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.
LONDON, United Kingdom — Next said its full-price sales in the second quarter declined by a 28 percent, a much better result than it expected at the height of the Covid-19 pandemic, allowing it to forecast full-year profit of about £195 million ($252 million).
"Warehouse capacity has come back faster than we had planned, and store sales have been more robust than anticipated," the British fashion retailer said on Wednesday.
Online bounced as warehouse picking and dispatch capacity returned to normal levels, with sales up 9 percent on the same period a year ago, it said, while like-for-like sales in its stores, the bulk of which re-opening in June, were down 72 percent for the quarter to July 25, and down 32 percent since June 15.
Childrenswear, home, nightwear and sportswear, along with some adult casual clothing, had done much better than the more formal parts of its adult clothing ranges associated with work, going out, overseas holidays and large social events, it said.
By Paul Sandle; editor: Guy Faulconbridge
The British musician will collaborate with the Swiss brand on a collection of training apparel, and will serve as the face of their first collection to be released in August.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
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.