A round up of the best fashion business stories from the weekend’s newspapers.
- Supergroup will confirm an 83% jump in sales this week in its first full-year report as a listed company, the Mail on Sunday reported. It is expected that revenue hit £140m in the 12 months to May and analysts estimates put profits at £26m
- Marks & Spencer has initiated a major market-research programme to find out how tax rises and public spending cuts will affect customers, the Independent on Sunday reported. M&S has already imposed a prudent approach to buying autumn clothing amid concerns of a downturn. The shareholders’ meeting is scheduled for this week.
- England’s disastrous World Cup effort has resulted in £100m of merchandise being either returned or unsold, the Independent on Sunday reported. Stockshifters.com, which claims to have 35% of the market for trading surplus stock, has estimated the figure after finding a huge number of England shirts, footballs and umbrellas for sale.
- Sports Direct is trying to boost its share of the sports fashion market by holding secret talks with Nike to persuade the sportswear giant to allow it to sell more exclusive ranges, according to the Mail on Sunday.
- Consumers are tightening their purse strings in response to fears of a double-dip recession, the Sunday Telegraph reported. Six out of 10 consumers believe that the economy will get worse before it gets better, according to a survey by GfK NOP. One in five Britons is delaying buying major items such as televisions or furniture.
- Alexandra, the workwear and uniform maker has gone into administration, reported the Times on Saturday. The company employs about 500 staff in the UK.
The manufacturing firm is understood to owe £30m to its banks.