Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Ted Baker Says It May Have Overstated Inventory by £25 Million

The British company's shares are expected to tank as much as 30 percent.
Ted Baker | Source: Shutterstock
By
  • Reuters

LONDON, United Kingdom — Ted Baker Plc said on Monday it might have overstated inventory by as much as £25 million, the latest in a string of challenges for the British fashion retailer's newly appointed boss.

Shares were expected to tank as much as 30 percent when the market opens as per premarket indicators, deepening a 74 percent plunge so far this year.

The company, which brought in Lindsay Page as chief executive this year following the departure of Ray Kelvin after misconduct allegations, said it expects no cash impact from adjustments to the inventory value that related to prior years.

The news comes just weeks after the company appointed Rachel Osborne as its new finance head.

ADVERTISEMENT

Liberum analysts called the update "less than ideal" for the high street retailer, which in October saw its shares plummet in value when it issued a second profit warning in four months.

The company has appointed Freshfields Bruckhaus Deringer to undertake an independent review of the issue, Ted Baker said.

By Muvija M in Bengaluru; editors: Sriraj Kalluvila and Rashmi Aich.

In This Article
Topics
Organisations

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Retail
Analysis and advice from the front lines of the retail transformation.

Why Esprit’s Ambitious Rebrand Fell Short

The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.


How Adidas Sambas Took Over the World

The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
The Business of Beauty Global Awards - Deadline 30 April 2024
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
The Business of Beauty Global Awards - Deadline 30 April 2024