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 fashion retailer was struggling even before the pandemic, only emerging from administration in February, but successive coronavirus lockdowns have derailed any possibility of a recovery.
The company, which is targeted at women over 50 and employs 1,500 people, was bought out of administration by British businessmen Philip Day. Its collapse is another blow to his retail empire. Peacocks, Jaeger, Austin Reed and Jacques Vert, which are part of Day’s Edinburgh Woollen Mill Group, fell into bankruptcy last month.
The news adds to the crisis on the UK’s high street, with dominant players Debenhams and Topshop-owner Arcadia Group also failing this week.
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.