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primark news and archive

Retail

Primark sales to surpass 2 billion pounds after lockdown surge

At the start of the pandemic Primark was one of the first retailers to halt orders and cut production when it was forced to close its 189 UK stores back in March. Despite the three-month lockdown, Primark saw sales surge in the third quarter when its stores reopened and customers sought out value retailers. Parent company ABF said Primark was on...

7 Sep 2020

Business

The fashion companies promising to pay their suppliers

After the outbreak of Covid-19, fashion companies cancelled orders worth billions with their suppliers, shifting their problems onto those who were most vulnerable: factory owners and workers. After much criticism, more than a dozen companies such as H&M and Levi Strauss made U-turns on their decisions, while others such as Bestseller and...

6 Aug 2020

Fashion

Primark commits to paying suppliers for all outstanding orders

Primark has announced a commitment to pay its suppliers in full “for all outstanding finished garments and to utilise or pay for any finished fabric liabilities”. It follows the Irish fast-fashion giant’s announcement in April that it would pay in full for orders that were in production, finished and planned for handover by 17 April. “This...

31 Jul 2020

Business

Primark and John Lewis expected to turn down job retention bonus

John Lewis and Primark are both reportedly set to turn down government money to bring furloughed staff back to work. The Jobs Retention Bonus, announced last week, allows UK employers to receive a one-off bonus of 1,000 pounds for each furloughed employee that returns to work. To be eligible, the worker must still be employed at the business by...

13 Jul 2020

Business

Primark reports “encouraging” trading after reopening stores

Primark owner Associated British Foods has reported that sales at the retailer dropped by 75 percent to 582 million pounds in the third quarter to June 20 due to the coronavirus lockdown, however, trading since stores reopened has been "reassuring and encouraging”. The budget fashion and homeware retailer estimates that it lost 650 million...

2 Jul 2020

Business

Why Primark doesn't need online, a financial analyst's view

New York – With 373 stores – half of them in the UK, the brand’s domestic market – Primark’s leadership have said many times that their growth, now and in the future, will continue to come from growing their physical stores network. In light of the coronavirus pandemic and the way it has dramatically changed consumer behaviours and priorities,...

27 Jun 2020

Business

Coronavirus takes fast fashion's foot off the gas

Zara, H&M and Gap may be slowly reopening their stores but the coronavirus epidemic has had a devastating financial impact on the fast fashion sector, which needs a radical overhaul if it is to recover, experts say. Nearly 40 percent of businesses in the sector are expecting the impact to be "much worse" than that of the 2008 financial crisis, a...

11 Jun 2020

Business

Primark backs UN’s appeal for garment worker support

Fast-fashion retailer Primark has endorsed the UN’s International Labour Organisation calling for urgent collaboration between stakeholders to support garment industry workers across the world affected by the Covid-19 pandemic. The International Labour Organisation has issued a joint statement alongside International Organisation of Employers,...

23 Apr 2020

Business

Primark takes 284 million pound hit from excess stock

Primark parent company AB Foods has shed more light on the impact the Covid-19 pandemic has had on the fast-fashion retailer, revealing that it has taken a 284 million pound hit from stock it can no longer sell due to store closures. For the 24 weeks to February 29, Primark’s revenue increased 4 percent to 3.71 billion pounds, but the 376-strong...

21 Apr 2020

Business

Primark commits to paying more to support its suppliers

Fast-fashion retailer Primark has agreed to pay more to suppliers, releasing a statement saying it will agree to take more than 300 million pounds of additional products both finished and in production. The commitment will see Primark paying for some 370 million pounds of additional orders for product over and above the 1.5 billion pounds of...

20 Apr 2020

Business

Primark pledges to pay factory workers

Primark has pledged to assist factory workers during the coronavirus crisis after establishing a fund to cover the wages component of orders that have been cancelled. The fast-fashion retailer closed its entire store estate on March 22, due to the global Covid-19 health crisis, which has resulted in the loss of sales of 650 million pounds every...

6 Apr 2020

Business

Primark bosses take 50 percent pay cut to mitigate Covid-19 impact

Primark parent company Associated British Foods (AB Foods) has announced it is cutting the pay of its leadership team in a bid to save costs and mitigate the impact of Covid-19. Primark CEO Paul Marchant has requested that his base pay be temporarily halved. AB Foods CEO George Weston and finance director John Bason have requested the same,...

3 Apr 2020