Next news and archive

Next posts marginal drop in sales, maintains profit outlook

In the thirteen weeks to April 29, 2023, full price sales at Next plc were down 0.7 percent versus last year, moderately ahead of the company’s guidance for this period - it expected a 2 percent drop. The British high street giant said it is maintaining its sales and profit guidance for the full year, with pre-tax profit forecast to be 795...

BusinessFeatured

Next to relaunch Joules ‘much earlier than expected’

Following on from its acquisition of Joules last year, Next has said that its technology team has made “significant progress” towards the delivery of its Total Platform (TP) offer for the brand. As such, the company believes that it will be able to launch Joules’ TP site “much earlier than expected”, lifting its initially proposed launch date...

Business

Price hikes at Next to be less than forecast for 2023

With the Bank of England raising interest rates, inflation is expected to continue throughout 2023, with consumers to see price increases in clothing and accessories. Retail giant Next, which earlier this week posted a 5.7 percent rise in pre-tax profits to 870.4 million pounds for the year to January, said it expected prices to rise by 7...

BusinessFeatured

Next snaps up Cath Kidston for 8.5 million pounds

British high street giant Next is once again bolstering its portfolio, this time by announcing plans to acquire fashion and lifestyle brand Cath Kidston. Next said in a brief statement Tuesday: “The company announces that it has agreed to acquire the brand name, domain names and intellectual property of CK Acquisitions Ltd from the...

Business

Next reportedly in ‘advanced talks’ to buy Cath Kidston

UK high street giant Next is reportedly in “advanced talks” to buy lifestyle retailer Cath Kidston. Next, whose portfolio already includes Made.com and Joules, could make a deal as early as Tuesday, Sky News reports. Banking sources said an agreement was likely but not certain, according to the report. It follows reports in February that current...

Fashion

Athleta launches in the UK via joint venture with Next

US premium sports and activewear brand Athleta, acquired by Gap in 2008, has officially entered the UK market via Gap Inc’s joint venture with Next PLC. The move expands the Gap partnership, which has seen the apparel brand reintroduced to the British high street with shop-in-shops in Next stores across the UK, as well as the arrival of Banana...

People

Next taps new executive director

High street retailer Next has named Jeremy Stakol as a new executive director, effective April 3. He will take on the role of group investments, acquisitions, and third-party brands director. Stakol was appointed as managing director of fashion and cosmetic retailer Lipsy in 2004, and following its acquisition in 2008 held the same position at...

BusinessFeatured

H&M, Zara and Gap among brands found to be unfairly treating Bangladesh suppliers

A new report by Transform Trade has found a number of major high street fashion retailers to be paying and treating their Bangladeshi suppliers “unfairly”. The likes of H&M, Gap, Next, Primark and Zara are among the brands named for paying factories below the cost of production. Entitled ‘Impact of Global Clothing Retailers’ Unfair Practices on...

Business

Made.com board to liquidate business following Next acquisition

Furniture e-tailer Made.com has announced that its board has proposed a formal winding down of the business through a member’s voluntary liquidation. In a regulatory filing, the company said that the proposal represents the best and “most cost effective” option to protect and realise any shareholder value. As part of the decision, appointed...

Business

TFG said to be protesting Next’s acquisition of Joules

The Foschini Group (TFG), a South African retail conglomerate that was in the line up of Joules bidders, has reportedly filed a complaint after it missed out on snapping up the troubled British brand. According to Sky News, the group, which operates the likes of Phase Eight and Hobbs, has written to Joules’ administrators Interpath Advisory...

BusinessFeatured

Next acquires majority stake in Joules for 34 million pounds

British clothing retailer Next has acquired a majority stake in struggling heritage brand Joules through a newly formed company for 34 million pounds in cash. In a regulatory filing, Next said it has partnered with Joules’ founder Tom Joule to acquire the company out of administration. The company has already acquired the current Joules head...

Fashion Featured

Gap Inc confirms Banana Republic is returning to the UK

Gap Inc. confirms that Banana Republic and Athleta will start selling within the UK and Ireland again through its joint venture with Next announced in September 2021, where Next owns 51 percent and Gap owns 49 percent. The move builds on the success of the Gap partnership, which has seen the apparel brand reintroduced to the British high street...