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Office and Offspring owner profits jump

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Truworths UK Holdco Ltd — best known as the owner of the Office and Offspring footwear businesses — has filed its accounts for the year to the end of last June and they show profits more than doubling.

@officeshoes

The company, which has been owned for a decade by South Africa-based Truworths, said pre-tax profit jumped to £102 million from £47.7 million, a strong bounce-back after it was loss-making in the years to June 2019 and 2020.

Revenue at the company also jumped from £265.3 million to £294.3 million. the company’s net profit also surged, rising from £37.7 million to £79.8 million.

The strong year came as the business opened new stores and as of the year-end, it operated 75 stores (up from 70), plus 11 concessions spread across the UK and the Republic of Ireland. Job numbers also rose to over 1,800 from just over 1,600.

The year in question was a tough one for the UK fashion industry but in the accounts the company said that trading conditions were much improved in the period. And while consumer confidence remains shaky, it added that it has improved steadily.

That said, consumer spending was (and is) under pressure. But the company said “the branded fashion footwear sold by Office proved to be a resilient category and traded well throughout the period,” helped by the new and revamped stores.

The business remains upbeat for its future prospects, and said it “will continue to leverage its strong relationships with the world’s leading footwear brands, its loyal customer base across the Office and Offspring brands and ongoing investment in digital marketing. Growth in the year ahead will be driven by a strong online presence and the expansion of the Office store portfolio through new store openings and the remodelling and extension of existing stores in strategic retail locations”.

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Swiss watch exports drop in February on weak demand in China, US

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Bloomberg

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March 20, 2025

Swiss watch exports’ downward trajectory resumed in February after a one-month respite, with all main markets seeing a decline.

Longines

Shipments from Switzerland’s third-biggest exporting industry fell 8.2% overall, hampered by slow demand in China, the Federation of the Swiss Watch Industry said Thursday. In total, 102,000 fewer watches were exported.

Only watches with an export price below 200 Swiss francs ($228) posted a positive result. Mid-market watches — priced between 500 and 3,000 francs — fell 15.4%, while timepieces above 3,000 francs slipped 7.3%. Precious metal watches held up better than steel watches, despite high gold prices.

The figures highlight persistently tough conditions for Swiss-based watchmakers controlled by the likes of Richemont, Swatch Group AG and LVMH, as well as independents including Audemars Piguet, Patek Philippe and Rolex SA after a boom during the pandemic. Exports were down 3% last year.

Even the US market, which had previously held up, faltered in February with shipments down 6.7%.

The data “may fuel ongoing investor concerns around US luxury demand moderation,” RBC analyst Piral Dadhania said in a note.

US consumer confidence fell the most since August 2021 last month on concerns about the outlook for the broader economy, indicating that uncertainty over President Donald Trump’s policies is weighing on consumer spending.
 



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Fashion weeks: Isabelle Fine on this season’s top collections, trends, and emerging brands

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Translated by

Nazia BIBI KEENOO

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March 20, 2025

The Fall-Winter 2025/26 runway season ended last week in Paris after captivating showcases in New York, London, and Milan. From February 6 to March 11, designers brought their latest womenswear collections to life, setting the tone for the season ahead.

This extended session provided an opportunity to gauge the current direction of fashion at a time when the luxury market has been under strain for a year due to economic conditions and geopolitical tensions, and the industry is navigating a period of intense transformation.

FashionNetwork.com spoke with department store buyers to gather their thoughts on the season, emerging trends, and key takeaways. Isabelle Fine, womenswear director at Le Bon Marché, shares her analysis.

Isabelle Fine – Le Bon Marché

FashionNetwork.com: What was your impression of this Fall-Winter 2025/26 season?

Isabelle Fine: Paris remains, without a doubt, the most important and influential fashion week. Milan continues to be engaging, whereas London felt somewhat less dynamic this season. Given the current political and economic landscape, along with the absence of certain shows due to ongoing shifts in creative direction, there was a noticeable sense of uncertainty. However, strong artistic visions still prevailed, with powerful collections and an undeniable energy—especially in Paris. Overall, brands took a cautious approach but embraced more defined creative stances.

FNW: What key trends stood out?

IF: There’s a noticeable return to a more feminine and sensual aesthetic. Collections felt less uniform and moved away from the quiet luxury trend. Women’s fashion feels freer and more refined, particularly in fabric choices, with a strong mix of textures. Fur played a major role, appearing across both clothing and accessories, adding richness to silhouettes and reinforcing a sense of sophistication.

Bold accessories, like oversized necklaces and brooches, and structured shoulders emphasized strength and confidence. The waist was also a focal point—highly defined, signaling a shift away from the oversized, masculine tailoring of past seasons.

FNW: What other standout materials defined this new take on femininity?

IF: Beyond fur and knitwear, leather was everywhere—in coats, jackets, bombers, skirts, and trousers. It had a slightly more rebellious, almost punk edge, even showing up at Chloé with a grunge-inspired attitude. These elements reinforce a sense of freedom and individuality.

FNW: Which shows made the biggest impression on you?

IF: Alaïa was one of the most striking, with sculptural silhouettes, impeccable knitwear craftsmanship, and dynamic movement that celebrates the body. Pieter Mulier is doing fantastic work—his expertise in knitwear techniques is exceptional. I especially loved the hooded sweater, both for its refined craftsmanship and enveloping, cocoon-like feel.

I also enjoyed Sacai—Chitose Abe, who is always innovative, and her vision remains one of the strongest. Then there’s The Row, which delivered poetic simplicity, exquisite craftsmanship, and commanding silhouettes. Lastly, Miu Miu continues to redefine femininity, always with a daring and creative approach.

Alaïa, Spring-Summer2025/26
Alaïa, Spring-Summer2025/26 – ©Launchmetrics/spotlight

 
FNW: How do you approach buying for Le Bon Marché’s clientele?

IF: We aim to balance timeless wardrobe staples and standout statement pieces. That means selecting both wearable essentials and bold, high-fashion pieces. The same approach applies to our brand curation.

We are fortunate to have a strong Parisian clientele, and we buy with their specific tastes and lifestyles in mind. The process is highly intuitive—we consider trends but don’t follow them unthinkingly. Creativity is just as important as commercial appeal.

FNW: What role do emerging designers and independent brands play in your strategy?

IF: Discovering new talent and up-and-coming designers is essential to our buying approach. We are trendsetters but must also introduce fresh, exciting names to surprise our customers.

We have dedicated multi-brand spaces for these rising designers, and our goal is to rotate new names every season. Exclusive collaborations are also a key part of our strategy.

FNW: Which emerging brands caught your attention this season?

IF: Zomer stood out—it strikes a great balance between creativity and wearability. Alainpaul also made an impact—its approach to movement and the body, influenced by dance, gives it a unique artistic sensitivity. It’s essential to support and showcase these new voices in fashion.

Zomer, Fall-Winter 2025/26
Zomer, Fall-Winter 2025/26 – ©Launchmetrics/spotlight

FNW: What are your must-have pieces and accessories for next winter?

IF: We see jackets with wide, rounded shoulders and subtly cinched waists in tailoring. Bomber jackets, structured leather outerwear, and plush knitwear are also key.

Regarding accessories, I was drawn to the dramatic, oversized thigh-high boots, which channel the power-dressing aesthetic of the 1980s. Feminine socks and stockings also made a statement. Belts define the waist, while charms and keychains add a playful touch to handbags.

Jewelry is shifting away from minimalism—we’re seeing a return to bold, maximalist accessories, which allow for more personalized, expressive styling.

FNW: What standout colors did you notice?

IF: While black, gray, and brown remain essential, I also saw a bold use of color—deep reds, rust tones, ochre, and softer pastels.

Regarding buying strategy, we’ll balance timeless autumnal tones with statement hues that add depth and personality, ensuring that key pieces tell a story and align with a brand’s creative vision.

FNW: Which new creative directions stood out the most?

IF: Haider Ackermann at Tom Ford was a major highlight. His tailoring is impeccable, and he brings elegance and sensuality without being overtly provocative. He seamlessly merged his own aesthetic with the DNA of the house, which is no easy task, and he pulled it off beautifully.

I was also moved by Julien Klausner’s debut at Dries Van Noten. The show had a strong narrative of legacy and artistic transmission, which is always a challenge—especially with Dries himself present. Klausner managed to honor the brand’s identity while bringing in fresh energy.

And, of course, Sarah Burton‘s debut at Givenchy was another standout moment.

FNW: How have fashion weeks evolved over recent seasons?

IF: A year or two ago, creativity wasn’t at the forefront of the shows. This season, there was a noticeable return to creative energy. However, I believe the real creative resurgence is yet to come—I expect it to materialize fully next season.

We’re at the beginning of something big, and September’s shows will be incredibly exciting.

Copyright © 2025 FashionNetwork.com All rights reserved.



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Nike faces store strike in Turkey on top of online sales pause

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By

Bloomberg

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March 20, 2025

Nike Inc. is running into trouble in Turkey, where it has the most stores in Europe, adding to the sportswear company’s headaches.  

Nike

Unionized retail employees at nine Turkish Nike stores are set to strike on Friday after the parties failed to reach terms on a new collective bargaining agreement. This comes amid a broader e-commerce shutdown, triggered in part by higher customs taxes, that’s lasted more than half a year. 

Turkey is an important part of the operating region that includes Europe, the Middle East and Africa — an area where Nike has posted significant sales declines in recent quarters. Nike has 60 stores in Turkey, a handful more than the total in France and about 10 more than in the UK. 

On a global level, the company is looking to rebound after a year of layoffs and leadership changes. New Chief Executive Officer Elliott Hill is prioritizing a return to sports and repairing relationships with its retail partners. Nike is scheduled to report earnings on Thursday after the close of trading in New York. 

The nine Turkish company-owned shops that are poised to strike employ about 250 workers. The other franchised stores in the country aren’t covered by the collective bargaining agreement.

Nike’s unionized store workers are concerned about the company’s future in Turkey, according to Metin Guney, general secretary of Koop-Is, the local union. The retailer has recently closed two locations on top of the lengthy e-commerce pause.

Workers first priority is job security, Guney said, and they’re also looking for a better compensation package in the case of layoffs and more store closures. Other points of contention include bonuses, seniority premiums, food allowances and disciplinary committees.

Representatives from UNI Global Union, the international labor federation that includes Koop-Is, sent a letter to Nike’s headquarters after talks with the company’s Turkish subsidiary failed to result in a new deal. 

In a statement to Bloomberg, Nike said it has engaged with the union and confirmed the two sides haven’t reached a collective bargaining agreement. The company said it “remains available and committed to working towards an agreement with the Union’s representatives.”

Turkey President Tayyip Erdogan has tightened the nation’s customs regulations as Turkish consumers grapple with the effects of high inflation. Living costs have been hit by a currency that has steadily weakened, while a global trade war sparked by US President Donald Trump’s tariff policies has added more uncertainty for Nike and other multinational corporations doing business in Turkey.

Last year, Nike paused its online sales in the country as Turkey began levying customs taxes on e-commerce purchases originating from other countries valued at 30 euros (about $33) or more. Previously, shipments of 150 euros and below had been exempt.  

Seven months after the change, Nike’s Turkish website still says orders have been suspended “for the time being” because the company can’t ensure that “orders will arrive smoothly and on time.” 

Nike, which doesn’t have warehouses in Turkey, had previously shipped individual orders from elsewhere in Europe. The company’s manufacturing directory says it makes apparel and equipment in the country, but not footwear. 

While Turkish shoppers can’t order directly from the company, some chain stores have licenses to sell Nike products online, according to Berke Icten, chairman of the Footwear Industrialists Association of Turkey. Rival companies produce footwear in Turkey, he said.
 



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