Latest from Fashion Network
Fashion Network
2 hours ago
- Business
- Fashion Network
French Connection's parent accounts show turnover down but profits up
French Connection 's ultimate parent — MIP Holdings Ltd — has filed its accounts for the year to the end of June 2024 and they show turnover falling but profits rising. The company said that turnover was £108 million, down from £120.6 million in the previous year. It sales were primarily driven by wholesale customers operating department stores, multi-brand fashion stores and e-commerce sites in the UK and Europe plus North America. Wholesale is hugely important to the business despite operating its own stores and webstore. It didn't give an explanation for the turnover fall, although the period did cover a time when inflation was high and the cost-of-living crisis was denting fashion sales for businesses across the UK. Gross profit at the company actually rose to £38.2 million from £37.1 million with the percentage up to 35.4% from 30.8%. The company saw other operating income of £7.4 million (up from £5.3 million) relating to royalty income from licensed products such as furniture, fragrances, shoes and eyewear. It also saw finance expense of £5.4 million (down from £5.5 million), which comprised £4.4 million of external net loan interest and financing costs and £1 million of IFRS16 rent-related interest. Underlying operating profit increased to £10.5 million from £8.9 million and adjusted profit before tax was up to £5.1 million from £3.4 million. The fashion retailer was acquired for around £29 million in 2021 by MIP, which had been set up the year before solely for the purpose of buying it. The stock exchange-listed business had endured years of losses and contraction that was made worse during the pandemic. The buyer group comprised UK-based apparel industry entrepreneurs Apinder Singh Ghura and Amarjit Singh Grewal, as well as holding company KJR Brothers Ltd. It has since returned to expansion mode, opening both full-price and outlet stores, as well as signing a deal with Next for homewares and adding the Very platform to its list of stockists shortly after the financial year in question ended.
Fashion Network
2 hours ago
- Business
- Fashion Network
Pandora opens first UK airport store in Manchester, Rituals also joins the line-up
Manchester's malls and high street's are increasingly important sites for flagship openings and the city itself is an ever more crucial UK fashion hub. Its airport is pretty popular too and this week there have been two announcements about major retail openings there. Pandora has opened the doors to its first ever UK-owned airport store with the launch of Pandora Manchester Airport, 'marking a major milestone for the brand's presence in travel retail'. The new store, in Terminal 2, is part of the airport's £1.3 billion transformation programme. It has a 14-metre pink-tiled façade and two large-format digital screens, reflecting the brand's newest visual identity and immersive retail design. The store carries the full range of its jewellery collections, including Pandora Lab-Grown Diamonds, engraving services, and the summer collection, 'which brings together organic textures, vibrant colours, and ocean-inspired designs'. Given its location, the store is offering plenty of gift ideas that might appeal to travelling shoppers, as well as self-purchase items. And it will also be the first in the UK to offer a curated selection of national icon travel charms from destinations around the world. Pandora Manchester Airport is actually the first of three new airport openings in 2025, as part of the brand's growing investment in UK travel retail. A second location is set to open in Gatwick Airport's South Terminal in mid-August, followed by London Luton Airport in early September. Meanwhile, beauty and wellbeing brand Rituals has been on an opening spree in recent months and it has just opened its newest store, also in Terminal 2 at Manchester Airport. The company said it's a 'thriving and high-footfall location' and while airport stores are often designed to get shoppers in and out quickly, this one 'will offer an immersive experience' that encourages dwell time. Annemarie Forsyth, MD of Rituals Cosmetics (UK & Ireland), said: 'Our philosophy is all about helping people slow down and find joy in everyday moments, whether through indulgent bath rituals or soothing home fragrances.'
Fashion Network
2 hours ago
- Lifestyle
- Fashion Network
Net-A-Porter launches pre-fall campaign
As clearance sales periods wind down, luxury e-tailer Net-A-Porter has launched its latest campaign, dubbed its PF25 Shopping List. It 'celebrates versatility', showcasing an edit where transitional dressing comes into its own with Net-A-Porter offering 'a considered curation of new-season essentials and enduring investment pieces' Pre-fall can be a tough transitional period, coming at a time when the skies are still clear blue and the sun beating down, it has to tread a fine line between slightly heavier weights and the inclusion of outerwear pieces while many consumers are still in a beach holiday frame of mind. In this case, think 'softly structured tailoring and silky dresses… layered denim, rich textures, and lightweight jackets… city days, countryside escapes, or destination dressing'. Key designers and pieces include separates from Róhe, denim from Loewe, floating dresses from Altuzarra, leather staples from Alaïa, white looks from Khaite, and Toteme's 'carefully considered' layering. Meanwhile Isabel Marant 's boho-inspired prints 'provide depth and contrast'. Accessories include hardware jewellery by Completedworks, sandals by Proenza Schouler, and sleek heels by Stella McCartney.
Fashion Network
2 hours ago
- Business
- Fashion Network
Crown Estate pays £95m for headlease of 100 Regent Street
The Crown Estate has made a major acquisition, spending £95 million to acquire the headlease of 100 Regent Street from a vehicle jointly owned by a client of Federated Hermes Real Estate and Canada Pension Plan Investment Board. And in case the address means little to you, it's worth noting that number 100 is the London home of the Mulberry flagship and also of 66°North, so it's an undeniably important site. It's a Grade II-listed building with more than 53,000 sq ft of prime retail and office space and The Crown Estate already owned the freehold as part of The Regent Street Partnership. That's a joint venture it has with Norges Bank Investment Management. The aim of the acquisition is to enhance the office space, 'curate' the retail offer and improve the eco credentials of the building. The Crown Estate's overall curation of Regent Street has helped make it one of London's top fashion shopping thoroughfares with stores for names including Coach, On, COS, Hackett, Sandro, Maje, Burberry, Barbour, Tommy Hilfiger, Reiss, Gant, Canada Goose, Uniqlo, Boss, Lacoste, Longchamp, Furla, Bally, Belstaff and many more. And of course the latest purchase is part of a wider long-term vision for Regent Street and the West End. The landlord's investment manager Dominic Packwood said it's an 'important acquisition' and direct ownership of the building 'including the delivery of our development pipeline and public realm investment, alongside our wider goal to create a vibrant, inclusive and sustainable West End'.
Fashion Network
2 hours ago
- Business
- Fashion Network
Pandora opens first UK airport store in Manchester, Rituals also joins the line-up
Manchester's malls and high street's are increasingly important sites for flagship openings and the city itself is an ever more crucial UK fashion hub. Its airport is pretty popular too and this week there have been two announcements about major retail openings there. Pandora has opened the doors to its first ever UK-owned airport store with the launch of Pandora Manchester Airport, 'marking a major milestone for the brand's presence in travel retail'. The new store, in Terminal 2, is part of the airport's £1.3 billion transformation programme. It has a 14-metre pink-tiled façade and two large-format digital screens, reflecting the brand's newest visual identity and immersive retail design. The store carries the full range of its jewellery collections, including Pandora Lab-Grown Diamonds, engraving services, and the summer collection, 'which brings together organic textures, vibrant colours, and ocean-inspired designs'. Given its location, the store is offering plenty of gift ideas that might appeal to travelling shoppers, as well as self-purchase items. And it will also be the first in the UK to offer a curated selection of national icon travel charms from destinations around the world. Pandora Manchester Airport is actually the first of three new airport openings in 2025, as part of the brand's growing investment in UK travel retail. A second location is set to open in Gatwick Airport's South Terminal in mid-August, followed by London Luton Airport in early September. Meanwhile, beauty and wellbeing brand Rituals has been on an opening spree in recent months and it has just opened its newest store, also in Terminal 2 at Manchester Airport. The company said it's a 'thriving and high-footfall location' and while airport stores are often designed to get shoppers in and out quickly, this one 'will offer an immersive experience' that encourages dwell time. Annemarie Forsyth, MD of Rituals Cosmetics (UK & Ireland), said: 'Our philosophy is all about helping people slow down and find joy in everyday moments, whether through indulgent bath rituals or soothing home fragrances.'
