The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Having supplied TS for many years (and still do) it was fascinating to see the passion, commitment and understanding of the teams interviewed not least JS who led these teams to its rise. I go back with TS/TM to the days of Sesame Seed Man (Sir RH, RIP) one thing that struck me about TS/TM early years was the resolute u/s of the Brand by ALL who worked within in it from floor staff to Buyer Assistant to Management and Board, same can be said for early days of Superdry, Ted Baker, Jack Wills, Fat Face, Joules etc etc, the one thing that everyone of these Brands had in common was that they were eventually cashed in by the people who created them, one exception that springs to mind is Paul Smith, who has stayed true to his cause and passion, the Brand and it's ethos 1st, with PS this comes above all else, this results in a strong identity enabling everything else to follow. When p/e gets involved they only have one ambition, to make money by whatever means, they rarely have any emotional u/s or creativity that made the Brand in the first place, it's not their remit, Philip Green is a cliche to all of this and another very current example Joules, in a crisis the likes of Julian Dunkerton and Tom Joule are dragged back in by either by p/e or their own ego to rescue the Brand that they created and then sold its soul to p/e or shareholders, each to their own i say whether your a Paul Smith or a Tom Joule. NOW with BH and Kamanis they may have sold its soul to the City but they still run the helm, the passion of the teams haven't gone and their Ego's run red hot, the u/s of the Brand is still there. If the founders had ridden off into the sunset with sacks of Gold and Ego's intact then i' say this business is doomed because the beating hearts have left, but they haven't and given all the sheeeet of the last couple of years i would bet my money on their /s as creators with massive ego's that they will drag BH thru this storm and onto higher plains, the same cannot be said for others, i think Joules is doomed, when Tom left the identity went with him and to get that back is a herculean task even in good times. With all original management in place BH is i would argue in better place than Asos, the creators of BH are in situ, the same cannot be said for Asos, both will & are weathering the storm.
Goldenyears, LoL, i forgot you were a fashion and beauty guru.
1)Name the top ten Fashion brands that Debenhams used to run in it's heyday before it's demise.
2)Name the current top ten Fashion Brands that you refer to that won't now go near Debenhams ?
Life across the pond will hopefully start to ratchet up.
Dear ########
As you may be aware boohoo group plc is opening a distribution centre in the USA in Spring 2023.
This will enable us to service our North American customer much more efficiently and sustainably and
will enable us to customise our offer over time and ultimately significantly grow our US and Americas
sales mix.
What does this mean for you
We will be making changes to our current ways of working, this will cover multiple areas from Order
creation and management, shipping and customs requirements to product compliance.
We appreciate this will be significant change and have a dedicated project team (PROJECT
ATLANTIC) in place to support with these changes.
Next Steps….
We aim, through a series of Webinars to walk you through our planned changes, providing the detail
you will need to join us on this exciting journey.
We will outline our timelines for change and provide required supporting documentation.
This week you will receive an invite for an initial webinar from boohoo responsible sourcing email
address.
You will be provided with a pre-read presentation in advance of the Webinar session.
Please review the topics we plan to cover within the Webinar.
It is imperative that you ensure the right people in your organisation attend the webinar.
Agenda for the Webinar Sessions as below :
• Sourcing and Business Overview – Director Responsible Sourcing & Prod. Ops
• PO creation and management -Head of Product Operations
• Inbound, shipping instructions - Head of Supply Chain inbound
• HTS classification and provider – Customs Manager
• Packing Compliance - Head of Logistics / Delivery Compliance Mgr
• Packing and Labelling requirements and instructions – Sustainability Pack & Label Mgr
• Product Compliance, Testing and Safety - Head of Product Compliance/Product Compliance Co-ordinator
Support
We have created a dedicated email address for any queries you may have on Project Atlantic.
Quote 7. Shift of Boo's target demographic towards more sustainable fashions.
When i see this and other comments re aspects of sustainability on here with quotes of consumer engagement across all demographics i am heartened at how very very very out of tune these comments are with the reality of what's actually happening, because it shows how much shyte is spouted on here, even fashion students who talk the talk won't walk the walk on this, as for the Glamour Girls the only sustainability their interested in is their ability to stay upright on a Friday night.
The CMA investigating BH, Asos, Asda is a disgrace, the work being done by likes of Asos over the years has been monumental, you may as well do nothing for fear of doing something well meaning and highlighting it to then be told well you haven't done it well enough, absolute joke, i could write pages and pages of stuff on here, some aspects of sustainability are now being turned down by retailers as the hoops they have to jump through v cost of proof are just not worth it.
The sustainable demographic is nonexistent
L5, Currently i'm sitting in Asia, y.day i spent the whole day discussing with buyers and designers ranges for SS23 from a high profile company, at forefront of the meeting was upcycling, all ranges are moving towards mono materials this is just one of several pillars that will build circular fashion, we are working with processors to break down the difficulties in upcycling post consumer waste (old clothes) by constructing garments in certain way, one quick example is fusing, this will move from using sefl glue poly fusing with to no glue and self fabrics, its marginally more expensive but for casual clothing whilst not traditional it's a no brainer. I could list a whole heap stuff on here for the cynics but tbh can't be ar#ed. What f#cks me off about headline grabbing high profile investigations into Greenwashing is that it actually stops many well meaning initiatives in their tracks because if they cannot be 1000000% proved then the headline grabbing high profile companies will not bother, for the very reason that a good intention backfires and everyone starts shouting and finger pointing.
Lastly, i occasionally get invited to give lectures to students pursuing a Fashion Degree, always the hot topic is Sustainability, they are all given my background and probe deeply, before i answer i ask them to put there hand up if they actively seek out fully sustainable brands, over 4 lectures only once did someone put there hand up, design and price being the no1 driver, these are fashion students who have more awareness than most !!!! so i take with a pinch of salt some of the stats on this re consumer engagement and sentiment. The leading fashion retailers are moving a pace on this, regardless of customer its a JFDI, so actually really not much to see here and some of the ideas are mind blowing. People need to turn their heads and look towards £5 football from S/D, how its made how sustainable how recyclable, plastic toys, halloween crap ete etc this stuff generates millions in revenue and waste, what's being done to clear this up, answers on a postcard please to #idontgivea****cozitdon'tmakeheadlines
For anyone who missed the full info on this see below link, should work
https://www.retailgazette.co.uk/blog/2022/07/boohoo-unveils-community-programme-and-first-ever-digital-education-partnership/
Pipedreamer i respect your area of expertise altho i'm clueless to it.
My point of view which is purely driven by the here and now including costs.
In this industry from Spring onwards you of course beg for prolonged good weather, to this ends bingo , this is resulting in a strong sell through of seasonal goods, who wants to go retail shopping in this heat!!!. By the end of the summer most should have very clean Summer inventories, i expect trade for both Asos and BH to have been buoyant in last few weeks, in fact currently most depts are beating their targets, these are of course being blighted by returns, hence action being taken.
Cotton prices are still steadily dropping we are now at a six month low, freight prices continue to fall and we have a UK India FTA looming large on the horizon which is barely being reported in UK but is making the news in India with Piyush Goyal India’s commerce minister saying New Delhi is on track to conclude a full trade agreement with the UK by October, adding that negotiators have already finalised almost half of what will be one of Britain’s he expected the countries would conclude the trade deal “within the next few months” and that 11 of the proposed pact’s 26 chapters were already “dusted and ready”. Diwali being the finalisation date.
Result would be a 10% saving on duty, this in effect could go straight onto the bottom line. Despite what people might think BH Group and Asos source heavily from India, it is fully vertical country and is an easy answer to the ever looming issues of China.
All of this adds up to a big easing on costs and supply line issues.
A spot of good news re price pressure, we are back to Sept 2021 levels on current cotton price, this represents a 25% fall, we are now reflecting this in our ex factory quotes, this will be seen on SS23 deliveries as better margins for brands or cheaper prices for consumer, depending on whether brands depend to pass on.
GY said
Well this statement suggests boohoo is screwed for the US! Very concerning if this is the case. Maybe also explains why Debenhams is a flop and can’t attract brands
BH like Asos has distribution issues in US for reasons well documented, however unlike Miss G if customer has an issue they will get a refund so at least the customer knows their money is safe and trust remains. You can def see with Debenhams the effect of what happens when a Brand trys to adjust into new owners, as i have said from the very beginning with Debs it takes time and will take time, it's not easy, but i will say again it adds a huge demo to the BH Group portfolio of different demographics and plus an additional platform to showcase existing Brands, i see the value and given time what it can bring, not point in being on here otherwise unless you're just bored and want to fill your day pushing people's buttons. Miss G is in the waiting room of Mike Ashley graveyard.
With online fashion once you lose the Trust it is a massive massive up-hill battle to regain, the whole foundation is built on easy order, return, refund, they will have alienated, BH Group will 100000% be one of the companies set to gain.
Reams of this on TP
Put an order in at the end of May and only saw in the news they had gone into administration a few days later. However, you wouldn't of known with the advertisement of various offers and sales that they continued to circulate. Because of this, I do feel cheated out of my money - they knew they'd never fullfil my order. The goal was to take my money and run!
Trust Pilot
Terrible customer service I cancelled…
Terrible customer service I cancelled an order and iv still been charged they are refusing to refund me and they only respond by email with excuses! I messaged them on Facebook and Instagram with no response at all they are just awful avoid at all costs!!!
I want to return an order placed before 16th June 2022, what can I do? OR I returned a parcel but never received a refund
Any orders placed before 16th June 2022 were with ‘Missguided Limited’ and therefore any monies owed rank as an unsecured claim in the administration. The administrators have advised that they are legally unable to refund unfulfilled orders or accept any refunds for any items you may wish to return. You may make a claim in the administration to become an unsecured creditor by logging in to www.ips-docs.com and submitting a claim.
I placed an order but it hasn’t been dispatched, will this still be sent?
Unfortunately, any orders placed before 16th June 2022 are with ‘Missguided Limited’, and therefore are not the responsibility of Frasers Group, as the order was placed prior to the administration and pre the acquisition of the brand by Frasers. The administrators have advised that they are unable to honour unfulfilled orders or refunds requested from the company, prior to their appointment. You may make a claim in the administration to become an unsecured creditor by logging in to www.ips-docs.com and submitting a claim.
Goldenyears- Seriously, i've told you this before, you think a Brand that has a current demo can be bought to pivot it into another demo, also given the fact that BH Group already covers that demo it is a great idea, not only that but to chuck money at it by buying it to do so, errrr ok roger that, i'll side with the Drapers article and the conclusion of myself and all the others in the trade that actually it would have been a really really bad idea.
As for revenues, they are down across the whole fashion sector and just about every consumer facing model if you hadn't noticed, i'm not sure why though, let me know if you have any ideas as to why this maybe?
I don't disagree with struggling to attract brands, i said this from the off that some Brands would not sign up to onerous terms on Marketplace, same can be said for Next, Etsy etc some like the model others don't.
I really don't want to give you a list of in house debs bands that are of course have to be self f/f ment and external brands that are bought wholesale again debs self f/f ment or self Brand self f/f ment so i will just re quote again what you said
"Your point on stock is misinformed as Debenhams doesn’t hold stock or process fulfilment"
In one breath you say they don't hold stock and in other breath you say you meant Brands , so they don't hold stock on Brands either, well on every single point you are wrong, they hold massive inventory on in house own buy Brands and they also hold and f/f some, some , not all , on external Brands, Denim being a key one, eg Lee , Wrangler, btw the way JB used to be bought by Debs wholesale, Simon used to run the account himself, if it is now JB self f/f i will give you that, please re read my mail slowly Evans i said was Evans self f/f by CCL. As i said not sure why you come on here if you see no value at current levels.
Right, i really am done now, off for early doors.
Goldenyears- quote "are you mentally OK" . I'll rise above that comment and this will be my last mail re this.
You def need to stick to the figures, previous comments re Miss G showed that you lack any knowledge of Clothing Demographics and their offer, my answer to you at the time on this was borne out by others like me who are in the industry. BH Group does indeed have a maturer demo, this is crucial to the Debs debate, it never used to which is why it was critical for them for their long term future that they won the Debs buy, they now have a whole stable of brands that cut across all demo's in both casual, formal, leisure for Mens, Women, Kids, Baby.
You also quote " point on stock is misinformed as Debenhams doesn’t hold stock or process fulfilment" again i will reiterate yes of course they do, they have many in house own buy Brands they have to do this with, at some point the penny will drop on this, they also have external Brands that they buy, stock and fulfill , they also have Brands that are fulfilled by those Brands and do not touch, it is not simply one formula, so for the third time yes they do hold stock and fulfill, i can comprise a list and break these down for you if you wish but just to give you one from each category and in order, Mantaray, Joe Browns, Evans.
TBH im really not sure why you come on here, if you do not see value at current price then move elsewhere, BH Group is now a long term investment, i see l/t potential, i see a company that could take some share aware away from the likes of Very and Next, the market conditions and figures are across the sector are pretty dire, if you do not see value from here then no issue i'll agree to disagree but i really do not see the point of you even being on here if that's the case especially given some of the comments and your knowledge of the fashion industry being , well, let's be polite and say shaky at best.
Goldy you need to give BH a break, Next came into it's current guise in 1984 so it has a 38 year head start. One swallow doesn't make a summer and one Brand of make-up doesn't make or break a department store.
I think your comment re Clothing Brands is again a bit shy on detail, but if it's not your area of understanding then no issue but i do agree the middle menswear is weak but is improving. On Womans take a look at The Wedding Shop on Debs site, more than credible and this will be a very big earner for them this season as will The Holiday shop which again looks very credible. Clothing is a fundamental part of why BH acquired Debs, they can gun for Next they have nothing to lose unlike Next who have it all to lose, and as i've said BH can move fast when we get back to normality, Next is a Sloth, too many tiers and committee's and life timers who have never ventured out of Enerby.
As for Debs stock situation, your 100% in correct, i supply them own buy Brands so i think you need to have a re-think, at one point our orders were re phased massively because there warehouse was full, if your talking about third party Brands and fulfillment then yes this is what the Market place is for but Debs has a massive in house Brand offer on site made up of existing BH Brands plus actual own buy in house Debs Brands that BH Group now own and have to feed, all of which is designed in house by the different teams made and shipped from around the World by BH Group into their DC's. No word from you either on Debs Home, no good ??
Goldenyears -Estee Lauder , so just make up then and just one make-up Brand, you think the whole of Debs purchase is a flop and one of the reasons is because they do not have Estee Lauder, you don't rate Bare Minerals, Urban Decay, Benefit etc and the influencers associated with these Brands.
How about Clothing, all Brands are washed up has bins , across Womans, Mens and Kids?
What's your thoughts on the Kids market, how do you rate Blue Zoo, Monsoon kids. Whats home looking like to you , pile of cr~p ? Leisurewear, Dare2b, is it hitting the demographic? The Wedding Shop, massive uplift for all in the Trade, how is this looking on the Debs site?? TBH whilst i wasn't expecting chapter and verse, i was expecting a bit more than a default Estee Lauder. For the record i always said this purchase was going to take time, the supply chain / cost issues could not have come at a worse time. I think the Menswear offer is still poor and work in progress, i think the Womenswear is much better and in a stronger place as is kids, leisurewear. Inventories across the sector have been absolute carnage with shipping lead times extended to crazy time frames meaning stock coming in at wrong time. Since Jan we have seen drastic measures to get his under control, for the first time in months we are now seeing the right stock in season at right time.
Debs has given BH massive demographic from its one dimensional birth place, to now BH Group, its work in progress that been hit massively by issues already well documented across the sector, it is a massive base from which to build from, it was always going to take time but this time due to events has been extended.