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.
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.
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.
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.