Articles by Rachel Douglass
Goodwill and Reju to collaborate with WM on multi-year textile recycling initiative
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A new collaboration aims to develop a model for regional textile collection, sortation, reuse and recycling that intends to divert non-wearable textile materials from the waste stream across the North American continent. Non-profit organisation Goodwill and materials regeneration company Reju have partnered with WM, an environmental solutions...
Jigsaw falls into the red amid challenging backdrop
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British retailer Jigsaw has reported a loss for the financial year to January 27, 2024, after a number of its investments failed to generate a return “to the levels expected”. The company, which filed its annual report via Companies House, said that efforts to bolster brand marketing and staff had not borne fruit, resulting in a pre-tax loss of...
Etsy reports ‘anticipated’ Q3 results, GMS takes hit
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Online marketplace platform Etsy has outlined its financials for the third quarter ended September 30, 2024, in which its gross merchandise sales (GMS) dropped 4.1 percent year-over-year reflecting “incremental pressure”. The company’s marketplace GMS dropped 6 percent to 2.5 billion dollars, down 6.3 percent on a currency-neutral basis, while...
Castore reports investment-driven loss, yet sales surge
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Sportswear brand Castore has filed its financials for the year to 4 February 2024, during which time its emphasis on investments resulted in a loss, despite a significant surge in sales. Castore shifted from a profit of 11.7 million pounds in 2022/23 to a loss of 21.5 million pounds in 2023/24, a decline that largely comes as a result of...
Nominees for BFC Foundation Award revealed
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The British Fashion Council (BFC) has named the nominees of its BFC Foundation Award, the winner of which will be announced at the upcoming The Fashion Awards 2024 presented by Pandora, scheduled to take place December 2. The five nominees for this year’s award are current BFC Newgen recipients, Aaron Esh and Tolu Coker; BFC/GQ Designer Fashion...
October footfall marginally drops due to inclement weather
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Retail footfall across the UK took a slight dip over the month of October as inclement weather conditions and a shift in school half term holidays kept shoppers at home. According to MRI Software, from September 29 to October 26, footfall fell -0.6 percent across all retail destinations compared to the month prior. The same decline was also...
The Children’s Place to sell via Shein in new partnership
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The Children’s Place has announced a new partnership with Shein that will see products from the childrenswear retailer sold via the fast fashion giant’s platform. The move was dubbed a “significant step forward” by The Children’s Place, which is continuing to embark on the implementation of an omnichannel strategy centred around diversification....
‘Tale of two halves’: Industry reacts to ‘damaging’ Autumn Budget
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The Autumn Budget, the first to have been issued by Labour in 13 years, has received mixed reactions from industry insiders and experts alike, with a 40 billion pound uptick in taxes being at the centre of discussion. On Wednesday, Chancellor Rachel Reeves unveiled the budget via a lengthy speech in which she noted that she did “not take this...
Woolmark secures grant to kickstart insetting framework
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Woolmark has announced that it is the recipient of a four million AUS dollar grant provided by the Australian Government to help kickstart the development and implementation of its insetting framework. The grant will specifically back the firm’s recently launched Woolmark+ roadmap as part of its Australian Wool Industry Insetting Programme, an...
Spinnova granted R&D loan to develop tech and product
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Finnish textile innovator Spinnova has been granted an R&D loan by Business Finland to help develop and scale its technology and product, while lowering capital expenditure. The loan itself amounts to 12.7 million euros, and will be divided into two phases over the course of three and a half years. The first phase, for which 7.7 million euros...