The New York-based fashion group revealed its preliminary Q4 financial results on Thursday, reporting a decrease of 28.4% in its net sales as the Covid-19 pandemic continued to take its toll on the company’s operations.
As fashion rental services go this is claiming to be a UK first. US-based B2B rental tech platform CaaStle is expanding overseas to power a subscription rental service with UK menswear retailer Moss Bros from 20 April.
The American luxury brand has deactivated its DVF Link online rental subscription service as part of streamlining efforts being implemented as the company prioritizes the launch of its new e-commerce platform.
The New York-based fashion group reported third-quarter earnings of $5.0 million on Monday, down from $.6.0 million in the prior-year period, as rent concessions helped to offset significant declines in sales.
The New York-based fashion group has announced that it has secured $42.3 million in excess availability under its revolving credit facility and reported that it anticipates a decrease of 34% in its third-quarter sales.
The New York-based fashion group announced its preliminary Q1 financial results on Tuesday, reporting a 47.3% decline in net sales due to the Covid-19 pandemic, as well as a significantly widened operating loss.