Author: Scott Dylan

UK retailer New Look has entered a partnership to protect workers.The agreement involves collaboration with the International Transport Workers Union (ITF).New Look will conduct human rights due diligence across its transport supply chain.Commitments include advancing freedom of association for transport workers.The initiative aims to eradicate modern slavery and human trafficking in the supply chain.UK clothing retailer New Look has taken a significant step to enhance the protection of workers’ rights in its supply chain. This initiative is marked by a new agreement with the International Transport Workers Union (ITF), focusing on ensuring that human and labour rights are safeguarded within…

Victoria Beckham’s brand has reduced its operating losses significantly.For the year ending December 31, 2023, losses were trimmed to £0.2 million.This is a notable improvement from the £0.9 million loss seen in 2022.The brand experienced a substantial 52% rise in revenue over the year.Leather goods and popular fashion items were key contributors to this growth.The fashion and beauty business, initially established by Victoria Beckham, demonstrated a significant reduction in its operating losses, narrowing them to £0.2 million for the fiscal year ending December 31, 2023. This marks a considerable improvement from the previous year’s loss of £0.9 million, showcasing a…

Saudi Arabia’s Public Investment Fund (PIF) has acquired a significant stake in Rocco Forte Hotels, marking a substantial move in the luxury hotel sector. This investment supports the group’s ambitions for expansion across Europe.The financial statements for the year ending April illustrate substantial growth for the Rocco Forte group. UK revenues increased to £67.6 million from £62.4 million, while overseas revenues rose to £223.4 million from £209.8 million. Overall, total revenue saw a 6.3% increase, reaching £311.9 million, with room occupancy marginally up to 59.9%. However, revenue from their Russian properties, the Angleterre and the Astoria in St Petersburg, experienced…

Frasers Group has strategically acquired a significant stake in Accent Group, marking a bold move into the Australian and New Zealand markets.Accent Group, a leader in retail within the region, boasts remarkable annual sales figures, underpinning Frasers Group’s strategic investment.This acquisition is pivotal, aligning with Frasers Group’s global expansion ambitions within the sports retail sector.Key executives from both enterprises have expressed optimism, indicating a strong potential for beneficial collaborative ventures.The deal anticipates Frasers Group’s involvement on Accent’s board, highlighting deeper integration and shared strategic interests.Frasers Group has strategically acquired a 14.65% stake in Accent Group, underlining its ambitions to increase…

Keir Starmer embarks on a mission to restore Brexit relations through a strategic economic partnership with Germany.Starmer stresses this is a “once-in-a-generation opportunity” to revamp UK-EU economic and security ties.The meeting with German Chancellor Olaf Scholz seeks to address certification and compliance barriers for UK businesses.Negotiations aim for preferential market access while striving for a balanced approach.Discussions also cover collaboration on illegal migration and food export regulations.Keir Starmer labels the economic partnership with Germany as a “once-in-a-generation opportunity,” underscoring the need to “turn a corner” on Brexit and enhance economic and security ties between the United Kingdom and Europe.During his…

Klarna, the Swedish fintech giant, reports significant workforce reductions driven by AI efficiencies, forecasting further cuts in the lead-up to a potential IPO. The company faced SwKr2.33 billion in bad loans in H1 2024.AI investments have reduced operating expenses and bolstered gross profits.The staff reduction from 5,000 to 3,800 is set to continue, potentially dropping to 2,000.CEO Sebastian Siemiatkowski hinted at a stock market listing next year, possibly in New York.Klarna, a prominent Swedish fintech company, has announced a reduction of 1,000 jobs as it continues to integrate AI into its operations. This move comes in response to SwKr2.33 billion…

Ted Baker is set to relaunch its ecommerce platform later this year with a new operating partner in the UK and Europe.United Legwear & Apparel Co. will manage Ted Baker’s UK and European operations from autumn 2024.Already managing Ted Baker’s US and Canada operations, United Legwear also handles design and manufacturing of key product categories.Authentic’s global president emphasises the strong start to the partnership with United Legwear.UK and European Ted Baker stores ceased trading in March after entering administration.Set for relaunch in the autumn of 2024, Ted Baker’s ecommerce operations in the UK and Europe will now be under the…

A recent report exposes the British fashion industry’s insufficient action on climate change.Only 3.4% of British Fashion Council brands have emissions reduction targets.The industry contributes significantly to global greenhouse gas emissions.The British Fashion Council is urged to demand stricter climate commitments.Five brands stand out with science-based emissions targets.A recent report highlights a concerning lack of action by the British fashion industry in addressing climate change. Only 3.4% of brands associated with the British Fashion Council have set targets for reducing emissions, underscoring an alarming trend within an industry often seen as innovative.The campaign group, Collective Fashion Justice (CFJ), points out…

The August bank holiday marks the end of summer but boosts sales for many independent fashion retailers.Retailers across the UK saw increased trading over the three-day weekend, despite varied weather conditions.York’s Sahara Boutique and St Albans’ The Dressing Room reported significant sales increases.Devon’s Busby & Fox stores experienced strong sales even in non-coastal towns.Some retailers like Joli in Northern Ireland and Unit 17 in Cardiff also saw remarkable turnovers.The August bank holiday weekend, traditionally signaling the end of summer, provided a significant sales boost for numerous independent fashion retailers across the UK. Reports from various outlets indicated a marked increase…

The garment industry in Bangladesh is facing multiple challenges that have affected production and order fulfilment.Protests over employment quotas led to significant unrest, resulting in factory closures and a substantial decrease in garment orders.The introduction of a government-mandated holiday exacerbated issues, costing the industry an estimated $150m (£134m).A change in political leadership has somewhat stabilised the situation, eliciting cautious optimism among industry stakeholders.Severe flooding has recently compounded difficulties, impacting both factories and millions of residents.The garment industry in Bangladesh is experiencing a confluence of adverse conditions that have severely disrupted production schedules and fulfilment processes. Widespread protests stemming from dissatisfaction…