House of Fraser boss Mike Ashley’s wish to keep open as many of the beleaguered department store chain’s branches as possible could come to nothing with reports that a raft of new closures are about to be announced.
Footfall to physical retail stores remained sluggish in the UK ahead of the key festive shopping months, piling further pain onto the fashion sector after what has been a far-from-stellar AW18 season so far.
Bain & Company, which will present its annual study this month, gave a preview of its results at the Vogue Fashion Festival on Friday, announcing estimated global revenues in the luxury sector of 280 billion euros.
Luxury goods group Richemont struck a cautious note after reporting sales numbers hurt by moves to combat the grey market and efforts by the Chinese government to discourage consumers from spending overseas.
October’s high street sales in the UK continued to be sluggish and while retailers might have been hoping to reverse October 2017’s 5.2% fall, a like-for-like drop of 2% this time meant they didn’t get their wish.
Farfetch losses may have grown in Q3, but at its still-early development stage that's no shock. Losses aside, its Q3 report showed it surging ahead on sales and market share with enough cash to fund its lofty ambitions.