Home / Knowledge / News / Apparel/Garments / Aussie retailer Specialty Fashion to shut 120 outlets
Aussie retailer Specialty Fashion to shut 120 outlets
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 25th Oct 2016

Arvind to dilute 10% stake in brand business arm

Arvind Limited, one of India’s largest integrated textile and apparel ...

Courtesy: Commonwealth Bank of Australia

Textiles | On 25th Oct 2016

World’s first cotton shipment using Skuchain’s Brackets

The world’s first trade transaction involving shipment of cotton...

Textiles | On 25th Oct 2016

Cotton yield to increase to 568.29 kg/ha in 2016-17: CAB

At its first meeting for the cotton season 2016-17, the Cotton...

Interviews View All

Smita Murarka

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Nuno Venda

‘There has been an increase in demand for water based inks, rather than...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Igor Chapurin

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

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

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


Browse Our Archives


Advanced Search