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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Jul- 2023 -5 July
Mango invests in virtual avatar creation platform
Mango has announced it is investing in Union Avatars, a digital identity platform that creates virtual avatars in different styles, including hyper-realistic avatars. The fashion company will offer financial support to the start-up through a convertible participation loan, and Union Avatars will join Mango StartUp Studio, the company’s start-up accelerator…
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Jun- 2023 -30 June
Nike revenues up 10% to $51bn in FY23
Nike has reported a 10% rise in revenues year-on-year to $51.2bn (£40.62bn) and a 16% rise on a currency-neutral basis for the 12 months to 31 May 2023. Its revenues for the Nike Brand were $48.8bn (£38.66bn) in the period, up 10% on a reported basis and up 16% on…
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29 June
Ted Baker axes 200 jobs amid restructure
Ted Baker has reportedly axed around 200 jobs at its head office amid the start of a new outsourcing model, according to Drapers. Drapers said it understood that the affected positions were made redundant earlier this month, and were seen across departments including sourcing, finance, production, and footwear. The outsourcing…
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28 June
Boohoo presses suppliers for discount on current orders
Boohoo has reportedly “demanded” a 10% discount on current orders from some suppliers for the second time, as it looks to cut costs across its supply chain, Drapers has reported. Drapers said it understood the products involved are either in production or have been shipped. According to an email sent…
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28 June
Mulberry profits fall to £13.2m in FY23
Mulberry has reported that pre-tax profits fell from £21.3m to £13.2m in the year ended 1 April 2023, despite reporting that revenues rose by 4% to £159.1m over the same period. Its UK retail sales saw a slight decline from £88.5m to £87.7m however, as the first half of the…
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27 June
Asos appoints sustainability expert as ESG chair
Asos has announced the appointment of Anna Maria Rugarli as non-executive director and chair of the ESG Committee. Rugarli is a sustainability and CSR expert with more than twenty years of experience working with leaders in global apparel, including Nike Inc. and VF Corporation. She has specialised in creating “innovative”…
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26 June
Moncler Group considers in house distribution for Stone Island
Owner and operator of Stone Island, The Moncler Group, is considering taking the brand’s UK distribution in house, Drapers has reported. The news comes as several industry sources have reportedly indicated that the group, which acquired Stone Island in 2020, is thinking about taking the brand’s UK distribution in house…
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26 June
Primark owner ups FY guidance after strong Q3
Primark owner Associated British Foods has announced that it expects its adjusted operating profit for FY23 to be “moderately ahead of last year” following a period of strong trading in its third quarter. It comes as the group posted overall revenues of £4.7bn for the 12 weeks ended 27 May…
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26 June
Debenhams to launch new premium brands division
Debenhams has announced plans to launch a new division for premium brands on its website as it looks to become a “great British digital department store”, according to Drapers. The Boohoo Group-owned brand is set to launch the new premium fashion division on its website later this year and are…
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23 June
Unbound Group eyes restructuring plan as sale hopes falter
Unbound Group, the owner of Hotter Shoes, is reportedly mulling plans to commence a restructuring process as hopes of a sale of the business have stalled. According to Sky News, the group has now called on advisers at Interpath to prepare for an emergency restructuring plan, which would require court…
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