LPP summed up the past year
The LPP Group summed up the past year.
The summary of last year’s activities was made by the LPP Group, which includes such brands as: Reserved, Mohito, Sinsay, Cropp and House.
The company’s representatives emphasized that the company recorded a decrease in turnover by approx. 15% (190 million PLN) compared to 2019, but still less than originally assumed. Several shopping malls were closed several times. As a result, there was a decrease in the turnover obtained from the activity of brick-and-mortar stores, but at the same time there was an increase in online sales profits. The company reacted to the change in consumer behavior and, thanks to its financial reserves, launched projects aimed at strengthening e-commerce activities. The fact of operating both on the Polish and global market was also important.
LPP is not the only clothing company that summarized the last year in great detail. Other companies did the same, and the conclusions obtained were varied. Certainly, however, the past year should be considered extremely difficult and at the same time a breakthrough for the clothing industry. Some stores have decided to permanently close their stores, while others have decided to restructure.