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.
The Topshop-owner hit back against a The Sunday Times report that it is drawing up plans to enter administration. Sky News previously reported the group was seeking £30 million in loans to help keep the business afloat as England’s second lockdown delivers another blow to the ailing high street retail empire.
“It is not true that administrators are about to be appointed,” Arcadia said in a statement. “The second UK lockdown presents a further challenge for all retailers and we are taking appropriate steps to protect our stakeholders from its consequences.”
Trading administration would allow the business to continue to trade while attempting to sell its brand assets separately. In addition to its flagship Topshop brand, the Group’s portfolio also houses Miss Selfridge, Dorothy Perkins, Wallis, Evans and Burton, employing 15,000 people and operating over 500 sites.
Owner Sir Philip Green’s reputation been engulfed in scandal in recent years over the collapse of BHS in 2016 and allegations of sexual misconduct and abusive behaviour in 2018 and 2019.
The retail group is currently in negotiations with the Pensions Regulator over its estimated £350 pension deficit.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
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.