Today’s news in brief-11/4/24
Ted Baker’s American licensing partner, OSL, is reportedly in pole position to take over the brand’s collapsed UK operation. Administrators have announced the closure of 15 UK stores, leading to over 200 job losses, as part of efforts to salvage the business. OSL’s potential takeover follows the collapse of No Ordinary Designer Label, the previous UK licensing partner. The Times reports interest from Next and Mike Ashley’s Frasers Group in the licensing deal, with a decision expected within weeks.
Uniqlo’s revenue for the first half of fiscal 2024 increased by 9%, reaching 1.59 trillion yen. Operating profit rose by 16.7%, driven primarily by growth in North America, Europe, and Southeast Asia, as well as strong performance in the GU operation. However, Uniqlo Japan experienced a decline in revenue due to warmer weather affecting demand for fall/winter ranges. The international segment saw a significant revenue increase of 17%, with strong performances in North America and Europe.
Pepco Group reported an 11.1% increase in group revenues, but like-for-like revenues dip by 2.5% in the half-year ending March 31, 2024. Poundland, owned by Pepco Group, saw a 0.7% decline in like-for-like sales, attributed to a weaker performance in clothing and general merchandise. Second-quarter revenues grew, but like-for-like sales fell by 2.9%. The group remains focused on cost control and anticipates profitable growth for the financial year, with former GrandVision boss Stephan Borchert announced as the new CEO.
Vision Express has opened a new flagship store on London’s Oxford Street after extensive renovations. The store offers the latest vision technology and advanced eye tests across three floors. With over 90 brands, including Ray-Ban and Prada, customers have a wide selection of eyewear. The store aims to provide a smart, contemporary, and warm environment for visitors. Chris Scourfield, property director at Vision Express, expresses pride in offering the best eye care and designer brands on Oxford Street.
