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Business News Net sales in the fiscal year rose 11 per cent, due to geographically broad-based growth in the U.S. and international markets. Earnings from operations rose 9 per cent and net earnings were $1.80 per diluted share. In the fourth quarter, net sales increased 15 per cent to $986,354,000. On a constant-exchange-rate basis which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, net sales rose 14 per cent and worldwide comparable store sales rose 8 per cent. Net earnings of $140,499,000 in the fourth quarter were approximately equal to 2005. Net earnings per diluted share increased to $1.02 from $0.97 due to fewer shares outstanding. Net earnings in the quarter and fiscal year included an impairment charge of $0.05 per diluted share related to Little Switzerland Inc. Earnings before income taxes increased 11 per cent. Net earnings in the fourth quarter of 2005 included a tax benefit of $0.10 per diluted share tied to the repatriation provisions of the American Jobs Creation Act of 2004 ("AJCA"). In fiscal 2006, net sales rose 11 per cent to $2,648,321,000. On a constant-exchange-rate basis net sales increased 11 per cent and worldwide comparable store sales rose 6 per cent. Net earnings of $253,927,000 in fiscal 2006 were approximately equal to 2005. Net earnings per diluted share rose to $1.80 from $1.75 due to fewer shares outstanding. Earnings before income taxes rose 10% in the fiscal year. 2005 included a tax benefit of $0.16 per diluted share related to the AJCA. Michael J. Kowalski, Chairman and Chief Executive Officer, said, "Tiffany continued to pursue important strategic initiatives in 2006 and achieved the earnings per share expectation we set at the start of the year. We were especially encouraged with customers' response to our new stores and to the wide range of new products we introduced in 2006." Visit: Tiffany & Co. [26 March 2007] |
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[22 March 2007] tiffany & Co. |
TIFFANY TO OPEN STORE IN RED BANK, NEW JERSEY Tiffany & Co. (NYSE: TIF) announced plans for the November 2007 opening of a 6,000-square-foot store in Red Bank, New Jersey, a jewel among Jersey shore communities. Located at 105 Broad Street, the new store will offer an array of renowned TIFFANY & CO. collections. Among them are the jeweller's celebrated diamonds, including engagement rings, and jewels of ultimate glamour in platinum and eighteen-karat gold settings; rare and lustrous pearls; the signature designs of Elsa Peretti, Paloma Picasso, Jean Schlumberger, and the artful twists and curves of Frank Gehry; watches; accessories; china and crystal gifts. "With its vibrant arts community, fine restaurants and luxury shopping, Red Bank is an increasingly popular destination and a natural setting for a TIFFANY & CO. store," said Beth O. Canavan, executive vice president of Tiffany & Co. "We've secured an ideal location, and we think the many residents and visitors who enjoy shopping on this charming street in the center of town will appreciate Tiffany's exceptional quality, craftsmanship and superior service." |
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[21 March 2007] Ted Baker |
Ted Bakers success continues Commenting on the results, Ray Kelvin, Chief Executive, said: “As Ted Baker continues its global expansion we are pleased to report yet another year of success for the brand. Quintessentially British, Ted Baker’s high product quality and attention to detail continues to drive the growth of the Group. We pride ourselves on our unique culture, which is inherent in all our products and operations, both in the UK and internationally. We commenced the development of Ted Baker in Middle East and Asia through our licence agreements, while considering further opportunities for new stores in both the UK and the US. We remain confident in the long term strength of the Group and look forward to the year with confidence.” |
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[21 March 2007] Next pLc |
Hot competition isn't stopping Next John Barton Chairman stated: "In a difficult and competitive year both sales and profits have grown to record levels. Earnings per share have risen by 14.7 per cent to 146.1p, enhanced by the beneficial effect of share buybacks over the past two years. In the seven years since January 2000 we have returned £2 billion to shareholders through dividends and share buybacks, which is more than the market value of the whole company at that time. In order to deliver our primary financial goal of long term sustainable growth in earnings per share our emphasis in the year ahead will be to improve the performance of our existing operations. In his report, Simon Wolfson lays out some of the steps which are being taken to ensure the vitality of the NEXT Brand. Of these the most important is our constant desire to improve the product we offer our customers. The achievement of this objective and the intention to continue our buyback programme, where appropriate, offers us the best opportunity to deliver superior returns to our shareholders." He continued: "Derek Netherton, who has served 10 years on the Board, has signalled his intention to step down in 2008 and we have commenced the search for a new non-executive, who will also take over from Derek as Chairman of the Audit Committee in due course. I am confident that our strategy of being a highly focused operation combined with the continued return of cash to shareholders will continue to deliver great product and service to our customers and a healthy return to our shareholders. I would like to thank our staff, suppliers and in particular our management team, who have led us through a challenging period." Visit: Next plc [21 March 2007] |
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[21 March 2007] True Religion Apparel Stores |
True Religion Apparel Store Opens Doors in Midwest As part of the continued roll-out of its premium retail platform across the country, True Religion Apparel, Inc. [Nasdaq:TRLG] announced the opening of its new branded store on Halsted Street in the popular, upscale Lincoln Park neighborhood of Chicago. The store will carry the entire True Religion line of clothing, including Men’s, Women’s, and Kid’s denim jeans, jackets, shirts, T-shirts, skirts, fleece hoodies and pants, knits, wovens, loungewear, footwear, headwear and outerwear. Visit: True Religion [21 March 2007] |
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[20 March 2007] Tiffany & Co
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Tiffany To Open Store In Natick, Massachusetts Tiffany & Co. (NYSE: TIF) plans open, in September 2007, an approximately 5,300 gross-square-foot store in the Natick Collection, an upscale luxury retail centre in Natick, Massachusetts. Owned and managed by General Growth Properties, Inc. (NYSE:GGP), the centre is currently undergoing a major expansion that will include 500,000 square feet of retail and restaurants, as well as elegant condominium residences. The new store will offer an array of renowned TIFFANY & CO. collections, Beth O. Canavan, Executive Vice President of Tiffany & Co said: "The Natick Collection is positioned to become a premier destination for shopping and will also provide the region's upscale clientele with the consummate lifestyle." She added, "The architects' plans for an open and spacious environment beautifully landscaped and with many compelling amenities, fit perfectly with our own plans for bringing Tiffany quality, craftsmanship and superior service to this sophisticated market." Visit: Tiffany & Co. | General Growth Properties, Inc. |
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[19 March 2007] phillips van Heusen |
Phillips-Van Heusens IZOD brand to launch first Fragance Phillips-Van Heusen Corporation (NYSE:PVH) and Gemini Cosmetics, Inc. have entered into a license agreement under which Gemini Cosmetics will market and distribute fragrances for men and for women under PVH's IZOD brand. The IZOD brand’s recognizable active lifestyle inspired design approach will be interpreted for the first time for the beauty industry by Gemini Cosmetics. Fragrances are the latest addition in the continued expansion of IZOD brand lifestyle product offerings, which currently cover over twenty categories, including men's, women's and children's dress and casual apparel, accessories, intimates, soft home goods and ophthalmic eyewear. “We, at Gemini Cosmetics, are excited by the opportunity of working closely with such a visionary company as PVH on developing IZOD Fragrances,” remarks Frank Fazzinga, Chairman, Gemini Cosmetics. “The vital, active lifestyle image of the IZOD brand will be an excellent complement to our existing brand portfolio.” Allen Sirkin, President, COO, PVH said of the agreement: “We are excited at the prospect of developing fragrances with Gemini that capture the IZOD brand lifestyle, Gemini has a proven track record in the fragrance industry. We believe their team has the strength and vision to create a fragrance that appeals to consumers who live this casual, contemporary lifestyle.” Visit: PVH [19 March 2007] |
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[19 March 2007] Perry Ellis International Inc. |
Perry Ellis International, Inc. Reports Record Results |
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[14 March 2007] French Connection Group Plc |
French Connections disappointing 2006 performance French Connection Group plc [LSE: FCCN] announced its preliminary results for the year ending on the 31st of January 2007. The results showed the company's turnover had decreased from £246.3 million to £241.3 million. Other financial highlights included: — Turnover £241.3 million (2006: £246.3 million) — Profit before tax £4.0 million (2006: £12.2 million)* — Closing net cash £48.9 million (2006: £57.0 million) — Basic earnings per share 0.1p (2006: 10.2p) — Adjusted* earnings per share 2.2p (2006: 7.1p) — Total dividend for the year 5.0p (2006: 5.0p) * *Adjusted to exclude the exceptional net taxation charge in 2007 and the net gain on disposal of property in 2006. Stephen Marks, Chairman, commented on the results: “The financial results for the last year are very disappointing, however we believe that there is good evidence to indicate that we are at the start of a new phase in our business cycle.” "The results for the year reflect the continued impact of the difficulties we first experienced in 2005. Despite substantial changes to the focus and direction of our French Connection products we were disappointed by our retail performance in the Spring/Summer 2006 season. However, our core ladies’ wear ranges for Autumn/Winter 2006 achieved good sales growth in our retail stores and the operating profit in the second half of the year improved compared with the same period last year. The fashion press have shown continued enthusiasm for our products and the brand, helping to re-establish our fashion credentials.” He continued: “Although these gains are small they are important. While there remains much to achieve, the new financial year has started with good growth in our UK retail stores and we believe we are now in a position to build momentum on this encouraging start to the year.” Visit: French Connection [14 March 2007] |
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[12 March 2007] Monsoon |
Monsoon PRofits decline by 5% Monsoon [LSE: MSN] turnover increased 17 per cent to £265.9m, with like-for-like sales down 6 per cent. Profit before tax for the first half of the year decreased 5 per cent from £25.5m to £24.2m. Before exceptional items, which relate to the cost of migrating to a new distribution centre, the profit before tax for the six months ended 25 November is £25.2m. Basic earnings per share decreased by 6 per cent from 9.88p to 9.25p. UK and Eire Turnover increased by 14 per cent from £202.1m to £231.4m and like-for-like sales decreased by 7 per cent . Operating profits after exceptional items decreased 11 per cent from £19.6m to £17.5m. During the period, 11 stores were opened and 6 closed. As at 25 November 2006 there are 402 outlets in the UK and Eire: 149 Accessorize, 147 Monsoon, 102 Dual and 4 Concessions. International Turnover, which represents the sale of merchandise to and royalty income from franchisees, and the net retail sales of Monsoon's overseas subsidiaries, increased by 33 per cent from £26.0m to £34.5m. Operating profits increased 13 per cent to £6.6m. Retail customer sales (including local sales tax) from Monsoon's stores and franchised stores amounted to £76.1m, an increase of 28 per cent on last year. Like-for-like sales in local currency were down 3 per cent, with sterling like-for-like sales down 5 per cent. Monsoon now has 400 stores trading in 39 countries outside the UK and Eire. Visit: Monsoon [12 March 2007] |
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[12 March 2007] Marchpole Holdings Plc |
Marchpole strikes up two distribution agreements Growing fashion brand management group, Marchpole Holdings plc, [LSE: MPH], wholly owned subsidiary, Jean Charles de Castelbajac ('JCC') has signed two significant long-term distribution agreements. The agreements are with The Chalhoub Group ('Chalhoub' or 'the Group') based in Dubai and The Crocus Group ('Crocus') based in Russia. The agreement signed with The Chalhoub Group is for an initial period of five years, which will see the distribution of both JCC clothing and accessories range throughout the Middle East. Chalhoub, which has promoted luxury lifestyle products in the Middle East for more than 50 years, will develop and promote a network of free-standing shops and also franchise opportunities for the JCC brand across its entire distribution portfolio. The Group specialises in the representation, distribution, marketing and retailing of brands including Ralph Lauren, Celine, Marc Jacobs, Chaumet and Van Cleef and Arpels. Under the terms of the agreement, the contract is renewable for a further period of five years. Marchpole also signed an exclusive contract with Russian retail distribution group, Crocus to establish a 150 square metre JCC flagship store in the Crocus City Mall in Moscow. In addition, JCC clothing will be retailed in at least two further fashion outlets in the Mall during the first year of the partnership. The Crocus Group is one of the leading luxury goods distributors in Russia and works with fashion houses including Celine, Chloe and Emilio Pucci. Alongside these agreements, the Company has also opened a further JCC flagship store in Lyon, France's second city. Marchpole Holdings Executive Deputy Chairman, Michael Morris commented: 'I am delighted to announce today's landmark deals with two leading long established distribution businesses in the lucrative Middle Eastern and Russian markets, as well as the opening of yet another flagship store in France. Since we acquired the Jean Charles de Castelbajac brand in 2004, we have made significant steps in the development of the brand and these partnerships are a further endorsement of the strength of the JCC brand in the international fashion arena. The agreements underline our Board's commitment to an organic growth strategy and ongoing programme to extend the international reach of our portfolio of fashion brands. We look forward to long and successful partnerships with both The Chalhoub and Crocus Groups, and we will also continue to evaluate additional agreements in other important markets.' |
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[10 March 2007] True Religion Brand Jeans |
True Religion to Establish First Foreign Office in London True Religion Apparel, Inc. (Nasdaq:TRLG) is expand its European growth, by establishing the company's first foreign office in London, U.K. The company announced that Kelly Furano, Director of International Sales, will be relocating from Los Angeles to London to work with distributors and retailers in building the True Religion brand more deeply in Europe. “As the True Religion brand continues to evolve into a global lifestyle collection, the time is right to place a greater focus on growing internationally, and this can only happen by placing our own team on the ground in Europe to support the wholesale growth and possible rollout of retail stores,” said Michael Buckley, President. Furano’s focus will be training the True Religion sales teams in product knowledge and brand awareness to support the company’s distribution partners within each market territory. She also will coordinate the exhibition of True Religion branded products at international trade shows such as Bread and Butter in Barcelona, Pitti Uomo in Florence, Tranois in Paris, and CPD in Dusseldorf. Visit: True Religion Brand Jeans [10 March 2007] |
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[8 March 2007] H&M |
H&M OPENS FIRST STORE IN EAST ASIA International fashion retailer H & M Hennes & Mauritz, will open its first store in East Asia, on the 10th of March at 68 Queen's Road, Central Hong Kong. The new store measures approximately 3,500 square meters (on four floors) and offers an extensive collection of fashions for women, teenagers, children and men — everything from fashion basics to clothes that reflect the very latest trends. The store features H&M's contemporary indoor décor and with new garments arriving in the store every day. "We are very proud to open our first store in East Asia, in Hong Kong. China is a strategic and exciting market with great fashion awareness and spending power. We therefore see a vast potential for expansion. We are convinced that we can offer our Hong Kong customers added value through fashion and quality at the best price", says Rolf Eriksen, CEO H&M. Fashion-savvy shoppers in Hong Kong can look forward to getting the world premier of the `M by Madonna' collection, two weeks before the rest of the world. In the future, H&M plans to open two stores in Shanghai in April and during fall 2007 H&M will open three new stores in Hong Kong. |
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[8 March 2007] benetton group |
Benetton opens largest store in central europe March the 8th heralded the opening of the Benetton Group's Hungarian flagship store on Budapest’s exclusive Fashion Street. The store will showcase the most important international fashion brands right in the historic centre of the city. The three-storey, 800 square metre flagship store will be one of the largest Benetton stores in Central Europe. The store is located in a period building on the prestigious Deák Ferenc utca, the main shopping street in the Hungarian capital. The flagship store offers a comprehensive range of United Colors of Benetton collections for adults and kids, Sisley clothes and accessories. Like other Benetton stores, this megastore will highlight the image of Benetton, not only as a worldwide clothing company, but as promoter of an open, international lifestyle. The Hungarian opening confirms the important growth and the strong interest of the Group in the Balkans and Eastern Europe, where the total number of stores is approximately 250. Benetton already has eight stores in the key Hungarian cities and towns of Budapest, Debrecen, Gyõr, Nyíregyháza and Pécs. |
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[8 March 2007] neiman marcus |
Neiman Marcus, Inc. Reports February Revenues For the the four-week February period ending on the 24th of February 2007, Neiman Marcus, Inc. preliminary company-wide total revenues reached $305 million compared with $282 million for the 25th of February 2006. Specialty Retail Stores segment, which includes: Neiman Marcus stores and Bergdorf Goodman, increased 5.3 per cent. Revenue growth trends were the strongest in the Company’s stores in the West, Texas and New York City. The merchandise categories, in the Specialty Retail Stores segment, that performed the strongest included: designer jewellery and handbags, dresses, accessories and shoes. Comparable revenues at Neiman Marcus Direct (the Direct Marketing segment conducts both online and print catalog operations under the Neiman Marcus, Horchow and Bergdorf Goodman brand names) increased 16.1 per cent. The top selling merchandise categories in the Direct Marketing segment included jewellery, women’s contemporary sportswear and shoes, handbags and men’s. Visit: Neiman Marcus Group [8 March 2007] |
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[8 March 2007] urban outfitters |
Urban Outfitters Reports Urban Outfitters, Inc. (Nasdaq:URBN), achieved earnings of $35.7 million and $116.2 million for the quarter and year ending on the 31st of January 2007, respectively. Earnings per diluted share were $0.21 for the quarter and $0.69 for the year. Total sales for the fourth quarter increased 13 per cent to a record $360.8 million. Comparable store sales at Urban Outfitters and Anthropologie were down 4 per cent and 7 per cent, respectively and increased 4 per cent at the company's Free People stores. Total Company comparable store sales decreased 5 per cent versus a combined 8 per cent increase during the same quarter last year. Direct-to-consumer sales rose 23 per cent and Free People Wholesale sales jumped 29 per cent for the quarter. Sales for the year ended January 31, 2007 increased 12 per cent, to a record $1.22 billion. Total comparable store sales for the period decreased by 6 per cent versus an 11 per cent increase last year. Direct-to-consumer sales rose by 18 per cent while Free People Wholesale sales surged 39 per cent. "We have seen steady improvement in the reaction to our fashion offerings over the past few months," stated Richard A. Hayne, Chairman and President. "Both the Anthropologie and Free People brands delivered positive 'comp' store sales for the month of February and since we will anniversary negative 'comps' each quarter this fiscal year, we feel guardedly optimistic about achieving our modest sales plans for the year," finished Hayne. Visit: Urban Outfitters [8 March 2007] |
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[8 March 2007] bebe stores Inc. |
bebe Store Sales Decrease by 2.2% “We are disappointed to report our first month of negative comparable store sales in the last 46 consecutive months,” said Greg Scott, Chief Executive Officer. Mr. Scott continued, “As I previously mentioned, in our core bebe brand, we felt that we did not have the correct assortment in casual, including sweaters and denim, and the overall assortment did not appropriately address 'sexy', a core attribute of our brand. I continue to believe we will see a more appropriate assortment in March with a sexier feeling to our overall assortment, as can be seen in our Spring catalog which is arriving in homes this week. Our casual offering with an improved denim assortment should be reflected in our April and May assortments. We attribute our inventory position at the end of February to certain March product having been received early due to the Chinese New Year holiday and the Spring catalog. We continue to expect our inventory at the end of March to increase in the mid single digits.” |
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[8 March 2007] ctia Wireless |
Fashion Takes Centre Stage at CTIA Wireless 2007 Fashion In Motion CTIA WIRELESS takes place 27-29 March 2007 at the Orange County Convention Centre in Orlando. Fashion show times are 11:30 am, 2:00 pm and 4:00 pm on Tuesday, 27th of March and Wednesday, 28th of March; and 11:00 am and 1:30 pm on Thursday, 29th of March. Visit: CTIA Wireless | CTIA [8 March 2007] |
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[7 March 2007] London Retail Consortium |
LRC Shop Price Index – February 2007 The index for London now stands at 97.82, still well below that of the UK, which currently stands at 98.99. The index has showed a month-on-month fall in four of the last 14 months, all at key times of year when discounting is expected, namely January, February, June and July. The marginal rise in the index following the end of sales and promotional activity shows that retailers in the capital had little room to increase prices without adversely affecting sales growth. Kevin Hawkins, Director, LRC comments: “The Shop Price Index for central London showed only a marginal increase in February compared to January, as the traditional sales period came to an end. But retail inflation in the capital is still very low relative to the rest of the UK and likely to remain so as competitive pressures are likely to remain intense for the foreseeable future.” Mike Watkins, Senior Manager, Retailer Services, ACNielsen comments: “Shop Prices remain lower than 2 years ago despite the easing of Discounting in February, and London continues to be one of the most competitive regions of the UK for retailing. So expect prices to be sharpened again unless consumer demand in particular for non food picks up in time for Easter.” |
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[7 March 2007] adidas group |
adidas Group strengthened brand portfolio boosts sales adidas Group (FWB:ADS) full year net sales topped the €10 billion mark for the first time as revenues grew by 52 per cent from €6.636 billion in 2005. Currency-neutral sales for the adidas Group (excluding Reebok) went up by14 per cent from € 6.636 billion in 2006 to € 7.548 billion in 2007, representing the highest organic growth made by the Group within the last eight years. Group operating profit increased 25 per cent, currency-neutral sales grew 53 per cent in 2006 and adidas Group sales increased 53 per cent on a currency-neutral basis, strongly supported by, for the first-time, the consolidation of Reebok. Double-digit growth was generated in all regions except Europe, where sales increased by high-single-digit rates. “2006 was a truly exciting year for the adidas Group, as we strengthened our brand portfolio by acquiring Reebok and exceeded the € 10 billion sales mark for the first time in the Group’s history,” commented adidas AG Chairman and CEO Herbert Hainer. “Our performance at the 2006 World Cup was a stand-out in leveraging our brand strength, and we clearly delivered strong operational and financial results.” Visit: Adidas [7 March 2007] |
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[6 March 2007] British Retail Consortium |
RATE RISES YET TO WORK THROUGH TO SPENDING The three-month trend rate of growth rose to 3.0 per cent from 2.1 per cent in January, for like-for-like sales, and to 5.0 per cent from 4.1 per cent for total sales, reflecting the growth of retail space. Food sales remained strong, though growth slowed a little from January’s 6-month high. Clothing and footwear were largely flat, furniture remained down on a year ago and house textiles, toiletries and cosmetics slowed. Home accessories remained good, though were often discount-driven. Consumer confidence weakened again in February, as plans for major purchases fell back. Helen Dickinson, Head of Retail, KPMG comments: “February’s results reflect a continuation of the trend of late December and January – not a bad set of results on the face of it but the total growth of 5.6 per cent and like-for-like growth of 3.3 per cent must be taken in the context of a weak set of figures from February 2006." She added: "Once again, it’s the food sector which is the key driver of growth, whilst home accessories also had a good month. Clothing and footwear retailers continue to find generating like-for-like growth much more challenging given the large increases in floor space they have taken on in the last twelve months.” |
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[5 March 2007] Polo Ralph Lauren |
Polo Ralph Lauren and Richemont Form Polo Ralph Lauren Watch and Jewellery Company Two leading players in the global luxury business have announced the formation of The Polo Ralph Lauren Watch and Jewellery Company, S.A.R.L., whose purpose will be to design and create luxury watches and fine jewellery. In this unique partnership, Polo Ralph Lauren (NYSE:RL) and Richemont (SWX: 'CFR') will form a joint venture to design, develop, manufacture and distribute the products through Ralph Lauren boutiques as well as through the finest independent jewellery and luxury watch retailers in the world. The partners will each own 50 per cent of the new entity and are committed to this joint venture on a long-term basis. This is Richemont's first such joint venture with a luxury fashion designer and it is Polo Ralph Lauren's first foray into the precious jewellery and luxury watch businesses. It is expected that the products will be launched in the fall of 2008. Ralph Lauren, Chairman and Chief Executive Officer of Polo Ralph Lauren Corporation said, "This business is an important part of our global luxury accessories strategy. I am confident that our unique design sensibility and luxury brand building skills, combined with Richemont's unique experience on a global basis, creates an opportune way for this partnership to succeed. I believe strongly in this partnership." Johann Rupert, Executive Chairman of Richemont, said, "I have long admired Ralph Lauren. His impeccable taste, style and attention to detail are unique. These factors, combined with Richemont's expertise in jewellery and watches will lead to a fascinating business venture. Jointly, we aim to create a new luxury business, which I am confident will develop into a world leader. This is an exciting partnership and I very much look forward to working with Ralph." Visit: Polo Ralph Lauren | Richemont Group [5 March 2007] |
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[4 March 2007] london fashion week |
Record Figures for London Fashion Week February's edition of London Fashion Week received the largest ever attendance of UK buyers, international press and photographers and broadcast crews. With editorial media coverage worth £24 million, orders worth £40 million and business for London worth over £100 million London Fashion Week was exceptionally good for the economy. The 49 designers on the catwalk, and 200 designers in the exhibition attracted more than 400 photographers and broadcast crews being commissioned and accredited to cover the event. To date, London Fashion Week February 2007 has generated £24 million of editorial print media in the UK alone, 70 per cent of which is dedicated fashion coverage. UK buyers visiting The Exhibition @ London Fashion Week increased by 20 per cent and international press by 10 per cent on comparative figures for London Fashion Week September 2006. Orders generated at London Fashion Week each season are estimated to be in the region of £40 million. It is estimated that London Fashion Week generates more than £100 million per annum for the London economy, and feeds into many other iconic British events, not least those hosted during London Fashion Week — the BAFTAs glamour was brought to life through fashion on the red carpet, and the BRITs saw Roland Mouret and Erin O’Connor present the Best International Male Artist. In addition to this, The Face of Fashion exhibition preview at the National Portrait Gallery saw Kate Moss, Erin O’Connor and the fashion pack celebrate some of the most talented fashion photographer’s of the past decade. Hilary Riva, Chief Executive of The British Fashion Council commented: “The design talent in London shone through this season with tradition, innovation and avant garde, offering something for everyone. I am delighted our audience is growing as increased exposure can only strengthen our designers’ businesses and London’s position as one of the world’s leading fashion capitals”. |
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[1 March 2007] gap inc. |
GAP's Fisher, sets about 'fixing' core business Fourth quarter net sales for the 14 weeks rose 2 per cent to $4.9 billion, compared with $4.8 billion the previous year. Comparable store sales decreased 7 per cent, compared with a decrease of 6 per cent for the fourth quarter of the prior year. For the Fiscal Year 2006 Net sales were $15.9 billion and $16.0 billion for the 52 weeks ending on the 28th of January 2006. Comparable store sales for the 52 weeks decreased 7 per cent, compared with a decrease of 5 per cent in the prior year. The company’s online sales for the year increased 23 per cent. Visit: Gap Inc [1 March 2007] |
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