United Kingdom
UK: modest rise in retail sales in November
According to the latest figures from the Office for National Statistics (ONS), retail sales in the UK were up by 1.3% in November, a slight upturn from a period of no growth in October
South Korean Coupang acquires Farfetch
The South Korean e-commerce giant has agreed to buy Farfetch in a bailout deal, providing the online luxury platform with 500 million USD in emergency funding. Deal to acquire a 47.5% stake in Yoox Net-a-Porter is off
Stella McCartney names new CEO
Amandine Ohayon has been appointed the new CEO of the British premium shoe and ready-to-wear brand. She succeeds Gabriele Maggio, who is leaving after four years at the helm
Dr Martens cuts full year guidance
The British footwear brand has lowered its 2024 guidance following a mixed trading performance in the first half, marked by an increasingly difficult consumer environment in the US
Coats reports improving sales trend
The industrial thread manufacturer’s organic revenue fell by 12% year-over-year from July to October, which suggests an improving trend as compared to the 19% decline recorded in the first half
Farfetch’s owner is reportedly considering taking the company private
The online luxury retailer’s Chief Executive Officer José Neves is reportedly in talks with top shareholders and JP Morgan advisers to delist the company
Clarks to cut 103 jobs
The difficult economic conditions and the cost-of-living crisis, which are having a negative impact on the British footwear retailer’s results, are believed to be the cause of these cuts
Slower demand for luxury impacts Burberry’s full year forecasts
Despite a revenue increase in the first half of its fiscal year, the UK-based luxury group is now less optimistic about its full year forecasts due to a gradual slowdown in luxury demand worldwide
New appointments at Dr Martens
The British footwear brand has appointed Giles Wilson as its new Chief Financial Officer (CFO) and Ije Nwokorie to the new role of Chief Brand Office, both due to start in 2024
Cautious British consumers hold back on spending
Figures by the British Retail Consortium (BRC) suggest that retail growth slowed down in October due to the impact of inflation, with consumers deciding to reduce spending ahead of the holidays
Business of Fashion and APICCAPS discuss the future of the footwear industry
The Business of Fashion (BoF) magazine and the Portuguese Footwear Association (APICCAPS) co-hosted a panel to discuss the future of the rapidly evolving footwear industry
Decathlon launches buyback service in all its UK stores
The sporting goods retailer is expanding its buyback service to all its UK stores. Customers will be given in-store credit for returning products they may have outgrown or no longer use
UK Retail: stabilisation of the footwear trade is the best we can hope for at the moment
The bad weather in July and August may not have helped retail over the summer, but it would be ill-advised to believe that’s what it’s all about. Despite some improvements in the general consumer price index, the footwear segment continues to show some resistance to going along with the trend. Inflation will have to continue to fall in order to contribute to sustained sales growth in the future, as most consumers have too much on their plate to spend on non-discretionary items. The only positive sign comes from imports, whose data seems to indicate that at least a stabilisation in retail trade is on the horizon
UK retail sales fell more than expected in September
According to the Office for National Statistics (ONS), UK retail sales saw a bigger-than-expected decline in September, due to unusually warm weather and the pressures of rising living costs
Partnership between Richemont and Farfetch receives antitrust clearance
The European Commission (EC) has “unconditionally” approved Farfetch’s acquisition of a 47.5% stake in Yoox Net-a-Porter. The EC was the last regulatory authority required to give authorisation-
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