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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Feb- 2023 -22 February
Zalando to cut hundreds of jobs amid challenging environment
European online fashion retailer Zalando has revealed it is set to cut hundreds of jobs as part of cost-saving measures amid what it called a “challenging” macroeconomic environment. In a letter to staff, Zalando co-CEOs David Schneider and Robert Gentz revealed they have decided to start a program that will…
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21 February
Shein targets huge revenue growth ahead of IPO
Shein has reportedly set plans to nearly double its revenue to almost $60bn ($50bn) by 2025, whilst telling investors it is readying for an IPO later this year. According to a presentation seen by the Financial Times, the online fashion group said it was targeting full-year revenues of $58.5bn (£48.8bn)…
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17 February
Cath Kidston owner explores sale of business
The owner of the Cath Kidston is reportedly exploring a sale of the business only eight months after buying it. According to Sky News, owner Hilco Capital has been approached by a “number” of potential buyers who are interested in acquiring the modern vintage brand. Sources told Sky that Hilco…
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13 February
Mulberry shutters Bond Street store amid end of VAT-free shopping
Luxury fashion retailer Mulberry has shuttered its Bond Street store after it claimed that the end of VAT-free shopping for international consumers has negatively impacted its sales at the location. Last year chancellor Jerermy Hunt decided to implement the levy which now sees international visitors unable to claim back the…
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10 February
New Look closes more UK stores
New Look has confirmed that several stores across the UK have been closed by the retailer, which noted the closures were a “normal course of business”. Four of its sites stopped trading in January, with three further stores closing their doors this month. Last month, the retailer’s sites in Fort…
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10 February
Adidas lowers guidance amid Kanye West split
Adidas has announced that it expects its revenues to drop at least €1.2bn (£1.1bn) as a result of its split with Kayne West. The company also expects its operating profit to drop €500m (£442m) and is still reviewing its options for its existing Yeezy stock. Its current guidance already accounts…
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9 February
Under Armour unveils ambitious UK expansion plans
Under Armour will open three new brand-owned stores in key cities throughout the UK over the next couple of months, following what it called “significant growth and consumer demand in the market”. The stores are part of Under Armour’s overall strategy to strengthen its direct-to-consumer channel, a key element of…
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9 February
VF Corp Q3 revenues down as Vans underperforms
Vans owner VF Corporation has announced a 3% drop in revenue driven by a 13% fall in sales from the footwear brand, for the three months ended 31 December 2022. Vans revenue fell to $927m (£768m) in the quarter and is expected to drop by a high-single-digit percentage rate for…
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8 February
Frasers completes acquisition of five JD Sports fashion brands
Frasers Group has revealed it has completed the acquisition of five premium fashion brands from JD Sports as part of a deal announced in December of last year. The £47.5m deal with its rival already saw Frasers agree to acquire a total of 15 fashion brands, with eight already having…
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7 February
Crew Clothing to open 40 brick-and-mortar stores by 2025
Crew Clothing has plans to open 40 new brick-and-mortar stores by 2025 across market towns and coastal resorts in the UK, according to The Times. The group’s decision to expand its portfolio of in-person stores comes as it recovered post-pandemic, as it revealed that online and store sales both increased…
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