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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Nov- 2020 -16 November
Arcadia Group enters ‘urgent’ borrowing talks
Arcadia Group, the parent company of Topshop, has reportedly entered “urgent” borrowing talks in a bid to secure funding and “aid its survival prospects”. According to Sky News, the group, owned by Sir Philip Green, has sought several potential lenders in its efforts to borrow around £30m to support the…
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13 November
Burberry H1 revenues fall 31%
Burberry has revealed sales have managed to return to growth in October, after the luxury retailer said revenue for the first half of the year decreased by 31% to £878m. In the same period, operating profit plummeted 75% to £51m amid the effects of the ongoing pandemic. The fashion house…
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12 November
LK Bennett set to launch CVA
LK Bennett has launched a CVA proposal, which will result in five store closures and a small number of job losses. The womenswear retailer will also move its remaining shops to turnover-based rents in order to “mitigate the ongoing financial impact of the Covid-19 pandemic”, Drapers reported. Currently, the business…
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11 November
VF Corporation acquires Supreme
VF Corporation has acquired streetwear brand Supreme as part of a definitive merger agreement, valued at $2.1bn. The company’s current investors, Goode Partners and Carlyle Group, are selling their stakes in Supreme. The acquisition is consistent with VF’s growth ambitions and is expected to contribute at least $500m (£376m) of…
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10 November
New Look completes recapitalisation transaction
New Look has announced the completion of a “comprehensive” financial recapitalisation following the High Court’s sanction of New Look Financing’s scheme of arrangement. The recapitalisation is set to “significantly” reduce long-term debt for the group, whilst providing financial strength, funding and flexibility to “deliver a sustainable trading platform for the…
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6 November
Superdry H1 revenues fall 23.3%
Superdry has announced that total revenue fell by 23.3% in the half-year period ended 24 October 2020, reflecting the challenging trading environment attributed to the continued disruption from Covid-19. Like-for-like store trading in the last six weeks of H1 was down 32.4%, with UK trade impacted by continued social distancing…
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5 November
M&S confirms it will stay open during lockdown
Marks and Spencer has confirmed that its clothing and home division will remain open despite the lockdown restrictions. According to Drapers, M&S CEO Steve Rowe said that he wanted to make it “very clear” that it would follow the government guidelines but its stores would “remain open”. He said: “We’re…
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5 November
Clarks agrees £100m rescue deal with LionRock Capital
Clarks has been rescued in a £100m deal with LionRock Capital – the Hong-Kong-based private equity firm. Announcing its new partnership, LionRock Capital said it will acquire a majority stake in Clarks, with the Clark family to remain invested in the business. The £100m investment will enable Clarks to “position…
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5 November
Joules trading exceeds expectations
Joules’ recent sales are exceeding expectations, according to the group’s trading update in the financial year to 31 May 2021. The clothing retailer is reporting “strong” year-on-year e-commerce growth of 35%, which accounts for 70% of the group’s overall sales for the period. Stores performed “ahead of the board’s expectations”…
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4 November
Frasers Group increases stake in Mulberry to 29.7%
Frasers Group has more than doubled its stake in Mulberry, the luxury fashion company, from 12.5% to 29.7%. Mike Ashley’s retail group had bought its first set of shares in the firm in February of this year for almost £19m. At the time, Frasers said the move was part of…
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