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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Apr- 2019 -16 April
Aquascutum halves HQ workforce
Coat retailer Aquascutum has axed half of its headquarters-based workforce as part of a review of the retailer’s operations. More than 30 jobs have been axed by the retailer according to reports by Drapers, with most of the affected roles said to have been made redundant, while other staff members…
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16 April
Monsoon Accessorize set to close ‘dozens’ of stores
Women’s clothing and accessories retailer Monsoon Accessorize is reportedly preparing to enter a CVA which could see it close dozens of its stores. According to Sky News, the company has appointed Deloitte to draw up a CVA to be launched within the next few weeks. The agreement will allow the…
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12 April
Louis Vuitton owner sees revenues jump 16% in first quarter
LVMH, which owns luxury fashion retailer Louis Vuitton, has reported a 16% increase in revenues to €12.5bn (£10.8bn) for the first quarter of 2019. Like-for-like sales increased by 11% compared with the same period in 2018, and shares in the group also jumped by 3.3% to €340.50 in early trading…
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12 April
Uniqlo operator issues profit warning
Uniqlo operator, Fast Retailing, has issued a profit warning after it was forced into heavy discounting on its winter range caused by warmer than expected weather. Fast Retailing forecast an operating profit of ¥260bn (£1.79bn) for Uniqlo in the full year leading up to August, down ¥10bn (£69m) according to…
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12 April
Bonmarche: Philip Day offer ‘undervalues’ business
Womenswear retailer Bonmarche has said Philip Day’s £5.7m acquisition of the company “materially undervalues” the business and its future prospects. Spectre Holdings, an entity wholly owned by Day, announced the acquisition of more than half of the retailer’s shares on 2 April. He made an offer of 11.445p per share…
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11 April
World’s largest Primark opens in Birmingham
Primark has opened the biggest store in its worldwide portfolio, in Birmingham. The new 161,000 square foot store will be spread across five floors and will feature a Disney cafe, two restaurants, a barber shop and a beauty studio. For the first time, the new Primark will feature a homeware…
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10 April
Asos hit by 87% profit fall
Online clothing retailer, Asos has announced an 87% fall in pre-tax profits down to £4m for the six months leading up to 28 February, against results for the same period during the 2018 financial year. The retailer blamed its profit plunge on a difficult year caused by “heavy discounting” and…
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9 April
New Look to abandon menswear store offering
Clothing retailer New Look plans to remove its menswear offering from its stores from autumn 19, moving it to an online only offering. According to Drapers, New Look aims to start the process of removing its mens offering from its 160 stores in the next four to six months. It…
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8 April
Ann Summers calls in advisers after £3.3m loss
Lingerie retailer, Ann Summers, has announced it has appointed a property adviser in order to help with rent reductions, after a £3.3m loss last year replaced a £2.9m profit in the year previous. The retailer blamed rising store costs along with the fall of sterling due to Brexit, which it…
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8 April
Philip Green proposes to halve Arcadia pension payments
Sir Philip Green is seeking to halve the annual contributions to the Arcadia Group’s pension scheme as part of its restructuring plan. According to Sky News, Green wishes to cut the annual pension fund from £50m to £25m and made the proposal during discussions between Arcadia’s advisers, its pension trustees…
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