Only yesterday, Laura Ashley was still seeking an emergency cash injection to keep it going and talking about a sales improvement. But as of today, the company is filing for administration. Some 2,700 jobs are at risk.
Jewellery is a booming, sought-after sector, as shown by LVMH’s recent bid for Tiffany & Co. FashionNetwork looks into the advantages and potential of an industry still little-known and underexploited by luxury groups.
UK consumers are split on the virtues of Black Friday but will still spend more this year. And while electricals remains the key category, clothing is a big spending area both for Britons and in Europe.
Investors seem to approve of Mothercare throwing in the towel with its UK retail operation, despite the large loss of jobs that it will involve, suggesting that they believe the company can thrive without those stores.
Despite the good intentions of both companies and consumers, the luxury industry is struggling to adopt truly sustainable practices, except via the circular economy, as illustrated by the Pambianco Summit debate.
The crisis on the UK’s high streets is accelerating with the number of shops that are empty (as well as pubs and restaurants that also help attract shoppers to an area) rising faster than it has for around a decade.