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Expanding Specscart opens concept store ‘like fashion boutique’ as it eyes US move

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February 12, 2025

Expanding optical chain Specscart has opened a concept flagship store in Bury, describing it “as cool as an Apple store”. The description is apt as core to the group’s expansion plans for 2025 includes entry into the US market.

Founded by Sid Sethi, Specscart now has three stores across the Greater Manchester region and sales last year grew to more than £3 million, he told BusinessLive.

Now the company has opened a concept store in its home town of Bury that it says is also “browsable as [bookstore] Waterstones and quirky as an independent boutique”.

The Union Street store is four times the size of the existing store, featuring every pair of glasses in the 1,000-plus Specscart collection, with shoppers able to order straight from their smartphones.

​The store’s £100,000 transformation also showcases the history of the Union Street building, with original features including decorative ceiling plasterwork and with a mural installed about the history of the building.

Sethi said: “Our new store looks nothing like the clinical, old-fashioned and quasi-medical opticians of yesterday. We want people coming in for a browse, a try on and a chat just like they’d do in Zara, Gym Shark or JD Sports… we want customers coming in to store and trying loads of different pairs on like they might with trainers in the Nike store.”

He added: “Shopping for glasses should be all about fun, fashion and creating the perfect look for you and not just about sight correction.”

Specscart says it is set for a year of growth, with a new website set to launch, its optical lab now operating until midnight to meet demand, and with expansion to the US planned.

 

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THG’s Beauty chief Gorman’s role grows

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February 12, 2025

THG has expanded Beauty division CEO Lucy Gorman’s remit to include to control of its THG Nutrition business. The Beauty division has also announced three major promotions to its leadership team.

Lucy Gorman

The global health and wellness consumer brands group said Gorman’s increased responsibilities reflect her already “instrumental role in the growth and success of both businesses, which today are global, cash-generative health and wellness leaders”.
 
Having been with the group for over 12 years, Gorman “brings a wealth of experience and a deep understanding of the business”. She joined THG in 2012 on a 12-month placement during her degree, returning in 2013 as a graduate in the Beauty division. From there, she progressed to CEO of Nutrition before being promoted to CEO of Beauty in 2022. 

She will now oversee the overall trading of both divisions while Neil Mistry remains CEO of the Nutrition business.

Those three promotions within THG Beauty’s senior leadership team are headlined by Francesca Elliott becoming CEO – Beauty Retail. Here, she will be responsible for driving long-term growth and strategic brand innovation across all the group’s beauty retail platforms, it said. 

This promotion follows her recent success as managing director of Cult Beauty, where she oversaw a major rebrand of the business.
 
Elsewhere, Amy Fisher, who joined THG as CEO of Beauty Brands in September 2024, will assume further responsibility for THG Labs, the manufacturing arm of THG Beauty. And James Bonner, who joined THG 10 years ago, has been appointed president of THG US Retail.

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Scoop wraps up strong show for AW25 season

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February 12, 2025

Womenswear event Scoop AW25 impressed this week as the once-again-standalone show defied gloomy weather and a gloomy economic backdrop to bring a bit of cheer back to the UK fashion sector. 

And there was plenty of cheer on the colour front and pattern. Despite a mainly muted palette of tonal greens (think sage, olive and low-key emeralds) and burgundies with plenty of variations on Pantone’s Mocha Mousse colour of the year, there were some brights, as well as plenty of embellishment, textural twists and autumnal florals brightening the mood.

No surprise then that it looks set to be a big season for statement slouchy knits with a big play of motifs, contrast trims, and experiment textures. Faux furs should shine too, their ability to ape the real thing being even more impressive as each year goes by. Think “are they real?” faux shearlings, Mongolian lamb, fox, lynx and mink in ultra-long lengths or with bulky cuts.

In day and eveningwear there were plenty of textural plays and subtle sheen too, but with a move away from the in-your-face sequins of recent seasons. That means metallics with silks, solid/sheer contrasts, smooth ‘brocades’, and 3D appliqués.

Alone again, naturally

As mentioned, Scoop is back on its own after multiple seasons running alongside Pure London (now in Birmingham) since it moved from the Saatchi Gallery to Olympia West. 

How did it fare? Perfectly well, it seems. Despite Scoop’s off-the-beaten track location, buyers found their way to its door and the exhibitors FashionNetwork.com spoke to shrugged off the removal of big draw Pure. As busy Paris brand les Filles D’Ailleurs told us: “It’s been good. Most of the customers we have say they never go to Pure.”

As that comment suggests, the buyers were out in force from both independent boutiques and major department stores. Premium independents such as The Place London, The Hambledon, Cordelia James, Doyles, The Mercantile, Jules B, Kiti Cymru, The Dressing Room, and Sass and Edge attended, alongside buying teams from Galeries Lafayette, Le Bon Marché, Hoopers, John Lewis, Jarrolds, Anthropologie and Morleys. Irish retailers, including Emporio, Nu Chic, Sorrento, Rococo, Macbees, Ribbon Rouge, and Sybil, were also in attendance.

The multinational mix at the show went down well with buyers Amaya Jais and Philippine de Boisgrollier of Galeries Lafayette (even though they clearly have brands from anywhere and everywhere beating a path to their Paris door). They called out in particular the fact that labels at Scoop came from multiple countries of origin, and said the Spanish brands were very strong. They also said they liked Black to Grey, Dr Bloom and Indi & Cold in particular.

Meanwhile, Amy Cook, owner of Eighty Seven, praised the show’s manageable size (something mentioned to us many times by exhibitors who were actually shying away from mega-sized shows). She was also happy to discover affordable streetwear-meets-daywear label Loreak Mendian there. 

Nailing newness

While organiser Hyve doesn’t share attendance figures, the show seemed busy with plenty of orders being written. In total there were over 250 collections on show and this edition in particular just seemed to nail it both for old-timers and newcomers.

Hester Moore, owner of Helen Moore, said: “This has been the best show yet, and we’ve been coming for five years. Something just clicked this year. We’ve been busy every day with buyers – it’s been non-stop.”

For Juls Dawson of Just Consultancies it was the first time the company had exhibited at Scoop in several years, “and it has been the best trade show we have attended in a long time. The timing is perfect… as the market is 100% looking for newness and brands that hit the spot from a pricing perspective. The quality of customers aligns with our expectations, with the best boutiques across the UK attending. We have been extremely busy and have met several retailers we have been trying to connect with for a long time. At one point, we couldn’t keep up with the traffic on our stands.”

That point about newness was key for product with the season feeling like it was maybe on the verge of some change as dresses slightly lost their all-encompassing dominance and separates, knits and outerwear had a chance to shine.

Newness was also important for the brands themselves and there’s no denying that Scoop continues to be the go-to event for any brand wishing to enter the UK premium market.

Augusta – Photo: Sandra Halliday

That holds true for Paloma and Cristina Rato, the sisters who founded Spanish footwear brand Augusta in 2019 as an online-only operation. With a mission to get women out of 365-days-a-year trainers, their leather and calf hair boots, chunky-but-low-heel-and-feminine Mary Janes, loafers and almost-flat slingbacks (all designed in Madrid and produced in Alicante) could do just that. 

They usually show in Paris and Milan but told us they decided to add London this time “as the UK is a big market for us online and as we don’t yet have retailers here we decided it was time to do something. We were recommended to come to Scoop by some Spanish brands that show here. We wrote orders on the first day and it was very good”.

No. 44 – Photos: Sandra Halliday

Romania’s No. 44 also thinks it’s time to break into the UK as it doesn’t sell in the country at all for now. MD Claudiu Ciubotaru is evangelical about its “timeless”, sustainable jeans. Denim is the company’s obsession (its intricately cut and tailored blazers also come in denim), as is sustainability. That means heavy use of recycled materials and a project (still under way and not yet come to fruition) to make better use of the waste created by premium selvedge denim.

The five-year-old company said the trend is definitely towards looser, slouchier cuts with Ciubotaru also wearing one of the slouchiest styles (yes, it’s womenswear only in theory, but he said the cuts are versatile enough to be adapted).

Ciubotaru said the brand saw plenty of interest at the show and was keen to try it because of its strong “design” focus, which meant visitors would ‘get’ the brand.

Avec Les Filles – Photos: Sandra Halliday

Meanwhile, show newcomer and New York brand Avec Les Filles (the French name comes from the Paris runway inspiration) was bucking the wider Scoop trend with slightly lower pricing than the average and a more exuberant approach to colour. The company’s Lexi Michelotti said it was the right time and venue to launch the brand into the UK market.

“Why the UK? We feel London and New York are in a ‘friends across the pond situation’. We know all the stores here so we felt it was a similar enough market. We’ve had a good reaction and we’ve written orders even though people seem to be slowing down from writing orders directly at shows. People were looking at the really eye-catching pieces, the faux furs, some of our flashier dresses.”

Established names

But Scoop wasn’t all about new-to-Britain labels. Emily Lovelock for instance is a well-established, eight-year-old name (and an Indian one despite the very English monicker) that was making an impact with its day and partywear.

Emma Chapman of the Morris Fyffe agency (which has only been handling it since the SS25 season) said it has done particularly well with the partywear this time, adding that “maybe in down times people tend to go for something a little bit more unusual”.

Emily Lovelock – Photos: Sandra Halliday

And what they get with the label is lots of small but crucial detail, from heart buttons to lace inserts, ric rac edging, other unusual fastenings, cuff trims, embroideries, decoratively topstitched denim and more. And it seems to be paying off with Chapman saying that it was pieces with those details that were proving a big hit.

The brand works predominantly with boutiques and the stand was continuously busy.

Another established label, Stand Studio — the Scandi cool outerwear specialist — is already stocked in Selfridges and END. But is aiming to re-energise its UK business with indies and department stores post-pandemic. Laura Robertshaw from agency 360 Group that’s now handling Stand Studio said the show got off to a good start for the label, even though what it was showing there was just a tiny percentage of its full offer. 

Stand Studio – Photo: Sandra Halliday

And it seemed to be getting a good response to its long faux furs (as mentioned, long coats are key for the season) and curly faux furs, writing orders from day one.

And when it comes down to summing up the success or failure of a show, that’s what it’s all about — orders. From that point of view, we should be able to say that Scoop’s AW25 event was an undeniable success.

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Alibaba becomes China’s new AI darling with $87 billion rally

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February 12, 2025

The frenzy over Chinese artificial intelligence is turning Alibaba Group Holding Ltd. into an investor favorite again, injecting new life into an e-commerce giant that had nearly sunk into obscurity following a years-long regulatory crackdown.

Reuters

Alibaba’s Hong Kong-listed shares have surged 46% since hitting a 2025 low on January 13, expanding its market value by nearly $87 billion and exceeding the Hang Seng Tech Index’s 25% gain in the same period. That makes the stock by far the best performer in China’s Big Tech universe in the new year, outshining rivals Tencent Holdings Ltd., Baidu Inc. and JD.com Inc.

It marks a surprise reversal of fortunes for Alibaba, which had fallen out of favor among investors after its business suffered from Beijing’s clampdown on the country’s tech behemoths and a post-Covid consumption slump. Behind the rally is optimism about Alibaba’s efforts to develop its own AI services and platform, which gained traction after Chinese AI startup DeepSeek unveiled technologies that caused a rout on Wall Street.

Alibaba’s shares got another shot in the arm on Wednesday, after the Information reported that Apple Inc. is working with the e-commerce pioneer to roll out AI features in China.

“The emergence of DeepSeek has sparked a new AI-related catalyst for Chinese tech stocks,” said Andy Wong, investment and ESG director for Asia Pacific at Solomons Group. “Within this space, we see Alibaba as having more tangible and well-established earnings growth prospects in the medium term.”

Alibaba’s 2025 bounceback is the culmination of a year-long turnaround spearheaded by two of Jack Ma’s oldest lieutenants: Joe Tsai and Eddie Wu. The chairman and CEO, part of the original founding team that created Taobao in Ma’s lakeside apartment, took the helm in 2023 right after years of Beijing-led regulatory investigations and a post-Covid downturn gutted its cloud and consumer businesses. They took the company back to basics, initially focusing on consolidating and streamlining the fragmented core commerce business.

They also decided to go big in AI. Since the advent of ChatGPT, Alibaba has invested in a clutch of China’s most promising startups, including Moonshot and Zhipu. And it prioritized the expansion of the cloud business that underpins AI development, slashing prices to win back the customers that fled to rivals during the turbulent years. It also decided to spend on AI, joining a race led by Baidu at the time.

In January, that effort yielded initial fruit. Alibaba published benchmark scores showing its Qwen 2.5 Max edition scored better than Meta Platforms Inc.’s Llama and DeepSeek’s V3 model in various tests. The company is now considered a leading player in AI alongside big names from Tencent to ByteDance Ltd. and startups including Minimax and Zhipu.

A key hurdle facing Chinese AI firms has been the slower adoption and lack of willingness to pay for services among domestic consumers and businesses.
“Many hedge funds and long-only investors see AI as a potential inflection point for Alibaba, with some expressing interest in understanding the valuation of Alibaba’s cloud business and any upside from large language models,” JPMorgan Chase & Co. analysts including Alex Yao wrote in a note. “The AI narrative is seen as a driver for potential re-rating, but there are concerns about the monetization of AI capabilities.”

In addition, cloud business growth for Chinese hyperscalers has lagged that of major US peers so far. Analysts estimate cloud revenues for the December quarter rose 9.7% from a year ago at Alibaba and 7.7% at Baidu, compared with 19% at Amazon.com Inc. and 31% at Microsoft Corp.

Alibaba’s financial results scheduled next Thursday are expected to offer investors a fresh opportunity to learn about the company’s progress on its AI models and outlook for its cloud services.

Despite the lingering question marks, Alibaba’s valuations remain attractive to some investors even after the latest rally. Its shares are trading at 12.2 times forward earnings, below its five-year average of 14.6 times.

“Despite the rally, Alibaba’s stock is still undervalued compared to its US tech peers, considering its growth potential and market position,” said Manish Bhargava, chief executive officer at Straits Investment Management in Singapore. “The company is expanding its overseas marketplaces, which could reduce its reliance on the domestic Chinese market and drive future growth.”
 
 



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