Apparel Online Bangladesh Magazine September Issue 2018 | Page 66

RETAIL CURRENT THE LATEST NEWS HAVE YOUR SAY For the latest news on apparel and textile, make sure that you visit https://apparelresources.com/top-news/ Write to Apparel Resources, B-32, South Extension-1, New Delhi (110049), India or email: [email protected] Sports Direct acquires ailing British retailer House of Fraser in a £ 90 million deal The UK-based ailing retailer, House of Fraser recently entered administration, as talks with its creditors didn’t come to conclusion. It was soon snapped up by the British retailer Sports Direct for £ 90 million. Alan Hudson, Joint Administrator, EY said that this acquisition by Sports Direct will preserve many House of Fraser employees from losing their jobs. “We hope that this move will provide the business with the steady financial platform that it needs to flourish in the In a statement issued, Sports Direct affirmed the media that it has bought all of the UK stores of the retailer, along with the whole brand and the stock in the business. current retail environment,” he said. Mike Ashley, Founder, Sports Direct elucidated on the development and said that the retailer will try and keep as many outlets open as possible. “Our objective is to transform House of Fraser to Harrods of the High Street,” he added. According to analysts, this is a big move and a lot of people will feel relieved that House of Fraser is not vanishing from the High Street all of a sudden. Notably, House of Fraser is home to around 17,500 employees, out of which 6,000 jobs are already in danger, as the retailer failed to withstand the competition from e-commerce retailers and the uncertainty over Brexit. It remains to be seen now as to how House of Fraser fares under its new owner and how Sports Direct manages to deal with the ailing business of the retailer. Walmart to launch basic apparel line to compete with Everlane, Amazon & others Walmart is going all out to up its game in the industry of basic fashion, as it is set to launch a brand to compete with the likes of basics giants like Everlane. The unnamed, direct- to-consumer brand will be sold through Walmart’s own e-commerce site, just like its direct-to-consumer mattress brand Allswell. The project is being headed by Andy Dunn, who is the Founder and CEO of Walmart’s acquired menswear brand Bonobos. He will be making his contributions as the SVP of the digital consumer brands. The merchandise will be at par with the products sold by San Francisco-based basics brand in Walmart’s efforts to establish itself as the digital destination for apparel and compete with the likes of Amazon and Primark. It will also employ several new shipment partners to make the deliveries faster and efficient. Everlane, right from US $ 15 V-neck T-shirts to US $ 175 leather tote. The only major difference would be the fact that this merch will be more Gen Z oriented with lower prices. The apparel line will be produced by third parties and designed by Bonobos designer Dwight Fenton. The new brand is being considered as a key player 66 Apparel Online Bangladesh | September 2018 | www.apparelresources.com For this very aim, it has acquired a number of e-commerce lines that are not available in its bricks and mortar stores like Bonobos and ModCloth. The retailer saw a rise of 33 per cent in sales for the first three months of 2019 fiscal year. It is also expanding into cosmetics business via its online segment called CO Squared. This is in addition to its four new in-house clothing labels introduced in early 2018.