Boohoo: Prettylittlething crashes into the red as Mike Ashley battle continues November 22, 2024 Fresh light has been shone on Boohoo’s financial struggles amid its ongoing battle with billionaire Mike Ashley. The financial performance of some of the Manchester-headquartered group’s most well-known brands have been revealed including Prettylittlething crashing into the red and sales being slashed at Nastygal. While Boohoo reports its group results to the London Stock Exchange, [...]
Boohoo co-founder replaced amid battle with Mike Ashley’s Frasers Group November 21, 2024 The public spat between Mike Ashley’s Frasers Group and Boohoo has taken another turn as the struggling fast-fashion retailer announced its co-founder Mahmud Kamani was replaced as chairman. Non-executive director Tim Morris has taken on the role with immediate effect with Kamani becoming vice chairman. In a statement, the board of the Manchester-headquartered group said [...]
JD Sports: Shares slump as profit at FTSE 100 giant to be at lower end of expectations November 21, 2024 JD Sports has revealed its full-year profit will now be towards the lower end of its expectations after softening consumer demand hit its sales. The Greater Manchester-headquartered FTSE 100 giant had previously set a target for its pre-ta profit of between £995m and £1.035bn but it has now confirmed the total will be towards the [...]
Superdry issues warning as struggling fashion label cuts jobs after quitting London November 20, 2024 Superdry has warned its sales will continue to fall significantly during its current financial year after quitting the London Stock Exchange in an attempt to stay afloat. The Cheltenham-headquartered fashion brand delisted earlier this year as part of a radical restructuring plan to keep the company trading. At the time, the company said that cutting [...]
Adanola: Profit more than doubles at Gen Z favourite athleisure brand November 20, 2024 Profit has more than doubled at athleisure brand Adanola following a “remarkable’ year that also saw its sales surge. The Manchester-based label, which is worn by the likes of Michelle Keegan, Molly-Mae Hague and Maya Jama, has reported a pre-tax profit of £18.9m for the year to 31 March, 2024. The latest total comes after [...]
Go Outdoors: Brand owned by FTSE 100 giant JD Sports slumps to a loss November 18, 2024 Go Outdoors, which is owned by FTSE 100 giant JD Sports, has slumped into the red thanks to a “disproportionate” rise in costs. The business, which also operates the Go Outdoors Express, Taylor’s and Fishing Republic brands, has reported a pre-tax loss of £1.4m for the year to 3 February, 2024. The loss comes after [...]
Boohoo completes fundraising as it struggles to return to growth November 18, 2024 Boohoo has raised just under £40m in a bid to turn itself around amid its public fight with the boardroom demands of an activist shareholder, Mike Ashley’s Frasers. This morning, the company said it had conditionally raised total proceeds of approximately £39.3m. This includes £400,000 from a retail offer and £38.9m from an investor subscription. [...]
Mike Ashley’s empire tightens grip on Boohoo as crunch vote nears November 15, 2024 Mike Ashley’s Frasers Group has continued to up its stake in Boohoo as a war of words over the future of the fast-fashion giant rumbles on. The owner of the likes of Sports Direct and House of Fraser now has a 28 per cent stake in the Manchester-headquartered group, which itself features brands such as [...]
Can Burberry’s turnaround plan put it back in fashion? November 14, 2024 This morning, Burberry announced an ambitious turnaround plan called ‘Burberry Forward’ designed to rescue the luxury brand from the trenches. It aims to “reignite brand desire, improve performance and drive long-term value creation,” and will see Burberry double down on its strengths as a British brand. Burberry has already appointed new leaders across its marketing, [...]
Do luxury products have a pricing problem? November 13, 2024 At some point, luxury brands all face the same question: How do you price a good at a level that implies desirability and exclusivity without making it completely exclusionary? The vast majority of luxury brands rely on the aspirational consumer just as much as the super-wealthy. McKinsey has estimated that around half of the luxury [...]