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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Aug- 2020 -7 August
Jigsaw eyes CVA plans
Fashion retailer Jigsaw is reportedly set to launch a CVA proposal in the coming week as the ongoing impact of the coronavirus takes its toll on the UK high street. According to Drapers, the womenswear retailer is set to take action a month after it brought in auditing firm KPMG…
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6 August
Joules swings to £2m loss in full-year results
Joules has announced that it swung to a pre-tax loss of £2m in its full-year of trading, down from the £12.9m profit it reported the year prior. Group revenue also fell by 12.5% to £190.8m in the period, down from the £218m reported the year before. The retailer noted that…
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Jul- 2020 -27 July
Arcadia on verge of launching restructuring process
Arcadia is reportedly set to launch a restructuring process just a year after it pushed from a CVA proposal, as it battles to overcome the challenges presented by the coronavirus pandemic. According to the Sunday Times, the retail group owned by Sir Philip Green has presented a cost-cutting plan to…
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21 July
Jigsaw mulls potential sale
Jigsaw has reportedly drafted in advisors to lead a strategic review of the fashion chain, which could see the business change hands in a potential sale. According to Sky News, the retailer’s board will work alongside two firms of advisers to oversee rent negotiations with landlords and seek out prospective…
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20 July
UK retailers call for ‘urgent action’ to end labour exploitation
A number of fashion retailers including Asos, Missguided, River Island and M&S have called on the Home Secretary, Priti Patel, to take “urgent action” to address exploitation in the UK’s fashion supply chain. Retailers including George at Asda, Joules, Matalan, Morrisons, Mountain Warehouse, N Brown, Next and The Very Group,…
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16 July
Next set for Victoria’s Secret UK takeover
Next has reportedly agreed an outline deal to acquire the UK arm of Victoria’s Secret, fending off competition from Marks and Spencer and other bidding rivals. According to Sky News, Next has been chosen as the “preferred” franchise partner for the lingerie brand by Deloitte, who were called in as…
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15 July
Asos reports 10% sales rise during lockdown
Online fashion retailer Asos has reported a 10% increase in group sales to £1.01bn amid the Covid-19 pandemic and has said it is on “track” to deliver “strong profit growth” across its financial year. In the four months to 30 June, sales growth was driven by its international retail sales,…
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13 July
Quiz suspends supplier over non-compliance allegations
Fashion retailer Quiz has said it is “extremely concerned” following allegations of non-compliance with National Living Wage requirements in a Leicester warehouse. An undercover investigation launched by The Times alleged that factory workers at a Quiz supplier were offered as little as £3 an hour to make clothes. Bosses at…
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8 July
H&M to close 170 stores worldwide
H&M has announced plans to close 170 of its stores worldwide after increasing the pace of the closures due to the impact of the coronavirus. The announcement, which came in a six-month trading update for the second quarter of the year, also revealed that the H&M group’s net sales decreased…
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8 July
Boohoo launches independent review of supply chain
Boohoo has launched an “immediate, independent” review of its supply chain, following revelations of poor working conditions in a Leicester warehouse. Boohoo first responded to allegations of malpractice earlier this week, after a Sunday Times exposé highlighted the conditions at supplier Jaswal Fashions in an undercover report. The retailer had…
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