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.
Upmarket British retailer Ted Baker on Monday reported an underlying loss for the pandemic-hit fiscal 2021 and said its first-quarter revenue for the current year fell 20 percent due to coronavirus restrictions during the period.
The British company, which has had a number of operational and management setbacks over the past two years, reported an underlying pretax loss of £59.2 million ($83.53 million) for the year ended January 30, compared to a £4.8 million profit the previous year.
Analysts on average estimated pretax loss of £76 million according to Eikon data from Refinitiv.
While some retailers have benefited from a shift towards athleisure during the pandemic, Ted Baker’s annual sales plummeted 44 percent to £352 million partly due to its focus on formal and occasion wear. E-commerce sales rose 22 percent to £144.9 million.
ADVERTISEMENT
“While the impact of Covid-19 is clear in our results and has amplified some of the legacy issues impacting the business, Ted Baker has responded proactively and is in a much stronger place than it was a year ago,” chief executive Rachel Osborne said.
The London-listed company, under new boss Osborne, has been working on winning back customers and investor trust after a string of setbacks that followed the departure of previous chief executive and founder Ray Kelvin following misconduct allegations. He has denied the accusations.
By Chris Peters and Muvija M; editor: Tomasz Janowski.
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.