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.
MANCHESTER, United Kingdom — JD Sports on Friday suspended the payment of final dividend in order to maintain its cash reserves and said Chairman Peter Cowgill will take a 75 percent voluntary reduction in salary amid the coronavirus pandemic.
Britain's biggest sportswear retailer, which has shut all of its stores in the UK, United States and Europe, has further delayed the publication of its full-year results to provide clarity on the coronavirus' impact on the group's performance.
JD Sports said it would announce preliminary results for the 12 months to February 1 on July 7, after delaying it to May in the previous month.
The retailer has also differed the payment of bonuses and other incentive payments for the year ended February 1, adding that its board and senior management team have agreed for voluntary salary reductions of at least 25 percent.
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The company said it would consider paying bonuses and incentives at some point after its stores have re-opened and resume dividend payments when conditions allow.
By Shanima A; editor: Amy Caren Daniel
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.