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- 2024 -5 June
Zara owner Inditex sees sales rise to €8.2bn in Q1
Zara owner Inditex has reported a 7.1% increase in sales to €8.2bn (£6.98bn) in the first quarter of 2024. The group’s gross profit also increased 7.3% to €4.9bn (£4.17bn) and gross margin reached 60.6%. Additionally, the group’s EBITDA rose by 8% to €2.4bn (£2.04bn) and EBIT increased 10.3% to €1.6bn…
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4 June
WIT Fitness to relaunch with founders amid Frasers partnership
WIT Fitness is set to relaunch with its original founders, having been acquired by Frasers Group in January 2024.Following the acquisition, founders Sam Kitching and Daniel Williams will lead WIT in partnership with Frasers Group. Frasers said the return of the founders will “help restore the WIT brand and reconnect…
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3 June
Lululemon opens upsized store in Covent Garden
Athletic apparel brand, lululemon, has officially launched its upsized store on Long Acre within The Yards, Covent Garden. Opening its doors in a new corner unit on Long Acre, the new store is a 130% upsize for lululemon at 8,330 sq ft, marking a significant investment from the international brand.…
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3 June
Shein to file for £50bn London float
Shein is reportedly eyeing a London flotation that would value the fast-fashion company at £50bn. According to Sky News, the company is set to file a prospectus with the Financial Conduct Authority for approval ahead of the potential float. Sources told Sky that the filing could potentially take place this…
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3 June
Superdry landlord drops challenge to restructuring proposal
M&G, landlord of Superdry’s London flagship store, will not formally seek to block a restructuring proposal, Sky News has reported. It is understood that Superdry received a reprieve after M&G backed down from a challenge to the struggling fashion chain’s rescue plan. As a result, M&G has decided not to…
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May- 2024 -31 May
JD Sports PBT dips 8% amid ‘challenging market’
JD Sports has seen its profit-before-tax fall 8% down to £912.4m for the year ended 27 January 2024. Despite this, the company has still stated it saw “strategic progress in a challenging market”. As a result, its revenue rise 2.7% from £1.13bn in the period last year up to £1.4bn…
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30 May
Carhartt WIP to open new flagship store in Soho
Lifestyle and apparel brand Carhartt WIP has recently signed for a new flagship store in Soho at 33-35 Brewer Street. Carhartt WIP will open a 4,000 sq ft store and stock the brand’s seasonal men’s and women’s collections, as well as gadgets, accessories, and special collaborative projects. The space will…
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30 May
Dr Martens to cut £25m in costs as full-year profits plummet
Dr Martens is targeting £25m in cost savings after its pre-tax profits plummeted 43% to £97m in the 12 months ended March, following weak demand in the US market. Throughout the year, revenues for the company fell by 12% to £877m, though DTC revenue rose by 2% to £533.1m, primarily…
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30 May
Abercrombie and Fitch Q1 sales surge to $1bn
Abercombie and Fitch has reported a 22% increase in net sales to $1bn (£787.3m) for the first quarter ended 4 May 2024. The American retailer said the positive growth marks the highest first quarter net sales in company history. The group also saw its Q1 operating income climb to $130m…
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29 May
Boohoo ditches £1m exec bonus plan after shareholder backlash
Boohoo has announced that it has decided to withdraw from paying its top executives bonuses worth £1m after it received backlash from shareholders for awarding millions of pounds in bonuses to executives despite widened losses. It comes as some shareholders criticised Boohoo’s plan to hand co-founders Mahmud Kamani and Carol…
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