Retail sales continue to soar, held back only by supply chain challenges.
BRANDS
John Lewis (UK) will extend its Anyday line of homeware and technology products, which currently sells in Waitrose supermarkets, to offer 700 products in menswear, womenswear and children’s clothing.
- The new range will include £4 leggings for kids and £22 jogging bottoms for women.
- John Lewis will continue to stock its own-brand products under the ‘John Lewis & Partners’ label. Around 300 items will be stocked in 120 Waitrose supermarkets from the end of the month, with plans to expand.
Marks & Spencer (UK) is reviving the St Michael brand after a 21-year absence, as vintage clothes find a new audience in younger generations.
Banana Republic (USA) is rebranding to focus on what it refers to as “democratic, approachable and inclusive luxury.” The brand will emphasize lifestyle rather than fashion.
- The new fall collection features high end materials including leather, suede, Italian Merino wool, silk, shearling and cashmere.
FINANCE
Ted Baker (UK) registered a 30% jump in sales in Q2 at its shops as consumer confidence picked up.
Lululemon (Canada) said it expects to surpass its 2023 revenue target by the end of this year.
- Sales in North America rose 63% year-on-year and were up 49% internationally.
- Net income for Q2 reached $208.1 million, while revenue rose 61% to $1.45 billion.
Torrid (USA) reported Q2 net income of $38.8 million, more than double the $16.8 million earned in 2020.
- Net sales rose 34% to $332.9 million.
Part of the brand’s success is what Torrid CEO Liz Munoz calls its “maniacal focus on fit”.
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STORE OPENINGS
Miniso (China) has expanded to the US East Coast opening a 4,000-sq. ft. store at the Cherry Hill Mall in New Jersey.
- Nine more stores are planned to open by year-end, reaching a total of 50 stores in the US.
Torrid (USA) plans to open 25 stores annually for an unspecified number of years, it said during an investor’s call.
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