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 -9 March
Adidas expects €250m sales hit amid Russia conflict
Adidas has reported its expects the war in Ukraine to risk up to €250m (£208.37m) sales in the company’s Russia/CIS business in FY22, representing approximately 50% of adidas’ total revenues in the region. The announcement comes as Adidas revealed its currency-neutral revenues increased year-on-year by 16% in FY21 from €18.43bn…
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8 March
Frasers Group unveils new Flannels store in Preston
Frasers Group plc has announced it has opened the doors to its latest Flannels store in Preston, following its investment in new locations throughout the UK. The new store is situated in Deepdale Shopping Park, and the 15,000 square foot site will house a selection of men’s, women’s and junior…
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8 March
Uniqlo owner defends decision to keep operating in Russia
The CEO of Fast Retailing, the parent company of fashion brand Uniqlo, has defended the company’s decision to continue operating in Russia claiming “clothing is a necessity of life”. In a statement first published by Nikkei and reported by Bloomberg, Tadashi Yanai said: “Clothing is a necessity of life. The…
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7 March
Zara owner Inditex to close all 502 stores in Russia
Inditex, the owner of fashion brands Zara, Pull and Bear and Berksha has announced it is to temporarily close all of its 502 stores located in Russia. One of the largest fashion operators in the world, Inditex has become the latest to cease its operations in the country following the…
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4 March
Authentic Brands completes Reebok acquisition
Authentic Brands Group (ABG) has announced that it has completed the acquisition of Reebok from Adidas in a £1.75bn deal. As it ushers in its “largest acquisition to date”, the global brand development, marketing and entertainment company said it is charting a new path for Reebok. With Reebok, ABG said…
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4 March
Boohoo latest retailer to suspend sales in Russia
Boohoo has announced it is one of several major retailers to suspend all sales in Russia in the wake of the ongoing Ukraine crisis. The retailer said it was “deeply concerned” about the “tragic developments” in the region, and confirmed that all sales and trading websites in Russia were suspended…
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4 March
Nike to temporarily shut all stores in Russia
Nike said on Thursday it would be temporarily closing all its stores in Russia, joining a growing group of Western brands that have suspended businesses in the country, Reuters has reported. It comes following Moscow’s invasion of Ukraine. The sportswear maker had previously made merchandise purchases on its website and…
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3 March
Victoria’s Secret lowers FY22 forecast despite 25% sales surge
Victoria’s Secret and Co. has lowered its Q1 FY22 operating income forecast to be in the range of $80m (£59.78m) to $110m (£82.19m), compared to $225.7m (£168.65m) in 2021, amid supply chain cost pressures and anniversarying last year’s federal stimulus benefits. Overall, its operating income increased to $869.5m (£649.73m) in…
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2 March
Asos cuts ties with Russia
Asos has announced that it has made the decision to cut ties with Russia following its invasion of Ukraine last week, stating that it was not “practical nor right” to continue trading in the country. Alongside this announcement, the group said it has also suspended all sales in Ukraine immediately…
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1 March
Asos extends partnership with Microsoft
Asos has signed a new cloud agreement with Microsoft that will see the business continue to use the Microsoft Cloud as its cloud platform for the next five years. Asos uses Microsoft Azure and its AI capabilities to power its digital platforms and support new data-led workstreams. Over the past…
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