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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Aug- 2022 -22 August
Next increases stake in Reiss to 51%
Next has reportedly upped its stake in Reiss to 51%, having previously acquired a 25% equity stake in Reiss back in March 2021, which was valued at around £200m, as part of a long-term, “strategic” partnership. It is reported that Next would’ve had an option to acquire an additional 26%…
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19 August
Joules faces FY loss as summer sales suffer
Joules has warned that it expects to deliver a full-year loss that is “significantly” below market expectations in its next financial results, amid rising inflation and weak trading in recent weeks. Over the five weeks to 14 August, since its last trading update in July, the group noted trading has…
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18 August
Frasers makes cash offer for MySale
Mike Ashley’s Frasers Group has made a cash offer to acquire a 100% stake in Australian online marketplace MySale for 2p per share. The offer values the entire issued and to be issued share capital of MySale not currently held by Frasers Group at approximately £13.6m. On 29 June 2022,…
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16 August
Reebok owner acquires Ted Baker for £211m
Authentic Brands Group (ABG), the parent company of Reebok, has reached an agreement to acquire Ted Baker for approximately £211m, with Ted Baker shareholders being entitled to receiving 110p in cash for each Ted Baker share. It is reported that the cash consideration is final, Bidco, an ABG-owned entity, reserves…
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16 August
Kick Game appoints PwC to explore £150m sale
Kick Game, a footwear reseller, has reportedly hired PricewaterhouseCooper (PwC) to explore options which could include a £150m sale, according to Sky News. Reports suggest Kick Game, which was founded in 2013, is working with the accountancy firm to field interest from a number of suitors. The process is expected…
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15 August
Zalando to cut back marketing spend instead of job cuts
Co-founder and co-chief executive of Zalando, Robert Gentz, has told the Financial Times that the company’s stall in internet shopping is just “a blip” and that the company aims to avoid mass job cuts by cutting its marketing spend instead. The FT reported that the European fashion retailer’s competitors, which…
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12 August
Topshop founder Sir Ralph Halpbern dies aged 83
Sir Ralph Halpern, the founder of Topshop who was described as a driving force behind British retail in the 1970s and 1980s, has died at the age of 83. Halpern began his career as a trainee at Selfridges, and would later go on to become “one of the most high-profile…
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9 August
Arcadia trustees near closing £1bn pensions deal
Arcadia’s pension trustees are reportedly close to securing a £1bn deal that will see them receive the retirement schemes promised by the group prior to its collapse, Sky News has reported. The trustees were said to be in “detailed” talks with Pension Insurance Corporation (PIC) about a deal to insure…
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8 August
Joules confirms talks to sell minority stake to Next
Joules has confirmed in a statement that Next plc has been in negotiations for several weeks for the retail giant to acquire up to 25% of the smaller London-listed retailer. The statement confirmed Next’s plan to adopt its total platform services to support the group’s long term growth plans. Additionally,…
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8 August
Kontoor Brands revenue up 25% in Q2
Global lifestyle apparel company, Kontoor Brands, has seen revenue increase by 25% to $614m (£507m) in Q2, largely driven by strength in the U.S. in both its Digital and wholesale channels. The group’s strongest brands, Wrangler and Lee, also reported a revenue increase of 19% and 14% respectively in H1…
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