ASOS announces new interim CFO as fast fashion chain attempts to rebuild after £32m loss February 10, 2023 Online fashion giant ASOS has brought in an experienced new interim CFO with as it continues its post-pandemic overhaul to plug on-going losses. The pandemic darling announced that 75 per cent of its new 12-person decision-making team has been filled, as part of a major turnaround bid called ‘Driving Change’. Its new ‘reinforced leadership and [...]
Slow fashion: Retailers embrace second-hand clothing to draw in thrifty eco-conscious fashion lovers January 23, 2023 High street retailers are following in the footsteps of their online rivals, offering more second-hand clothes to lure in shoppers wanting to steer clear of fast fashion and hunt for bargains amid a cost of living crisis. The second-hand clothing market has exploded over the last decade to an estimated £6.5bn last year, largely thanks [...]
Boohoo shares slide after PrettyLittleThing owner admits consumer squeeze has hit profits January 19, 2023 Online fashion retailer Boohoo expects full year revenue to be below market expectations as it continues to suffer from the squeeze on consumer spending. The company anticipates revenue will fall by 12 per cent over the financial year ending 28 February, after it reported a fall in revenue in a trading update released this morning. [...]
British retailers cheer Christmas sales, but City analysts warn of coming storm January 15, 2023 Britain’s largest retailers kicked off 2023 strongly last week, posting better than expected Christmas sales, signalling the consumer is holding up a bit better than feared. Tesco’s like for like sales were 7.9 per cent higher, while Marks and Spencer pocketed a 7.2 per cent rise. Sainsbury’s also posted record Christmas sales. Those bumper numbers, [...]
Asos’ UK sales slip as analysts warn firm has a “mountain to climb” January 12, 2023 Pandemic darling Asos reported a further decline in UK sales this morning, with the fast fashion flagship’s boss insisting the firm was making good progress on a turnaround plan. UK sales slipped eight per cent year on year in the four months into December 31, with the firm blaming “weak consumer sentiment.” Fast fashion firms, [...]
Boohoo: Tears as online retailer prepares major jobs cull at London Soho office January 11, 2023 Online fast-fashion retailer Boohoo is preparing to slash over 100 jobs in its London Soho office as it continues to integrate a recent spate of big brand acquisitions. The majority of roles at risk of being cut are believed to be among Boohoo’s e-commerce, buying and design teams,; although the exact number of redundancies is [...]
Profit surge for Zara owner Inditex despite shoppers’ fears of inflation December 14, 2022 Zara owner Inditex has seen sales and profit boosted, against a backdrop of a torrid consumer environment for fashion firms. The Spanish fashion giant posted a 24 per cent jump in net profit in the first nine months of its financial year, despite what CEO Óscar García Maceiras described as a “challenging context.” Sales online [...]
H&M slashes 1,500 jobs as shoppers pull back on fashion spending November 30, 2022 The world’s second largest fashion retailer has announced a wave of lay-offs as the apparel sector grapples with weakening demand from shoppers. The Swedish apparel giant said around 1,500 job cuts come as part of a plan set out earlier this autumn to save around 2bn Swedish crowns (£160m) each year. “We are in a [...]
Boohoo amps up stake in troubled Revolution Beauty to 26 per cent November 28, 2022 Fast fashion retailer Boohoo has upped its stake in Revolution Beauty, as the troubled cosmetics firm announced a new chief. The online retailer said it had upped its strategic investment in the lipstick seller to 26.47 per cent of its issued share capital. Boohoo, which sells Revolution cosmetics on a number of its websites and [...]
Black Friday will have a black mark to its name if it ignores the climate question November 24, 2022 If you are walking past a colleague’s desk tomorrow, and their screen is full, not of the task due yesterday, but of Black Friday sales, they are one of the 76 per cent of customers hunting for discount deals. For some, the day of mega sales can be traced back to a Wall Street stock [...]