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- 2021 -12 March
JD Sports enters Eastern Europe with MIG acquisition
JD Sports has expanded into Eastern Europe, with plans to acquire 60% of Polish fashion business, the Marketing Investment Group (MIG). Based in Krakow and founded in 1989, MIG is currently majority owned by brothers Andrzej and Zbigniew Grząka. The business operates 410 retail stores and associated trading websites across…
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11 March
Prada posts £46m loss
Luxury Italian fashion brand Prada SpA has announced a net loss of £46m for the year ended 31 December 2020. While the group reported net profits of £108m for H2 of the financial year, its total revenues for the period fell 24% year-on-year to £2.09bn. Moreover, retail sales at Prada…
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11 March
M&S adds third-party brands to online offering
Marks and Spencer has announced a set of third-party brands such as Joules and Sosandar are to be added to its online offering. The move is the first wave of guest brands to be marketed and sold under the banner ‘Brands at M&S’. The new offering is part of M&S’s…
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10 March
Mango 2020 in-store turnover falls 43%
Fashion, footwear, and accessories retailer Mango has announced turnover for FY20 of £1.58bn, as the performance of its in-store and online channels offset one another. While the groups’ bricks and mortar stores saw a 43% year-on-year decline to turnover, its online channels grew 36% to £656m. The figures represent an…
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10 March
Inditex profits fall to €1.1bn despite strong online sales
Inditex, the parent company of fashion retailers Zara and Massimo Dutti, has revealed a fall in profits to €1.1bn (£940m) for the financial year ending 31 January 2021 – as Covid-19 forced many of its stores to close. The retail group revealed that its sales fell 28% to €20.4bn (£17.4bn),…
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10 March
In The Style raises £49m ahead of float on AIM
In The Style has announced its plans to float on admission (AIM) in the stock exchange after raising £49m in an oversubscribed placing. The admission will see the online retailer valued at approximately £105m with 52,499,998 ordinary shares in issue and a free float of approximately 44.2%. The group revealed…
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4 March
Capri names Alejandro Martinez-Galindo as CIO
Luxury fashion group Capri Holdings has announced the appointment of Alejandro Martinez-Galindo as chief information officer at the group. Commencing his new role on 8 March 2021, Martinez-Galindo joins from the same position at Walgreens, where he reportedly led a transformation of the firm’s retail digital platform. Previously holding executive…
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3 March
Abercrombie and Fitch sales fall 5% in Q4
Abercrombie and Fitch has announced that net sales in the fourth quarter ended 31 January, 2021 slumped by 5% to $1.1bn (£786m), down from $1.2bn (£857m) the previous year. However, digital net sales increased by 34% to $639m (£456m) in the period, which the group claimed reflected a “robust growth”…
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3 March
Kering backs Vestiaire Collective in £154m investment round
Vestiaire Collective, a global platform for second-hand fashion, has announced the completion of a £154m investment round, backed by Gucci’s owner, Kering, alongside Tiger Global Management, a US investment firm. The financing also saw existing shareholders including but not limited to the group’s CEO, Max Bittner, Condé Nast, Eurazeo Group,…
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1 March
GFG welcomes first profitable year
Global Fashion Group (GFG) has announced its first adjusted EBITDA positive year for FY20 at €16.4m (£14.1m), its first profitable year, and an increase from the previous year’s loss of €37.1m (£32m), which was attributed to a “strong” fourth quarter. The company also saw gross profit in Q4 increase to…
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