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- 2022 -1 September
Tommy Hilfiger and CK owner lowers FY22 outlook
PVH Corp has lowered its full year outlook for 2022, with revenues now expected to decrease 4% to 3% (increase 3% to 4% on a constant currency basis). The company also plans to reduce people costs in its global offices by 10% to streamline the organisation, drive efficiencies and fuel…
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Aug- 2022 -30 August
Farfetch revenues increase 10.7% in Q2
Online luxury fashion retail platform, Farfetch, has announced that the group’s revenue increased by 10.7% year-over-year in Q2 to $579.3m (£493.1m). The group’s profit after tax also reached $67.7m (£57.6m) in the period, which included a non-cash benefit arising from impact of lower share price on items held at fair…
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26 August
Abercrombie lowers sales forecast amid Hollister pressures
Abercrombie and Fitch Co. has lowered its sales forecast for FY22, with sales expected to be down mid single-digits from $3.7bn (£3.1bn) in FY21, compared with the previous outlook of flat to up 2%. Its sales forecast for the third quarter (Q3) has also lowered to high single-digits at $905m…
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25 August
Brits to have more considered Christmas as inflation bites, says eBay
The impact of inflation means consumers will be prioritising value for money and thoughtful gifting this festive season, according to the eBay Ads UK’s latest Christmas Spend Trends research report. The research, which surveyed 2,010 UK consumers who celebrate Christmas, found that a third (32%) of consumers are planning to…
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25 August
French fashion brand Jott to open its first UK store in Marylebone
French fashion brand Jott has announced its first UK store is opening in Marylebone Village in the autumn. Jott is a French premium outerwear brand with “iconic colourful down jackets”. Its first British store at 103 Marylebone High Street covers 1,140 sq ft of space. The news follows the recent…
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24 August
Richemont agrees deal to offload YNAP stake to Farfetch
Richemeont has revealed it has agreed a deal to offload a majority stake of its e-commerce unit Yoox-Net-A-Porter (YNAP) to Farfetcth and Emirati investor Alabbar. The deal will see Farfetch and Alabbar acquire a 47.5% and 3.2% stake respectively in YNAP, and the agreement for Richemont and YNAP each to…
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24 August
Apricot to exit CVA early
Creditors of Apricot have reportedly voted in favour of the retailer exiting its company voluntary process (CVA) 16 months earlier than planned due to an improvement in trade, according to Drapers. Apricot launched a CVA in January 2021 to move 13 of its 14 UK standalone stores to turnover rent…
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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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