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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Jan- 2021 -14 January
Primark predicts £1.1bn sales loss amid store closures
AB Foods, the owner of clothing retailer Primark, has issued a warning of a hit from lost retail sales of more than £1.1bn, if Covid-19 lockdowns continue through to the end of February. Currently, 305 of its 389 shops around the world are closed which is expected to cost £1.1bn…
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13 January
2,000 Edinburgh Woollen Mill jobs saved in rescue deal
Around 2,000 jobs are to be saved at Philip Day’s Edinburgh Woollen Mill Group after international investors agreed a deal to acquire Edinburgh Woollen Mill, Ponden Homes and Bonmarche. FRP advisory confirmed that the joint administrators to The Edinburgh Woollen Mill Limited (t/a The Edinburgh Woollen Mill) and Duvetco Limited…
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13 January
Sosandar reports revenue growth of 6% in Q3
Sosandar, the women’s fashion retailer, has reported strong sales growth in its third quarter, confirming a revenue growth of 6% to £3.98m in the period. In its latest trading update, the retailer also announced that EBITDA loss was reduced by around 60% compared to the same period in the previous…
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11 January
Buyer found for Edinburgh Woollen Mill
FRP Advisory, the administrator to clothing retailer Edinburgh Woollen Mill, has accepted a rescue offer that could save a number of jobs at the group. According to the Times, sale contracts have been issued to the potential buyer, who remains unnamed, although the deal is reportedly likely to save only…
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11 January
JD Sports raises profit forecast to £400m
JD Sports has announced that its headline profit-before-tax for the full year to 30 January 2021 will be “significantly ahead” of the current market expectation of £295m to at least £400m for the full year. The news follows the fashion retailers Christmas trading update which showed that total revenues, on…
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8 January
Matchesfashion hit by £5.9m loss
Luxury retailer, Matchesfashion has announced a major loss of £5.9m for the financial year ended 31 January 2020. A report filed at Companies House found that while revenue soared to over £430m for the period, compared to £372m the previous year, the cost of sales, administrations, and distribution outweighed the…
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7 January
Wolverine World Wide appoints president of global operations group
Wolverine World Wide has announced the appointment of Jim Zwiers as president of the global operations group, succeeding Mike Jeppeson. Founded in 1883, Wolverine World Wide has been a provider of branded, active lifestyle, work, outdoor sport, athletic, children’s and uniform footwear and apparel around the world. Zwiers will concurrently…
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7 January
Joules reports online sales boost over Christmas
Joules has reported the group’s online retail channels received a sales boost during the seven-week period to 3 January 2021, with total online retail sales soaring by 66% year-on-year over the Christmas season. The group noted this was primarily driven by traffic growth and improved conversion rates across its digital…
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5 January
Edinburgh Woollen Mill owes creditors over £190m
Philip Day’s Edinburgh Woollen Mill (EWM) owes a reported £192m to its unsecured creditors, according to Drapers. A report from FRP Advisory, which was seen by Drapers, reveals that those who are indebted includes suppliers and landlords, shows that as of 24 December the firm owed a total sum of…
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4 January
Mayfair Equity acquires Seraphine in £50m deal
Seraphine has been acquired in a management buy-out fronted by technology investor, Mayfair Equity Partners. The luxury maternity brand was purchased from Bridgepoint Growth and Seraphine’s founder Cécile Reinaud in a deal valuing the business at £50m. The company reached £28.1m in sales for the year to 31 March 2020…
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