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 — British e-commerce company The Hut Group upgraded its full-year revenue guidance on Monday in its first trading update since listing last month, boosting its shares by 10 percent.
The company, which helps sell retail brands including Lookfantastic and skincare group ESPA, said that following a strong third-quarter performance and continued momentum into its final quarter, it now expected full-year revenue to rise by up to a third to about £1.48 to £1.52 billion ($1.93 to $1.98 billion).
At the time of its initial public offering (IPO), it had guided to revenue of about £1.43 billion.
The company said revenue in its third quarter increased 38.6 percent year on year to £378.1 million, up from the 35.8 percent growth rate seen in the first half.
ADVERTISEMENT
Shares in the company, which were sold at 500 pence in the IPO, rose to a new high of 780 pence in early dealing. They were up 10.5 percent at 749 pence at 10.07am GMT.
By Paul Sandle; editor: Mark Potter.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.