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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Jul- 2021 -1 July
H&M Q2 profits reaches £303m
H&M has reported pre-tax profits of SEK 3.59bn (£303m) from a previous year’s loss of SEK 6.4bn (£547m) for its second quarter ended 31 May 2021. The group’s net sales in local currencies increased by 75% to SEK 46.5bn (£2.9bn) from SEK 28.6bn (£2.4bn) in the corresponding period last year.…
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1 July
Gap to close all UK and Ireland stores
Gap has announced plans to close all 81 of its UK and Ireland stores following a strategic review of its European business. The move comes as a part of the group’s 2023 power plan, which commenced with a strategic review of Gap’s European operations last year. While the closures will…
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Jun- 2021 -28 June
Allbirds eyes NYSE float
Woolen trainer retailer Allbirds has reportedly tapped a number of banks for an initial public offering (IPO) on the New York Stock Exchange. According to Bloomberg, the company has already contacted Morgan Stanley, JPMorgan Chase, and Bank of America Corp for the float. Seeking to go public as soon as…
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28 June
Burberry CEO to step down
Burberry has announced that Marco Gobbetti will step down as CEO and leave the company after nearly five years at the helm. The board will now begin the search for his successor and anticipate that Gobbetti will remain with the retailer until the end of the calendar year. In that…
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28 June
Matalan FY21 losses widen to £118m
Missouri Topco, the owner of Matalan, saw its losses for the 52 weeks ended 27 February 2021 extend to £118.6m, up from £16.7m the previous year. During the period, the fashion and homeware retailer swung to an operating loss of £39.3m, down from £69.3m of operating profits seen in FY20.…
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25 June
Nike Q4 revenues surge 96% to £8.85bn
Nike saw its revenues spike 96% year-on-year to $12.3bn (£8.85bn) for the three months ended 31 May 2021. The group also saw a return to net profits of $1.51bn (£1.09bn) in the quarter, up from its $780m (£561m) net losses seen in Q4 FY20. The surge in Q4 revenues contributed…
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25 June
Canada Goose to stop using fur
Canada Goose has announced that it will stop using fur in its products by the end of the year and will aim to cease manufacturing with fur by 2022. The news falls in line with the retailer’s sustainability commitments, having already announced its aim to achieve net-zero carbon emissions and…
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25 June
Asos to slash roles at Topshop
Asos is set to make a series of redundancies across the Topshop, Topman and Miss Selfridge brands, Drapers has revealed. The redundancies are reportedly set to affect around 38 employees across senior buying, established buying, design and merchandising. Sources told Drapers that the brand’s employees were informed of the plan…
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24 June
Lyle & Scott to open its first London store
Menswear brand Lyle & Scott has announced it is to open its first store in the UK, located at Wembley Park’s London Designer Outlet. The heritage label will occupy more than 800 sq ft in the fashion and lifestyle outlet centre, which will be the fashion retailer’s only outlet store…
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24 June
Seraphine confirms plans for £61m IPO
Maternity brand Seraphine has confirmed its upcoming float on the London Stock Exchange in an IPO that is expected to raise roughly £61m through newly issued shares. The float will also include sales shares sold by existing shareholders at the firm, including executive directors. The company plans to free float…
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