A round up of the best fashion business stories from the weekend’s newspapers.
- Surfwear brand Hot Tuna has narrowed its pre-tax losses to £1.3m from £3.7m for the year to June 30, according to the Daily Mail on Saturday. Hot Tuna, which saw sales drop to £464,000 from £1.1m, was forced to reinstate its 2009 accounts to show a greater loss following an error in the way it had valued certain assets and an investigation by the Financial Reporting Review Panel.
- Hemlines are dropping as the full-length gown has become the surprise Christmas party dress, according to The Guardian. The buying manager for womenswear at Selfridges, Laura Larbalestier said the floor-length gown “most definitely reigns at this year’s Christmas party.”
- Shoppers will struggle to find replacements in-store for online gifts undelivered because of the snow, as retailers are running out of stock, according to the The Telegraph. Retailers were cautious about ordering too much stock pre-Christmas given the current economic climate and now see certain lines selling out.
- Department store chain John Lewis is investing £250m into the business next year according to The Mail on Sunday. The money will be used for new stores and improving the online John Lewis Direct arm.
- Anti-tax avoidance activists UK Uncut once again targeted Arcadia stores nationwide on Saturday. A two hour sit-in was staged in Topshop’s flagship store in Oxford Circus. In Brighton, protesters dressed as Santa Claus glued themselves to structures inside BHS. Marks and Spencer was also targeted.
- The Financial Times speculates that Marks and Spencer chief executive Marc Bolland may reshuffle the boardroom.
Tony Shiret, analyst at Credit Suisse, said the arrival of a chief executive “is a natural time for people to reappraise their careers”.