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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Jun- 2020 -5 June
Gap sales nosedive by 43% in first quarter
Gap Inc. sales plunged 43% year-on-year in the first quarter of 2020, largely driven by store closures across its estate. In the period ended 2 May, the group posted a total net loss of $932m (£735m), down from a profit of $227m (£179m) posted the same period the year prior. …
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4 June
New Look enters talks with landlords seeking turnover-based rent
High street retailer New Look has reportedly entered talks with its landlords about switching to a turnover-based rent system. According to Sky News, New Look has appointed the property agents CBRE and CWM to negotiate terms for its 500 store portfolio across the UK. Reports also suggest that if the…
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4 June
LVMH retreats from Tiffany takeover
Luxury powerhouse LVMH has announced that it will no longer go ahead with its proposed takeover of Tiffany & Co in light of “recent market rumours” amid the pandemic. LVMH had initially announced a “definitive” agreement with the luxury jewellers last November, whereby it outlined its intention to acquire the…
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2 June
Reiss announces phased reopening of stores
British clothing brand Reiss has announced a phased reopening of a select number of UK stores, effective 15 June 2020. Reiss said following a “successful reopening” of select stores in Europe, the initial phase for the UK will see the brand reopen 26 stores across the country, including both stand-alone…
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1 June
Boohoo faces $100m US lawsuit over fake promotion claims
Boohoo is reportedly facing a $100m (£81m) civil lawsuit from a US law firm over claims it misled shoppers over running sales promotions based on “fake” prices. According to The Telegraph, the lawsuit is being brought forward from Californian firms Almadani Law and AI Law which have accused the retailer…
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1 June
Primark outlines 15 June reopening
Primark has detailed its plans to reopen its UK estate, following the recent government announcement that non-essential retail may resume on 15 June. It comes as the clothing retailer started reopening its stores across Europe, after European governments began to ease restrictions for retailers following a global lockdown. Whilst the…
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May- 2020 -29 May
Monsoon Accessorize on brink of appointing administrators
Fashion retailer Monsoon Accessorize is reportedly on the brink of appointing administrators. According to Sky News, Monsoon’s owner Peter Simon is set to file a notice of intention to appoint administrators shortly. Reports also suggest Simon is lining up FRP Advisory to handle the process. As a result the move…
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28 May
Boohoo buys out Pretty Little Thing
Boohoo has announced the acquisition of the remaining 34% of shares in Pretty Little Thing (PLT) from minority shareholders, in a deal that could potentially rise to £323.8m. News of the acquisition closely follows a recent share slide after a short-selling note, issued on 26 May, which alleged that the…
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22 May
Clarks to cut 900 jobs as part of new ‘made to last’ strategy
Clarks has announced the launch of its long-term ‘made to last’ strategy that is designed to ensure that Clarks has a “sustainable and successful future”, resulting in around 900 members of staff made redundant. Making the announcement, CEO Giorgio Presca said that the new strategy aims to deliver a new…
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22 May
Burberry sales fall 27% amid Covid-19 pandemic
Luxury fashion retailer Burberry has reported a 27% decrease in like-for-like sales in its fourth quarter results, attributing the loss to the coronavirus pandemic. The fashion retailer also revealed a 57% drop in operating profit to £189m compared with £437m during the same period last year. Additionally, in its preliminary…
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