H&M Group has reported slightly lower than expected growth for its second quarter, as discounts impacted sales during the Swedish giant’s attempts to reduce its record level of inventory. Local currency sales including VAT during the period ending May 31 were unchanged year-on-year. A mean Reuters poll had forecast for a 0.5 per cent increase.
Maplin is scrambling to secure capital by tomorrow in order to avoid being the next high street casualty by declining into administration. According to Sky News, the electronics retailer is locked in talks with its potential buyer Edinburgh Woollen Mill (EWM) – which owns the eponymous retail chain as well as Austin Reed, Jaeger, Jane Norman and Peacocks – to secure a rescue deal by the end of February. It is understood that EWM is pushing for Maplin’s current owner Rutland to retain a stake in the company and said that it “must be willing to play a role in the future of the company”.
Boohoo has outpaced the struggling fashion sector after posting record sales across all of its brands over a “highly successful” Christmas trading period. In the four months to December 31, the online fashion retail group saw revenues grow 100 per cent across all its markets, wracking up £127 million in net cash. Gross margins for the period also shot up 52.5 per cent.
Luxury handbag retailer Hill & Friends is set to open its first standalone store on London’s South Molton Street amid swift expansion. According to Business of Fashion, the 1750sq ft space will house the brand’s showroom and design team and seeks to showcase “crazy visual merchandising”, expanding and consolidating its brand identity. READ MORE : Kate Spade to open 1600sq ft store in Bluewater Shopping Centre The brand is currently stocked in 35 locations across the globe, including in London’s Selfridges