shopping

Losses mount at French Connection, supermarket shopping boosts Tesco shares and Rolls-Royce falls

French Connection shop in Covent Garden. (Credit: Dave Rushen/SOPA Images/LightRocket via Getty Images)
French Connection shop in Covent Garden. Photo: Dave Rushen/SOPA Images/LightRocket via Getty Images

Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad:

Losses mount at French Connection

Fashion chain French Connection (FCCN.L) saw a loss of £12.2m ($15.69m) in the six months to 31 July 2020, compared with a loss of £3.6m during the same period in 2019, according to a company statement released on Tuesday.

The COVID-19 pandemic led to a “significant decline” in sales, forcing the business to shut down its stores from the end of March to mid-June, in line with UK government guidelines, it said.

This caused store sales to slump 57% to £10.1m in the six months to the end of July, compared to £23.8m in the same period last year.

“The timing of the COVID-19 outbreak has had a material impact on our

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fashion

Fungus May Be Fall’s Hottest Fashion Trend

It may be fashion week in Paris, with showgoers in face coverings parsing runway looks from the latest designer ready-to-wear collections, but several thousand miles away from the French capital, out of the dank, dark belly of an industrial hangar, a potentially more momentous industry trend is … growing.

Mushroom leather might not sound stylish. But Bolt Threads, a start-up that specializes in developing next-generation fibers inspired by nature, is one of a growing number of companies convinced that the material is a viable replacement — in both form and function — for animal-sourced and synthetic skins.

In 2018, Bolt Threads began producing limited-edition products made from Mylo, a material made from mycelium, the branching network of threadlike cells that underpins all fungi. Now they are preparing to bring that technology to the world, thanks to an unconventional consortium of backers (and rivals) from across the fashion spectrum.

This week,

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shopping

Stitch Fix Falls as Amazon Expands Personal Shopping to Men

Stitch Fix  (SFIX) – Get Report shares fell Tuesday after Amazon.com expanded its personal shopping platform to include men’s fashion.

Stitch Fix recently traded at $27.07, down 1.56%. The stock has risen 5% year to date.

Amazon’s move is a direct shot across the bow at Stitch Fix, a titan in the online personal shopping arena. Amazon’s service is available on mobile devices only for U.S. Prime customers. It’s called Personal Shopper by Prime Wardrobe, and was introduced for women’s fashion in July 2019.

Customers pay $4.99 a month, and in exchange will receive a parcel every month of up to eight items. The package includes personalized clothes meant to meet their style and budget tastes listed in an introductory survey.

Shipping is free, and customers have a seven-day window for returns.

Stitch Fix’s pricing model is a $20 styling fee whenever a customer asks for a new

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