Asos concluded a strong year with a four-month autumn and festive period that showed just how strong a business it is. Sales soared not just in the UK but globally and it expects higher profit as a result.
The lifestyle group reported has that coronavirus-related restrictions led to an 8.4% decline in its holiday 2020 sales. The company has also revealed that Sheila Harrington is taking over as CEO of its flagship brand.
Italian label Stefanel has officially been bought by budget fashion retailer OVS, in an operation worth €3.2 million. OVS is planning to tap industrial and commercial synergies between the two businesses.
E-tailer Very Group has reported a buoyant set of figures for its festive period with the seven weeks to Christmas seeing group revenue up 15.3% year-on-year. It surpassed £500 million for the period for the first time.
The Hut Group continued to outperform in the fourth quarter with the company saying on Tuesday that it saw revenue growth of 51% year-on-year, much better than the range of 40% to 45% that it had predicted earlier.
The American owner of brands including The North Face, Timberland and Vans is moving its Asian center of operations and product supply hub, both currently based in Hong Kong, to Shanghai and Singapore, respectively.
Abercrombie & Fitch Co on Monday forecast holiday-quarter net sales to decline between 5% and 7%, as strong online demand was not enough to cushion the blow from temporary store closures and Covid-19 restrictions.
M&S has confirmed that it has bought the Jaeger brand, which had been part of Philip Day’s fashion retail empire. But while the firm is taking over the brand, it’s not buying the label’s store chain and its concessions.