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.
Urban Outfitters Inc. plummeted Tuesday after reporting a tough holiday quarter and a planned exit for the chief executive officer of its namesake brand.
The retailer said in a statement that Trish Donnelly, chief executive officer for the Urban Outfitters chain, will depart at the end of the month for a new opportunity. Sheila Harrington, who already runs the Free People brand, will take ownership of the Urban Outfitters group as well.
Shares dropped 13 percent at 4:17 p.m. in New York after the close of regular trading.
Urban Outfitters, which also owns Anthropologie and several other chains, posted comparable retail sales for the two months ended Dec. 31 that fell 9 oercent in what has been a challenging holiday season for some brick-and-mortar retailers. Stronger conversion rates and better online sales could not offset the reduced store traffic due to the pandemic, the company said.
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.
Manhattanites had little love for the $25 billion megaproject when it opened five years ago (the pandemic lockdowns didn't help, either). But a constantly shifting mix of stores, restaurants and experiences is now drawing large numbers of both locals and tourists.