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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Jan- 2020 -10 January
Joules issues profit warning following stock issues
Joules has announced that sales over the Christmas period were “significantly behind expectations”, with retail sales down 4.5% against the prior year. The fashion retailer claims that sales were affected by “disappointing” online sales, which was caused by internally generated stock availability issues. Despite traffic to its website increasing 8%…
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8 January
Shoe Zone profits slip due to ‘government imposed’ cost increases
Shoe Zone has reported a decrease in profits before tax to £9.6m, down from £11.3m the previous year, attributed to “government imposed increases” in its operating costs, primarily through the impact of increasing business rates. For the year ended 5 October 2019, the shoe retailer reported a 0.9% increase in…
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3 January
Arcadia Group confirms Westfield Stratford Topshop closure
Arcadia group has confirmed its Topshop and Topman sites at London Westfield Stratford City will close, Drapers reports. The two-storey shop, which opened in September 201, is closing as its lease comes to an end. The closure is not part of the companies seven CVAs which were passed in June.…
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Dec- 2019 -20 December
Fiona Firth appointed managing director of Net-a-Porter menswear
Fiona Firth has been appointed as managing director of Mr Porter, the menswear arm of online fashion retailer Net-a-Porter. Firth was buying director of the division since April 2016, where she delivered “exceptional campaigns that have redefined the luxury menswear e-commerce experience”. During her tenure, she has helped launch exclusive…
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17 December
Mike Ashley warns of more House of Fraser closures
Despite experiencing the first “green shoots of recovery” further House of Fraser store closures are to be expected, Mike Ashley has warned. Commenting on the company’s latest half-year results, Ashley said Sports Direct is doing “as much as we can” to save as many jobs and stores as possible however…
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13 December
Kate Spade CEO resigns
Tapestry Inc. has announced the departure of Anna Bakst, CEO and brand president of Kate Spade. Bakst will leave her position with the fashion brand at the end of the calendar year. She began her role in April 2018. Joanne Crevoiserat, Tapestry’s chief financial officer, will act as interim CEO…
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12 December
Superdry profits slump in half-year results
Superdry saw underlying profits tumble to £200,000 in the six months to 26 October 2019, down from £12.9m recorded during the same period last year. The fashion retailer also saw revenues drop by 11% to £369m, which reflects “an expected year of reset” for the fashion retailer, who claims it…
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11 December
Inditex reveals boost to net sales and profit
The parent company of Zara, Inditex, has posted “strong” trading results for the first nine months of the year. Following a “strong operating performance”, net sales across its brands were €19.8bn (£16.73 bn) marking a year-on-year increase of 7.5%. Net profit for the fashion group, which also owns Massimo Dutti,…
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10 December
Ted Baker bosses depart as it warns of profits drop
Ted Baker has confirmed its CEO Lyndsay Page has resigned and chairman David Bernstein is to step down from their roles, on the same day that the embattled clothing retailer also issued a profit warning. In a trading update for its full year, the company said expectations for the period…
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9 December
Ted Baker appoints Deloitte to probe £25m stock overstatement
Ted Baker has appointed ‘Big Four accountancy firm’ Deloitte to probe into its accounting blunder that revealed it had overstated the value of its stock by up to £25m. According to Sky News, the auditor will work alongside law firm Freshfields Bruckhaus Deringer on the inquiry. Earlier this month, the…
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