Here are some of this week’s news and features highlights handpicked by TheIndustry.fashion team.
Boohoo appoints new head, rejecting Mike Ashley’s attempted boardroom takeover
No sooner had Frasers Group’s Mike Ashley made it clear he felt he should be CEO of Boohoo Group (he currently owns around a 23% stake), than the online fashion made its own appointment, presumably in an attempt to thwart him.
Debenhams CEO Dan Finley has been moved internally to take over the role, and to be fair, he has done a very good job at Debenhams over the past three years. He’s a solid choice to take over from John Lyttle, who revealed he was standing down last month.
There is something déjà vu about all of this for keen Frasers watchers, of which I know there are many. Before the department store – in its previous iteration as a bricks-and-mortar led high street giant – collapsed during the pandemic with Ashley as one of its largest shareholders, he had attempted to have himself installed to head up that business. He was thwarted in his attempts then, and it seems the same may happen here.
Finley is a solid choice and a talented leader, so I wish him well. But part of me can’t help wondering… Would it be so bad if Ashley did take over? He knows how to run a successful business, even if some don’t like how he goes about it. But we do have him to thank for investing in our high street and saving a number of brands that would have long since disappeared had he not stepped in. (I’m still bearing a grudge over Matches, though, but that’s for another day.)
Lauretta Roberts, Co-founder, CEO and Editor-in-Chief.
Prada Group defies luxury slowdown with sales up double-digits
Prada Group achieved a 15% increase in net revenue for the nine months ending 30 September 2024, which interestingly goes against the luxury slowdown that has hit many others in the sector.
The company reported revenue of £3.1 billion (€3.8 billion), driven by “strong brand identity, creative dynamism and sound execution”, particularly across its Prada and Miu Miu brands.
It certainly differs to the likes of fellow luxury giants Kering and LVMH, which have both recently reported a slump in sales. In fact, Kering’s revenue decreased 15% in the third quarter and LVMH reported a 2% drop in revenue for the first nine months of 2024.
CEO Andrea Guerra still acknowledged the “challenging backdrop” facing the sector but reaffirmed his confidence in Prada Group’s ability to navigate the industry complexities. I’m inclined to believe him based off this week’s results.
Sophie Smith, News Editor & Senior Writer.
The Interview: Dune’s Daniel Rubin on becoming a high street legend while the industry shrinks
Steps away from TheIndustry.fashion’s office lies Oxford Street, where there are multi-brand shoe retailers galore – from Schuh and Office to Selfridges and JD Sports. However, there are few accessible single-brand retailers left on the British high street. In the now niche category, Dune is one of few.
I was recently honoured to have interviewed the British retail legend who founded Dune back in 1992, Daniel Rubin. His fascinating family history, as well as Rubin’s expertise and forward-thinking, led Dune to become a pillar of the British high street. It still stands as a haven for shoe-crazed men and women who value both comfort and style.
In this interview, Rubin delved into the fascinating history of his family footwear empire, the ever-changing landscape of British retail and how, sadly, the industry is shrinking. He also talked about Dune’s highs and lows, as well as its plans to rise from the rubble of Covid-19 and head overseas with its latest maroon and leopard-print-infused collection.
Chloé Burney, Senior News & Features Writer.
The Interview: Matt Shotton, Head of 247 by Represent on growing the fitness meets high fashion brand
Matt Shotton spent almost 17 years at Nike then over a year and a half at Adidas, before being poached in July this year to head up 247 by Represent, the performance-focused sub-brand of the popular luxury streetwear brand, Represent.
Having started out just with the ‘247 Pant’ in 2020, it is now seriously gaining momentum. A UK first flagship Represent store opened in Manchester last Saturday, complete with a whole floor dedicated to 247. There’s a much more comprehensive 43-piece range for AW24, and the aim is to grow it to account for 20% of Represent’s overall sales in the next two years.
Shotton tells us all about his and 247’s journey so far, including the recent launch of a new dedicated hiking apparel offer, and how they are building the sub-brand with an “unrelenting focus on community”. It makes for compelling reading for anyone now in, or looking to go in to, the performance apparel space.
Tom Bottomley, Contributing Editor.
Ahead of London opening, Jacquemus says it’s seeking minority investor
I have been a long-time fan of Jacquemus, ever since I couldn’t pronounce the name. Over the years, I’ve watched it rise in popularity, gaining momentum after the Le Chiquito bag was at the top of everyone’s wish lists. Founder Simon Porte Jacquemus is yet to do wrong in my eyes. His effortlessly chic aesthetic and vision permeate the luxury brand’s output from runway staging to Instagram posting, adding something fresh to fashion. Meanwhile, the prices have remained somewhat attainable.
This year, it seemed as though the brand was cropping up everywhere. During my travels, I stumbled across the Jacqeumus Café in the South of France and later accidentally got swept up in a bustling crowd in Soho, New York, as fans clamoured to get into the brand’s first US boutique. A week later, when I arrived on UK soil, it was no surprise to hear that it was set to open its first store in London this November.
Despite its growth, the luxury fashion brand remains independent. But this week, its founder finally caved, announcing: “I value my independence; I want to pass the business onto my children, but I need to break the glass ceiling by finding the right partner who will remain a minority shareholder”.
Jacquemus is seeking a minority investor to help it grow in the US, Europe and Asia, as well as fund its foray into beauty. This desire for expansion comes as luxury faces a slump, which is expected to negatively impact the French brand’s revenues in the upcoming year. Yet, it’s no secret that beauty lines are big boosters for luxury brands, plus the label’s fandom is ready to snap up almost anything Simon Porte Jacquemus puts his creative vision behind.
Chloé Burney, Senior News & Features Writer.
