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.
Extended UK lockdowns and economic uncertainty saw clothes sales drop by 25 percent last year, according to official government figures, the largest decline since records began 23 years ago. While December did see a slight increase in demand, UK retail sales were still below analysts’ expectations and remain lower than pre-pandemic levels. Brick-and-mortar stores were hit hard — high street retailers including Topshop-Owner Arcadia and Debenhams were among those to file for administration — but online sales surged with e-tailers like Boohoo and Asos reporting strong sales throughout 2020.
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.
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.