Luke 1977: UK’s economic woes to hit fashion industry for next three years September 11, 2024 Menswear brand Luke 1977 has warned that the “current economic climate” will continue to impact on the fashion industry for the next two to three years. The Oxfordshire-headquartered business said the fashion industry is also “experiencing challenges relating to climate control”, ranging from the reduction of carbon foot prints to the use of recyclable materials. [...]
Boohoo makes major US change in bid to broaden appeal September 11, 2024 Boohoo has announced significant changes to its operations in the US market as it looks to broaden its product offering across the Atlantic. The Manchester-headquartered group will stop supplying US customers from its distribution centre in Pennsylvania, as the company’s management look at ways to drive a more sustainable and profitable business. Orders will instead [...]
Asos slashes £500m debt pile as refinancing deals revealed September 11, 2024 Asos has announced the successful refinancing of the majority of its £500m debt due in 2026, with only just over £70m outstanding. The online fast-fashion retailer, which has struggled with post-pandemic shopping trends, had £500m in convertible bonds due 2026. The London-headquartered company has now exchanged £253m into convertible bonds due in 2028 rather than [...]
Gymshark names bodybuilder Chris Bumstead as new shareholder September 10, 2024 Fitness apparel brand Gymshark has named bodybuilder Chris Bumstead as a new shareholder. The Solihull-headquartered business has not revealed the percentage stake Bumstead now holds. Gymshark was founded by Ben Francis and Lewis Morgan in 2012. In 2020, it was valued at more than £1bn when US private equity firm General Atlantic acquired a 21 [...]
Mountain Warehouse to open 50 new sites after bumper profit September 10, 2024 Mountain Warehouse is set to open another 50 stores next year as part of a rapid expansion plan after achieving a bumper profit last year. The new stores will take the outdoor leisure retailer’s total to around 370 stores across nine countries, according to the Times. It has already opened 20 new stores in the [...]
Bargain hunting shoppers hit jeans brand Levi Strauss as it targets the ‘young and cool’ September 6, 2024 Levi Strauss has said bargain hunting shoppers are impacting its UK sales as it bids to target “young and cool” consumers. The Northampton-headquartered UK arm of the jeans brand added that it is starting to expand its retail partnerships in the country as “department stores continue to struggle and lose footprint”. The division made the [...]
M&S hail fresh start as turnaround bears fruit but still ‘potential for growth’ September 5, 2024 Marks and Spencer‘s bosses have hailed the start of a new era for the multi-market firm as the turnaround plan it began in 2022 shows signs of having created long-term, sustainable growth potential. M&S clothing and home managing director Richard Price said that perception of the brand has improved in recent years, but there are [...]
Mike Ashley’s Frasers Group ups stake in Boohoo after shares slump September 2, 2024 Mike Ashley’s retail empire Frasers Group has further increased its stake in fast fashion giant, Boohoo. The Mansfield-headquartered group now holds 26.1 per cent of the shares in Boohoo, up from 25 per cent, according to a newly-filed document with the London Stock Exchange. Frasers Group, which owns the likes of Sports Direct and House [...]
Quiz plots turnaround strategy after fashion chain swings to loss August 29, 2024 High street retailer Quiz has announced a turnaround strategy after swinging to a loss in its final year earnings, blaming cost-of-living pressures and cool consumer demand. The Glasgow-headquartered company booked a loss before tax of £6.7m, including a £1.5m non-recurring impairment charge, falling from a profit of £2.3m in 2023. Earnings before interest, tax, depreciation [...]
Kurt Geiger: London luxury brand enjoys Taylor Swift Eras Tour boost amid record handbag sales August 28, 2024 A surge in demand for denim handbags and footwear linked to Taylor Swift‘s global Eras Tour have helped sales at luxury brand Kurt Geiger jump by 35 per cent since the start of its latest financial year. The London-headquartered business said that Western and Americana-themed products have helped boost its turnover further between February and [...]