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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Sep- 2020 -4 September
Jigsaw creditors approve CVA
Fashion chain Jigsaw has confirmed its proposed CVA approved by its creditors which will see 13 of its stores close and others move to a turnover-based rent system. In addition, around 41 of its stores will also see its rent switch to a turnover-based system. The news comes after reports…
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Aug- 2020 -28 August
H&M Group appoints new chief technology officer
H&M has appointed Alan Boehme as the business’s new chief technology officer as it continues to accelerate its digitalisation work. Boehme, along with chief product officer Daniel Claesson, will co-lead the new Business Tech organisation that is designed to strengthen the business’s development and innovation, as well as ensure an…
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21 August
TK Maxx owner suffers £161m Q2 loss
TJX Companies, the owner of fashion retailer TK Maxx, has reported a net loss of $214m (£161m) for the second quarter of the year, despite better than expected sales. It reported net sales for the three month period ending 1 August 2020 for $6.7bn (£5bn) down from $9.7bn (£7.3bn). Overall…
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18 August
C&A chairman outlines revival plans
C&A chairman Allan Leighton is reportedly planning to “turnaround” the 179-year-old clothing retailer, by making the company independent of its founders the Brenninkmeijer family. According to the Financial Times (FT), the group’s current CEO, Edward Brenninkmeijer, is set to leave his seat as CEO Europe and overall CEO for a…
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14 August
New Look to secure £40m of funding
New Look has agreed a deal with its creditors to secure an additional £40m of funding to help ride out the covid-19 pandemic. Under the terms, New Look said it will have funding to provide a sustainable platform for post-Covid trading and enable the group to invest in, and deliver,…
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13 August
Very Group to return to profit as revenues pass £2bn
The Very Group has forecasted a return to profits for the FY20 as it revealed annual group revenues passed £2bn for the first time. In a trading update for the full-year ending 30 June, the company said it saw a 65% increase in website visits driving “exceptional” retail sales growth…
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12 August
Asos forecasts rise as returns fall
Asos has announced that sales and profit for its full year of trading are expected to be “significantly ahead” of market expectations. The retailer said that revenue growth is now expected to be between 17% and 19%, with profit before tax in the region of £130m to £150m. The strong…
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11 August
New Look eyes second CVA deal
Embattled fashion retailer New Look is reportedly planning to launch a second CVA that will ask its landlords to switch to a turnover-based rent system. According to reports it is set to appoint ‘Big Four’ accountancy firm Deloitte to negotiate with over 450 landlords across its 480 store estate. It…
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11 August
Zalando sees revenues rise 20%
Online fashion retailer Zalando has reported a 19.6% increase in revenues to €3.56bn (£3.2bn) in the first half of 2020, compared with €2.98bn (£2.68bn) in the same period last year. In this period, Zalando reported a 25.1% increase in group GMV to €4.72bn (£4.24bn), compared with €3.77bn (£3.38bn) in 2019.…
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10 August
Superdry secures funding as sales fall
Superdry has secured a new £70m lending facility in a bid to equip it with “flexibility and liquidity” following the coronavirus crisis. It comes as the disruption from the pandemic has continued to “materially impact” its year-on-year performance, despite the fact that trading was ahead of initial expectations in its…
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