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- 2023 -5 June
Frasers Group considers cutting 200 head office jobs
Frasers Group is considering cutting up to 200 jobs at its head offices in Shirebrook and London in a bid to streamline the business. The company owned by Mike Ashley has begun a consultation period which has left 20% of its staff at these offices at risk of redundancy. The…
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2 June
Farfetch announces New Guards Group management changes
Farfetch, the global platform for the luxury fashion industry, has appointed Cristiano Fagnani to the role of CEO of Off-White. He also remains responsible for New Guards Group’s (NGG) Reebok business as CEO of NGG++. Stephanie Phair has also been appointed chair of NGG and NGG CEO, Davide De Giglio,…
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2 June
Lululemon revenues hit $2bn in Q1
Lululemon revenues have increased by 24% to $2bn (£1.6bn) during the first quarter of 2023, as sales increased 17% on a constant dollar basis in North America and leaped 60% internationally. The group’s gross profit also increased 32% to $1.2bn (£0.9bn), while its gross margin rose 57.5% during the period. …
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1 June
Dr Martens profits drop 29% to £128m
Dr Martens has reported that its profit after tax declined 29% to £128m for the year ended 31 March 2023, despite generating revenues of £1bn for the first time. It stated that its profit before tax was down because of higher depreciation and amortisation, a £3.9m impairment charge and a…
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1 June
Cotton Traders hails ‘most successful’ year to date
Fashion retailer Cotton Traders has welcomed its “most successful financial year to date”, announcing it has increased its yearly turnover by 10.6% to £111m. The company has attributed its performance to a 17% year-on-year increase in new customers gravitating to the brand, as well as a 7.5% increase in its…
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May- 2023 -26 May
Asos raises £75m alongside £275m asset based refinancing deal
Asos has announced that it has raised £75m from shareholders as well as landing a lucrative refinancing deal based on its assets. The online retailer has made a deal with Bantry Bay for a £275m asset-based financing facility which runs till April 2026. The company estimates that there will be…
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26 May
Burberry appoints new chief people officer
Burberry has appointed Alexandra McCauley as its new chief people officer. McCauley, who will start in London on 15 November 2023, will be responsible for all aspects of Burberry’s people strategy globally. She will join the executive committee and she will report to Burberry chief executive officer Jonathan Akeroyd. McCauley…
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25 May
Crew Clothing CEO ousted by group’s owner
Crew Clothing’s CEO has reportedly been ousted by the group’s owner, This is Money has reported, with other senior executives reportedly departing behind him. Sources familiar with the matter said Brigadier Acquisition Company made the decision to oust David Butler earlier this month. His departure is understood to have been…
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25 May
Urban Outfitters owner sees sales hit £900m in Q1
URBN, parent company of Urban Outfitters, Anthropologie and Free People, has seen net sales rise 5.9% to a record $1.11bn (£900m) for the three months ended 30 April. Over the period, the group also reported a net income of $53m (£42.8m) and record earnings share of $0.56 (£0.45). Total retail…
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24 May
VF Corp FY revenues dip as Vans sales fall
VF Corp, the owner of brands such as Vans, The North Face and Timberland, has seen its revenues dip by 2% to $11.6bn (£9.4bn) in FY23 amid a “challenging” consumer environment. North Face performed better than expected however, with sales up by 11% to $3.6bn (£2.9bn) in the full-year period.…
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