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 -18 June
Allsaints launches CVA proposal
Clothing retailer Allsaints has revealed the launch of a CVA proposal that aims to restructure both its UK and US store portfolio and move to a turnover-based rent structure due to the impact of the coronavirus pandemic. Allsaints said the move comes despite year-on-year revenue growth for five successive years.…
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17 June
Debenhams opens 38 more stores following ‘successful’ Monday reopening
Department store chain Debenhams has announced it will reopen a further 38 stores in England, following the “successful reopening” of 50 of its stores earlier this week. Debenhams revealed that four stores have also reopened in Northern Ireland, whilst the business awaits confirmation from Wales and Scotland as to when…
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17 June
Boohoo snaps up Oasis and Warehouse
Boohoo has acquired the online businesses of Oasis and Warehouse, following a £5.25m cash transaction with Hilco Capital Limited. The fashion group said the brands would be a “complementary” addition to its current portfolio, and it will now work to integrate them onto its platform in the coming months. The…
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16 June
Joules predicts £3m loss after pandemic hit
Fashion retailer Joules has predicted an underlying loss for its 2020 financial year of between £2m and £3m attributed to the impact of the coronavirus pandemic. In a pre-closing update ended 31 May 2020, Joules said the impact of the Covid-19 virus between March and May resulted in a “material…
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16 June
H&M sales halve in second quarter
H and M net sales halved in the second quarter of 2020, tumbling 50% to 28.7bn Swedish krona (£2.4bn) following global lockdowns amid the ongoing pandemic. The fashion giant’s local currency net sales also halved in the period between 1 March and 31 May. E-commerce fared better, however, with online…
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10 June
Quiz places loss-making stores into administration
Quiz has revealed it is placing the division that runs some of its loss-making stores into administration. Quiz said that in order to “protect the future” of the company it has decided to appoint joint administrators from KPMG to the group’s 82 standalone stores in the United Kingdom and the…
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9 June
Sosandar sees revenues spike 62% as it announces John Lewis and Next deals
Online womenswear retailer Sosandar has revealed it has seen revenues spike 62% year-on-year over the past two months since lockdown began. In a Covid-19 trading update Sosandar said it has “responded well to a period of significant disruption and uncertainty”. Adding that as an online-only business, it has been able…
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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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