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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Sep- 2023 -20 September
Poeticgem Group acquires Little Mistress
The Poeticgem Group has reportedly acquired the brand IP of womenswear brand Little Mistress, according to Drapers. Under the agreement Poeticgem will own various brands under the Little Mistress umbrella and will design, source and distribute its portfolio of brands. As a result of the deal the Little Mistress brand…
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19 September
Asos plans Outlet department closure to improve profitability
Asos reportedly has plans to close down its Outlet department in a bid to focus on key brands to improve profitability, according to Drapers. Launched in 2008, Asos Outlet which houses end of season products from third party brands at up to 70% off, will see around 15 of its…
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19 September
Quiz revenues drop 15% in Q1 as demand cools
Quiz has revealed that like-for-like revenues in the first quarter were 15% lower than the comparable period the previous year as demand fell over the period. The fashion brand attributed this decline to a 12% decrease in its UK stores and concessions revenues, which reflects the decline in traffic in…
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19 September
Shein’s UK business posts £1bn sales
Shein’s UK business has revealed that it reached £1bn in sales for the 16 months ended 31 December 2022. The company also revealed that it saw a pre-tax profit of £12.2m and a revenue of £1.1bn in its latest filing on Companies House. Shein also marked a number of milestones…
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18 September
Mike Ashley eyes Missguided sale to Shein
Mike Ashley is looking to sell the online clothing label Missguided to the Chinese-founded online fashion platform, Shein, Sky News has reported. It is understood that the two sides have been in negotiations about a deal for several weeks, which would represent Shein’s first acquisition of a British fashion brand.…
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15 September
H&M net sales edge up 6% in Q3
H&M has revealed that its net sales rose 6% to SEK 60bn (£4.3bn) for the three months ended 31 August 2023. Alongside this the company stated that its net sales were up 8% when excluding Russia, Belarus and Ukraine. However, in local currencies, the company stated that its net sales…
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15 September
TikTok shop partners with CommerceHub to boost in-app shopping
Tik Tok Shop has partnered with CommerceHub, a provider of software solutions connecting supply, demand, and delivery for retailers and brands globally, to boost its in-app shopping experience. By implementing CommerceHub’s unified commerce platform including ChannelAdvisor, TikTok said it will now have the ability to access tens of thousands of…
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13 September
Fanatics appoints new commerce CEO
Digital sports platform Fanatics has announced the appointment of Andrew Low Ah Kee as the next chief executive officer of Fanatics Commerce, effective immediately. Low Ah Kee replaces former Fanatics Commerce CEO Doug Mack who announced his retirement last month. Fanatics Commerce is a designer, manufacturer, and seller of licensed…
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13 September
Birkenstock files for IPO
Birkenstock has filed for an IPO in New York, targeting a valuation of more than $8bn (£6.4bn), according to The Financial Times. The footwear company reportedly filed a confidential prospectus to regulators in July, but this public filing would allow the company to join the New York Stock Exchange from…
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13 September
Inditex’s H1 profit before tax jumps 39%
Zara and Stradivarius owner Inditex has revealed that its profit before tax rose 39% to €3.3bn (£2.84bn) for the six months ended 31 July 2023. The company’s sales rose 13.5% to €16.9bn (£14.6bn) and as a result the company posted a gross profit of €9.8bn (£8.4bn) which was an increase…
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