In Review, July 2024: Burberry, Ted Baker and Frasers topped the news agenda this month – TheIndustry.fashion

July 31, 2024

July brought us a new prime minister, several new retail and fashion CEOs, a number of new stores, and yet more M&A activity from the mighty Frasers Group.

We’ve also had mood-boosting football and Olympics, as well as (finally) some sun. Though arguably, since many retailers will have sold off much of their summer stock after a poor summer to date, the latter might have arrived a little too late.

All in all though, a lot has happened this month, and like the weather, it definitely feels like change is in the air. Here are some of the news highlights from an action-packed four weeks.

New Openings

Mango Teen makes UK debut in London

Mango has been one of the great global success stories in fashion in recent years and, happily for us, it has targeted the UK as a market ripe with possibility and has promised to open 20 new stores here over the course of the year.

The Spanish group chose the UK to open the first international outpost of its Teen concept. The 2,475 sq ft store is based just off London’s Carnaby Street at 14-16 Foubert’s Place. Some 15 further Teen stores are planned across Spain this year. Here’s hoping more are heading our way.

Marks & Spencer to open new flagships in Bath and Bristol

More good news on the store front came from Marks & Spencer which announced two new flagships in Bath and Bristol.

In Bath, where its new store will be located in SouthGate, the retailer said it was investing £17 million to “guarantee a future for M&S in Bath” while Bristol’s Cabot Circus store has been backed by a £21 million investment.

M&S said the new sites, which are part of its wider store rotation strategy, were proof that it was not abandoning city and town centre locations in favour of out-of-town retail parks.

In Pictures: Castore unveils new flagship store at Centre:MK

British sportswear brand Castore also expanded its retail footprint this month with a new flagship in Centre:MK in Milton Keynes.

The 865 sq ft store carries brand’s complete mainline range, including menswear, womenswear and junior collections, as well as selected teamwear for McLaren Racing and Oracle Red Bull Racing.

Hobbs set to open new store at Manchester’s Trafford Centre

Hobbs revealed this month that it would be opening its 63td standalone store in the UK at Manchester’s Trafford Centre this autumn.

The 4,000 sq ft store is set to carry its full mainline range, as well as “store’s exclusive” limited-edition collections and petite ranges.

In Pictures: Pangaia debuts first UK store on London’s Carnaby Street

Genderless clothing brand Pangaia, known for its planet-conscious loungewear, opened its first standalone bricks-and-mortar store in the UK on London’s Carnaby Street.

Located at 57 Carnaby Street, the 1,500 sq ft space is home to the environmentally conscious collection of fashion and lifestyle products including the brand’s range of genderless adult and kids’ styles in bright and neutral shades.

In Pictures: Axel Arigato unveils new Covent Garden flagship

Swedish footwear and apparel brand Axel Arigato opened its new 2,500 sq ft flagship store at 21-23 Earlham Street in Covent Garden’s Seven Dials – an anchor unit opposite the iconic sundial pillar.

It adds to the brand’s existing London store at 19-23 Broadwick Street in Soho and, in celebration of Axel Arigato’s 10^th anniversary, the new store will launch a limited-edition capsule collection featuring bespoke ‘Axel A’ monogramming across a t-shirt, denim and ‘Area & Dice’ sneakers for both men and women.

Store closures

Ted Baker preparing to shut all UK stores within weeks

Sadly this month has all been characterised by interesting store openings. This month it was revealed that Ted Baker could disappear from British high streets as the struggling fashion chain plans to shut all its stores within weeks.

The business behind the fashion brand’s UK shops, No Ordinary Designer Label Limited (NODL), was placed into administration with Teneo Financial Advisoryin March by former owner Authentic Brands Group.

It has since shut 15 shops in the UK, resulting in about 245 staff being made redundant. Staff working at the remaining stores have been told that they will lose their jobs when the shops are shut within three weeks,

Big name moves

Jonathan Akeroyd

Burberry boss replaced as firm warns over first-half losses amid slump in sales

Burberry CEO Jonathan Akeroyd is out after two years in the job after the strategy to take the brand upmarket was thwarted by the global luxury slowdown. He has been replaced by American Josh Schulman, formerly of Michael Kors, Coach and Jimmy Choo.

Word has it Gerry Murphy could also be replaced as chairman and there is a big question mark over the future of its creative director Daniel Lee as well.

Andrew Keith

Selfridges CEO Andrew Keith steps down after four years

Selfridges CEO Andrew Keith is to exit the department store after four years at the business during which it navigated the aftermath of the Covid pandemic and underwent a change of ownership.

Keith first joined Selfridges as managing director in February 2021. Prior to this, he served as President of Hong Kong and China-based luxury retailer Lane Crawford, which also owns the famous Joyce boutique. He also joined the Victoria & Albert Museum as a member of its Finance & Commerical Committee in May this year.

He was promoted to CEO at the Selfridges store last year but is now leaving to “pursue other ventures”.

Fenwick appoints Morleys chief as new CEO

Fenwick has announced that Nigel Blow, currently CEO at London-based department store chain Morleys, will be its new CEO – effective from October 2024.

Current Fenwick CEO John Edgar is leaving the business after four and a half years at the helm amid a wider management restructure.

Primark names Nigel Jones Chief Operating Officer

Primark announced the appointment of Nigel Jones to Chief Operating Officer. In his new role, Jones will have global responsibility for the Technology function, Supply Chain & Logistics and the Business Transformation function.

Jones joined from Whitbread, a multinational hospitality business where he spent seven years as Group Operations and Transformation Director. Before this, he worked at Tesco for over 25 years.

Frasers continues to grow

Flannels

We’ll give Fraser their own section as there is never a dull moment and the British retail supergroup was busy, even by its high standards during July, buying a shopping centre, yet another independent retailer, running the rule over Net-A-Porter and revealing its latest financial results. Here are your Frasers highlights…

Frasers is understood to have acquired indie retailer Thackerays

Frasers reported to be eyeing a bid for Yoox Net-a-Porter

Frasers Group’s shares soar after reporting “strong trading performance”

Frasers acquires Frenchgate Shopping Centre

Frasers Group once again ups stake in Hugo Boss