The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
LONDON, United Kingdom — Marks & Spencer Group Plc canceled its dividend and took measures to ensure it has enough credit available for the next 18 months as retailers prepare for the possibility that stores will never be the same again after Covid-19.
Withholding any dividend for fiscal 2021 will save £210 million ($261 million), Marks & Spencer said Tuesday. Lenders also agreed to relax so-called covenant agreements on its debt through September 2021, giving the company easier access to loans.
Lockdowns have been another blow for Marks & Spencer’s ailing clothing business, which will force the retailer to depend even more on food.
Marks & Spencer said it will give investors an update on its transformation program and plans to change how it works permanently when reporting results on May 20. In September, the retailer will have a multichannel food operation set up through its alliance with online grocer Ocado Plc.
By Thomas Mulier
Canada, France and Ireland are among the countries working with home-grown fashion talent to create uniforms for their teams at this summer’s Olympic Games. For these small labels, it’s an unprecedented opportunity to capitalise on one of sports’ largest events.
The online fashion retailer plans to update China’s securities regulator on the change of the initial public offering venue and file with the London Stock Exchange as soon as this month, a person with knowledge of the matter said.
The company, under siege from Arkhouse Management Co. and Brigade Capital Management, doesn’t need the activists when it can be its own, writes Andrea Felsted.
As the German sportswear giant taps surging demand for its Samba and Gazelle sneakers, it’s also taking steps to spread its bets ahead of peak interest.