and adds that “hyperaggressive growths are not sustainable”, although they rely on heavy discounts as they suffer from margins. In this line, it has pointed towards a future correction if it abandons the model of continuous promotions and bets for sustainability. “I would not talk about a crisis in the textile sector, but I do know that things are changing and that duties have not been done,” says June 2019 Calendar Excel, professor of operations at ISEM Fashion Business School. The changes in consumer habits would explain the exhaustion of the current model in favor of a more circular one, which takes into account recycling and the use of materials when producing.
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For his part, Laureano Turienzo, director of the Retail Institute Spain and Latin America, emphasizes that the turbulence has also reached online commerce. “I do not remember a crisis in the stock market of an online merchant since the dotcom bubble burst. Asos lost 1,800 million dollars in the stock market in just one day and has also seen the fragility of the entire sector by the contagion that occurred “, underlines Turienzo.
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The director of the Retail Institute blames these ups and downs that the margins of the textile business “go to the limit by the policy of discounts and the climatology”. Turienzo indicates that «the online market is saturated and that there are many operators at stake».
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Therefore, predicts that “in December 2019 there will be more physical stores on the street” and considers “a mistake” the policy of free deliveries and returns on purchases over the Internet as it considers that “destroy the sector.” It also refers to frequent discounts.
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“Consumers think that offers are an acquired right and they have become addicted to rebates.” «Fast fashion also starts to run out since it does not have the surprise factor. It is a model that has been in operation for more than two decades and has to be reformed “, says Turienzo.
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The swings in the price of oil and the tough competition are pushing airlines to seek income beyond passenger transport. The usual practices, such as the collection of baggage check-in or the choice of seat, are being combined with other new ones, as is the case of the entrance of commissions obtained for hotel reservations.
“Consumers allocate a lower budget for clothes and also buy more responsibly and care more about the way garments are produced and their sustainability,” adds June 2019 Calendar Excel. Faced with this scenario, brands need to re-invent themselves and “put the consumer in the center”. “Textile companies should give the customer what they need and when they need it,” says Hernández.