After over a year of disappointing sales, Banana Republic has announced it will close all eight of its stores in the UK.
The majority of the outlets will close by the end of the 2016 fiscal year, according to Business of Fashion. A spokesperson for Banana Republic added that measures were part of a broader strategy outlined in May to “improve the company’s performance in the long-term.”
The Gap Inc-owned brand’s strategy is to concentrate its efforts “on markets most favourable to the brand’s growth,” a spokesperson said. Media reports suggest the retailer will convert some of its full-line stores in New York into outlets in addition to the UK closures.
Earlier this year the San Francisco-based parent company announced it was reassessing the overseas presence of the workwear brand with a view to focus on the North American market to revive sales.
The chain will continue to operate in France and Italy, with one store in each country respectively, as well as stocking the UK via its regional website, Gap said.
http://www.vogue.co.uk/article/banana-republic-to-close-uk-stores
PESTLE FACTOR: Economical.
Banana Republic To Close UK Stores
DONATELLA VERSACE may have contributed to the allure of the gown more effectively than almost any other designer, but it seems that Versace herself is feeling the draw of the trouser suit this season just as keenly as the rest of us. The designer was in London for the launch of her new book, Versace, at the Victoria & Albert Museum, where she also revealed that there has been a shift in her approach to the fashion calendar as a whole.
“A woman is much more powerful in a suit than in a gown these days,” she said, WWD reports. “I still want to do couture but not necessarily put it on the website or on the catwalk. I think it will become more exclusive, I will show it to a small group of people. I feel a lot more comfortable doing ready-to-wear.”
http://www.vogue.co.uk/article/donatella-versace-lady-gaga-style-suits-versus-dresses
PESTLE FACTOR: SOCIAL
Donatella On Suits Versus Dresses