Category Archives: Fashion industry

Dr Martens chief to exit as shares hit record low after profit warning

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British bootmaker says it does not expect to increase prices this year as it reports poor US sales

Shares in Dr Martens plummeted to a new low as the UK bootmaker warned on profits and poor performance in the US, and announced the departure of its chief executive.

The brand, known for its yellow-stitched thick-soled boots, warned sales would fall by a single-digit percentage in the year to the end of March 2025, compared with a year earlier. Profit before tax could be just a third of last year’s £159m in a worst-case scenario.

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Fast fashion retailer Shein doubles profits as it awaits IPO approval

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Company founded in China and promoted on social media is thought to be considering London listing

Shein, the online fast fashion retailer founded in China, has more than doubled its profits to more than $2bn (£1.6bn) as it awaits approval for a stock market listing in New York or London.

The company, which is growing rapidly around the world by using social media to promote its goods, recorded sales of about $45bn last year, according to a report in the Financial Times based on information from sources close to the company.

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Nearly 1,000 jobs at risk as Ted Baker prepares to appoint administrators

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Authentic Brands announces move for brand’s Europe retail and online arm after ‘damage done’ during tie-up with Dutch company

Ted Baker’s European retail and online arm is to appoint administrators, putting almost 1,000 jobs at risk at the British brand.

The fashion brand, which has 46 stores in the UK and Europe, has been struggling for several years as it faced increasing competition and the fallout from the exit of its founder, Ray Kelvin, who stepped down in 2019 after allegations of “forced hugging”.

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Luxury clothing brand Matchesfashion to enter administration

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New owner Frasers Group decides it is unwilling to fund turnaround

The luxury clothing retailer Matchesfashion is to enter administration after its new owner, Mike Ashley’s Frasers Group, said it was not willing to fund a turnaround.

Matches was acquired by Frasers just three months ago for £52m in cash from private equity firm Apax Partners but the business has “consistently missed its business plan targets” and made losses, Frasers said.

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Uniqlo sues Shein over ‘imitation’ banana-shaped ‘it’ bag

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Petition demands online retailer stop immediate sale of bags and compensation for damages incurred

Uniqlo is suing the Chinese online retailer Shein over the sale of items it claims copy its popular banana-shaped ‘it’ bag, the “round mini”.

The petition demands that Shein immediately stops the sale of “the imitation products” and pays compensation for damages incurred as a result of their sale. It was filed last month in the Tokyo district court against the fast-growing business’s parent groups Roadget and Fashion Choice, as well as Shein Japan.

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Chinese prisoner’s ID card apparently found in lining of Regatta coat

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Derbyshire woman who bought item said she felt uneasy at find that raises concerns over possible prison labour

An ID card that appears to belong to a Chinese prisoner was found inside the lining of a coat from the British brand Regatta, raising concerns that the clothing was manufactured using prison labour.

The waterproof women’s coat was bought online by a woman in Derbyshire in the Black Friday sale. When it arrived on 22 November, she could feel a hard rectangular item in the right sleeve, which restricted the movement of her elbow.

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Bangladesh garment workers fighting for pay face brutal violence and threats

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Workers describe hands and arms being targeted in ‘merciless’ beatings as protests over low wages turn increasingly violent in Dhaka

When Masuma Akhtar arrived at the garment factory where she works on the outskirts of Dhaka on 31 October, she was expecting a normal shift. Instead, she was met with brute violence. “The moment I walked through the factory gates, a group of armed men began beating me with wooden sticks,” says Akhtar. “I fell down on to the ground. Even then they wouldn’t stop beating me.”

Akhtar, 22, is a seamstress at Dekko Knitwears in Mirpur, where she spends long days churning out clothes for western fashion brands, including Marks & Spencer, C&A and PVH Corp, which owns Tommy Hilfiger and Calvin Klein.

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Workers for fast fashion brands fear starvation as they fight for higher wages

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Garment workers in Bangladesh making clothes for UK brands say plans to increase their pay to £92 a month is not enough to survive

Garment workers making clothes in Bangladesh for UK high-street brands say they are facing starvation and are having to steal and scavenge food from fields and bins to feed their children, as protests continue over a new minimum wage for the garment workforce of 4 million people.

Over the past week, tens of thousands of workers have taken to the streets in increasingly violent protests that, according to unions and news reports, have left one young garment worker, Rasel Hawlader, dead.

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Birkenstock shares open below offer price in US stock market debut

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Shoemaker lands on NYSE with $8.3bn valuation but analysts warn public debut comes amid difficult market conditions

Shares in Birkenstock have opened 11% below their offer price on the company’s US stock market debut, valuing the German shoemaker at $8.3bn as investors bet there was less mileage in consumer demand for its cork-soled sandals, which have become an unlikely fashion success story.

On Tuesday evening the footwear firm priced its shares at $46 ahead of the first day of trading in New York, where it is using the symbol “BIRK”. That figure was in the middle of the $44 to $49 guidance provided last week and valued the company at $8.6bn (£7bn).

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Pakistan welcomes fast-fashion brand Boohoo despite poor staff safety claims

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Call to set up role comes as report alleges retailer uses factories that violate minimum-wage requirements and workers’ rights

Pakistan’s caretaker prime minister, Anwaar-ul-Haq Kakar, has reportedly asked the British fast-fashion brand Boohoo to increase its presence in the country, despite claims that it has failed to tackle poor conditions at its suppliers’ factories there.

In a meeting with Kakar this week, Mahmud Kamani, chairman of Boohoo Group, expressed an interest in establishing long-term buying linkages with Pakistan, according to Radio Pakistan.

Kakar pointed out Pakistan’s pro-investment policies and facilities, and invited Boohoo to open franchises in the country, which is in economic turmoil, with a record inflation rate of 36.4%.

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Zimmermann becomes Australia’s first billion-dollar fashion label after private equity acquisition

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Brand founders Simone and Nicky Zimmermann retain minority shareholding and say they and current management will continue to run the label

Zimmermann has become Australia’s first billion-dollar fashion label after a majority acquisition by private equity firm Advent International.

The label’s founders, sisters Simone and Nicky Zimmermann, have retained a minority shareholding in the brand and said the company would continue to be run by them and current management.

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Stitch in time: France to help pay for clothes to be mended to cut waste

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People will be able to claim back €6-€25 of cost of repairing clothes and shoes in latest environmental measure

A broken heel, a rip in trousers, buttons missing from a shirt? Don’t throw them away if you live in France, where the government will pay a “repair bonus” to have them mended in a new scheme aimed at cutting waste.

An estimated 700,000 tonnes of clothing is thrown away in France every year, two-thirds ending up in landfill.

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Stop dumping your cast-offs on us, Ghanaian clothes traders tell EU

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With 100 tonnes of clothing from the west discarded every day in Accra, ‘fast fashion’ brands must be forced to help pay for the choking textile waste they create, environmentalists say

A group of secondhand clothes dealers from Ghana have visited Brussels to lobby for Europe-wide legislation to compel the fashion industry to help address the “environmental catastrophe” of dumping vast amounts of textiles in the west African country.

The traders from Kantamanto in Accra, one of the world’s largest secondhand clothing markets, met Alice Bah Kuhnke, an MEP with Sweden’s Green party, environmental organisations and representatives from the European Commission and the European Environment Bureau to argue that proposed extended producer responsibility (EPR) regulation should ensure Ghana receives funds towards managing the 100 tonnes of clothing discarded at the market every day.

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Tom Ford bows out as creative director at namesake fashion label

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Longtime associate Peter Hawkings announced as successor after sale of brand last November to Estée Lauder

The American fashion designer Tom Ford is retiring from the eponymous brand he co-founded in 2005, after its sale to Estée Lauder last November.

Ford’s longtime associate Peter Hawkings will succeed him as creative director, while Guillaume Jesel becomes chief executive and president, taking over from Domenico de Sole, the brand’s other co-founder.

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Best&Less accused of putting profit before Bangladesh workers by failing to sign safety accord

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Company says its own code of conduct goes further than the global accord prompted by the Rana Plaza disaster 10 years ago

Major clothing retailer Best&Less has been accused of putting company profit ahead of the safety of Bangladeshi garment workers by declining to sign a key international accord on worker safety and labour rights.

The Rana Plaza disaster, 10 years ago on Monday, prompted outrage at the abysmal safety standards in the Bangladesh factories supplying major clothing brands and retailers, leading to the establishment of a cross-border agreement known as the international accord.

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Haiti garment workers share $1m payout after factory closure a year ago

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More than 1,100 workers who were left destitute to be compensated by owner of Tommy Hilfiger and Calvin Klein

More than 1,100 garment workers in Haiti are sharing $1m (£830,000) in compensation from the owner of Tommy Hilfiger and Calvin Klein after being left destitute by the closure of a factory.

PVH, which was one of several brand owners sourcing from the Vald’or factory in the Caribbean country, agreed to pay the sum to cover missed severance pay, pension contributions directly to workers and the government pension fund after involvement by the Worker Rights Consortium lobby group.

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Spanish fashion designer Paco Rabanne dies aged 88

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Eccentric designer became known for his space-age metal dresses and signature range of fragrances

The Spanish fashion designer Paco Rabanne, best known for his space-age metal dresses, bestselling fragrances and eccentric pronouncements, has died at the age of 88.

His death was announced on Friday in a statement by the Puig group, which owns the Paco Rabanne brand. “I am profoundly saddened by the death of Paco Rabanne,” the group’s chief executive, Marc Puig, said in a statement. “Through his great personality, he transmitted a unique aesthetic and a daring, revolutionary and provocative vision of the world of fashion.”

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Museum seeks Bowie dress for show putting spotlight on Jewish designers

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Museum of London Docklands appeals for missing pieces whose influential creators have been overlooked

Wanted: David Bowie’s dress, Greta Garbo’s hats and the shirts worn by Sean Connery in his first role as James Bond.

They are iconic items of 20th-century clothing – but their whereabouts is unknown. Now the Museum of London Docklands has made a public appeal for help locating these and other garments before a big exhibition scheduled for later this year.

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Gymshark founder who launched £1.25bn empire in parents’ garage awarded MBE

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Ben Francis, 30, among slew of businesspeople recognised for services to commerce and economy in new year honours list

The 30-year-old founder of the exercise clothing brand Gymshark has been awarded an MBE in the new year honours list, – just one of a slew of businesspeople to be recognised for their services to commerce and the economy.

Ben Francis, who began his £1.25bn empire sewing his own gym clothes in his parents’ garage in Bromsgrove, near Birmingham, in 2012, is the youngest of those to be honoured for their services to business.

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Lingerie firm Agent Provocateur under pressure over Moscow franchise stores

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Retailer among companies listed by Leave Russia project but says it does not itself operate there

In its three decades in British retail, the lingerie brand Agent Provocateur, the 1990s brainchild of Dame Vivienne Westwood’s son, has rarely shied away from controversy.

Whether it be its daring window displays or that 2001 TV advert featuring Kylie Minogue riding a velvet bucking bronco, the brand has stirred up some strong emotions. But it had not, until now, been accused of inadvertently helping to finance a war in Europe.

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