Fashion retailers JD Sports, Sports Direct and Boohoo, are "failing to commit" to reducing their environmental and social impact, MPs say. Amazon, TK Maxx and Missguided were also described by the Environmental Audit Committee (EAC) as being among the "least engaged" in sustainable fashion and labour market initiatives. The EAC said it was "shocking" the firms were "failing to take action". Boohoo said the report did not reflect its commitment to sustainability. The findings are part of the EAC's inquiry into the sustainability of the fashion industry.
Fashion chain New Look is continuing to cut prices as it tries to turn around its business. New Look wants 80% of its clothes to sell for less than £20. The price cuts come amid falling sales. Like-for-like sales plunged by 11.7% in the financial year which ended in March, and website sales tumbled 19%. New Look is one of many retailers this year that struck a Company Voluntary Agreement (CVA) under which a company buys time to sort out its debts.
Sean Combs helped celebrate Kourtney Kardashian's PrettyLittleThing collection in what amounted to a very L.A. evening. While much of the attention Wednesday night at West Hollywood nightclub Poppy focused on the gaggle of celebrities and other influencers assembled there, the celebration really served -- to anyone who perhaps hadn't noticed -- the highlight rapid strides PrettyLittleThing has made in the U.S. and elsewhere since its acquisition by Boohoo.com The party on the surface was to celebrate PrettyLittleThing partnering with the eldest Kardashian daughter on a wide-ranging collection of outerwear, apparel, shoes and accessories. The lineup includes faux-fur coats in colors such as burgundy and lime, barely there bodycon dresses ranging from velvet to satin lace, wide-leg jumpsuits and stiletto heels and boots. Those who came out to toast the reality TV star included Shanina Shaik, Christina Milian and Wiz Khalifa.
Online fashion retailer Boohoo has reported strong half-year profits and rapid growth at its fast fashion brands PrettyLittleThing and NastyGal. Boohoo Group revenue jumped 50% to £395.3m and pre-tax profits rose 22% to £24.7m in the six months to 31 August, compared with the previous year. The online fashion retailer raised its forecast for revenue growth this year. It expects sales growth of between 38% and 43%, up from its previous range of 35% to 40%. Boohoo said use of its social media content had grown dramatically.
We all know that it's been a tough year for fashion retailers on the High Street, but online it's been quite a different story. Internet-based "fast-fashion" retailers such as Boohoo, In The Style and Missguided have - by and large - been growing at a clip as they target younger consumers seeking the latest trends at rock-bottom prices. Key to their success has been the social media platform Instagram, which millennial consumers increasingly use to find fashion inspiration and which retailers view as a vital marketing tool. It's left traditional bricks-and-mortar operators struggling to seem relevant. But top Instagram influencers, who get paid to promote fashion online, told us it didn't have to be that way and that High Street players could still thrive with the right strategy.