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.
The company has continued to struggle with growing “at scale” and issued a warning in February that revenue may not start increasing again until the fourth quarter.
The British musician will collaborate with the Swiss brand on a collection of training apparel, and will serve as the face of their first collection to be released in August.
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.