Unseasonably warm autumn weather from the United States to Europe is denting sales of heavy sweaters and coats as the critical holiday shopping period approaches, executives at major retailers including H&M said, and some stores are already slashing prices to avoid piles of unsold inventory.
"If winter clothing doesn't sell well, that would be a problem for the industry this holiday season and if that turns out to be the case, then we may see a lot of discounting of that merchandise in the early part of 2024," Morningstar Research analyst David Swartz said.
"The issue with most large volume retailers is that 75% to 85% of their manufacturing is dependent upon a very long development cycle ... so once heat or cold begins to affect the overall buying trends they would have already committed on those orders," said Robert Woods, founder of Vision Brands USA.
"Our deepest buys for the season are not in outerwear, which would be the heavy jackets for the very, very cold weather but ... in active, which are lighter-weight tops and bottoms, denim of all different varieties ... then lighter-weight knits."also said there was strong demand for "seasonless products" in the second quarter, particularly in the men's category, as customers picked out year-round clothing items and styles.
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