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Crew Clothing results show another strong year for expanding firm

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January 5, 2026

Crew Clothing’s accounts for 2024 show an improving trajectory at the business that continued its ambitious expansion plans in 2025.

Image: Crew Clothing

The accounts, newly filed at Companies House, show turnover rising to £123.39 million in the 52-week period from £117.16 million in the previous period (which was actually a 53-week one). 

Meanwhile adjusted EBITDA rose to £23.99 million from £18.21 million. 

Comparing the two years on a 52-week basis, turnover increased by 7% with significant growth across its core channels. E-commerce – that is, its own website – was up 14% and its stores rose 9%. That included underlying like for like stores growth of 4% with new openings driving the rest of the increase. Sales through third parties and wholesale made up a smaller portion of the business as it expanded its own channels, dropping back by 3% versus the previous year.

The adjusted EBITDA figure was up impressively and was driven by the strong sales performance as well as the cost of sales increasing at a much slower rate.

Meanwhile profit after tax for the latest year came close to doubling, reaching £19.4 million after £11.2 million in the previous period. 

Earlier in the year the company had already shared the news that its Christmas and Q4 2024 performances were strong. In weeks 51 and 52 of the trading year, total business sales increased an impressive 45% compared to the previous year. Within this, digital demand leapt 70%, “reflecting the growing shift to online shopping”. Meanwhile, store estate net sales rose by a very strong 22%. And third-party channel sales also grew by 34%, driven by partnerships with retailers such as M&S and John Lewis.

In Q4 as a whole, total like for like sales were up 17% and the company also reported a record-breaking Black Friday period, with total business sales growing 23% from the peak trading period of Black Friday through to the end of December. 

As mentioned, the year saw the company focusing heavily on its own channels and this continued into 2025. 

Last year saw more new stores in key locations, an entry into athleisure, and further investment in tech to streamline and optimise its processes.

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Canadian footwear brand Vessi opens first US retail store

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January 8, 2026

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January 8, 2026

Vancouver-founded waterproof footwear brand Vessi opened on Wednesday its first U.S. retail store at Bellevue Square in Washington. 

Canadian footwear brand Vessi opens first U.S. retail store. – Vessi

The new store is designed to give customers hands-on access to the brand’s waterproof technology and fit, allowing shoppers to experience the performance and comfort of Vessi products in person for the first time in the U.S. market. The location will house the company’s full footwear assortment alongside a selection of outerwear.

“Opening our first U.S. store is an important step for the brand,” said Andy Wang, co-founder and CEO of Vessi. “The Pacific Northwest has always been a core market for us, and Bellevue is a natural place to bring the Vessi experience into a physical retail setting.”

Founded in 2018, Vessi has built its business around lightweight, everyday footwear engineered with its proprietary Dyma-tex waterproof knit technology. The brand has sold more than two million pairs worldwide.

To mark the opening, Vessi said it will donate all profits generated during the store’s opening period through its first weekend of operations to support local flood relief and recovery efforts. The company will also make a separate donation to assist flood-affected communities in Abbotsford and the Lower Mainland in British Columbia.

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CFDA unveils new fashion manufacturing grants backed by Ralph Lauren

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January 7, 2026

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January 8, 2026

The Council of Fashion Designers of America (CFDA) announced on Wednesday the launch of two new initiatives aimed at strengthening American fashion manufacturing, supporting workforce development, and driving innovation and economic growth.

CFDA unveils new fashion manufacturing grants backed by Ralph Lauren. – Ralph Lauren

The first initiative, the CFDA x NY Forward Grant Fund, is supported by funding from both the New York State Department of State and Ralph Lauren Corporation and will provide partially matching grants to designers and manufacturers based in New York City’s Garment District. The program will distribute grants in two rounds, scheduled for 2026 and 2027, to Garment District–based fashion manufacturers as well as designers producing in-house.

The second, the U.S. Fashion Manufacturing Fund, was created with Ralph Lauren as its founding partner and will offer support to apparel manufacturers nationwide. It will operate from 2027 through 2029 and extend support beyond New York to major apparel-producing regions including California, New Jersey, North Carolina, South Carolina, Texas and Florida, among others. The program will provide partially matching grants covering up to 80 percent of each award, with recipient manufacturers contributing the remaining 20 percent. 

“Strengthening American manufacturing to ensure designers have local partners has long been at the core of CFDA’s mission,” said Steven Kolb, CEO and president of the CFDA. 

“We are proud to extend our decade-plus work with Ralph Lauren Corporation and expand to a national level while also continuing our local NYC investments alongside our first-ever partnership with the New York State Department of State.”

The new funds build on the CFDA’s Fashion Manufacturing Initiative (FMI), launched in 2013 in affiliation with the New York City Economic Development Corporation, Andrew Rosen and long-term supporters including Ralph Lauren. 

To date, Ralph Lauren has contributed $2 million as FMI’s premier underwriter, enabling grants to 54 factories and supporting more than 2,000 jobs across the sector.

“Our expanded partnership with the CFDA reflects Ralph Lauren’s enduring commitment to advancing innovation and supporting American fashion,” said Katie Ioanilli, chief global impact & communications officer, Ralph Lauren Corporation. 

“This is not only an investment in our industry — it’s an investment in a vital part of American culture that we share with the world.”

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Crown acquires intimates brand Hanky Panky

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January 7, 2026

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January 8, 2026

Crown Brands Group, a newly formed brand management firm, in partnership with Rafar Group, the parent company of Gelmart International, has acquired intimate apparel brand Hanky Panky. 

Crown acquires intimates brand Hanky Panky. – Hanky Panky

Under the agreement, Rafar will act as the operating partner, overseeing product design and development, e-commerce operations and distribution, while Crown will lead brand strategy, and global licensing. The two companies will collaborate on marketing strategy and execution.

The acquisition establishes Hanky Panky as the anchor asset in Crown’s planned portfolio of heritage consumer brands. Crown is backed by G72 Holdings, the family office of Raymond Gindi, whose family co-founded US off-price retailer Century 21 Stores, and was created to acquire and scale heritage brands.

“Hanky Panky is the definitive example of the type of brand we are building our platform around—one with authentic heritage, category leadership, and incredible customer loyalty,” said Raymond Dayan, CEO of Crown Brands Group. 

“As our inaugural acquisition, this deal sets the standard for our portfolio strategy. By combining Crown’s retail relationships and brand management focus with Rafar’s operational excellence, we are positioned to unlock significant growth for Hanky Panky while honoring the quality that millions of women trust.”

Founded nearly five decades ago, Hanky Panky has built a global following, with one Signature Lace Thong sold every 10 seconds worldwide. The brand is currently distributed through more than 2,500 boutiques, department stores and e-commerce platforms. Hanky Panky co-founders Gale Epstein and Lida Orzeck will remain actively involved in the business and will join the brand’s board of directors.

“We built Hanky Panky on a foundation of comfort, quality, and female empowerment, and it was vital to find partners who respect that DNA,” said Epstein and Orzeck. “We trust Crown Brands Group and Rafar Group to steward this legacy. Their combined vision gives us great confidence that Hanky Panky will continue to thrive and innovate in this exciting next chapter.”

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