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 — UK shoppers sheltered at home on Thursday, with the numbers hitting post-Christmas sales set to drop significantly for a fourth year in a row, initial data showed.
Footfall up to 12 pm on Dec. 26, known in Britain as Boxing Day and a key date for retailers, was down 10.6 percent compared with the same period a year ago, market research company Springboard said, adding that bad weather had deterred shoppers.
High streets were most affected by the rainy weather with consumers reluctant to go out in the morning, Springboard said.
Black Friday sales in November and a growing number of people shopping online have reduced Boxing Day footfall in recent years.
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"Boxing Day is indisputably a less important trading day than it once was," said Diane Wehrle, Insights Director at Springboard, adding that the Boxing Day footfall was 10.9 percent lower than during Black Friday morning.
Barclaycard, part of Barclays Bank PLC, has said Britons were set to spend £3.7 billion ($4.8 billion) in the post-Christmas sales — £200 million less than last year — partly due to environmental concerns, including about the impact of so-called "fast fashion."
By Maria Kiselyova; editor: Kirsten Donovan
Fast-growing start-ups like Hettas, Saysh and Moolah Kicks created sneakers designed specifically for active women. The sportswear giants are watching closely.
The companies agreed to cap credit-card swipe fees in one of the most significant antitrust settlements ever, following a legal fight that spanned almost two decades.
In an era of austerity on Wall Street, apparel businesses are more likely to be valued on their profits rather than sales, which usually means lower payouts for founders and investors. That is, if they can find a buyer in the first place.
The fast fashion giant occupies a shrinking middle ground between Shein and Zara. New CEO Daniel Ervér can lay out the path forward when the company reports quarterly results this week.