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Leeds-based menswear brand Skopes is looking to expand its high street presence following a 6 million pound funding package from bank HSBC UK.
The family-run retailer, which celebrated its 70th anniversary last year, plans to open 15 new stores across the UK over the next 2-3 years, which will join the retailer’s existing presence online, at multiple department store concessions and in stores within Westfield in London, Junction 32 and Meadowhall in Sheffield.
The funding will also enable the company to strengthen its import channels from China, Bangladesh and Europe, and target online marketing activity, such as digital and mobile advertising. Online sales account for around 20 percent of overall sales for Skopes.
The company said that its overall expansion plans are expected to increase turnover from 30 million pounds to around 60 to 70 million pounds over the next three to five years.
Simon Cope, owner and managing director of Skopes, said in a statement: “2018 was a big year for us. Seventy years after the business was founded by my grandfather, Sydney Cope, we completely re-branded and the energy this brought propelled our growth forward. While cultivating a strong digital following is key for us, we believe bricks and mortar stores still have a hugely relevant role in the retail landscape.
“We want to capitalise on this by rolling out 15 new stores nationwide. The HSBC UK funding will enable us to create stores that respond to consumer demand and trends which is imperative if we are to remain relevant and attractive to our ever-changing market.”
The expansion will create 200 new jobs, according to the brand, which will span retail, warehouse and office roles. The new hires will bring the business’ total workforce to over 500 and will represent the biggest growth phase the company has seen since its inception in 1948.
James Sawley, HSBC UK’s head of retail, added: “Skopes has proven itself as an agile, ambitious and extremely relevant brand in a consumer market that can often be challenging and unpredictable. Its approach to having a prominent online and high street presence is commendable and reassuring for other retailers. We’re confident that Skopes can deliver a unique shopping experience for thousands of people across the UK.”
Photo credit: Skopes at Westfield London, courtesy of the brand
UPDATE Chinese online retail titan Alibaba said Wednesday it could raise almost $13 billion in Hong Kong's biggest IPO for nearly a decade after announcing the pricing of its shares for the mega sale. Asia's biggest company has called the listing a multi-billion-dollar vote of confidence in the city's markets as it is wracked by months of violent protests and the China-US trade war, which have sent its economy into recession.
Alibaba said in a statement it will sell 500 million shares to investors at HK$176, which is below the 188 HK dollars indicative ceiling announced last week. The number eight is considered auspicious in China. That could rake in 11 billion US dollars but if it chooses to use its over-allotment option to sell a further 75 million shares, the firm could make 101.2 billion HK dollars (12.9 billion US dollars).
Even at the low end, the listing would still be Hong Kong's largest initial public offering since insurance giant AIA raised $20.5 billion in 2010. The company had planned to list in the summer but called it off owing to the city's long-running pro-democracy protests and the China-US trade war. The firm's shares are already traded in New York.
Largest IPO in Hong Kong's history
A second listing in Hong Kong is expected to curry favour with Beijing, which has sought to encourage its current and future big tech firms to list nearer to home after the loss of companies such as Baidu to Wall Street. Mainland authorities have also stepped up moves to attract such listings, including launching a new technology board in Shanghai in July.
The listing comes after the city's exchange tweaked the rules to allow double listings, while Chief Executive Carrie Lam had also been pushing Alibaba's billionaire founder Jack Ma to sell shares in the city. The company said in the statement that it "plans to use the proceeds from the Global Offering for the implementation of its strategies to drive user growth and engagement, empower businesses to facilitate digital transformation, and continue to innovate and invest for the long term".
China International Capital Corporation Hong Kong Securities Limited and Credit Suisse (Hong Kong) Limited are the joint sponsors of the offering. Citigroup Global Markets Asia Limited, JP Morgan Securities (Asia Pacific) Limited and Morgan Stanley Asia Limited are also acting as joint global coordinators, Alibaba said.(AFP)
Urban Outfitters reported its net profit for Q3 decreased on Tuesday. Revenues surged by 1.4 percent from the same period last year.
For Q3, the company's net profit was 56 million dollars, slipped from 78 million dollars last year. Furthermore, revenues surged to 987 million dollars. The profit margin of the company dropped to 6 percent compared to 8 percent a year ago.
Urban Outfitters (NASDAQ: URBN) is an American clothing company headquartered in Philadelphia, Pennsylvania. The company was founded by Richard Hayne, Scott Belair, and Gabriel Tham-Morrobel in 1970, and was renamed and incorporated in 1976. Urban Outfitters manages five separate brands, including its namesake, Anthropologie, Free People, Terrain, and BHLDN; together, the brands operate several hundred retail locations worldwide.
This story was generated by Arria, an AI tool that turns data into stories. You can report errors or bugs to firstname.lastname@example.org.
The company said on Tuesday its Q3 net profit grew. Revenues grew by 6 percent from the same period last year.
The company's net profit for Q3 was 828 million dollars, climbed from 762 million dollars a year earlier. Revenues surged to 10,451 million dollars.
TJX Companies (NYSE: TJX) is an American apparel and home goods retail company. The company evolved from the Zayre discount department store chain, founded in 1956, which opened its first branch of T.J.Maxx in 1976. In 1988, Zayre sold its nameplate to rival Ames, and T.J.Maxx was renamed The TJX Companies.
As of 2019, TJX Companies has more than 270,000 employees and operates over 4,300 stores.
This story was generated by Arria, an AI tool that turns data into stories. You can report errors or bugs to email@example.com.
London - The UK retail sector is in crisis, as new figures from the Centre of Retail Research (CRR) show nearly 6,000 store multiples have been shuttered in 2019 to date.
The ongoing crisis, which in 2018 saw 18,344 store closures, shows a retail industry unable to cope with high costs, low profitability, and losing sales to online shopping. According to CRR these problems are felt by most businesses operating from physical stores, in high streets or shopping malls. The low growth in consumer spending since 2015 has meant that the growth in online sales comes at the expense of the high street, as outlined below:
The high costs of running retail outlets, including rents, business rates and high labour costs is a thorn in the side of many stores and retailers.
High costs, slow growth in sales, squeezed profit margins and heavy price competition means companies struggle to stay in business let alone achieve healthy profits.
The rapid growth of online competition showed 2018 online sales accounted for around 18.4 percent of total retail merchandise sales, with much of online growth achieved at the expense of bricks-and-mortar retailers.
Lack of preparation
Low investment in stores and weak forward planning to meet the challenges in a new era of retailing has impacted profitability.
The dire results confirm the crisis, with 9,750 independent retailers going into administration, and 753 were victims of rationalisation, which resulted in a total closure of 10,503 independent stores in 2019 to date. Furthermore, the CRR stated a total of 130,148 jobs have been lost in the sector, and 16,337 units have shut their doors altogether.
“The retail crisis in jobs, businesses, stores and high streets has been coming for a long time. Retailers who sell from physical shops have found consumer spending and profitability has been hit hard,” warns the report.
“Attitudes vary about whether this crisis represents an exciting change in how we shop or a dangerous trend that will vitiate our town centres and high streets.”
Image via John Henderson, source Flickr
Tailored Brands, Inc. has announced that Andrew (Drew) Vollero will join its board of directors and serve as a member of the audit committee. The company said, Tailored Brands board is now comprised of a total of eight members, six of whom are independent.
“We continue to strengthen our board with skills and experiences that align with our strategy to position Tailored Brands for long-term sustainable growth in a dynamic and rapidly changing environment,” said Tailored Brands Chairman Theo Killion in a statement, adding, “Drew brings to us deep experience in all aspects of finance and accounting, including capital allocation and investor relations. His financial and general corporate leadership experience spans navigating challenging turnarounds to building high growth businesses.”
The company added that Vollero has extensive finance leadership and general management experience at major technology and consumer companies such as Snap, Inc., Mattel, Inc. and Taco Bell, a division of PepsiCo., spun off as part of Yum Brands. Since October 2018, he has served as chief financial officer for Allied Universal, a leading security and facility services company with revenues exceeding 7 billion dollars.
New York – UK-listed Indian fashion e-commerce platform Koovs PLC said Monday it remains in talks with major shareholder Future Lifestyle Fashions Ltd, owned by Future Group, for completing its outstanding 6.5 million pounds investment.
Koovs shares were down 31 percent at 2.50 pence each in London on Monday afternoon. As a reference, three years ago, the stock traded about 70 pence.
FLFL currently holds a 26 percent stake in Koovs and has already invested 250,000 pounds for 881,523 convertible preference shares at 28.36 pence each, which will convert to ordinary shares in June 2020. The capital infusion was paused after the Reserve Bank of India asked FLFL to reapply for approval before any further subscriptions are made.
"FLFL has confirmed to the company that it is in the process of reapplying for approval of the investment from the Reserve Bank of India and that it remains committed to honouring the investment," Koovs said.
Koovs also said that it is "actively considering all other financing alternatives available to it." The company currently has cash reserves of around GBP2.2 million which is sufficient for 2019.
The London-based, however, warned that it may no longer be able to trade as a going concern if it fails to secure further funding from FLFL or through alternative sources.
Koovs PLC (LON: KOOV) have seen their shares sink across Monday trading, amid talks between shareholders over a major financial investment.
Shares of Koovs sunk 29.6 percent to 2 pence apiece on Monday.
White Stuff has decided to axe certain positions from its customer and wholesale teams as part of its ongoing business transformation programme, reports Drapers.
Confirming the development to FashionUnited, White Stuff spokesperson said in an email statement: “In light of leadership changes earlier this year with the introduction of a customer director and multi-channel director, White Stuff is currently reviewing how it structures itself to best build a global multi-channel brand and put customer-centricity at the heart of everything we do. Many new roles have been created but unfortunately there are a very small number of roles that are directly impacted and therefore at risk.”
For the year to April 27, the company’s total sales increased by 2.6 percent and ecommerce sales improved 8 percent. However, White Stuff had said that in-store sales for the year under review marginally declined by 0.2 percent, while wholesale sales rose by 4.3 percent year on year.
Dick’s Sporting Goods, Inc. has named Anne Fink, President, global foodservice for PepsiCo, to its board of directors.
“We are pleased to welcome Anne to our board. She brings a strong background in customer service, marketing and management, which coupled with her results-oriented thinking and integrity, make her a great addition,” said Edward W. Stack, Chairman and Chief Executive Officer of Dick’s Sporting Goods in a statement.
Fink, the company said, leads sales, marketing, strategy and operations for PepsiCo’s North American and global foodservice business, which include restaurants, hotels, business & industry, colleges & universities, and sports & entertainment channels. She previously served as the chief operating officer for PepsiCo North America foodservice and prior to that as senior vice president and chief customer officer for PepsiCo sales.
New York – U.S. retail sales in October increased 0.2 percent seasonally adjusted over September and were up 4.2 percent unadjusted year-over-year, the National Retail Federation said on Friday.
“Despite the gradual slowdown in the U.S. economy, consumers are in a good place and October’s retail sales are a step forward into the all-important holiday season,” NRF Chief Economist Jack Kleinhenz said.
“Uncertainty around trade policy has impacted consumer sentiment recently but ongoing job growth, low interest rates, low inflation and the stock market hitting record highs provide support for consumer spending,” he added.
October’s results make up for most of the 0.3 percent month-over-month decline seen in September and build on September’s year-over-year increase of 4.1 percent, according to the retailers’ association. As of October, the three-month moving average was up 4.3 percent over the same period a year ago, compared with 4.7 percent in September.
Kleinhenz said October’s year-over-year growth was particularly impressive because it compares with October 2018 sales that were up an unusually strong 5.8 percent over the same month in 2017.
NRF’s numbers are based on data from the U.S. Census Bureau, which said today that overall October sales – including auto dealers, gas stations and restaurants – were up 0.3 percent seasonally adjusted from September and up 3.1 percent unadjusted year-over-year.
Online and other non-store sales were up 14.6 percent year-over-year and up 0.9 percent month-over-month seasonally adjusted.
Sporting goods stores were up 0.4 percent year-over-year but down 0.8 percent month-over-month seasonally adjusted. On the other hand, clothing and clothing accessory stores were down 1.7 percent year-over-year and down 1 percent month-over-month seasonally adjusted.