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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Feb- 2021 -26 February
Farfetch losses widen despite revenue increase
Online luxury retailer Farfetch has revealed its losses widened for FY20 to $3.3bn (£2.36bn) despite its revenues increasing 64% year-over-year to $1.7bn (£1.2bn). In a trading update announcing its Q4 and FY20 results, Farfetch revealed revenue for the quarter ending 31 December increased 41% year-on-year to $540m (£387m). However, this…
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25 February
TK Maxx owner sees 10% sales slide due to lockdown
TJX Companies, the parent company of TK Maxx, has reported a 10.7% drop in FY21 net sales to $32.1bn (£22.6bn), which it revealed reflects the “negative impact of temporary store closures for approximately 24% of the year”. The retail group, which also operates the Marmaxx and HomeGoods brands in the…
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25 February
N Brown Group chairman to step down
N Brown Group has announced that Matt Davies will step down as chairman with effect from 31 March 2021 to spend more time on his other business activities. The board said it would like to thank Davies for his contribution over the past three years and for guiding the business…
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24 February
Puma reports 9.1% sales rise in Q4
Puma has reported a 9.1% sales increase in its financial results for the fourth quarter of 2020. The bulk of the sales rise primarily came from the Asia/Pacific market which was less affected by Covid-19 restrictions over the period compared to the rest of the world. Sales rose by 9.8%…
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24 February
Gap battles landlords in bid to shutter stores
Gap is reportedly battling its landlords ahead of plans to “hand back the keys” to all its UK stores this July, according to the Times. The group first announced it was considering the possible closures of company-operated stores in the UK, France, Ireland and Italy at the end of Q2…
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23 February
GMB slams Arcadia collapse scandal
GMB has criticised the “scandal” regarding the collapse of retail group Arcadia, revealing that the taxpayer will have to pay out the redundancy packages of sacked employees. The union also took aim at administrators Deloitte for “making millions” for their services during the sale of Phillip Green’s former retail empire.…
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23 February
Moncler EBIT falls 25% in FY20
Moncler has announced its EBIT fell by 25% to €368.8m (£318m) for the financial year ended 31 December 2020, down from €491.8m (£424m) the prior year. The retailer also saw an 11% decline for its consolidated revenues to €1.4bn (£1.2bn), down from €1.62bn (£1.39bn) the previous year. Net income dropped…
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23 February
Clarks CEO steps down amid C-suite shake-up
Giorgio Presca has reportedly stepped down from his role as CEO of Clarks, according to Drapers. Presca, along with the shoe retailer’s chief commercial officer, Massimo Barzaghi and chief people officer, Difna Blamey, are said to have exited the business last week. Victor Herrero, the retailer’s non-executive director, will reportedly…
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22 February
Shoe Zone finance director steps down
Shoe Zone has announced that Peter Foot, its finance director, has left the company with immediate effect. The board has reportedly started the search for a replacement, with a further announcement due to be made once an appointment has been selected. The departure follows the retailer’s recent FY 2020 expected…
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19 February
H&M issues £433m sustainability-linked bond
H&M has issued a €500m (£433m) sustainability-linked bond with a maturity of 8.5 years which will aim at providing incentives for the company to meet eco-friendly targets by 2025. The annual coupon rate of 0.25% with the bond has already generated “great interest” and was 7.6 times oversubscribed, according to…
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