Latest news with #Monki
The Sun
2 days ago
- Business
- The Sun
Major fashion brand with over 200 stores to close city centre branch in just HOURS
A CITY centre branch of a major fashion outlet is set to close its doors in a matter of hours. The branch of Cos at St Ann's Square in Manchester will close as of June 8. No statement has been issued by the retailer regarding its closure. However, a sign on the shop reads: "This store is closing on June 8. "For more information, ask a member of our team or visit Cos, which is part of the H&M group, had sat among other brands like OMEGA, Christopher James, and Mappin & Webb on St Ann's Square. The branch's staff are expected to be moved to other stores, the Manchester Evening News has reported. Another H&M brand Monki also saw a store close in Manchester's Arndale recently. Cos had taken its spot on St Ann's Square where GAP had previously been in 2018. The brand, which launched in 2007, currently boasts more than 200 stores. It comes as other high street retailers struggle across the country. The owners of River Island are understood to be drawing up a radical rescue plan, according to Sky News. Final sales begin as popular clothing brand closes all stores leaving 'devastated' shoppers scrambling for alternative The chain is being forced to restructure as a result of tough trading conditions. The firm's latest accounts at Companies House warned of growing financial and operational risks. "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," it said. Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020." 2
Fashion Network
27-05-2025
- Entertainment
- Fashion Network
Weekday kicks off its multi-brand platform with new campaign
Marketplaces are hot right now and the latest to jump in is H&M Group's Weekday, which has 'officially transform[ed] into a creative multi-space destination". That doesn't mean it's transforming into a destination buy tens or even hundreds of labels as is the case with many marketplaces. Instead, it's "welcoming Monki under its roof alongside Cheap Monday, exclusive drops, secondhand, and more'. The company said that 'together, these culture-driven brands will continue to evolve with the now and embrace the many true expressions of youth – all day, every day'. It also pointed out that 'each brand keeps its own distinct identity while creating synergies for the creative generation'. And while the onlinee channel will be key for many of its shoppers, there's also a physical element with its first multi-brand store already open in Stockholm (Götgatan). Next will come Hamburg (Mönckebergstrasse), Vienna (Mariahilfer Strasse), Paris (Rue de Rivoli) and Aarhus (Guldsmedgade) that are set to follow later this year as 'the first steps in expanding the experience into physical spaces, with more to come'. The marketplace move also comes with a launch campaign, Everything Now — Leave Nothing Unexpressed. The brand said it 'marks the beginning of Weekday's new chapter, showcasing that everything you need to express yourself is right here'. It's a 'celebration of youth culture in motion' and shines a light on 'those who live life to the fullest and see every day as a canvas, stage or moment to express who they are'. Weekday aims to be 'their platform for switching moods, trying on new identities, playing with aesthetics and feeling totally free'. And beyond mere clothes, it also aims to 'bring creative energy to life'. Fronting the campaign are Weekday muses Raya Martigny, Jolagreen23, Lennon Gallagher, Rose Gray and Tess McMillan. The retailer said that 'each of them blends Weekday, Monki and Cheap Monday into their own style language, intensifying the diverse expressions of all three brands. As artists, creators and cultural voices, they mirror a generation that never stops experimenting with style and self-expression, always in pursuit of what could be'. They've been photographed and directed by Richie Talboy, 'whose cinematic lens draws viewers into a layered, dynamic world where every frame tells a story within a story'.
Fashion Network
27-05-2025
- Entertainment
- Fashion Network
Weekday kicks off its multi-brand platform with new campaign
Marketplaces are hot right now and the latest to jump in is H&M Group's Weekday, which has 'officially transform[ed] into a creative multi-space destination". That doesn't mean it's transforming into a destination buy tens or even hundreds of labels as is the case with many marketplaces. Instead, it's "welcoming Monki under its roof alongside Cheap Monday, exclusive drops, secondhand, and more'. The company said that 'together, these culture-driven brands will continue to evolve with the now and embrace the many true expressions of youth – all day, every day'. It also pointed out that 'each brand keeps its own distinct identity while creating synergies for the creative generation'. And while the onlinee channel will be key for many of its shoppers, there's also a physical element with its first multi-brand store already open in Stockholm (Götgatan). Next will come Hamburg (Mönckebergstrasse), Vienna (Mariahilfer Strasse), Paris (Rue de Rivoli) and Aarhus (Guldsmedgade) that are set to follow later this year as 'the first steps in expanding the experience into physical spaces, with more to come'. The marketplace move also comes with a launch campaign, Everything Now — Leave Nothing Unexpressed. The brand said it 'marks the beginning of Weekday's new chapter, showcasing that everything you need to express yourself is right here'. It's a 'celebration of youth culture in motion' and shines a light on 'those who live life to the fullest and see every day as a canvas, stage or moment to express who they are'. Weekday aims to be 'their platform for switching moods, trying on new identities, playing with aesthetics and feeling totally free'. And beyond mere clothes, it also aims to 'bring creative energy to life'. Fronting the campaign are Weekday muses Raya Martigny, Jolagreen23, Lennon Gallagher, Rose Gray and Tess McMillan. The retailer said that 'each of them blends Weekday, Monki and Cheap Monday into their own style language, intensifying the diverse expressions of all three brands. As artists, creators and cultural voices, they mirror a generation that never stops experimenting with style and self-expression, always in pursuit of what could be'. They've been photographed and directed by Richie Talboy, 'whose cinematic lens draws viewers into a layered, dynamic world where every frame tells a story within a story'.
Fashion Network
27-05-2025
- Entertainment
- Fashion Network
Weekday kicks off its multi-brand platform with new campaign
Marketplaces are hot right now and the latest to jump in is H&M Group's Weekday, which has 'officially transform[ed] into a creative multi-space destination". That doesn't mean it's transforming into a destination buy tens or even hundreds of labels as is the case with many marketplaces. Instead, it's "welcoming Monki under its roof alongside Cheap Monday, exclusive drops, secondhand, and more'. The company said that 'together, these culture-driven brands will continue to evolve with the now and embrace the many true expressions of youth – all day, every day'. It also pointed out that 'each brand keeps its own distinct identity while creating synergies for the creative generation'. And while the onlinee channel will be key for many of its shoppers, there's also a physical element with its first multi-brand store already open in Stockholm (Götgatan). Next will come Hamburg (Mönckebergstrasse), Vienna (Mariahilfer Strasse), Paris (Rue de Rivoli) and Aarhus (Guldsmedgade) that are set to follow later this year as 'the first steps in expanding the experience into physical spaces, with more to come'. The marketplace move also comes with a launch campaign, Everything Now — Leave Nothing Unexpressed. The brand said it 'marks the beginning of Weekday's new chapter, showcasing that everything you need to express yourself is right here'. It's a 'celebration of youth culture in motion' and shines a light on 'those who live life to the fullest and see every day as a canvas, stage or moment to express who they are'. Weekday aims to be 'their platform for switching moods, trying on new identities, playing with aesthetics and feeling totally free'. And beyond mere clothes, it also aims to 'bring creative energy to life'. Fronting the campaign are Weekday muses Raya Martigny, Jolagreen23, Lennon Gallagher, Rose Gray and Tess McMillan. The retailer said that 'each of them blends Weekday, Monki and Cheap Monday into their own style language, intensifying the diverse expressions of all three brands. As artists, creators and cultural voices, they mirror a generation that never stops experimenting with style and self-expression, always in pursuit of what could be'. They've been photographed and directed by Richie Talboy, 'whose cinematic lens draws viewers into a layered, dynamic world where every frame tells a story within a story'.
The Independent
27-03-2025
- Business
- The Independent
H&M sales miss forecasts after shutting shops
Retailer H&M has revealed weaker-than-expected sales as it was impacted by recent store closures. The Swedish fashion giant also posted a drop in profits for the latest quarter, driven by higher markdowns and heavy investments to win over customers. H&M revealed on Thursday that net sales were up 2% to 55.3 billion over the three months to February 28, compared with the previous year. It added that this slowed down to 1% this month amid continued pressure on consumer finances. Sales growth was also knocked by H&M's plans to trim its store estate and help simplify its operations over the past year. H&M said it had 40 net store closures over the quarter, including 35 for the eponymous H&M brand while it also closed five Monki shops. Its recent store overhaul left the retailer with 4,213 stores at the end of last month – a reduction of 125 over the past year. The group, which also owns the Cos and & Other Stories brands, reported that gross profit for the quarter dipped slightly to £27.2 billion from £27.7 billion. Daniel Erver, chief executive of the business, said: 'Profitability in the quarter was negatively impacted by a weaker gross margin, which in turn was affected by negative external factors, increased markdowns and investments in the customer offering. 'We estimate that the overall negative effect of these will already be significantly smaller in the second quarter than in the first quarter. 'Although we have made important progress in our plan and have good cost control, our sales and earnings in the quarter were somewhat weaker than planned – but the first quarter is the smallest quarter of the year for us in terms of sales and margin, and we are confident going forward.' The boss added that moves to improve its assortment of female clothing were 'starting to have a positive effect' in the latest quarter.
