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.
Parent company Frasers Group — formerly known as Sports Direct — announced on Thursday that the department store had been served notice by its landlord who has received planning permission to redevelop the site.
The store will close permanently in January 2022, the company said.
The site’s landlord plans to transform the Oxford Street site into a multipurpose property, comprising offices, retail and recreational spaces.
House of Fraser was acquired by Mike Ashley’s Sports Direct in 2018 for £90 million ($115 million), a day after going into administration.
ADVERTISEMENT
The British department store is the third major retail site to cease trading on London’s most popular shopping street this year, following the closures of Debenhams and Topshop.
Learn more:
Mulberry Hurt by House of Fraser Collapse
The British luxury bag maker swung to an annual loss as it took a £3 million ($3.77 million) hit from the collapse of department store group House of Fraser.
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.
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.