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.
British fashion retailer Next said it will retain stores as long as landlords continue to be pragmatic on the rents they charge.
“As they have been so far, if landlords continue to be as pragmatic in determining rents going forward then that will allow shops to stay open,” CEO Simon Wolfson told reporters on Thursday after Next reported annual results.
In Next’s 2020-21 year 80 of its store leases expired, it closed 18 branches and renegotiated rents in 62 stores, achieving an average reduction in rent of 58 percent.
Wolfson said Britain also needed a new settlement on business rates that brings them down to a level commensurate with the value of shops today.
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“At the end of the day if consumers don’t want to shop in shops they won’t continue to,” he added.
By James Davey; Editor: Andrew MacAskill
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.