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 -18 February
Topshop collapse hits creditors with £176m loss
Topshop and Topman creditors are reportedly facing losses of £176m since the demise of Sir Phillip Green’s Arcadia, according to The Telegraph. Suppliers from countries such as China and Turkey have been hit the hardest financially as the fashion empire gets wound up. In total, creditors are owed £219m but…
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17 February
Adidas to sell Reebok to focus on core brand
Adidas has confirmed it is to begin a formal sales process for its Reebok brand as it looks to concentrate on further strengthening the leading position of its core brand. It comes as part of the development of its new five-year strategy, where the firm said following an assessment of…
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15 February
Bravissimo secures multi-million pound investment
Bravissimo, a lingerie retailer, has secured a multi-million pound funding package from NatWest to upscale its online presence. Currently an operator of 23 stores across the UK, Bravissimo has used the capital to invest in its warehouse operations and customer service teams to match the rise in ecommerce demand. Leanne…
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15 February
Burberry to repay £6m in business rates relief
Burberry has voluntarily agreed to repay around £6m in business support to the Treasury, following the business rates holiday designed to help businesses navigate through the impact of the pandemic. According to the Sunday Times, the retailer has also repaid a £300m loan from the Bank of England, in a…
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12 February
Shoe Zone expects to report £14.6m FY loss
Shoe Zone has announced that ahead of its FY 2020 results, it expects to report a statutory loss before tax of approximately £14.6m an increase from £11.3m in 2019. The group also expects to report revenues of approximately £122.6m, dropping from £162m the previous year. The increase in the anticipated…
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12 February
Boohoo seeks larger London office following acquisition spree
Online fashion retailer Boohoo is reportedly seeking a larger London office following its recent acquisition spree that saw its purchases of a number of Arcadia brands and the Debenhams brand. According to the Evening Standard, Boohoo is looking to upgrade from its current London office in Euston Tower to a…
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11 February
Ted Baker Q4 sales fall 47% amid low occasionwear demand
Clothing retailer Ted Baker reported that Q4 group revenues fell by 47% during the 13-week period ending 30 January 2021. It comes as the retailer said it has seen a “material negative impact” from the Covid pandemic including the closure of its entire UK store portfolio for the majority of…
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10 February
JD Sports eyes EU warehouse amid ‘worse than feared’ Brexit impact
Peter Cowgill, the chairman of JD Sports has revealed the company is considering opening a new distribution centre in the EU to overcome some of the challenges caused by the UK leaving the EU. Speaking to the BBC, Cowgill said the current impact of Brexit for retailers has been “considerably…
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10 February
Urban Outfitters Q4 sales drop 6.9%
Urban Outfitters has announced its total company net sales for the three months ended January 31, 2021, decreased 6.9% to $1.09bn (£787m) compared with $1.16bn (£837m) the previous year. The retailer also revealed comparable retail segment net sales decreased 7% which the group claims was due to negative retail store…
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9 February
M&S bolsters clothing business with senior hires
Marks and Spencer has announced it is strengthening its Clothing and Home leadership team through two new hires, who are both set to “play an important role” in the development of its Never the Same Again programme. The programme, launched last year, is focused on the group becoming “more relevant,…
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