May 25th, 2012

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Talbots Q1 profits improve as Sycamore talks end

Friday, May 25th, 2012

US women’s wear retailer The Talbots Inc has reported improved first quarter results – as it revealed it has been unable to reach an agreement to sell the business to private-equity firm Sycamore partners.

The company said today (25 May) that the exclusivity agreement with Sycamore Partners has expired, with the private-equity firm “not prepared to execute a transaction at this time.”

Talbots added that it remains open to pursuing a transaction with Sycamore Partners at $3.05 per share.

The retailer will also explore other strategic alternatives and continue to focus on executing its business plan.

The news came as net income rose to $1.1m over the first quarter ended 28 April against $739,000 in the same period of the prior year. Operating income increased 75% to US$5.6m, with adjusted operating income, excluding special items rising 38% to $10.5m.

Net sales, however, were down 8.4% to $275.9m, which the firm said was due in part to store closures in 2011. Consolidated comparable sales declined 3.8% over the year.

“We are pleased to have achieved profitability in the first quarter, driven by improved merchandise margin compared to the prior year period as well as strong inventory and expense management,” said president and CEO Trudy Sullivan.

“Overall, we continue to focus on further enhancing our product, re-engaging with our core customer and executing our key strategic initiatives as the board continues to actively explore a full range of strategic alternatives.”

Posted in Apparel, Brand, Finance, News, Operations, Retail | No Responses »

Meadham Kirchhoff to re-launch menswear

Friday, May 25th, 2012

Meadham Kirchhoff is to re-launch menswear after a six year absence, with the range set to show at London Collections: Men next month.

The designer label will showcase its spring 13 menswear collection on the catwalk at the inaugural event on June 17 at 12.15pm.

The British Fashion Council (BFC) today announced its full schedule for the event which will take place from June 14 to 17. Alongside Meadham Kirchhoff the schedule features shows from brands including Dunhill, Belstaff and Burberry.

Designers Edward Meadham and Benjamin Kirchhoff both studied at Central Saint Martins, with Meadham studying womenswear and Kirchhoff studying menswear.

They later launched a menswear label called Benjamin Kirchhoff but ended up establishing the label as Meadham Kirchhoff in February 2006, which has since shown at London Fashion Week.

Posted in Apparel, Brand, Designer, Men, News, Retail | No Responses »

Topshop to launch eco-fashion collection

Friday, May 25th, 2012

High street fashion chain Topshop will launch a line of clothing made from surplus stock and production off-cuts through a collaboration with Reclaim To Wear.

The capsule collection, which will launch next month, includes a blouse, stripe and colour block panel maxi dress and grey marl sweater.

Reclaim To Wear creative director Orsola de Castro said: “This is the first step towards the creation of zero waste design collections. I trust that the Topshop team’s commitment to new sustainable solutions will lead to the reconsidering of consumption versus disposal throughout the whole fashion industry supply chain.”

The collection will be available from 15 June in Topshop’s Oxford Circus store in London and online.

Reclaim To Wear was launched in 1997 by From Somewhere, the eco fashion label by Castro and managing director Filippo Ricci as a design solution to the problem of textile waste.

Castro and Ricci are also founders and curators of Estethica, The British Fashion Council eco-sustainable initiative at London Fashion Week.

Posted in Apparel, Brand, News, Operations, Retail | No Responses »

Collective Brands Stockholders Re-elect All Three Nominees To Board

Friday, May 25th, 2012

Collective Brands Inc. announced that its stockholders re-elected all three of the Company’s nominees to Board, approved an advisory vote on executive compensation, approved the amended and restated Collective Brands Incentive Compensation Plan, approved the 2012 Collective Brands Stock Incentive Plan and ratified the re-appointment of Deloitte & Touche LLP as the Corporation’s independent registered public accountant for fiscal year 2012.

Mylle Mangum, Chief Executive Officer of IBT Enterprises, LLC; John F. McGovern, Former Executive Vice President and Chief Financial Officer of Georgia-Pacific Corporation; and Scott Olivet, CEO, Renegade Brands, LLC and Executive Chairman of RED Digital Cinema were re-elected to the Collective Brands Board of Directors at the meeting.

Scott Olivet has been re-elected as Chairman of the Board.

Posted in Brand, Labor, Operations | No Responses »

LK Bennett sets its sights on the US as it secures £16m funding package

Friday, May 25th, 2012

Upmarket clothing and footwear retailer LK Bennett has secured a new £16m credit facility from Lloyds Banking Group which it will use to accelerate international expansion, including the US.

The retailer opened its first US-based store in Chicago in April 2011 and since then has gone on to open a further four-directly operated stores in America.

All five of its US stores are said to have traded ahead of expectations and the retailer will now look to accelerate its development in the country as well as in other international markets including France, Spain, the Netherlands and the Middle East.

This five-year funding facility of £16m replaces the facility put in place at the time of the acquisition of LK Bennett in 2008 by Phoenix Equity Partners and Sirius Equity, and increases the Company’s available liquidity at a reduced interest cost.

“We are pleased with the outcome of this competitive process which has provided us with more money at less cost and for the confidence Lloyds Bank has shown in the business,” said LK Bennett chairman Robert Bensoussan.

“We continue to focus on rolling out LK Bennett into new markets, as well as pursuing selected opportunities for growth in the UK.”

Sales at the retailer, favoured by Kate Middleton, for the full-year to 2012 are expected to be around 10% ahead of last year and profitability is also expected to increase.

LK Bennett operates 156 outlets worldwide, of which 107 are based in the UK.

Posted in Apparel, Brand, Finance, News, Operations, Retail, accessories | No Responses »