Boohoo: Prettylittlething crashes into the red as Mike Ashley battle continues Retail Fresh light has been shone on Boohoo’s financial struggles amid its ongoing battle with billionaire Mike Ashley. The financial performance of some of the Manchester-headquartered group’s most well-known brands have been revealed including Prettylittlething crashing into the red and sales being slashed at Nastygal. While Boohoo reports its group results to the London Stock Exchange, [...]
Superdry issues warning as struggling fashion label cuts jobs after quitting London Retail Superdry has warned its sales will continue to fall significantly during its current financial year after quitting the London Stock Exchange in an attempt to stay afloat. The Cheltenham-headquartered fashion brand delisted earlier this year as part of a radical restructuring plan to keep the company trading. At the time, the company said that cutting [...]
Adanola: Profit more than doubles at Gen Z favourite athleisure brand Retail Profit has more than doubled at athleisure brand Adanola following a “remarkable’ year that also saw its sales surge. The Manchester-based label, which is worn by the likes of Michelle Keegan, Molly-Mae Hague and Maya Jama, has reported a pre-tax profit of £18.9m for the year to 31 March, 2024. The latest total comes after [...]
Mike Ashley’s Frasers Group warns Boohoo over break-up plans November 6, 2024 Mike Ashley’s Frasers Group has handed Boohoo a list of demands after its campaign to install the retail tycoon as the new CEO of the fast-fashion giant failed last week. The owner of Sports Direct and House of Fraser had sought to get Mike Ashley installed as the new chief executive of Manchester-headquartered Boohoo, in [...]
Mike Ashley defeated: What’s next for Boohoo and will Frasers billionaire seek revenge? November 1, 2024 Retail tycoon Mike Ashley has experienced a rare taste of defeat after fast-fashion giant Boohoo resisted his attempt to become its new chief executive by tapping the boss of Debenhams. Dan Finley is to step into the role which is being vacated by John Lyttle whose departure was announced last month. Mike Ashley’s Frasers Group [...]
Adidas predicts profit of nearly £1bn after sales surge October 29, 2024 Adidas is now predicting its operating profit to swell to almost £1bn for 2024 as it upped its forecasts following a better-than-expected performance in recent months. The sportswear giant is now eyeing an operating profit of around €1.2bn (£997m) for its current financial year, a rise from its previous guidance of around €1bn. The increase [...]
Fatface counts the cost of takeover by Next as fashion retailer enters the red October 28, 2024 Fatface slumped into the red in the aftermath of its takeover by FTSE 100 giant Next last year, it has been revealed. The Hampshire-headquartered business was acquired by the Leicester-based giant for £115.2m in October 2023. Newly-filed accounts with Companies House show that Fatface fell to a pre-tax loss of £3.2m in the 35 weeks [...]
Could Shein set its sights on Asos after putting Boohoo in the shade? October 9, 2024 The hierarchy of the UK’s fast fashion industry looks to have shifted after Shein’s UK sales eclipsed Boohoo’s for the first time. The Chinese-founded online retailer, which is on track for a bumper IPO on the London Stock Exchange, achieved a revenue of more than £1.5bn in 2023, it was revealed this week. Shein also [...]
Shein parks tanks on Boohoo’s lawn as UK sales pass £1.5bn ahead of IPO October 8, 2024 UK sales at Shein, the Chinese-founded online retailer on track for a bumper IPO on the London Stock Exchange, passed £1.5bn last year, the company has revealed. The division generated a revenue of £1.55bn for 2023, up from the £1.12bn it achieved in 2022. Shein also posted an annual profit of £18.7m, a significant rise [...]
In The Style: What’s next for fast-fashion label as founder quits and takeover drags on? October 1, 2024 The founder of fast-fashion label In The Style has quit as a drawn-out takeover deal continues to rumble on. Adam Frisby set up the Manchester-based brand from his bedroom in 2013 and served as its chief executive January 2022 but returned as CEO in December that year before again leaving the role 12 months later. [...]