Today’s news in brief-14/2/25
The fast fashion retailer In The Style is reportedly preparing to appoint administrators as its financial struggles deepen. Acquired by Baaj Capital for just over £1m in 2022, the company saw revenues plummet from £46m to £30.4m in the year ending March 2024, with UK sales dropping to £29m. Despite cost-cutting measures, including staff reductions and automation investments, it posted a £2.7m pre-tax loss. Sky News reports FTS Recovery may handle administration, with a potential pre-pack deal involving Baaj. Founder Adam Frisby departed last year, while Baaj recently lost a bid for The Original Factory Shop to Modella Capital.
Steve Madden has acquired British footwear retailer Kurt Geiger from Cinven-led investors for £289m. The deal includes brands such as Kurt Geiger London, KG Kurt Geiger, and Carvela, which operate across 70 stores and luxury department concessions. CEO Neil Clifford cited Steve Madden’s global infrastructure as key to expansion, while founder Steve Madden called the purchase a career highlight. Established in 1963, Kurt Geiger has expanded into accessories and international markets, with Cinven praising its growth under their ownership.
Moncler Group reported a 7% revenue rise to €3.1bn in 2024, with earnings before interest and tax (EBIT) reaching €916m. While its flagship Moncler brand grew 8%, Stone Island saw a 1% decline, impacted by a 7% sales drop in EMEA offset by 23% growth in Asia. CEO Remo Ruffini highlighted resilience in volatile markets, crediting events like Moncler Genius in Shanghai. The EBIT margin dipped slightly to 29.5%, reflecting broader challenges. Ruffini expressed confidence in navigating 2025’s uncertainties through innovation and brand strength.
Sloane Street has completed a £46m transformation, creating a 1km luxury boulevard with widened pavements, granite detailing, and over 100 trees. Funded by Cadogan and Kensington and Chelsea Council, the project introduced traffic-calming measures and enhanced lighting to elevate its global luxury appeal. Cadogan CEO Hugh Seaborn emphasized blending tradition with modernity, while council leader Elizabeth Campbell hailed the partnership for delivering a world-class shopping experience. The revamp, finalized in February 2025, aims to attract visitors and enrich the local community.
Haircare brand Philip Kingsley has appointed Space NK founder Nicky Kinnaird MBE as a non-executive director. Kinnaird, who built Space NK into an 80-store beauty empire, will advise on global expansion through her consultancy expertise. Brand president Anabel Kingsley praised her leadership, while Kinnaird highlighted Philip Kingsley’s potential in the growing scalp health market. The 60-year-old brand, known for trichology-based products, operates clinics in London and New York. Kinnaird also holds roles at Colorescience and Lumity.
