Pure Play E-Commerce Apparel Companies Not Immune
The coronavirus crisis continues to wreak havoc on the economy, employment, and companies.
Nearly 17 million people have filed for unemployment in the last three weeks, with many people still waiting for unemployment payments and small businesses still waiting for promised stimulus money to flow.
Two industry customers disclosed today how the crisis is impacting their businesses.
E-Commerce Not Immune
Pure play e-commerce retailers have not escaped the impacts from the coronavirus crisis.
Revolve announced today that sales have dropped “significantly” in recent weeks. Prior to the crisis, sales in January and February had increased 20% year over year.
As a result, the company has furloughed or laid off 40% of its corporate staff and cut the pay of remaining employees, including senior leadership.
Revolve is also cancelling and delaying merchandise orders and extending payment terms to all vendors.
The Buckle Reports March Sales
Industry customer The Buckle said Thursday that total net sales in March fell 50% to $41 million.
The Buckle’s 446 stores have been closed since March 18.