Inditex fell the most in 2019, after the Spanish owner of the Zara clothes chain reported the weakest earnings growth in five years. It’s not immune to the retail malaise that has burdened rival, Hennes & Mauritz (H&M), and many others.

Marks and Spencer has poached the head of UK car-parts seller Halfords to lead the turnaround of its struggling clothing business, handing one of the industry’s toughest tasks to a fashion novice.

Hennes & Mauritz (H&M) said second-quarter price cuts to clear inventory may exceed last year’s, sending the shares tumbling to a four-year low.