How the fashion industry is vital

20:59:00


It is difficult to predict what the future holds for the fickle fashion industry, but as Richard Bache reports the West Country is blessed by a number of iconic brand names which are sure to punch above their weight.
Few industries experience anything remotely like the annual upheaval with which the fashion sector has to contend.
One minute a brand can be the darling of the catwalk, the next minute it is out of vogue.
Business plans are measured in seasons and remaining relevant year after year is a continual battle.
Next month sees the long-awaited return of Somerset's Mulberry to the London Fashion Week catwalks.
And 2016 is poised to be a crucial year for the Chilcompton-based luxury goods giant as it continues its revival.
Its 600 staff at its two Somerset factories - at HQ in Chilcompton and at Bridgwater - are feverishly preparing for its first collection under new creative director Johnny Coca.
It has been absent from the capital's catwalks since the departure of previous creative director Emma Hill in 2013.
It has struggled in recent years in the wake of boss Bruno Guillon's ill-fated attempt to take the handbag brand into the ultra-luxury category.
So the eyes of the fashion world will be on it on Sunday, February 21, when Mr Coca's range for Autumn/Winter 2016 are revealed.
The latest financial figures reported by Mulberry showed that 2015 saw continuing signs of a turnaround from the nadir of 2014.
Total revenue for the six-month period to September 30, 2015, was £67.8 million, up 5 per cent from £64.7 million for the same period in 2014, reflecting growth in retail sales which
was partially offset by the decline in wholesale sales.
Thierry Andretta, chief executive officer, said: "Our strategy is beginning to deliver tangible results in line with our expectations.
"We look forward to Johnny Coca's first Mulberry collection which will emphasise our Britishness and our heritage in leather, while delivering great quality within our targeted price range.
"We remain committed to our UK manufacturing base, which produces about 50 per cent of our handbags. We are excited about the future and look forward to the Mulberry brand fulfilling its potential both in the UK and internationally."
Mr Coca joined Mulberry last July and has been working closely with the design and product development teams to prepare the AW16 collection.
After its London debut the ranges will hit the shops during June this year.
December's trading update added that Mulberry has continued to invest in its Somerset factories.
The firm said it had achieved significant improvements in efficiency over the past 12 months. It is working at full capacity, deliver on time and produce 50 per cent of the firm's handbags.
Mulberry is not the only West Country fashion firm visible on the catwalks, though.
Cheltenham-based SuperGroup enjoyed a stellar 2015 on the high street and in the City, with investors toasting a doubling of its share price.
A high-profile collaboration on a premium range with Hollywood star Idris Elba is expected to pay a financial dividend in 2016.
Mr Elba - who rose to prominence playing the ultra-savvy businessman/Baltimore drug lord Stringer Bell in The Wire (surely the only drug-dealer in TV history with Adam Smith's The Wealth of Nations on his bookshelf) - received an MBE in the New Year's Honours list, is touted as a future James Bond and is widely considered one of the coolest men in Britain.
Not a bad celebrity collaborator for the Superdry brand then.
In November SuperGroup reported strong growth and increased profits for the six months to October 24.
Revenue was up 22.3 per cent to £254.7 million and profit before tax up 54.4 per cent to £19.3million.
Chief executive Euan Sutherland said: "SuperGroup has made good progress in realising its strategic objectives in the first half and has delivered profitable growth, while continuing to invest in the business.
"Central to this is the ongoing process to get ever closer to our customers who clearly appreciate the product innovation that is widening the Superdry offer.
"With a successful first half completed, the business is well placed for the significant peak trading period.
"While comparatives in the second half are more challenging, the development of Superdry into a global lifestyle brand is proceeding with pace and this, together with the strength of our product offer and increasing efficiency, will enable us to deliver long-term sustainable growth."
It marked a very solid first year in the job for Mr Sutherland, the former chief executive of the Co-Op group. He was appointed in October 2014 with Julian Dunkerton, who famously grew the firm into an international success story from a Cheltenham market stall, moving from chief executive to the newly-created role of product and brand director.
The move came on the back of SuperGroup suffering a shares-crisis in 2014 after a series of accountancy and stock issues unnerved investors.
But it is very much back on an even keel today and with further retail expansion on the cards it is expected to be a star performer in 2016.
Few people would probably be able to put their hand up to answer the question of what connected the Duchess of Cornwall, James Bond-star Daniel Craig as 007 and Joan Collins in 2015.
The answer is that all three were among those to put their hands inside gloves manufactured by the historic Wiltshire firm Dent's.
The Warminster firm, which has been making gloves since 1777, proved it remains the glovemaker of choice for the discerning consumer.
Mr Craig sported the Fleming range of driving gloves in hit film Spectre, Dame Joan was photographed wearing a pair of white satin Dent's gloves alongside William Shatner at a Star Trek convention in Las Vegas, and Camilla enjoyed a royal visit to Warminster to learn about the glove-making process.
The tie-in with Spectre apparently saw the Fleming range prove a very popular Christmas present.
But a note to its latest accounts, which reported a profit of £301,946, said that a second consecutive mild winter would hit UK profits.
It does, however, export to more than 40 countries and exhibited its gloves at major trade shows in Melbourne and Florence among others.
The value of the fashion industry to the West Country and Britain in general is immense.
A report by Oxford Economics in 2014 stated that it is worth in excess of £26 billion to the UK economy. It also employs about 800,000 people.
One of the biggest players based in the West Country is New Look.
The high street staple, which was founded in Taunton in 1969, has its global headquarters in Weymouth.
A 90 per cent stake in the business was bought by Brait, an investment vehicle of the South African retail billionaire Christo Wiese, for £780million in May 2015.
It has 570 stores in the UK and more than 800 in 21 countries around the globe.
It has particularly focused its growth on China recently, aiming to have 85 stores there by the end of the financial year.
It presented its half-year results in November and reported revenue of £756 million, up by 5.9 per cent.
Profit before tax was up by almost 40 per cent at £39.5 million, boosted by its rapid e-commerce growth.
It has also placed more prominence on men's clothing - including the launch of standalone menswear stores.
Anders Kristiansen, chief executive, said: "These excellent results show the strength of the New Look offer and the strategic progress we have made in our product, stores and website.
"We have also seen a positive reaction to our Autumn/Winter collection and we have been delighted with the initial performance of our men's standalone stores."
"Our Chinese stores continue to perform well as customers continue to react favourably to our fashion-forward offer. We remain on target to have 85 stores open in the country by year end.
"With the support of our new owners, Brait, we are planning to increase investment in our strategic initiatives to accelerate our growth."
In the fickle world of fashion there are few certainties, but it a safe bet that the creative talents working in the volatile sector in the West will continue to punch above their weight - be that catwalk couture or
                          

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