Britons are hoarding unworn clothing worth tens of thousands of pounds over their lifetime, with the average couple amassing clothes worth more than £32,000 worth over their lifetime.
The darling of British online retail, ASOS, today, issued a statement saying it saw “significant deterioration” in trading in the run-up to Christmas sending its shares into freefall (its shares eventually closed this evening down 37.5%, having dropped by as much as 42% during the day). Blaming the weather and a high level of discounting and promotional activity across the market, it said it lead it to increase its own special offers, which typically eat into profit margins.
H&M group has today reported a sales growth of 5% including VAT to SEK 244.3bn (£21.4bn) in the full-year ending 30 November 2018, going against the current wave of down-trading from many of its competitors.
Menswear retailer Blue Inc has been placed into administration after attempts to find a buyer for the business failed.
Losses at Victoria Beckham’s luxury fashion label increased by £2m as it continued to invest in the business, but maintained that it expects to break even in the medium term.
Retail stocks in the UK and Europe tumbled after ASOS warned this morning that full-year profits would be lower, blaming a “significant deterioration” in November trading.
Laura Ashley is to close around 40 stores as the company’s new chairman pushes ahead with a fresh vision for the brand which includes expansion in China.
Online fashion retailer boohoo has issued a statement seeking to reassure the market that it has been trading well, despite the shock profits warning from online fashion giant ASOS. The unexpected news from ASOS led to a dramatic slump in its share price during early trading wiping almost £1bn off its market capitalisation.
Online fashion giant ASOS has warned over sales and profits after experiencing a “significant deterioration” in trading in the run-up to Christmas.
Diesel founder Renzo Rosso is reported to be one of a number of suiters circling the Roberto Cavalli luxury fashion house which is being advised on a potential sale by Rothschild.