A round up of the best fashion business stories from the weekend’s newspapers.
- George Davies, the clothing entrepreneur behind Next, George at Asda and Per Una, is looking to exit two of his flagship GIVe stores in London’s Regent Street and Bluewater shopping centre in Kent just eight months after his highly-anticipated new chain opened, according to the Sunday Telegraph.
- High-profile fashion houses have announced their intention to expand operations on the Chinese mainland in response to the booming economy, The Observer reported. Vivienne Westwood is to open 20 boutiques in China and Burberry will add 66 stores to its current 44 Chinese outlets by 2012. The American leather goods company Coach is to open 20 outlets in China this year and the Italian handbag and luxury clothing producer Ferragamo plans 10 stores.
- Profits at online fashion retailer ASOS are expected to have grown by 35% to a record £233.3m for the year to March 31, the Sunday Express reported. Analysts say the company’s sales, both in the UK and the overseas, are being boosted by the World Cup, the Independent on Sunday added.
- The pulling power of luxury brands has pushed up the cost of renting the best retail space in Mount Street in Mayfair by 330%, according to the Saturday Times. Since the Marc Jacobs letting of 24/25 Mount Street, rents for the best space — the first 20ft from the store entrance — have risen from £90 a sq ft to £300 as other designer retailers have clamoured to benefit from the “Jacobs effect”.
- Charles Tyrwhitt founder and chief executive Nick Wheeler is leading the business to catch up with The White Company, founded and ran by his wife, Chrissie Rucker, the Independent reported. With sales totalling £65m last year, the upmarket shirt-maker is no longer far behind The White Company, where turnover is about £80m a year.