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Loro Piana and Casadei expect to open in Florence Thursday, 16th May 2013
Photo credit: Casadei
With southern European retailers continuing to suffer from economic gloom and poor weather conditions, Loro Piana, the Italian luxury cashmere specialist and Casadei, the luxury shoemaker come with good news. The luxury brands are to open mono-brand stores in Florence on the leading luxury shopping street in Florentine city, Via Tuornaboni.
This comes following current openings of new retail concept, Fendi, Chanel Miu Miu and Sergio Rossi.
Prada is also seeking a larger space to combine its women's and men's boutiques that are for now separate.
M&S revamps clothing to improve declining sales Wednesday, 15th May 2013
Photo credit: M&S
M&S will be focusing on better quality and styles in its womenswear to reverse its declining sales over the last two years.
The department store’s new strategy involves the M&S Man and M&S Woman brands that were launched two and half years ago to be replaced by its core clothing range 'M&S Collection' which will joined by ‘Limited Collection’, the company’s range that aims at younger consumer. Part of the plan involves M&S’s sub-brands Autograph, Indigo and Per Una to be made more 'compelling' to consumers.
The new clothing range features autumn/winter's key trends like 'London Calling' a punk style featuring sleep leathers and animal prints, and 'Modern Elegance' which embraces simple tailoring with luxury fabrics.
It’s a make-or-break for its new general merchandise team which was put together by Marc Bolland, chief executive of M&S. The team is led by John Dixon, former boss of M&S's food business, and former chief executive of Debenhams Plc and Jaeger, Belinda Earl.
The firm has included more fashion in womenswear introducing a new quality charter to better its fabric, fit and its overall products, and is making shopping easier in its stores.
Speaking at a strategy update on Tuesday, Dixon told press and analysts: "Womenswear is the golden key to the golden door. If you get womenswear firing on all cylinders, then there's normally a halo effect into the other parts of our clothing and home business."
M&S has reported seven straight quarterly falls in sales and Bolland is now under stress by the firm's investors to revive the 129 year-old clothing company.
Bolland warned the market to not expect much too early as he reported that the new merchandise team will not be making great influence on sale until its new range for autumn/winder hits the shops in late July. The chief executive added that it’s a move towards the right direction and that it is a ‘step-by-step approach’.
AllSaints launches a film company Wednesday, 15th May 2013
Photo credit: AllSaints
AllSaints is launching AllSaints Film, a film production company which will annually produce multiple projects that concentrate and put light upon music, style and street influences through moving image installations and documentaries.
AllSaints Film will premiere with a documentary called ‘New Music City’, a film focusing on the Nashville music scene and the record label set up by the Kings of Leon. The project is dedicated to working with young and innovative film makers and will be under the guidance of Wil Beedle, chief creative director of the UK-based fashion label.
The film will premiere in May 21st 2013 on the brand's website as well as in-store at AllSaints’ Covent Garden, which has been converted into a screening room with seats specially flown in from Nashville music theatre.
Acclaimed for its sharp edge, directional clothing, the UK-based fashion label which started as a wholesale menswear brand that sold exclusively to high-end retailers was founded in 1994 by Stuart Trevor and Kait Bolongaro. The brand which is all about attitude, confidence and individuality now sells menswear, womenswear, footwear and accessories in 35 department stores with 65 stand-alone stores across UK, Europe and US.
Puma’s sales decline in 2013 Tuesday, 14th May 2013
Photo credit: Puma
Puma has cut its revenue and profit forecasts for this year after sales in Europe and Asia dropped in the first quarter.
The company reported a 2.3 per cent fall in group sales and declining profit margins that dropped 32 per cent more than expected in the first quarter profit as it cleared excess stock.
The PPR-controlled German sports apparel firm said it expects sales to decline by almost 1 to 5 per cent in 2013 in comparison with former expectations to meet last year's amount of EUR 3.27 billion.
Puma also said that it will not reach its target to increase operating profit before special items by a low to mid single digit figure. However, it expects the net profit will still increase in comparison to last year.
The sports brand said net profit dropped by 70 per cent last year and is experiencing its biggest reorganisation in 20 years as it tries to reverse the trend by getting its clothing and shoes back on the wish lists of consumers.
Footwear sales overall fell by declined by 7.8 per cent to EUR 373 million in the quarter. The firm's gross profit margin has reduced to 49.1 per cent from 51.2 per cent due to the hit by currency effects and by selling its older shoes at a discount to clear its stock. Puma’s first quarter net profit declined by 32 per cent to EUR 50 million and sales eased by 2.3 per cent to 782 million. Reuters' Analysts expected on average profit of EUR 60 million and sales of 787 million.
Last month it was announced that PPR had replaced Puma's chief executive Franz Koch with Bjorn Gulden to improve results of Puma's largest division which is footwear due to his experience as chief executive of Danish jeweller Pandora.
Acne to open its largest store at LA Tuesday, 14th May 2013
Photo credit: Acne
Acne is set to open its largest store yet this autumn in downtown Los Angeles, as California's first store for the Swedish brand.
The premium fashion label has secured 450 square meters of retail space in the iconic Art Deco Eastern Columbia Building.
The new store will feature Acne’s menswear, womenswear and accessories lines, as well as a café run by the owners of Stockholm’s ‘Il Caffè’.
Speaking in light of the announcement, Acne chairman, Mikael Schiller said:
“We were really looking at Melrose in the beginning, but then we went to downtown L.A. Maybe it’s a European thing, but we really liked the area. Obviously, people have been saying downtown is going to happen and have been saying that for 10 years and it hasn’t really, but we really liked it there, and we really liked the building,”
Acne's turnover annually is at about EUR 100 million, with the brand's collection distributed via 650 points of sale around the world and 30 flagship stores.
The company celebrated the opening of its Soho store plus its first Japanese boutique at Tokyo and its second Copenhagen store. It is expecting to open a second store in London and Osaka.
Ralph Lauren to open new flagship store at New York on 5th Avenue Tuesday, 14th May 2013
Photo credit: Ralph Lauren
Ralph Lauren has confirms the opening of its new flagship at 711 Fifth Avenue between 55th and 56th streets. It is expecting to open for spring 2014 and the former Disney space will cover 3,400 square meters.
After the introduction of its previous flagships two years ago at Madison Avenue, this will be the premium brand’s second major flagship in New York.
US retail sales rise 0.1% in April Monday, 13th May 2013
Photo credit: My Retail Media
Retail sales increased to 0.1 per cent during April according to The Commerce Department, after a fall in March up to 0.5 per cent which was the largest in nine months.
Two-thirds of US economic activity is on consumer spending.
Retail spending, excluding petrol, rose by 0.7 per cent indicating that consumers are increasing in expenditure.
Core sales, which excludes cars, petrol and building materials, and corresponds closely with GDP, gross domestic product, increased by 0.5 per cent.
Senior economist from BMO Capital Markets, Jennifer Lee said:
"Consumer spending looks to have started the second quarter off on a solid note."
Car sales increased in April by 1 per cent, clothing sales increased by 1.2 per cent, and general merchandise stores that cover department stores, rose sales by 1 per cent.
Building materials and garden supply stores as well as electronics and appliance stores showed healthy sales results.
Premium fashion retailer Coggles enters administration Monday, 13th May 2013
Photo credit: Coogles.
International fashion retailer Coggles has entered administration after its directors’ attempts to restructure and attract new investment fell through.
Begbies Traynor's director Andy Clay and regional managing partner David Acland have been appointed as administrators and seek a buyer for the business. They confirm that 30 redundancies have been made from the 60 staff members.
Andy Clay comments:
“We are continuing to trade two of the York stores and the website as usual while we market the business. With its strong brand name and excellent reputation, we are optimistic that a buyer will be found and that Coggles will continue in some form. We are currently reviewing the business and making every effort to secure a return for the creditors and a future for the business and its staff.”
Coogles' chief executive and creative director Mark Bage hopes that Begbies Traynor will be able to find a way for the company to continue its trade from a restructure or sale, commenting:
"The last two quarters have been the toughest I've seen in the industry. This is the third recession that I have been through but this recession has hit our sector the hardest, which has effectively been a triple dip recession."
Victoria Bage founded Coggles in 1974. The retailer is home to over 200 men's and women's designer collections from established fashion houses, emerging designer and rare international labels.
Calzedonia to buy majority of stake in La Perla Monday, 13th May 2013
Photo credit: La Perla
The Intimissimi and Tenziens owner Calzedonia has opened negotiations with La Perla. The luxury brand has announced its talks with the group for possible sale of majority stake in its share capital.
To ensure the future of the luxury clothing company, it sought investors for liquidity in April.
Since 2008 the private equity firm JH Partners that owns La Perla has invested into the luxury brand nearly 50 million until late 2012, which is when it decided to seek for strategic partner to revive development of La Perla; to regain sales in international markets and reduce its debts.
The two firms have reported to have agreed to commence exclusive negotiations in order to clarify the terms and conditions of potential purchase agreement and are at an advanced stage of the negotiations.
Calzedonia will be developing a business plan to discuss with unions and other relevant stakeholders who show willingness to receive any plan to ensure the future of business and jobs in Bolongna.
La Perla has attempted previously to find new shareholders by asking U.S. funds Blackston, Sun Capital and Oaktree Capital.
The company closed in 2012 with a turnover of EUR 107 million, which was slightly below last year's results, has gone through major restructuring which will not be finished until end of 2013.
Kate Spade flagship store unveils at Madison Avenue Thursday, 9th May 2013
Photo credit: Kate Spade
The most closely watched brands in the industry Kate Spade is on track to generate USD 700-750m in revenues this year. The ribbon on its first flagship will be cut on Friday.
Kate Spade remains to show impressive sales results and is reported that the brand achieved a gain of 22 per cent in comparable-store sales. In the quarter ended March 30 its net profit increased to 63.1 per cent to $141m which excludes the in-house brought Kate Spade Japan business reaching $25m in sales. This made the company's sales leap 34.1 per cent. Leavitt expects to generate retail sales of up to $2b. The brand reported revenues of $461.9m last year. It is the first move uptown and Leavitt comments: “Uptown is the new downtown”.
Featuring three floors of selling space townhouse and a mezzanine on the second floor, the store is located at 789 Madison Avenue. It has 7,900 square foot showplace with shiny white lacquered walls, marble floors with bows and a whimsical décor.