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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Mar- 2019 -1 March
LK Bennett could collapse ‘in next few days’
Some 480 jobs may be at risk as high end fashion retailer LK Bennett has appointed audit firm EY as its administrator while the company seeks funding. As reported by Sky News, if the chain doesn’t gain access to investment in the next few days it will be forced into…
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1 March
Gap to close 230 stores
Fashion retailer Gap will close 230 of its stores over the next two years as part of a plan to “revitalise” its brand health. The company estimates an annualised sales loss of approximately $625m (£471m) as a result of these closures. Additionally, the company estimates pre-tax costs associated with these…
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Feb- 2019 -28 February
Victoria’s Secret to close stores following Christmas ‘decline’
Victoria’s Secret has announced it is to close stores following a “decline in performance” over the second half of 2018. The retailer’s parent company L Brands, announced it was to close 53 of North American Victoria’s Secrets stores following the 2018 results which saw in-store sales fall by 7%. Victoria’s…
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27 February
Ted Baker shares plunge amid profit warning
Ted Baker’s shares plunged as much as 17% in early trading after it warned profits are expected to below market expectations. The fashion retailer said profit before tax is now expected to be in the region of £63m, well below the £73.5m it reported during the same period last year.…
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26 February
Karren Brady leaves Arcadia Group
Karren Brady has left her role as chairman at Philip Green’s Taveta, the company behind Arcadia Group. Earlier this month Brady said she had a “duty” to employees to remain in her role, with her support for Green’s business under pressure following staff allegations of sexual harassment, racial abuse and…
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26 February
Laura Ashley faces £20m takeover bid
Struggling retail company Laura Ashley could be bought out by investment firm Flacks Group, it has been confirmed. The investment company released a statement in response to speculative media reports, which suggested there would be a possible buyout of the retailer. Laura Ashley denied the claims on Monday 25 February…
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25 February
Primark owner reports 4% sales boost for H1 2019
Associated British Foods (AFB), which owns Primark, has announced that sales at the retailer are expected to be 4% ahead of last year for the 24 weeks to 2 March 2019, driven by increased retail selling space. The group said the results will be partially offset by a 2% decline…
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25 February
Jack Wills to sell four stores in order to cut costs
Fashion retailer, Jack Wills is to sell four stores in order to make up for a store expansion which saw it increase its stores by a quarter, despite the fact it was making an underlying loss of £11m in 2017. Jack Wills is looking to assign leases to new tenants…
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21 February
Footasylum removes ‘stab-proof vest’ from stores
Footwear retailer, Footasylum has removed a “stab-proof vest” from its shelves after a youth worker suggested it could attract unwanted attention. Damian Henry, who works with young people involved in gangs or who have been involved in gangs, told the BBC he was “appalled” when he saw the item in…
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19 February
JD acquires 8% stake in Footasylum
Sportswear retailer JD Sports has acquired an 8% stake in footwear retailer Footasylum. JD said it had purchased the stake “for investment purposes”. The company said it was prepared to take on an interest of 29.9%, hovering just below the limit for a mandatory takeover bid, however it added it…
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