In Numbers: the week in fashion in figures

Boohoo

Headlines this week have been dominated by one company, Boohoo, and allegations of mistreatment of staff at a factory in Leicester which appeared to be supplying the Manchester fast fashion retailer. Its share price perhaps warrants a full In Numbers feature of its own this week but see our story below to get caught up on the drama.

Elsewhere the challenges to the high street, following the COVID-19 crisis, were laid bare as businesses from John Lewis to River Island, H&M and AllSaints all announced store closures and/or significant staff reductions.

Get caught up on the week via the stats that matter…

£1.1bn

The value wiped off Boohoo’s share price in the space of a day (further drops were to come) following allegations of underpayment of staff at a factory that appeared to be supplying the Manchester group. Wholesale accounts including Next, ASOS, Very and Zalando dropped its brands and one of its largest investors dumped its entire shareholding. The company has hired a QC to carry out an independent investigation and shares have recovered some of their value, but this story looks set to rumble on.

Catch up on the latest development below or search for Boohoo to read all the stories of the week.

Investor offloads Boohoo stake as links with Kamani family and Leicester factory uncovered

8

The number of John Lewis department stores that will not be opened after lockdown leading to job losses of up to 1,300. Branches affected include stores in Watford and Birmingham.

John Lewis to permanently close eight of its stores

£100m – £150m

The amount of funds reported to be injected into Clarks via a new investor. It is believed three investors are circling the struggling, historic footwear chain.

Investors circle footwear chain Clarks

46

The number of stores comfort footwear brand Hotter is proposing to close as part of a CVA. The British brand would be left with just 15 stores after the restructuring.

Hotter Shoes pushes for restructure via CVA

£1bn

The value reportedly placed on millennial sportswear phenomenon Gymshark which is reported to be seeking to sell a minority stake. Bidders are said to be circling.

Bidders circle millennial sports brand Gymshark

700

The number of job cuts to be carried out at global denim giant Levi’s as it reports a 62% decline in quarterly revenues.

Levi’s to cut 700 jobs as it reports 62% net revenue decline

350

The job losses lined up at Pentland Brands in London which is also looking to “hibernate” its Boxfresh sneaker brand due to COVID-19.

350 redundancies to come at Pentland Brands and Boxfresh to “hibernate”

93%

The percentage of creditors who voted in favour of AllSaints’ CVA, which will result in the majority of its stores switching to turnover-based rents.

AllSaints CVA approved by creditors

10

The number of days in which Bestseller says it will pay suppliers’ invoices for the next three months to help them with cashflow following the COVID-19 crisis.

Bestseller offers early and immediate payments to suppliers

£6.1bn

The total of JD Sports sales in the year to February 2020, up 30%. Its chairman Peter Cowgill has warned landlords that any future investment in stores will depend on “rental realism”.

JD Sports chief says investment in stores depends on landlords

250

The number of job cuts River Island has announced at its head office as the COVID-19 crisis takes its toll.

River Island to cut 250 head office jobs

170 

H&M says it will close 170 stores across Europe as it accelerates its store closure programme in light of the fallout from the COVID-19 crisis.

H&M to shut 170 stores this year after COVID-19 impact

30%

The increase in average transaction value at the Icon Outlet at the O2 since it re-opened after lockdown as shoppers who do hit the stores are doing so with firm buying intent.

In Focus: average transaction value increases 30% at Icon Outlet at The O2

To make sure you don’t miss any of the breaking stories of the week, sign up to our FREE daily news bulletin here.