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Frasers Group issues Overgate Dundee development update

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January 28, 2025

Dundee’s Overgate Shopping Centre is continuing its speedy transformation under owner Frasers Group with some big-name opening this spring.

Overgate

Central to the redevelopment will be the owner’s new 100,000 sq ft Frasers concept department store, scheduled for a May opening. At the same time there will also be the brand’s introduction of its high-end fashion brand Flannels. And, of course, its sports banner Sports Direct is also included in the mix.

But it doesn’t end there. Spanish fashion giant Mango has confirmed it will open in Overgate, occupying a prime location on the ground floor of the centre with the 4,081 sq ft store space, scheduled to launch in April under a 10-year lease.

Also joining the centre in April is British heritage footwear brand Clarks, on track to open a 2,160 sq ft store. Meanwhile performance sportswear brand Castore has just opened a 1,649 sq ft store on the upper mall under a five-year lease.

The owner has also announced a number of significant new lease extensions by existing key tenants, including Next, Office and TUI, “seeing Frasers Group significantly strengthen the east coast of Scotland’s retail offering”.

Other recent arrivals include Rituals, Pandora, Lovisa, Bee Inspired, and The Leith Collective.  As of today, over 20 leases have been renewed, said Frasers.

Frasers Group bought Overgate, Dundee in March 2023 promising a multi-million-pound transformation of the former Debenhams unit within the centre. It expects the million visitors seen in 2024 and “will… rise significantly in 2025. It’s going to be a very busy and exciting first half of the year.”
 
Malcolm Angus, Centre Manager, added: “The Frasers concept store is one of the largest shop fit-outs Dundee has ever seen. Everything, on every level, will be brand new. Once complete, [it] will be a remarkable modern department store that will transform Overgate, regenerate the city of Dundee, and strengthen the east coast of Scotland’s retail offering. 

“The plan is for Frasers and Flannels to open at the same time; the [latter] project alone is significant and will be a game-changer in driving footfall to the centre.”
 

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Fashion

Hoka-parent Deckers Outdoor’s forecast disappoints despite solid holiday quarter

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January 31, 2025

Deckers Outdoor on Thursday beat third-quarter sales estimates on robust holiday demand for its Hoka running shoes, but an in-line annual forecast caused the footwear maker’s shares to tumble 17% in extended trading.

Ugg

Hoka shoes with their oversized soles have been gaining market share from brands such as Nike in the sportswear category. The brand, which retails for up to $300 in the United States, have also enjoyed full-price sales.

This drove up the company’s third-quarter revenue by 17% to $1.83 billion, beating analysts’ average estimate of $1.73 billion, according to data compiled by LSEG. Deckers also raised its annual net sales forecast for a second time this year.

“The guidance looks pretty conservative and considering the beat, it’s bit of a negative read into the out quarter,” said Drake MacFarlane, analyst at MScience.

The popularity of the Hoka shoes and the success of the company’s Ugg boots and sandals has helped it post double-digit revenue growth for nearly seven quarters.

The company now expects annual net sales to increase about 15% to $4.9 billion, compared with its prior expectation of about 12% growth to $4.8 billion. Analysts estimated an increase of 14.9% to $4.93 billion.

Deckers expects annual earnings per share of $5.75 to $5.80, compared with its prior forecast of $5.15 to $5.25.

© Thomson Reuters 2025 All rights reserved.



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Amazon ramps up ad spending on Elon Musk’s X, WSJ reports

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January 31, 2025

Amazon.com is increasing its advertising on billionaire Elon Musk’s social media platform X, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

Reuters

The major shift comes after the e-commerce giant withdrew much of its advertising from the platform more than a year ago due to concerns over hate speech.

In 2023, Apple also pulled all of its advertising from X and has recently been in discussions about testing ads on the platform, the report said.

Several ad agencies, tech and media companies had also suspended advertising on X following Musk’s endorsement of an antisemitic post that falsely accused members of the Jewish community of inciting hatred against white people.

Monthly U.S. ad revenue at social media platform X has declined by at least 55% year-over-year each month since Musk bought the company, formerly known as Twitter, in October 2022. He had acknowledged that an extended boycott by advertisers could bankrupt X.

Musk has become one of the most influential figures following President Donald Trump‘s re-election. He now leads the Department of Government Efficiency, which aims to cut $2 trillion in government spending.

© Thomson Reuters 2025 All rights reserved.



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Ferragamo’s sales down 4% in fourth quarter, sees “encouraging results”

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January 31, 2025

Italian luxury goods group Salvatore Ferragamo said on Thursday its revenue dropped by 4% at constant currencies in the fourth quarter, flagging “encouraging results” from its direct-to-consumer sales which were overall flat in the last three months of the year.

Ferragamo – Spring-Summer2025 – Womenswear – Italie – Milan – ©Launchmetrics/spotlight

Sales in the North American region, which accounted for 29% of total revenue, were up 6.3% in the quarter.
However, the Asia Pacific area saw a 25% drop in revenue at constant exchange rates.

The slowdown in global demand for luxury goods, especially in China, has made the group’s turnaround harder.
Overall preliminary revenues reached 1.03 billion euros in 2024, in line with analysts’ estimates, according to an LSEG consensus.

“January shows an acceleration in our DTC channel’s growth, albeit supported by the different timing of the Chinese New Year and a favourable comparison base versus last year”, Chief Executive Marco Gobbetti said in a statement.
 

© Thomson Reuters 2025 All rights reserved.



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