Austin Reed on the up-and-up

Austin Reed reported a rise in like-for-like sales of 9.3 percent in the 19 weeks ended 10 June. The British fashion retailer said it has noticed a clear turn towards upmarket labels this year. Previously, this segment had been losing ground and market share to more popular mass-market brands. Chief executive Nick Hollingworth said on Tuesday that a turn in the British fashion market had occurred, saying that older shoppers were replacing younger consumers whose credit had run out. "Young fashion has been a hot place to be in the past five years, especially mid-market young fashion. But a lot of that spending was predicated on increased credit card borrowing, which can't go on forever at those kinds of levels. Secondly, there has been a shift in fashion tastes to dressing up rather than dressing down." This upturn has had a positive effect on business for design-led brands such as Jaeger, Hobbs, Karen Millen and Austin Reed. They have all seen recent sales rise despite difficult high street trading conditions.