Today’s news in brief-5/8/24
Authentic Brands Group has announced strategic partnerships to bolster Ted Baker’s presence in the US and Canada. United Legwear & Apparel Co. will oversee men’s sportswear, golf, and denim, managing wholesale operations and online platforms. Peerless Clothing will focus on tailored clothing, while BCI Brands will handle women’s sportswear and dresses. These agreements aim to revitalise Ted Baker amidst challenges, including recent UK administration.
TikTok Shop will raise seller fees from 5% to 9% starting 2 September. The platform will also introduce Seller Missions to reduce fees through content creation collaborations with creators. A Co-Funded Free Shipping model aims to boost order conversions, supporting UK sellers with free shipping initiatives.
Cornish brand Seasalt saw a 12% increase in turnover to £132.6m, driven by expanded high street presence and improved product margins. In-store sales rose 10%, while online sales saw modest growth. Expansion plans include new stores in the UK, Ireland, and upcoming ventures in North America.
Luxury retailer Ferragamo reported a 73% drop in net profits for the first half of 2024, with total revenues down 10.9% due to weak Asian markets and wholesale challenges. The brand aims to enhance profitability through product innovation and customer engagement strategies amidst ongoing market pressures.
Alo Yoga opened its second UK flagship store on Regent Street, featuring a wide range of activewear and wellness products. The brand plans further expansions in London, tapping into the footwear market with new product offerings, aiming to enhance community engagement and brand visibility.
