Latest news with #BernardLewis
Scotsman
3 days ago
- Business
- Scotsman
Edinburgh shops: River Island announces date for closure of its Princes Street store
River Island has announced the date for the closure of its Princes Street store. Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The family-owned fashion chain unveiled plans in June to shut 33 of its 230 stores, blaming 'the migration of shoppers from the high street to online'. The plans, part of restructuring proposals to rescue the business from potential collapse, were given the go-ahead by a High Court judge earlier this month. The River Island store in Princes Street is one of 33 across the UK to be closing | TSPL Advertisement Hide Ad Advertisement Hide Ad And now a notice has appeared in the window of the Princes Street store saying it will close its doors on September 5. The company has other Edinburgh branches at Fort Kinnaird and the Gyle, which will remain open. The notice in the window says: 'This store is closing. This store will be closing from Friday 5th September. Please visit us online at or at your nearest stores. To all our valued customers, we will see you soon.' The closure of the 33 shops involves 110 job losses. Landlords at 71 other stores are being asked to cut rents for three years and potentially stop them completely on some sites in a bid to stem losses. The notice in the window says the store will close on Friday, September 5. | TSPL Advertisement Hide Ad Advertisement Hide Ad But analysts warn River Island's future is still fragile. It recorded a drop of 15 per cent in revenue in the last financial year, with losses of £32.3 million, and it is not clear how likely landlords are to agree to the rent-cut plan. The company is owned by the billionaire Lewis family and traces its roots back to a fruit and veg stall in London, set up by Bernard Lewis and his brothers in 1948. It moved into selling knitting wool and then became fashion brand Chelsea Girl in the 1970s. It switched to River Island in 1988 and spread nationwide, based on 'trend-led affordable fashion' and establishing an in-house design team so it could respond quickly to changing trends. It was a direct competitor with Topshop and New Look. The Lewis family was ranked 59th in the Sunday Times Rich List, with a net worth of £2.7 billion .
Times
08-08-2025
- Business
- Times
Is River Island still stuck in the middle?
It was the kind of chance encounter that a marketing team could only dream of. Bernard Lewis, River Island's billionaire founder, then in his eighties, and his wife Vanessa were on a beach in Barbados when they struck up a conversation with a woman they had never met. As it turned out, she was the mother of Rihanna, the Barbadian singer and make-up entrepreneur. The trio got talking, wandered off for lunch together and ended up sealing River Island's most high-profile clothing collaboration to date. The tie-up with Rihanna in 2013 injected a shot of celebrity cool into the British fashion chain, which at the time was vying with Topshop for trend-setting dominance on the high street. Bernard, now 99, and Vanessa, 20 years his junior, had a knack for turning connections into collaborations. In 2022, River Island launched a partnership with Sofia Richie, Lionel Richie's fashion-model daughter, helped by the fact that she was dating Elliot Grainge, the stepson of Bernard's daughter Caroline. The Lewises were later spotted rubbing shoulders with models and moguls at the couple's star-studded wedding at the Hotel du Cap-Eden-Roc in the south of France. Such stories perhaps explain why River Island is one of the last privately-owned fashion empires still standing on the British high street. Where Topshop and Miss Selfridge have been broken up or sold, the family-run River Island is still standing. It came close to the same fate as those high street players, but was thrown a lifeline on Friday when a High Court judge approved a restructuring plan that will see rents slashed across its 230-store estate, 33 locations closed and a significant chunk of debt written off. The plan keeps the business trading — for now — thanks in part to £40 million in funding from Blue Coast Capital, an investment company owned by the Lewis family. But with revenue down 15 per cent in the last financial year, losses of £32.3 million and landlords in dissent over the aggressive property plan, River Island's prospects are still fragile. For those who have watched the Lewises closely, the sight of River Island struggling is as sad as it is unsurprising. The retailer traces its roots to a fruit and veg stall founded by Bernard Lewis and his brothers in London in 1948. The business moved into selling knitting wool before entering fashion retail under Chelsea Girl, one of the defining names of 1970s fashion. A rebrand to River Island in 1988 was the brainchild of Leonard Lewis, Bernard's right-hand man and son from his first marriage. From there, the business became one of the UK's high street powerhouses, building its reputation on trend-led, affordable fashion. The company expanded rapidly, opening locations nationwide and attracting a loyal following. Its all-in-house design team created womenswear, menswear and children's clothing under one roof, allowing the brand to react quickly to changing trends while keeping a consistent style. By the 2000s, River Island was a household name, competing head-to-head with Topshop and New Look for fashion-conscious shoppers. The River Island fashion empire, owned by the Lewis Trust Group, a UK-based, privately owned investment company focused on retail and property development, has long been tightly held and family run. Bernard's sons Clive and Leonard, along with nephew Ben Lewis, play key roles in its management today. His wife Vanessa was creative director until recently. The couple met while she was a buyer for Chelsea Girl and have been married since 1981. Although Bernard no longer holds a formal role, the nonagenarian is still sometimes chauffeured in a Rolls-Royce to the Chelsea House head office in Ealing, west London, which has an aeroplane wing for a desk in one director's office. The Lewis family was ranked 59th in the Sunday Times Rich List, with a net worth of £2.7 billion, but those inside the business say they are not brash. 'They don't have islands, yachts, private jets, that sort of thing. They do a lot of charity work behind the scenes,' said one former senior figure. Another employee said the family was 'generally well liked. Bernard was always happy to chat if you were in the lift with him. He still clearly cares deeply about the business.' But affection and legacy have not been enough to steer River Island through an unforgiving retail environment. External headwinds have compounded its difficulties, from the arrival of the fast-fashion rivals Shein and Temu to squeezed household budgets, weaker spending on fashion and rising property costs. Industry onlookers believe some of the problems are of the company's own making. Andrew Busby, a retail analyst, said River Island's identity crisis lies at the heart of its problems. 'They don't know who they're catering to anymore. It's a brand caught in the middle: not cheap enough to compete with Primark, not premium enough to challenge M&S or Next.' He added that both product and store presentation had become 'stale', with little investment in refreshing the retail experience. Sources say the family has always been deeply invested in the creative direction of the brand. Vanessa wielded significant influence over product ranges and was known for drawing on the Chelsea Girl heritage. While some insiders say her vision helped keep the brand's DNA intact in a market prone to chasing fads, others argue that this nostalgia, and reluctance to adapt, limited change and a much-needed brand reinvention. A company spokeswoman said: 'Vanessa has had an outstanding 50-year career in fashion and played a key role in the success of the business over the long term. It is simply unbalanced, unfair and incorrect to blame her personally for any difficulties the business has faced in recent years.' One senior River Island source recalled the company's early attempts at reinvention, notably with River Studios, a premium concept launched in 2022. 'Turnover nearly doubled,' they said. 'It was simplified, higher quality, more Mango-like. But the family didn't seem to want to pursue it. They didn't want to rebrand. They're very emotionally attached.' The return of Ben Lewis as chief executive earlier this year has been welcomed inside the business. Ben, who previously led the company for more than a decade before stepping down in 2019, is said to be one of the few family members eager to push through change. 'Ben is really bright. If anyone can do it, Ben can,' said one former director. 'But he needs to be allowed to get on with it.' Ben Lewis himself said: 'For 75 years, River Island has evolved and adapted to the times — refreshing our brand, changing our product offer, and updating how we reach customers —and it's no accident that we are one of the few surviving fashion retailers of our generation.' He added that he was 'proud of River Island's long history and I am honoured to be leading the next chapter. I'm clear-eyed about the challenges we face but am hugely energised by the opportunities ahead.' He noted that the company's transformation plan 'builds on the strategy, insight and creativity gained from the leadership team over the last few years and it is already delivering encouraging results. 'The restructuring plan will allow us to accelerate that momentum, invest where it matters most and build a more agile and customer-focused business. As we've done throughout our history, we're adapting to meet a new era of retail and I'm excited about what we can achieve in the years to come.' He noted that the company had opened a new store concept in Newcastle on Friday, which 'demonstrates River Island's confidence in our future'. It is a move that is likely to frustrate landlords, given they have been forced to surrender leases and slash rents. For all its loyal staff and creative legacy, River Island's future hinges on whether it can redefine its place in the market. 'It has to decide what it is,' the analyst Busby said. 'Either go value like Primark or premium like M&S. You can't stay stuck in the middle.'
Scottish Sun
28-06-2025
- Business
- Scottish Sun
High street giant to shut UK store TODAY after announcing 33 shop closures with hundreds of jobs at risk
Find out if your local shop is affected SHOP DROPPED High street giant to shut UK store TODAY after announcing 33 shop closures with hundreds of jobs at risk Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A MAJOR clothing retailer is set to shut down a branch today - ahead of 33 more store closures. It comes as part of a proposed restructuring plan that aims to save the company from insolvency. Sign up for Scottish Sun newsletter Sign up 2 River Island is set to shut 33 stores as part of a proposed redevelopment plan Credit: Getty River Island in Banbury, Oxfordshire is set to close on June 28, as shoppers will now have to travel to Rugby or Oxford to visit a brick-and-mortar shop. It's part of a wider plan to close 33 branches across the UK, affecting hundreds of jobs. River Island also wants its landlords to cut rent at an additional 71 stores that are struggling. The restructuring plan, developed with PricewaterhouseCoopers, will be put to creditors in August. A restructuring plan should help keep the company afloat and avoid insolvency. The decision was due to a shift in customers shopping online, as well as increased running costs. Ben Lewis, chief executive of River Island said: "River Island is a much-loved retailer, with a decades-long history on the British high street. "However the well-documented migration of shoppers from the high street to online has left the business with a large portfolio of stores that is no longer aligned to our customers' needs. "The sharp rise in the cost of doing business over the last few years has only added to the financial burden. 'We have a clear strategy to transform the business to ensure its long-term viability. "Recent improvements in our fashion offer and in-store shopping experience are already showing very positive results, but it is only with a restructuring plan that we will be able to see this strategy through and secure River Island's future as a profitable retail business. River Island confirms which 33 stores are shutting as a further 70 at risk in huge shake-up – is your local going? "We regret any job losses as a result of store closures, and we will try to keep these to a minimum.' River Island was founded in 1948 by Bernard Lewis and currently operates in around 230 stores, employing 5,500 people. It suffered losses of £33.2 million in 2023 after sales fell 19% according to the most recent set of accounts. The proposals will not affect trade creditors, employees at unaffected stores, or customers. Staff will be redeployed where possible to reduce job losses. The majority of the closures will come in January 2026. It comes as several major retailers struggle to survive on the high street. Popular clothing retailer New Look has already closed ten stores this year, with another two set to close in the coming weeks. Several banks have also undergone major restructuring plans - as NatWest is closing 55 stores this year, and Santander closes 95. After Poundland sold for £1 earlier this month, the company announced an upcoming 68 store closures. River Island Store Closures - January 2026 Aylesbury Bangor Bloomfield Barnstaple Beckton Brighton Burton-Upon-Trent Cumbernauld Didcot Edinburgh Princes Street Falkirk Gloucester Great Yarmouth Grimsby Hanley Hartlepool Hereford Kilmarnock Kirkcaldy Leeds Birstall Park Lisburn Northwich Norwich Oxford Perth Poole St Helens Stockton on Tees Surrey Quays Sutton Coldfield Taunton Rochdale Workington Wrexham
Sky News
25-06-2025
- Business
- Sky News
Full list of 33 River Island shop closures
High street retailer River Island has announced the locations of the 33 shops it is to shut. It confirms Sky News reporting that the clothing chain, which trades from about 230 stores, is to close 33 shops in a restructuring plan which will be put to creditors in August. The fate of another 70 shops depends on reaching agreements with landlords to slash rents. Confirmation of the locations comes after Sky News revealed the company, which was founded in 1948 by Bernard Lewis, was working with PricewaterhouseCoopers (PwC) on a restructuring plan. A restructuring plan is a court-supervised process enabling companies in financial difficulty to compromise with creditors, like landlords, to avoid insolvency. It's unclear how many jobs are under threat from a formal rescue deal, though the business previously said: "We regret any job losses as a result of store closures, and we will try to keep these to a minimum." Hundreds of jobs could be at risk. In total, River Island employs around 5,500 people. Closing in January 2026 are River Island stores in: Beckton Bangor Bloomfield Wrexham Edinburgh Princes Street Hereford Surrey Quays Didcot Sutton Coldfield Aylesbury Burton-Upon-Trent Northwich Taunton Workington Falkirk Cumbernauld Kirkcaldy Gloucester Hartlepool Brighton Lisburn Norwich Oxford Poole Kilmarnock Hanley Barnstaple Grimsby Leeds Birstall Park Rochdale Great Yarmouth St Helens Stockton On Tees Perth
Daily Mirror
07-06-2025
- Business
- Daily Mirror
River Island at risk of collapse as high street favourite takes drastic action
The company employs 5,500 people and has already started making redundancies River Island has appointed advisers from PricewaterhouseCoopers (PwC) to draw up a plan in a bid to save the company's 230 High Street branches. The clothing retailer, which employs 5,500 people, is taking action after reporting £32.2 million losses for 2023. PwC will draw up a formal restructuring plan in a bid to prevent the chain closing down, reports Sky. River Island has been part of the UK landscape since 1948. It was founded by Bernard Lewis and was originally called Lewis and Chelsea Girl. It is now run by CEO Ben Lewis, nephew of Bernard Lewis, who took over in February having previously held the post for 10 years before stepping down in 2019. The company has already made redundancies at its head office in London in departments including buying, merchandising and HR. In 2023, the company saw a 15 per cent drop in sales and a 19 per cent fall in turnover after making £7.5million profit in 2022. In its latest accounts, River Island Holdings Limited said: "The market for retailing of fashion clothing is fast changing with customer preferences for more diverse, convenient and speedier shopping journeys and with increasing competition especially in the digital space. "The key business risks for the group are the pressures of a highly competitive and changing retail environment combined with increased economic uncertainty. "A number of geopolitical events have resulted in continuing supply chain disruption as well as energy, labour and food price increases, driving inflation and interest rates higher and resulting in weaker disposable income and lower consumer confidence." Bernard Leiws originally started his business as a fruit and veg stall in Notting Hill, using a site bombed during World War Two. It quickly became The Wool Shop then a chain of nine stores called Lewis Seperates with its first in-house designed clothes on sale from 1950. The chain rebranded as Chelsea Girl in 1970 and became River Island in 1988. It opened its first overseas branches in 1993 and was one of the first brands to start selling online.
