Cccp project nova9/6/2023 ![]() ![]() The retailer expects its total revenue to drop as much as 30% in 2020, against a pre-pandemic forecast for a double-digit rise, but plans to increase its retail space by more than 10% next year, mainly in eastern Europe. Gdansk-based LPP, which sells its biggest brand ‘Reserved’ in 25 countries, has been particularly hard hit by high costs and low sales in Germany where it has 19 stores. ![]() Retail sales returned to growth in July in Poland, the Czech Republic and Hungary, and Poland is set to be the EU’s most resilient economy this year with GDP set to fall by 4.6%, according to European Commission forecasts, compared to 8.7% for the euro zone. LPP’s push comes as some big Western brands - which flocked to the region in around 2000 to take advantage of rising incomes and fast economic growth - shut stores in eastern and central Europe.įrench fashion retailer Camaieu, which is looking for a buyer as it struggles to survive the coronavirus crisis, is preparing to close 27 stores in the Czech Republic and has shut 25 in Poland, among other overseas locations, as it focuses on its domestic market.Įastern and central Europe flourished in recent years thanks to a flow of EU funds and investment by global companies taking advantage of lower wages and a skilled workforce, and the region has seen fewer cases of COVID-19 than bigger European countries. “We hope that from the next year we will return to the expansion of new stores, but mainly in the eastern markets.” ![]() “Our approach to expansion has changed due to the epidemic,” LPP’s Deputy Chief Executive Przemyslaw Lutkiewicz told Reuters. Those plans have stalled as the pandemic has hit consumer spending, but with eastern Europe weathering the crisis better than Western economies, the retailer sees better prospects in its home region. LPP - eastern Europe's answer to H&M HMb.ST and Inditex's ITX.MC Zara - has expressed ambitions to emulate its two rivals as a top five global fashion brand. Clothes are displayed on the mannequins at Polish fashion retailer LPP brand Reserved shop, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 4, 2020. ![]()
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