LONDON — T.S. Eliot wrote that April was the cruelest month, but for his fellow Brits, it’s most certainly going to be January.
Next month will be the moment of truth for British high street retailers — when the winners and losers emerge, retail experts here said.
Nick Hood, a partner at the insolvency firm Begbies Traynor, made headlines here when he predicted 10 to 15 national and regional chains would go bust by mid-January.
In an interview, Hood stood by that forecast and said fashion chains “would not be exempt” from collapse. However, he declined to name names.
“Fashion retailers are inherently fragile businesses,” he said. “I wonder if the clothing ranges that retailers committed to six to nine months ago are right for a changed, more austere mood.”
With consumers cutting back in general, he said an oft-overlooked demographic — middle-class men and women who were living off savings, such as retired people — are putting the brakes on spending because they don’t want to appear extravagant or because they don’t have the cash.
“What we are living through is the financial equivalent of 9/11,” Hood said. “It is something that no one alive today has ever been through, and it will change consumers’ mood and behavior for years to come.”
According to preliminary figures from Experian FootFall, shopper numbers were down on average 8.7 percent for the weekend of Dec. 20 to 21 in the U.K., despite deep discounting across the board from luxury outlets to high street chains.
Hood said the most vulnerable retailers in the New Year will be those with high levels of borrowing — and chains that have expanded too quickly.
Already Britain has seen its share of retail casualties: Woolworths; The Officers Club, the discount men’s wear chain, and MFI, the mass market furniture company, all went bust in the last month. Whittard of Chelsea, the Baugur Group-owned retail chain selling tea, coffee and crockery, was on the brink of administration (the U.K. equivalent of bankruptcy), according to British press reports.
Earlier this year, brands including Biba, Hardy Amies, Ghost and Marchpole, the clothing manufacturer and owner of the Jean-Charles de Castelbajac label, all went into administration.
Ghost was rescued by the U.K. retail entrepreneur Touker Suleyman, and Hardy Amies was purchased by the private investment fund Fung Capital.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)