The best of the fashion business related headlines from the weekend newspapers...
Asda has overtaken arch-rival Tesco as the UK's third largest clothing retailer by volume following a concerted effort by the Wal-Mart-owned supermarket to bolster its position in the market, according to The Sunday Telegraph.
According to data released earlier this summer, Asda's George clothing line leap-frogged Tesco's fashion ranges to make the supermarket the UK's third largest clothing retailer behind Marks & Spencer and Primark. At the beginning of the year, it was half a percentage point behind Tesco in market share terms.
The Sunday Times revealed the row between retailers and landlords over the payment of rent 12 weeks in advance could hit a new peak later this month when some occupiers will refuse to write a cheque to cover the next quarter's rent. Instead, some retailers are considering whether to write three cheques, one to cover the first month and another two post-dated to cover the subsequent months. Such action would demonstrate the deep frustration that retailers feel with their landlords. It could also trigger a wave of legal action from property owners. Some of the biggest names in retailing have joined forces with Sir Philip Green, owner of Arcadia and Bhs, to demand that landlords drop their demand for quarterly rents to be paid in advance.
According to The Observer, actor Sadie Frost's clothing company FrostFrench changed hands for just £100,000 when it was bought out of administration last month. The modest sum means the payout to creditors, who were owed £4.2 million at the time of the collapse, will be in the region of only 2p in the £1. The lingerie and accessories brand founded by Frost, the ex-wife of Jude Law, and her partner Jemima French, was rescued by a consortium of Norwegian investors including John Joakim, a film producer.