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 retail group owned by billionaire businessman Mike Ashley said it had offered its struggling rival an emergency loan of up to £50 million ($66 million), amid reports that Arcadia could enter administration Monday.
Frasers Group, which owns companies including Flannels, Sports Direct and Jack Wills, also said it had an eye on an acquisition if Arcadia does collapse.
Though Arcadia has seen its sales plummet during the UK’s second lockdown ending this week, it has been struggling for years, one of many retailers to suffer from the rapid rise of nimble digital rivals. It began working to restructure operations in 2019. The group’s collapse would put 13,000 jobs at risk, while a shortfall in its pension scheme means thousands of employees could suffer cuts in their retirement income.
As the German sportswear giant taps surging demand for its Samba and Gazelle sneakers, it’s also taking steps to spread its bets ahead of peak interest.
A profitable, multi-trillion dollar fashion industry populated with brands that generate minimal economic and environmental waste is within our reach, argues Lawrence Lenihan.
RFID technology has made self-checkout far more efficient than traditional scanning kiosks at retailers like Zara and Uniqlo, but the industry at large hesitates to fully embrace the innovation over concerns of theft and customer engagement.
The company has continued to struggle with growing “at scale” and issued a warning in February that revenue may not start increasing again until the fourth quarter.