Mike Ashley defeated: What’s next for Boohoo and will Frasers billionaire seek revenge? November 1, 2024 Retail tycoon Mike Ashley has experienced a rare taste of defeat after fast-fashion giant Boohoo resisted his attempt to become its new chief executive by tapping the boss of Debenhams. Dan Finley is to step into the role which is being vacated by John Lyttle whose departure was announced last month. Mike Ashley’s Frasers Group [...]
Adidas predicts profit of nearly £1bn after sales surge October 29, 2024 Adidas is now predicting its operating profit to swell to almost £1bn for 2024 as it upped its forecasts following a better-than-expected performance in recent months. The sportswear giant is now eyeing an operating profit of around €1.2bn (£997m) for its current financial year, a rise from its previous guidance of around €1bn. The increase [...]
Fatface counts the cost of takeover by Next as fashion retailer enters the red October 28, 2024 Fatface slumped into the red in the aftermath of its takeover by FTSE 100 giant Next last year, it has been revealed. The Hampshire-headquartered business was acquired by the Leicester-based giant for £115.2m in October 2023. Newly-filed accounts with Companies House show that Fatface fell to a pre-tax loss of £3.2m in the 35 weeks [...]
Could Shein set its sights on Asos after putting Boohoo in the shade? October 9, 2024 The hierarchy of the UK’s fast fashion industry looks to have shifted after Shein’s UK sales eclipsed Boohoo’s for the first time. The Chinese-founded online retailer, which is on track for a bumper IPO on the London Stock Exchange, achieved a revenue of more than £1.5bn in 2023, it was revealed this week. Shein also [...]
Shein parks tanks on Boohoo’s lawn as UK sales pass £1.5bn ahead of IPO October 8, 2024 UK sales at Shein, the Chinese-founded online retailer on track for a bumper IPO on the London Stock Exchange, passed £1.5bn last year, the company has revealed. The division generated a revenue of £1.55bn for 2023, up from the £1.12bn it achieved in 2022. Shein also posted an annual profit of £18.7m, a significant rise [...]
In The Style: What’s next for fast-fashion label as founder quits and takeover drags on? October 1, 2024 The founder of fast-fashion label In The Style has quit as a drawn-out takeover deal continues to rumble on. Adam Frisby set up the Manchester-based brand from his bedroom in 2013 and served as its chief executive January 2022 but returned as CEO in December that year before again leaving the role 12 months later. [...]
Represent: ‘Exceptional’ performance hailed by clothing brand as sales surge September 24, 2024 Clothing brand Represent has hailed its “exceptional” performance in 2023 which saw its sales jump by almost 70 per cent. The company, which is headquartered in Horwich, near Bolton, has posted a turnover of £80.8m for its latest financial year, up from the £48.4m it achieved in 2022. Newly-filed accounts with Companies House also show [...]
Mike Ashley’s Frasers Group sells shares in Asos following Topshop spike September 23, 2024 Frasers Group, the retail empire controlled by Mike Ashley, has lowered its stake in fast-fashion giant Asos. The Mansfield-headquartered group, which owns the likes of Sports Direct and House of Fraser, has decreased its holdings in Asos from 24.3 per cent to 21.1 per cent, according to a new filing with the London Stock Exchange. [...]
Fashion brands told to ‘stay on the right side of the law’ amid greenwashing claims September 18, 2024 Some of the most high-profile fashion brands in the UK have been warned to be clearer on their green credentials by the UK competition watchdog as it clamps down on misleading marketing. The Competition and Markets Authority (CMA) has issued a new sustainability compliance guide for retailers and told 17 brands to review their practices. [...]
Allsaints: Record year for fashion brand despite retail decline September 17, 2024 Fashion brand Allsaints achieved another record year after a boost to its wholesale, franchise and licensing revenue offset a fall in its retail performance. The London-headquartered company has posted a total revenue for the year to 3 February, 2024, of £459.5m, a rise of 0.6 per cent compared to the prior 12 months. Its wholesale, [...]