Author: Scott Dylan

H&M Group reports a modest 3% increase in net sales for Q2, with a total revenue of SEK 59.6bn (£4.5bn).Despite an 11% rise in gross profit, June sales are expected to decline by 6% due to challenging weather conditions.Operating profit showed remarkable growth, rising by 50% to SEK 7.1bn (£530m), with an improved operating margin of 11.9%.The company remains focused on achieving a 10% operating margin for the fiscal year, despite adverse external factors.CEO Daniel Ervér expresses optimism about strengthening the brand and sustaining long-term growth.The H&M Group, a prominent player in the Swedish fashion industry, has reported a 3%…

Quiz secures the renewal of a £4 million bank facility for another year amidst challenging trading conditions.Retailer Quiz faces an 11% revenue drop from 1 April to 31 May compared to last year, aligning with initial forecasts.Despite UK sales being hindered by cost-of-living issues, international demand for Quiz products exhibits a 12% increase.Quiz continues to innovate with strategic initiatives, including a new flagship store opening in Manchester.Efforts to update the brand’s image and enhance online operations highlight Quiz’s adaptability during challenging times.Womenswear retailer Quiz has successfully renewed its £4 million bank facility for an additional twelve months, ensuring continued financial…

Luxury fashion retailer Matches is closing its website and last two stores in London.The website will be shut down on 30 June, following an email notification to customers.Two London stores in Marylebone and Wimbledon will close in the upcoming weeks.Frasers Group, owner of Matches, placed it into administration three months ago.A team of administrators has been appointed following Matches’ financial troubles.Matches, a well-regarded luxury fashion retailer, is poised to close its online presence by the end of June. This move was communicated to customers through an email, offering a final opportunity to purchase items with an additional 20% discount on…

Frasers Group’s acquisition of THG’s Coggles signifies a strategic shift in its retail portfolio and luxury ecommerce.The integration involves Frasers’ credit and loyalty system with THG’s ecommerce platform, indicating a collaborative future.THG’s focus narrows to nutrition and beauty services, shedding non-core assets like Coggles.Industry speculates on Coggles’ independence and Frasers’ expanding dominance in luxury retail.Concerns arise about the consolidation’s impact on premium brands’ UK market presence.On 24 June, Frasers Group announced its acquisition of THG’s luxury websites, including Coggles, as part of an ongoing partnership. The integration aims to incorporate Frasers’ credit and loyalty framework into THG’s ecommerce platform, suggesting…

The Drapers Supply Chain Summit is imminent, set for 3 July at The Soho Hotel in London, gathering key industry leaders.Fashion retail supply chains face mounting challenges from geopolitical unrest, sustainability mandates, and digital advances.The summit, in collaboration with Advanced Supply Chain, aims to address these issues by fostering collaboration among fashion leaders.Renowned speakers from major brands like AllSaints, Lacoste, and Harrods will share insights on future-proofing operations.A carefully selected audience will ensure focused discussions on operational leadership and industry innovation.The upcoming Drapers Supply Chain Summit, scheduled for 3 July at The Soho Hotel in London, presents a timely opportunity…

The Fashion & Textile Children’s Trust (FTCT) has reintroduced its fundraising campaign to support families in the fashion and textile industry with back-to-school costs.The campaign targets the financial strain experienced by families due to school uniform expenses amid the cost of living crisis.A recent survey shows 75% of parents in the industry face extreme stress due to these expenses.This year’s campaign aims to raise £5,000, supporting 25 children with complete uniforms.The campaign, running from 1 July to 31 July, seeks the fashion industry’s collective support.The Fashion & Textile Children’s Trust (FTCT) has unveiled its second edition of the back-to-school fundraising…

Boohoo Group executives’ trip to Bodrum, Turkey has raised eyebrows among staff. The trip, involving around 30 senior executives, is not company-funded but occurs amidst growing financial losses. Some employees express frustration, noting the timing as troubling given cancelled meetings. The trip includes top executives such as Mahmud Kamani and John Lyttle. Boohoo recently withdrew executive bonuses following shareholder backlash.The trip, involving approximately 30 senior Boohoo executives, is said to be a social gathering.Executives including Mahmud Kamani and John Lyttle participated in the trip amidst company financial struggles.Employees voiced concerns about the trip’s timing, especially as meetings were cancelled and…

A recent study by the British Retail Consortium reveals ongoing challenges in achieving diversity at the board level in the retail industry.Over a third of retailers maintain an ‘all-white board,’ with little change from previous years.Executive committees in more than half of retailers display no ethnic diversity, despite some improvements.While female representation has increased, senior management roles are still dominated by men.Retailers are urged to enhance workplace culture to foster inclusion and diversity.The British Retail Consortium’s latest research highlights continuing difficulties in diversifying retail leadership. Among the survey’s revelations, over one-third of companies still have an ‘all-white board’, indicating minimal…

Under Armour agrees to a substantial settlement of $434 million in a case alleging misinformation to shareholders.The lawsuit dates back to 2017, accusing the company of misleading shareholders regarding its financial growth.Settlement aims to avoid a trial initially set to commence in July at the Baltimore federal court.Under Armour plans to finance the settlement with cash and credit resources.The company denies any wrongdoing, focusing on moving past the litigation.Under Armour has resolved to settle a long-standing lawsuit by agreeing to pay $434 million. The claim, which originated in 2017, alleged that the US sportswear brand, along with its CEO Kevin…

This summary highlights key developments in the fashion industry over the past weekend.Dame Sharon White plans to step down as John Lewis Partnership Chair in September, marking a significant leadership transition.John Lewis aims to invest nearly £1 billion in store refurbishments and opening new shops over the next three years.Fast-fashion retailers Shein and Oh Polly are engaged in a legal battle over copyright and design rights in the English High Court.The British Fashion Council has expressed concerns regarding Shein’s IPO due to unsettled business practice questions.Dame Sharon White, the current Chair of John Lewis Partnership, announced in an interview with…