June 6th, 2012

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Claire’s Names James D. Fielding new CEO

Wednesday, June 6th, 2012

Claire’s Stores. Inc., the jewelry chain, said today (June 6) James D. Fielding, will join the company as chief executive officer on June 18.

Claire’s, owned by private equity firm Apollo, has been searching for a ceo for about six months. J. Per Brodin, executive vice president and chief financial officer of Claire’s, said of the company’s ceo search, “That search is being conducted by the board of directors. Two weeks ago, on our conference call, we said there was no further comment on the search.”

Fielding was president of Disney Stores Worldwide. He announced his resignation on Monday and takes up his new position on June 18th.

Claire’s specializes in selling accessories and jewelry targeting girls and women ages 3 to 27.

Posted in Brand, Children, Labor, News, Retail, accessories, ladies | No Responses »

H&M to open pop-up sports shops for Olympics

Wednesday, June 6th, 2012

Swedish fashion retailer H&M Hennes & Mauritz will be opening two sport pop-up stores in London next month to coincide with the Olympics.

Both stores will open for ten weeks during the Olympics, offering women’s, men’s and children’s sportswear. The Covent Garden pop up shop will open 6 July, while the Westfield Stratford City store will launch on 7 July.

The sports collection includes seamless bra tops, streamlined leggings and yoga essentials. The garments are specifically designed using breathable quick dry fabric.

“We’re very excited to be opening the UK’s first pop up store in Covent Garden and concept store in Westfield Stratford, it’s a nice surprise for our customers and a new twist on the H&M business concept of fashion and quality at the best price,” said Magnus Olsson, country manager for the UK and Ireland.

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

Shop price inflation edges up to 1.5%

Wednesday, June 6th, 2012

Shop price inflation has increased to 1.5% in May from 1.3% in April as inflation and deflation levels remained relatively flat in the period, according to the British Retail Consortium (BRC) – Nielsen Shop Price Index.

Deflation in non-food slowed to 0.1% in May from 0.5% in April as retailers struggled to continue discounting.

BRC director general Stephen Robertson said: “For the fourth month in a row non-food goods are cheaper than they were a year ago, chiefly thanks to price cutting on clothing, footwear and electricals.

“But some prices are moving upwards as retailers struggle to maintain the margin-sapping discounts which reached unsustainable levels in the face of weak consumer spending.  That’s seen overall shop price inflation edge up slightly.”

Clothing and footwear deflation slowed to 5% in May from 5.4% in April – the lowest rate in four months. This was driven by lower deflation in men’s and children’s clothing. Deflation across women’s clothing also slowed but to a lesser extent.

Nielsen senior manager of retailer services Mike Watkins said: “With the summer of events and celebration now under way, and after a couple of months of weak sales, marketing programmes and promotions have been ramped up by retailers.”

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

New Look refinancing set to be confirmed this week

Wednesday, June 6th, 2012

New Look is expected this week to confirm that it has finalised a restructuring of its debts, according to reports.

UK publication The Drapers Record reported last month that the young fashion retailer was close to agreement with senior lenders to extend the maturity of debt and a deal, and according to Uk newspaper The Telegraph, this will be confirmed later this week.

New Look, which has net debt of around £1bn, has been in discussions with lenders for some time. Repayment timings are expected to be staggered, resulting in two years breathing space on bank debts until 2015.

New Look’s debt also includes payment-kind-notes, a loan where interest rolls up and is paid in a lump sum at the end of the term. This is now thought to have swelled to more than £700m. It’s thought that this will be addressed separately.

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

Sports Direct is frontrunner to buy Umbro

Wednesday, June 6th, 2012

Sports Direct has emerged as the frontrunner to buy football kit maker Umbro after Nike put it up for sale last week.

The sportswear chain owned a 30% stake in Umbro before Nike took it private in a £285m takeover in 2007.

Nike revealed last week that it was seeking to offload Umbro and shoe company Cole Haan to focus on its core brands.

Sports Direct is expected to face competition from private equity firms according to the Sunday Times.

Umbro sales reached $224m (£146m) last year, lower than pre-takeover levels.

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

Deckers opens first Ugg for Men store

Wednesday, June 6th, 2012

Footwear company Deckers Outdoor Corp will open its first Ugg for Men flagship store in New York today (6 June).

The 800 sq ft store on Madison Avenue will offer footwear, outerwear, accessories and small leather goods.

“Ugg for Men has grown into a stand-alone line that deserves its own storefront,” said Connie Rishwain, president of Ugg Australia. “Men requested their own dedicated space and we’re excited to give them just that.”

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

Gap May Sales Rises 4%, Comps Up 2%

Wednesday, June 6th, 2012

Clothing and apparel retailer Gap Inc. Tuesday (June 5) reported a growth in revenue and comparable sales growth for the month of May.

Net sales for the four-week period ended May 26 increased 4 percent to $1.10 billion from $1.06 billion in the prior-year quarter. Comparable sales for May were up 2 percent, compared with a 4 percent decline reported in the same period last year.

Gap North America comparable sales grew 6 percent, compared to a negative growth of 4 percent last year. Banana Republic North America had a 8 percent growth in same store sales, compared to a 6 percent decline last year. Old Navy North America same store sales dropped 1 percent, same as last year.

International same store sales grew 1 percent, compared to a 9 percent negative growth recorded last year.

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

Christopher & Banks Q1 Loss Widens

Wednesday, June 6th, 2012

Specialty women’s apparel retailer Christopher & Banks Corp.  saw its first-quarter net losses widen after admitting its merchandise was priced too high, resulting in higher markdowns.

Net loss for the thirteen-week period ended 28 April was $13.4 million or $0.38 per share, wider than $8.2 million or $0.23 per share in the previous year quarter.

Operating loss for the quarter widened to $13.4 million from $8.3 million in the year-ago period. This included an $800,000 credit related to non-cash store asset impairment and restructuring charges.

Net sales for the quarter declined 15.2% to $93.6 million from $110.4 million in the comparable quarter last year. Same store sales decreased 15% in the first quarter as compared to the comparable period last year.

Joel Waller, president and CEO, said: “Our financial results reflect continued customer resistance to the residual merchandise assortment that consisted of styles that were too updated and priced too high while lacking in key categories.

“While we were able to impact a small portion of the first quarter merchandise assortment with improved styles and a better price/value proposition, the majority of the assortment needed to be aggressively marked down.”

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

Filson Holdings sold to Bedrock Manufacturing

Wednesday, June 6th, 2012

Private equity firm Brentwood Associates has completed the sale of Filson Holdings Inc., an Oregon maker of premium outdoor apparel and accessories. Filson Holdings of Portland was sold to Bedrock Manufacturing Co. of Dallas and details of the operation remain unknown.

Brentwood said that since acquiring the business, Filson, which was founded in 1897, has accelerated product development, grown its direct-to-consumer business by expanding catalogue marketing, launching an award-winning website and implementing innovative e-commerce marketing strategies, and expanded its wholesale distribution among outdoor and premium specialty retailers.

“Filson is an iconic heritage brand that continues to grow its base of highly loyal customers through its multi-channel distribution platform,” said Steve Moore, a Brentwood partner, in a statement.

“The Filson management team under Mark Korros’ leadership has done a tremendous job executing on the company’s growth initiatives,” said Brentwood partner Roger Goddu.

“The team has broadened Filson’s product offering in core outdoor categories while also expanding the offering of casual apparel, luggage and accessories.

“With a steadfast commitment to Filson’s century-old motto of ‘Might as Well Have the Best,’ we are confident the company will continue to thrive under new ownership.”

Brentwood Associates, which invests in middle-market consumer companies, has more than $650 million in capital under management.

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