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.
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.