Apparel, accessories sector rebounds in FY2021

The sector’s total revenue was up 31.3% YoY.

The companies in the apparel and accessories sector in the Top 250 global retailers saw a 31.3% increase in retail revenue in 2021 to reach $524.9b as it gained from the pent-up consumer demand due to the pandemic.

In a report, Deloitte said the total revenue rebounded from a 14% fall in the same period last year. The 38 companies in the sector accounted for 9.3% of the total global revenue amongst the Top retailers.

“The relaxation of COVID-19 restrictions on brick and mortar retailers in FY2021 helped enable consumers to return to shopping in physical stores,” the report read.

“During FY2021, luxury goods retailers experienced a big increase in retail sales due to the re-opening of stores and a recovery in consumer demand and they achieved high double-digit growth rates in retail sales,” it added.

The top apparel and accessories retailers are LMVH Moet Hennessy-Louis Buitton S.A, The TJX Companies, Inditex, Macy’s, and H&M.

Deloitte said the average net profit of the companies in the sector rose from 3.4% in 2020 to 9.8% in 2021.