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 -27 November
L Brands appoints new Victoria’s Secret leadership
L Brands has announced a series of new appointments to the leadership of its lingerie retailer, Victoria’s Secret. Martin Water was named the company’s new CEO, replacing John Mehas who had served in the role since February 2019. Waters is set to report to Stuart Burgdoerfer, interim CEO of Victoria’s…
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26 November
Mulberry revenue falls 29% as lockdown hits sales
Mulberry has reported a 29% decline in revenue to £48.9m during the first half of the year, as the impact of the coronavirus pandemic impacted its sales. For the 26 weeks ending 26 September 2020, the retailer also revealed an adjusted loss before tax of £1.9m (2019: £10.1m) before adjusting…
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26 November
Boohoo appoints Leveson to oversee business practices
Boohoo has announced the launch of a new ‘Agenda for Change’ programme, in a bid to “deliver long-lasting and meaningful change” to its supply chain and its business practices. The group has appointed Sir Brian Leveson PC to provide independent oversight over the programme. Leveson will report directly to the…
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26 November
J.Crew appoints new CEO
J.Crew Group has announced that Libby Wadle has been named as CEO, overseeing J.Crew and J.Crew Factory in addition to her current leadership responsibilities at Madewell. It comes as the prior CEO, Jan Singer, has “decided to pursue other endeavours”. Wadle brings 25 years of retail and apparel industry experience…
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24 November
Abercrombie & Fitch to close seven flagship stores
Abercrombie and Fitch has announced it is planning to close its flagship stores in London and six further cities in a bid to restructure the business. The move forms part of its “ongoing global store network optimization initiative”, as well as its reported goal of repositioning from larger format, tourist-dependent…
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20 November
Jaeger and Peacocks fall into administration, 4,700 jobs at risk
Jaeger and Peacocks have fallen into administration, placing 4,700 jobs at risk. It comes as owner EWM Group failed to secure a buyer for the brands before a set deadline, despite “constructive discussions” with buyers in recent weeks. Tony Wright and Alastair Massey, partners at FRP Advisory, have been appointed…
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17 November
Boohoo appoints chair of audit committee
Boohoo has announced the appointment of Shaun McCabe to its board as an independent non-executive director, where he will assume the role of chair of the audit committee. Following his appointment, which takes place with immediate effect, he will also sit on the group’s remuneration and nomination committees. McCabe brings…
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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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