Economy news and archive

Corporate insolvencies in Western Europe reach record high

Berlin - The economic crisis is having serious, and for many, existential consequences for companies in Western Europe. According to the credit agency Creditreform, the number of corporate insolvencies rose last year to its highest level since records began in 2002. In 2025, a total of 197,610 insolvencies were recorded, an increase of 4.8...

Retail

Shoppers from abroad are no longer flocking to American stores

For global consumers, the United States has long been more than just a travel destination—it is a retail and fashion mecca. From the flagship boutiques of New York’s Fifth Avenue to the sprawling designer outlets of California and Florida, the U.S. has offered international visitors a potent mix of local and luxury brands, competitive pricing,...

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Business

“Status of German Fashion 2024”: Between tradition and digitalisation

The Fashion Council Germany (FCG) and eBay Germany recently published the study “Status of German Fashion 2024”, which, in conjunction with the research institute Oxford Economics, examined the economic significance of the German fashion industry (clothing, footwear, accessories, bags and jewellery). The study also looked at the key challenges...

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Business

UK economy shrinks for second month running

The UK economy shrank for the second consecutive month in April, new data shows. Gross domestic product (GDP) fell by 0.3 percent in April following a decline of 0.1 percent in March, according to the Office for National Statistics (ONS). That drop was bigger than expected. The average response from economists polled by Reuters was that GDP...

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Retailers encouraged by Key Provisions in HEALS Act

The National Retail Federation issued the following statement from NRF Senior Vice President for Government Relations David French regarding the Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act, the Republican version of additional stimulus funds, in response to the coronavirus pandemic: While understanding that the...

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Retail

Luxury shoppers seize the day amid Turkey’s sliding currency

One country’s woes are a luxury shopper’s gain. As Turkey fights for its sliding lira, international luxury shoppers are taking advantage of its attractive prices for designer goods. Queues outside Chanel and Louis Vuitton this week saw Chinese, Middle Eastern and a plethora of nationalities hoping to score a designer bag at near bargain prices,...

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Fashion

The economic impacts of NYFW

Everyone in the fashion industry has their calendar marked for New York Fashion Fashion, otherwise known as NYFW. With the biggest designer names in American fashion, some rising design stars, and even a select few international designers who choose to show in the big apple, it’s one of the most watched events on the entire fashion calendar all...