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 fashion retailer Austin Reed fell into administration on Tuesday, dealing another blow to the UK retail sector a day after department store BHS also sought creditor protection.
Executives from Alix Partners were appointed as the 116-year old Austin Reed's administrators, the business advisory firm said.
"Following their appointment, the joint administrators will continue to trade the group while exploring all possible options for its future including a sale of all or parts of the business," it said.
The move puts the jobs of its 1,184 staff in danger, adding to the up to 11,000 put at risk by BHS's collapse into administration on Monday.
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Austin Reed, which trades from 100 standalone stores and 50 concessions throughout the UK and Ireland, has struggled to compete in Britain's intensely competitive clothing market for years.
By James Davey; editor: Jason Neely.
The British musician will collaborate with the Swiss brand on a collection of training apparel, and will serve as the face of their first collection to be released in August.
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.