Author: Sam Allcock

Fast Retailing, Uniqlo’s parent company, has revised its profit forecast upwards due to robust trading results.The company projects a ¥475bn (£2.27bn) full-year operating profit after strong performance.Consolidated revenue reported a significant rise of 10.4% year on year, reaching ¥2.3665 trillion (£11.522 trillion).Profit before income taxes saw an impressive increase of 33% year on year, totalling ¥477.7bn (£2.325bn).The group’s strategic focus includes digital retailing, sustainability, and expanding its GU business segment.Fast Retailing, known for its brands Uniqlo and Theory, has adjusted its full-year operating profit forecast to ¥475bn, an indication of a strong second-half performance. This move underscores the firm’s strategic…

Radley, a British handbag and accessories brand, reported a 2.1% growth in group revenue to £77.3 million.The growth was primarily driven by a substantial increase in wholesale and US market sales.The company’s profitability fell due to website re-platforming issues and the costs of opening new stores.Radley experienced an 8% increase in direct-to-consumer sales, despite challenges in online sales.Sales in the US market grew by 12%, with Amazon marketplace sales significantly contributing to this growth.Radley, a renowned British handbag and accessories brand, has demonstrated resilience and growth in its latest financial year, marked by a 2.1% increase in group revenue to…

The growth rate of Bangladesh’s manufacturing sector significantly declined in June, dropping from 76.3 in May to 61.7, according to data released by the Metropolitan Chamber of Commerce and Industry (MCCI). This decline has impacted various key indicators, signalling a slowdown in the overall growth of the sector. The slowdown in the manufacturing sector has been reflected across several indices. The growth rates of new orders, new exports, factory output, input purchases, employment, and supplier deliveries have all decreased. This indicates a broad deceleration in the sector’s overall activities. Experts have noted that this slowdown in the manufacturing sector could…

Peacocks, Bonmarché, and Edinburgh Woollen Mill (EWM) have successfully turned their fortunes around, reporting profitable results for the year ending February 2023.In 2021, the businesses were acquired out of administration by Steve Simpson and an international investment group.The companies have attributed their improved financial performance to strategic updates in retail layouts and a bolster in their ecommerce offerings.Peacocks witnessed significant turnover growth and profitability compared to the previous year, marking a robust financial rebound.The group plans further expansion, setting sights on 100 new UK stores in the next 18 months.Peacocks, Bonmarché, and Edinburgh Woollen Mill (EWM) have reported profitable financial…

Jonathan Reynolds, the UK’s Business Secretary, raises concerns over a tax loophole used by fast fashion retailer Shein.Shein is considering a London IPO, following challenges in the US due to regulatory opposition.Reynolds emphasizes the necessity for international companies to comply with UK regulations.The retail sector urges government action against low-value import duty avoidance.The EU proposes customs duty on cheap imports, potentially affecting Shein’s business model.Jonathan Reynolds, the UK’s Business Secretary, has expressed concern over the tax strategies employed by the fast-fashion giant, Shein. The issue, described as a ‘loophole,’ has sparked debate within the industry. Reynolds, speaking to Times Radio,…

The fashion retail industry has responded rapidly to Labour’s landslide victory in the UK general election.Labour’s commitment to reforming business rates and protecting retail workers has been welcomed.Industry leaders are urging swift action from the new government to meet its pledges.Concerns about retail crime continue to dominate discussions within the industry.Uncertainty about the future of tax-free shopping remains a key issue.The fashion retail industry is quick to articulate its expectations following Labour’s sweeping victory, which secured more than 400 seats. Leaders within the sector are vocal about their hopes for changes that could bolster growth and development. Helen Dickinson, chief…

Lacoste is making significant strides in improving supply chain sustainability, as discussed at the Drapers Supply Chain Summit.Fashion brands are urged to proactively embed sustainability, without waiting for external pressure.A global roadmap is in development for Lacoste, targeting packaging waste and carbon emissions.Handling returns sustainably is identified as a critical challenge for retailers.Collaboration with third-party suppliers can effectively lower carbon emissions.During a keynote discussion at the Drapers Supply Chain Summit, the imperative of embedding sustainability into supply chains was emphasised, with Lacoste’s senior director of merchandising and supply chain, Matt Blackmore, highlighting the need for fashion retailers to take initiative…

The Drapers Supply Chain Summit convened key players to discuss the vital strategies for enhancing supply chain compliance in light of ESG challenges.Key panel firms included Harrods, Deckers Brands, Infor Nexus, and Neem London, focusing on digital solutions for sustainability.The concept of ‘Digital Product Passports’ emerged as a critical tool, advocated by industry leaders for increased transparency.Experts underscored the pressing need for companies to adapt rapidly to environmental, social, and governance requirements.The summit highlighted the industry’s drive towards sustainable practices amid mounting regulatory pressures.The Drapers Supply Chain Summit, held on 3 July 2024, served as a pivotal gathering for industry…

On Monday, public sector shipbuilder Garden Reach Shipbuilders & Engineers (GRSE) Limited signed an agreement with Bangladesh’s Ministry of Defence to construct a sea-going tug, an official said. The agreement was signed in the presence of Commodore Shantanu Bose (Retired), Director (Shipbuilding) of GRSE, and Commodore AKM Maruf Hasan, Director (Navy) of the Directorate General of Defence Purchase, Bangladesh, the official added. The ship is valued at approximately USD 21 million and will be delivered to Bangladesh within 24 months as per the agreement, according to information provided by GRSE to the National Stock Exchange and BSE. The primary functions…

Nike’s revenues have shown a slight increase for the year, but a decline in the fourth quarter has affected its outlook.The global sportswear firm reported an annual revenue increase to $51.4bn despite recent challenges.Fourth-quarter revenues declined by 2%, indicating growing competition from emerging brands.Nike has revised its 2025 revenue expectations, forecasting a mid-single-digit percentage fall.Shares dropped 12% following the announcement of these financial results.Nike, the world’s largest sportswear company, has announced a mixed financial performance for the 12 months ending 31 May 2024. Despite achieving a 1% increase in revenue to $51.4 billion, the company faced a challenging fourth quarter…