Home / Knowledge / News / Apparel/Garments / Aussie retailer Specialty Fashion to shut 120 outlets
Aussie retailer Specialty Fashion to shut 120 outlets
23
Feb '12
Specialty Fashion Group (SFG), an Australia-based women's apparel retailer, will close around 120 of its outlets within the next three years, as it is enduring the most adverse retail atmosphere so far.

According to its latest half-yearly review statement, the group which runs chains like Millers, Katies and La Senza, witnessed a 64 percent slump in its profits during first half of the current fiscal that began on July 1, 2011.

The company does not expect the economic conditions to improve much during the second half of the current fiscal, as there are no indications of the consumer demand perking up in short-term.

The retailer has already pulled down shutters at seven of its outlets in 2012 and is likely to shut another 15 outlets by June.

SFG Chief Executive Gary Perlstein said the company will remain steadfast to its policy of revamping the business with innovation, discipline and expansion of sales channel, thereby sustaining the group's financial strength in short-term and preparing for long-term growth.

The group intends to rationalize its store portfolio and cut its capital expenditure, as it is diverting its focus to several different sales channels, including enhancing its online sales, the statement read.

However, the store closures are not likely to result in any additional unemployment, and only natural attrition, which usually happens in the retail sector, will occur.

Specialty Fashion intends to shift the staff of the outlets being closed to new stores that it proposes to open at strategically key locations, as a part of its plan to open 100 La Senza outlets over the next three years.

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 24th Jul 2017

Govt extends deadline for GST composition scheme to Aug 16

The Government on India has extended the deadline for small...

L-R: Dhanapal, JMD, Best Corporation; Prabhu Damodaran, Convenor, ITF; Narayanasamy, MD, Micro Cotspin; Senthilnathan, MD Rasitex India; and Sabapathy, MD, Prasanna Spinning Mills

Textiles | On 24th Jul 2017

TN mills seek partnership with cotton growing states

Spinning mills in Tamil Nadu are seeking stronger partnership with...

Textiles | On 24th Jul 2017

Irani terms GST as a ‘great step towards transparency’

Union textiles minister Smriti Irani has termed the Goods and...

Interviews View All

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X