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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Oct- 2019 -7 October
Clarks wins unfair dismissal case against former CEO
Clarks has won its legal battle against its former CEO Mike Shearwood who claimed unfair dismissal, after an employment tribunal sided with the shoe retailer. Shearwood launched a legal battle against the company after he was ousted last year following “conduct, conversations and expressions fell short” of company expectations. Shearwood…
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3 October
H&M Q3 profits spike 25%
H&M has reported a 25% spike in net profits during Q3, which it attributed to “continued development of more full-price sales and reduced markdowns”. In the three month period ending 31 August, the Swedish clothing retailer said profit before tax increased to SEK 5bn (£410m), ahead of analysts expectations of…
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Sep- 2019 -30 September
Miss Selfridge swings to £17.5m loss in 2018
Fashion retailer Miss Selfridge has reported a £17.5m loss for the year ending 1 September 2018. According to The Guardian, losses widened following more than £12m in one-off costs, mainly related to writedowns and redundancies. Sales also fell by 15% to £102m during the period, and the number of retail…
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30 September
Forever 21 files for bankruptcy, plans to axe up to 350 stores
US fashion retailer Forever 21 has filed for Chapter 11 bankruptcy protection and has announced plans to exit international markets in Asia and Europe. A Chapter 11 bankruptcy, similar to that of a Company Voluntary Agreement (CVA) in the UK, postpones a US company’s obligations to its creditors, giving it…
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9 September
Footfall drops off in late summer
Footfall continued its decline over the late summer, recording a 1.3% decline for the four week period to 24 August. According to the latest BRC-Springboard Footfall and Vacancies Monitor, the latest decline is compared with 1.6% drop for the same period last year. High street footfall declined by 1.9%, following…
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6 September
Monsoon in legal battle with British Land over CVA plans
Monsoon is facing a legal battle with FTSE 100 property company British Land over its CVA plans. According to Sky News, the owner of Meadowhall shopping centre in Sheffield filed a challenge to block Monsoon’s restructuring plans which will see rents cut by between 25% and 65% across just over…
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3 September
UK back to school market to reach £1.7bn
UK shoppers are set to spend £1.7bn on back to school items in 2019, with the market forecast to grow by 1.5%, according to research by GlobalData. Stationary and school accessories are expected to be the fastest-growing categories in the back to school market, at 2.0% and 1.9%, respectively. The…
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Aug- 2019 -30 August
Shoe Zone CEO quits amid profit warning
The chief executive of value footwear retailer Shoe Zone, Nick Davies, has resigned from his position with immediate effect, on the same day the company issued a warning that profits will be below expectations. The company revealed that trading conditions since the group’s interim results on 21 May 2019 “have…
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16 August
Next to replace Debenhams as Ted Baker childrenswear partner
Ted Baker has entered into a product licence agreement with Next to produce and sell its childrenswear collections. Under the agreement, which will run for an initial five-year period starting from 2020, Next will create and sell Ted Baker childrenswear products spanning baby, boys’ and girls’ clothing, shoes and accessories…
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7 August
Victoria’s Secret CMO Ed Razek to step down
Ed Razek, Victoria’s Secret owner L Brands’ chief marketing officer, has resigned from his position within the company. According to CNBC Razek, who has been with the company since the 1980s, reportedly revealed to L Brands CEO Les Wexner that he wanted to step down earlier last month and his…
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