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.
CAPE TOWN, South Africa — Woolworths Holdings Ltd., the South African food and clothing retailer which bought David Jones last year, may sell two of the Australian retailer's sites as it looks to revamp other stores in central business districts.
The company is considering selling locations in Melbourne and Sydney, Cape Town-based Woolworths said in an e-mailed statement on Thursday.
Woolworths could raise almost $400 million from the sale, the Sydney Morning Herald said Wednesday, citing Chief Executive Officer Ian Moir.
An improved performance by David Jones helped offset slower growth in Woolworths’s home market in second-half results released last week. The seller of organic foods and clothing bought David Jones last year for about $2 billion to help create a southern-hemisphere retail giant.
David Jones has 38 stores total, according to its website.
By Janice Kew; editors: Matthew Boyle, Thomas Mulier, John Bowker.
The category’s biggest brands by market capitalisation report results this week, and will need to show they have a plan to fend off fast-growing competition.
By investing in an elevated product and shopping experience, Spanish retailers Inditex and Mango are seeing tremendous growth despite fierce competition from the likes of Temu and a cash-strapped consumer.
The ByteDance-owned app’s e-commerce play has been met with mixed response from users. Still, sales seem to keep ticking up.
The fashion resale company finally became profitable last year, but it was at the cost of losing consignors who complain that reselling is no longer as lucrative as it once was on the platform.