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 Primark said on Tuesday it planned to invest 100 million euros ($103.5 million) to open new stores and refurbish existing ones in Spain, its second largest market after Britain.
The clothes retailer, owned by Associated British Foods, will open eight new stores throughout the country, including on the island of Lanzarote and the enclave of Melilla, the company said in a statement.
As part of its expansion plan, the company will add 1,000 new employees over the next two years, it said.
Even though many high-street retailers are struggling due to stiff competition from online-only brands, Primark, with its budget prices, has kept expanding over the past years.
ADVERTISEMENT
The retailer has said it will hold prices steady despite rising inflation though it cautioned that rising input costs will hit its results in the new financial year.
By Inti Landauro; editor: David Evans.
Learn more:
Primark to Invest £140 Million in Store Estate
British fashion chain Primark set out plans to invest £140 million ($169 million) in its UK store estate over the next two years, betting on its rock-bottom prices luring customers as the country grapples with a cost-of-living crisis.
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.