Clothing & Shoes
The latest news, updates and analysis on the clothing and shoes segment of the the UK retail industry. Sign up to the Daily Briefing and let Retail Sector’s business journalists keep you in the picture.
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Mar- 2022 -17 March
Brunello Cucinelli acquires 43% stake in Lanificio Cariaggi
Luxury fashion retailer Brunello Cucinelli has announced that it has acquired from the Cariaggi family a 43% stake in the share capital of Cariaggi Lanificio S.p.A, the cashmere manufacturer. The purchase price of the shareholding was €15.05m (£12.62m), a value that is proportionally close to the current net worth of…
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16 March
Vestiaire Collective acquires US reseller Tradesy
Vestiaire Collective, the global online marketplace for “pre-loved fashion” has announced the acquisition of Tradesy, the US fashion reseller for an undisclosed sum. Vestiaire Collective and Tradesy were both founded in 2009 by female entrepreneurs committed to “transforming the fashion industry towards a more sustainable future” and the firms said…
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16 March
Inditex FY21 profits surge 199% despite Omicron impact
Inditex, the parent company of Zara, has reported its income before tax surged 199% to €4.19bn (£3.53bn) between 1 February 2021 and 31 January 2022 (FY21), rising year-on-year from €1.4bn (£1.17bn). Net income also surged 193% to €3.2bn (£2.73bn) compared to €1.1bn (£9.29m) in FY20. Additionally, sales increased 36% year-on-year…
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16 March
Clarks appoints former New Balance lead as CEO
Clarks has appointed Jonathan Ram as its new CEO, with Ram set to join the business next month. He brings with him extensive footwear and apparel leadership experience. He was most recently group president of Global Activewear at HanesBrands, Inc., where he led the growth of the activewear business across…
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15 March
Gap opens first UK shop-in-shop on Oxford St with Next
Gap Inc. and Next Plc announced the opening of the first Gap-branded shop-in-shop within Next’s largest West End store on London’s Oxford Street, as part of a new joint venture franchise relationship between the two companies. The venture will also see Next manage Gap’s e-commerce business as well as further…
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15 March
H&M hails Q1 sales growth of 23%
The H&M Group has reported a net sales increase of 23% in the first quarter of FY22, hitting SEK 49.16bn (£39.32bn) from 1 December 2021 to 28 February 2022 (Q1). Additionally, net sales in local currencies grew year-on-year by 18% in the quarter. In its previous full-year results for FY21,…
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14 March
Yoox Net-A-Porter unveils luxury menswear resale service
Yoox Net-A-Porter has announced the launch of its new dedicated luxury resale service for menswear, Mr Porter Resell, as part of the next phase of the company’s resale strategy. Yoox Net-A-Porter, which comprises Mr Porter, Net-A-Porter and The Outnet, launched the service to enable customers to resell their designer items…
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14 March
Ted Baker launches new website to boost online sales
Ted Baker has announced the launch of its new website in partnership with BigCommerce, an Open SaaS ecommerce platform, in a bid to boost online sales for the UK-based global lifestyle brand. With its new multi-storefront headless platform, Ted Baker will manage its global online presence from a single store…
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11 March
Uniqlo reverses decision to remain in Russia
Fast Retailing, the parent company of fashion brand Uniqlo, has announced it will temporarily suspend its operations in Russia amid the ongoing Ukraine crisis. While previously continuing its Uniqlo business in Russia, the company said it has recently faced a number of difficulties, including operational challenges and the worsening of…
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11 March
Mango reports highest profit in decade
Mango has closed FY21 with the highest profits in almost a decade, with a net profit of €67m (£56m), triple the €21m (£18m) reported pre-pandemic in 2019. The fashion retailer said its latest results “brings an end to the disruption of 2020”, as the group returned to profit and welcomed…
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