May 10th, 2012

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Aquascutum sold to YGM Trading

Thursday, May 10th, 2012

UK luxury brand Aquascutum has today (10 May) been sold to the owner of the brand’s licence in Asia, YGM Trading.

The sale of the brand and assets includes the UK stores, concessions and head office operations, and preserves the jobs of over 100 employees, said administrators FRP Advisory.

The administrators said they are continuing to deal with interested parties regarding a sale of the factory based in Corby, which they hope to achieve within the next two weeks. Discussions are also taking place in relation to the concessions operated in Spain and Canada.

FRP Advisory said the sale follows an exclusivity agreement period, which commenced on 2 May. Aquascutum went into administration in the middle of April after owners Harold Tillman and Belinda Earl failed to stem losses at the business.

“We are delighted to announce the sale of Aquascutum, safeguarding the jobs of over 100 employees and the presence of the iconic Aquascutum brand in the United Kingdom,” said joint administrator Geoff Rowley. ”We hope that under new ownership the Aquascutum brand and business will have the best opportunity of success and growth both in the UK and worldwide.”
Terms of the sale were not disclosed.

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Cucinelli Net Spikes 36% in Q1

Thursday, May 10th, 2012

Lifted by strong sales in the U.S. and Greater China, Brunello Cucinelli SpA reported growing profitability and revenues in the first quarter.

In the three months ended March 31, the Italian luxury firm registered a 36 percent gain in net profits, which reached 7.2 million euros, or $9.4 million, compared with 5.3 million euros, or $7 million, in the same period last year.

Sales rose 17.1 percent to 77.6 million euros, or $101.6 million, compared with 66.3 million euros, or $86.8 million, a year ago.

Dollar amounts have been converted at average exchange rates for the periods to which they refer.

The brand’s namesake founder said in a statement that “expectations for the year are good, our goal is a solid, sustainable and graceful growth.”

The company debuted on the Milan Stock Exchange on April 27, floating 30 percent of its shares, and after closing its road show early as the offer was oversubscribed 17 times. The firm set shares at 7.75 euros, or $10.27, and saw the price soar 49.7 percent on its first day of trading, closing at 11.60 euros, or $15.

Brunello Cucinelli shares were down 0.94 percent in mid-morning trading today to 10.55 euros, or $13.68 at current exchange.

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First Piperlime retail store to open in US

Thursday, May 10th, 2012

Gap Inc-owned online retailer Piperlime has announced it will open its first retail store this autumn in the US.

The 4,000 square foot store at 121 Wooster Street in New York City will offer similar products as online with brands including Milly, Frye and Citizens of Humanity and marks the etailer’s initial move into physical retailing and the first of what could become a chain of stores.

“Our customers have been asking for a place where they can experience Piperlime in person, and New York is the perfect location for this,” said Piperlime senior vice president and general manager Jennifer Gosselin.

“Since introducing Piperlime in 2006, we’ve built a loyal following of fashion-involved women looking for a mix of the best styles from the brands they love and the new ones they discover. Our SoHo location will offer an edited assortment, giving customers the right amount of everything in a refreshing setting,” Gosselin added.

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SuperGroup 13-week Retail Sales Up 24.7%

Thursday, May 10th, 2012

SuperGroup Plc today (May 10) said sales in the 13 weeks ended April 29 increased over 14 percent with growth in both retail and wholesale businesses.

Group sales climbed to £75.2m from £65.9m. Retail sales at the fashion retailer in the 13-weeks to April 29 soared 24.7% to £39.4m from £31.6m, aided by new store openings. Meanwhile sales for the year to April 29 grew 29.6% to £191m.

However, like-for-likes were flat in a fourth quarter chief executive Julian Dunkerton described as “disappointing”. Online performance was strong but the challenging retail environment was held back by the challenging retail environment which has led to a slowdown in sales from standalone stores and concessions, the retailer said.

Wholesale Sales grew 4.4 percent to £35.8m from £34.3m in the fourth quarter, while sales grew 35.7% in the year to £122.8m. The underlying growth rate was around 9 percent before adjusting for the year end translation of currency.

According to the company, the slow-down in reported growth rate of the Wholesale business was impacted by the annualisation of the SuperGroup Europe acquisition and the continued expansion of the UK Retail business. In addition, growth was adversely impacted at the end of the quarter by delays to franchise stock shipments.

Julian Dunkerton, CEO, said, ”Although the fourth quarter has been a disappointing end to a challenging year, the brand remains strong and this, together with the Group’s investments in key senior personnel and system infrastructure, provides a solid platform for the coming financial year.”

SuperGroup gave no further guidance following the shock profit warning it issued after an “arithmetic error” on April 20. The error destroyed its stock market value.

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New Look set to refinance

Thursday, May 10th, 2012

Fashion retailer New Look is poised to take another step forward in its refinancing, it is understood. According to sources, New Look has reached an agreement with senior lenders to extend the maturity of debt and a deal may be formalised as early as this week.

The retailer, which has net debt of about £1bn ($1.25), has been in discussions with lenders for some time. Repayment timings are staggered and it is thought the latest rescheduling of an undisclosed amount will extend terms until 2015, in line with other borrowings. Further refinancing is likely. New Look chief executive Alistair McGeorge wants to overhaul New Look’s capital structure to put the retailer on a firmer footing. The deal will allay concern over the extent of New Look’s debt.

At some point the issue of PIK-notes – an especially expensive form of debt – will have to be addressed. About £700m ($872m) of New Look’s debt is in PIK notes.

In March it was reported that New Look founder Tom Singh had encouraged private equity backers Apax and Permira to sell their 80% stake but the idea was rejected.

The retailer declined to comment.

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