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Clothing Retailing - Europe - October 2015

This report series covers the 19 leading economies of Western Europe. In total these countries account for around 95% of all European retail sales, excluding Russia.

This data in its entirety is contained in the single copy 19-country report, which gives a full overview of clothing retailing in Europe. Single country reports are also available for the UK, France, Germany, Spain and Italy.

As in previous years, the focus of the European clothing report is the clothing specialists, because these are the dominant players in the sector. Nevertheless, for each country in this report we provide total consumer spending data for clothing, which includes expenditure through all channels. And we include Mintel’s Channels of Distribution estimates for each European country, which indicate how this spending is distributed by retail sector.

This year, our exclusive consumer research spanned the UK, France, Germany, Italy and Spain. In each of these markets, we asked consumers about their attitudes to clothing size and fit, their interest in sizing and fitting services and their reasons for returning items bought online.

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Table of contents

  1. Introduction and Report Scope – Europe

    • Country and company coverage
      • Consumer research coverage
        • Definitions
          • Retail sector definitions
            • Consumer spending definitions
              • Financial definitions
                • Currencies
                  • Sales tax rates
                    • Figure 1: VAT rates, 2010-14
                  • Abbreviations
                  • Executive Summary – Europe – The Market

                    • Key points
                      • Clothing market
                        • UK and Germany the largest markets
                          • Figure 2: Europe – 19 countries: Consumer spending on clothing (incl sales tax), by country, 2010-14
                        • Poland the fastest growing
                          • Figure 3: Europe – 19 countries: Consumer spending on clothing (incl. sales tax), by country, compound annual growth rates, 2010-14
                        • Norway spends the most per capita
                          • Figure 4: Europe – 19 countries: Per capita spending on clothing (incl sales tax), by country, 2014
                        • UK to grow fastest in 2015
                          • Figure 5: Europe – Top 5 countries: Consumer spending on clothing, estimated growth rates by country, 2014-15
                        • Online clothing and footwear market
                          • Online sales
                            • Figure 6: Europe – Top 5 countries: Estimated online sales of clothing and footwear, 2014
                          • Major online-only retailers
                            • Figure 7: Europe: Leading online-only fashion retailers’ revenues, 2012-14
                          • Clothing and footwear specialists
                            • Figure 8: Europe – 26 countries: Clothing and footwear specialists’ sales (excl. sales tax), 2014
                            • Figure 9: Europe: Clothing and footwear specialists’ sales per capita (excl. sales tax), 2014
                            • Figure 10: Europe: Clothing and footwear specialists’ sales forecasts (excl. sales tax), 2015-20
                            • Figure 11: Europe: Clothing and footwear specialists’ forecast sales, compound annual growth rate, 2015-20
                          • Europe’s leading clothing specialists
                            • Figure 12: Europe: Leading clothing specialists’ net revenues, 2010-14
                            • Figure 13: Europe: Leading clothing specialists’ store numbers, 2010-14
                        • Executive Summary – Europe – The Consumer

                          • Key points
                            • The research
                              • UK research
                                • Attitudes to clothing size and fit
                                    • Figure 14: Europe: Attitudes to clothing size and fit, August 2015
                                  • Interest in sizing and fitting services
                                      • Figure 15: Europe: Interest in sizing and fitting services, August 2015
                                    • Returns
                                        • Figure 16: Europe: Those who have returned goods bought online, August 2015
                                      • Reasons for returns
                                          • Figure 17: Europe: Reasons for returns, August 2015
                                      • Executive Summary – Europe – Innovations

                                        • Zalando adds the expert touch
                                          • Figure 18: A Zalon outfit box, picked by a fashion advisor and sent in the post
                                        • Auchan pilots tailor-made concept
                                          • Wehkamp offers online styling advice
                                            • New online clothing retailer launches for men
                                              • Encouraging responsible clothing purchasing
                                                • H&M helps to close the loop
                                                  • Figure 19: A denim jacket made using 78% organic cotton and 20% recycled cotton
                                              • France

                                                • Executive summary
                                                  • Spending and inflation
                                                    • Figure 20: France: Harmonised indices of consumer prices for clothing and footwear – Annual % change, 2011-July 2015
                                                    • Figure 21: France: Consumer spending on clothing (incl. VAT), 2011-15 (f)
                                                  • Channels of distribution
                                                    • Sector size and forecast
                                                      • Leading clothing specialists
                                                          • Figure 22: France: Leading clothing specialists, market shares, 2014
                                                        • Online
                                                          • The consumer: Attitudes to clothing size and fit
                                                            • Figure 23: France: Attitudes to Clothing size and fit, August 2015
                                                          • The consumer: Interest in sizing and fitting services
                                                            • Figure 24: France: Interest in clothing size and fitting services, August 2015
                                                          • The consumer: Reasons for returns
                                                            • Figure 25: France: Those who have returned goods bought online, August 2015
                                                          • What we think
                                                            • Issues and insights
                                                              • Winners and losers and the keys to success
                                                                • The facts
                                                                  • The implications
                                                                    • The big issue of returns for retailers selling online
                                                                      • The facts
                                                                        • The implications
                                                                          • Spending and inflation
                                                                            • Key points
                                                                              • Economy and consumer confidence
                                                                                • Figure 26: France: Consumer and retailer confidence levels, January 2014 – August 2015
                                                                              • Inflation
                                                                                • Figure 27: France: Harmonised indices of consumer prices for clothing and footwear – Annual % change, 2010-14
                                                                                • Figure 28: France: Harmonised indices of consumer prices for clothing and footwear – Annual % change, Jan 2014-July 2015
                                                                              • Consumer spending on clothing
                                                                                • Figure 29: France: Consumer spending (incl. VAT), 2011-15
                                                                              • Channels of distribution
                                                                                • Key points
                                                                                    • Figure 30: France: Estimated channels of distribution for clothing and footwear, 2014
                                                                                  • Retail sector size and forecast
                                                                                    • Key points
                                                                                      • Figure 31: France: Clothing retailers’ sales (incl. VAT), 2011-15
                                                                                      • Figure 32: France: Clothing retailers’ sales as % of all retail sales, 2010-15
                                                                                      • Figure 33: France: Forecast clothing retailers’ sales, 2015-20
                                                                                    • Online
                                                                                      • Key points
                                                                                        • The online shopper
                                                                                          • Figure 34: Europe: % of individuals who have bought clothing or sports goods online in the last year, 2014
                                                                                          • Figure 35: France: % of individuals who have bought clothing or sports goods online in the last year, 2010-14
                                                                                        • Online spending on clothing
                                                                                          • Figure 36: France: Products and services bought online, 2013-14
                                                                                        • Online clothing retailers
                                                                                          • Figure 37: France: Where people shopped for clothing in the last 12 months, August 2014
                                                                                          • Figure 38: France: Major online retailers of clothing, 2015
                                                                                          • Figure 39: France: Leading retail websites selling clothing, by visitor numbers, September 2014
                                                                                        • Leading clothing specialists
                                                                                          • Key points
                                                                                              • Figure 40: France: Leading online retailers, by sales (excl. VAT), 2011-14
                                                                                              • Figure 41: France: Leading online retailers, outlet numbers, 2011-14
                                                                                              • Figure 42: France: Leading online retailers, sales per outlet, 2012-14
                                                                                            • Leading clothing specialist – Market shares
                                                                                              • Figure 43: France: Leading clothing specialists, market shares, 2011-14
                                                                                            • The consumer: Attitudes to clothing size and fit
                                                                                              • Key points
                                                                                                  • Figure 44: France: Attitudes to clothing size and fit, August 2015
                                                                                                • Differences by gender
                                                                                                  • Figure 45: France: Attitudes to clothing size and fit, by gender, August 2015
                                                                                                • Differences by age
                                                                                                  • Figure 46: France: Attitudes to clothing size and fit, by age, August 2015
                                                                                                • The consumer: Interest in sizing and fitting services
                                                                                                  • Key points
                                                                                                    • Sizing a big issue
                                                                                                      • Lots of interest in technological fitting services
                                                                                                        • Customisation an opportunity
                                                                                                          • Figure 47: France: Interest in clothing size and fitting services, August 2015
                                                                                                          • Figure 48: France: Interest in clothing size and fitting services, by gender, August 2015
                                                                                                          • Figure 49: France: Interest in clothing size and fitting services, by age, August 2015
                                                                                                        • The consumer: Reasons for returns
                                                                                                          • Key points
                                                                                                            • Returns an issue for online retailers
                                                                                                              • Figure 50: France: Those who have returned goods bought online, August 2015
                                                                                                              • Figure 51: France: Reasons for returning goods bought online, August 2015
                                                                                                              • Figure 52: France: Reasons for returning goods bought online, by gender, August 2015
                                                                                                          • Germany

                                                                                                            • Executive summary
                                                                                                              • Spending and inflation
                                                                                                                • Figure 53: Germany: Harmonised indices of consumer prices for clothing and footwear – Annual % change, 2011-July 2015
                                                                                                                • Figure 54: Germany: Consumer spending on clothing and footwear (incl. VAT), 2011-15
                                                                                                              • Sector size and forecast
                                                                                                                • Channels of distribution
                                                                                                                  • Leading clothing specialists
                                                                                                                    • Online
                                                                                                                      • The consumer: Attitudes to clothing size and fit
                                                                                                                          • Figure 55: Germany: Attitudes to clothing size and fit, August 2015
                                                                                                                        • The consumer: Interest in sizing and fitting services
                                                                                                                            • Figure 56: Germany: Interest in clothing size and fitting services (%), August 2015
                                                                                                                          • The consumer: Reasons for returns
                                                                                                                              • Figure 57: Germany: Those who have returned goods bought online, August 2015
                                                                                                                            • What we think
                                                                                                                              • Issues and insights
                                                                                                                                • Giving consumers the confidence to spend more
                                                                                                                                  • The facts
                                                                                                                                    • The implications
                                                                                                                                      • Inaccurate descriptions causing high level of returns
                                                                                                                                        • The facts
                                                                                                                                          • The implications
                                                                                                                                            • Spending and inflation
                                                                                                                                              • Key points
                                                                                                                                                • Economy and consumer confidence
                                                                                                                                                  • Figure 58: Germany: Consumer and retailer confidence levels, January 2014-August 2015
                                                                                                                                                • Inflation
                                                                                                                                                  • Figure 59: Germany: Harmonised indices of consumer prices for clothing and footwear – Annual % change, 2010-14
                                                                                                                                                  • Figure 60: Germany: Harmonised indices of consumer prices for clothing and footwear – Annual % change, Jan 2014-Aug 2015
                                                                                                                                                • Consumer spending on clothing
                                                                                                                                                  • Figure 61: Germany: Consumer spending (incl. VAT), 2011-15
                                                                                                                                                • Channels of distribution
                                                                                                                                                  • Key points
                                                                                                                                                    • Figure 62: Germany: Estimated distribution of consumer spending on clothing and footwear by value in % terms, 2014
                                                                                                                                                  • Retail sector size and forecast
                                                                                                                                                    • Key points
                                                                                                                                                      • Specialists lose market share
                                                                                                                                                        • Figure 63: Germany: Clothing specialists sales (excl. VAT), 2010-15
                                                                                                                                                        • Figure 64: Germany: Clothing specialists sales (excl. VAT), 2015-20
                                                                                                                                                      • Online
                                                                                                                                                        • Key points
                                                                                                                                                          • The online shopper
                                                                                                                                                            • Figure 65: Europe: Proportion of people saying they have bought clothing or sports goods online in the last year, 2014
                                                                                                                                                            • Figure 66: Germany: % of all individuals who have bought online in the last year, clothing/sportswear and all items, 2010-14
                                                                                                                                                          • Online spending on clothing
                                                                                                                                                            • Online clothing retailers
                                                                                                                                                              • Figure 67: Germany: Leading clothing retailers’ online sales (excl. VAT), 2012-14
                                                                                                                                                            • Leading clothing specialists
                                                                                                                                                              • Key points
                                                                                                                                                                  • Figure 68: Germany: Leading clothing specialists, sales (excl vat), 2012-14
                                                                                                                                                                  • Figure 69: Germany: Leading clothing specialists, outlet numbers, 2012-14
                                                                                                                                                                  • Figure 70: Germany: Leading clothing specialists, annual sales per outlet, 2012-14
                                                                                                                                                                • Leading clothing specialist – Market shares
                                                                                                                                                                  • Figure 71: Germany: Leading specialist retailers’ shares of spending on clothing and footwear, 2012-14
                                                                                                                                                                • The consumer: Attitudes to clothing size and fit
                                                                                                                                                                  • Key points
                                                                                                                                                                    • Consumers lack confidence
                                                                                                                                                                      • Figure 72: Germany: Attitudes to clothing size and fit, August 2015
                                                                                                                                                                    • Women are more willing to spend more to get the right fit
                                                                                                                                                                      • Figure 73: Germany: Attitudes to clothing size and fit, by gender, August 2015
                                                                                                                                                                    • The consumer: Interest in sizing and fitting services
                                                                                                                                                                      • Key points
                                                                                                                                                                        • Three-quarters of consumers want standardised sizing
                                                                                                                                                                          • Lack of enthusiasm for digital solutions
                                                                                                                                                                            • Two-thirds want a wider range of sizes
                                                                                                                                                                              • The young want to personalise
                                                                                                                                                                                • Figure 74: Germany: Interest in sizing and fitting services, August 2015
                                                                                                                                                                              • The consumer: Reasons for returns
                                                                                                                                                                                • Over one-third have returned items bought online
                                                                                                                                                                                  • Figure 75: Germany: Those who have returned goods bought online, August 2015
                                                                                                                                                                                • Poor fit the main reason for returns
                                                                                                                                                                                  • Figure 76: Germany: Reasons for returns, August 2015
                                                                                                                                                                                • Poor descriptions also causing returns
                                                                                                                                                                                  • Figure 77: Germany: Reasons for returns, by gender, August 2015
                                                                                                                                                                              • Italy

                                                                                                                                                                                • Executive summary
                                                                                                                                                                                  • Spending and Inflation
                                                                                                                                                                                    • Figure 78: Italy: Harmonised indices of consumer prices for clothing and footwear – Annual % change, Jan 2014-July 2015
                                                                                                                                                                                    • Figure 79: Italy: Consumer spending on clothing (incl. VAT), 2011-15 (f)
                                                                                                                                                                                  • Sector size and forecast
                                                                                                                                                                                    • Channels of distribution
                                                                                                                                                                                      • Leading clothing specialists
                                                                                                                                                                                        • Online
                                                                                                                                                                                          • The consumer: Attitudes to clothing size and fit
                                                                                                                                                                                              • Figure 80: Italy: Attitudes towards clothing size and fit, August 2015
                                                                                                                                                                                            • The consumer: Interest in sizing and fitting services
                                                                                                                                                                                              • Figure 81: Italy: Interest in clothing size and fitting services, August 2015
                                                                                                                                                                                            • The consumer: Reasons for returns
                                                                                                                                                                                              • What we think
                                                                                                                                                                                                • Issues and insights
                                                                                                                                                                                                  • Slow to take up e-commerce, but open to new technologies
                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                        • Keen to dress well, but unsure how best to do so
                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                              • Spending and inflation
                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                  • Economy and consumer confidence
                                                                                                                                                                                                                    • Figure 82: Italy: Consumer and retailer confidence levels, January 2014-August 2015
                                                                                                                                                                                                                  • Inflation
                                                                                                                                                                                                                    • Figure 83: Italy: Harmonised indices of consumer prices for clothing and footwear – Annual % change, 2010-14
                                                                                                                                                                                                                    • Figure 84: Italy: Harmonised indices of consumer prices for clothing and footwear – Annual % change, Jan 2014-July 2015
                                                                                                                                                                                                                  • Consumer spending on clothing
                                                                                                                                                                                                                    • Figure 85: Italy: Consumer spending (incl. VAT), 2010-15
                                                                                                                                                                                                                    • Figure 86: Italy: Consumer spending on clothing (incl. VAT), 2011-15
                                                                                                                                                                                                                  • Channels of distribution
                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                        • Figure 87: Italy: Clothing – Channels of distribution, 2014 (est)
                                                                                                                                                                                                                      • Retail sector size and forecast
                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                            • Figure 88: Italy: Clothing retailers’ sales (excl. VAT), 2010-15
                                                                                                                                                                                                                            • Figure 89: Italy: Clothing, footwear and textiles specialists as share of all retail sales, 2010-15
                                                                                                                                                                                                                            • Figure 90: Italy: Forecast clothing retailers’ sales (excl. VAT), 2015-20
                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                              • The online shopper
                                                                                                                                                                                                                                • Figure 91: Europe: Percentage of all individuals who have bought clothing or sports goods online in the last year, 2014
                                                                                                                                                                                                                                • Figure 92: Italy: Percentage of all individuals saying they have bought clothing or sports goods online in the last year, 2010-14
                                                                                                                                                                                                                              • Online spending on clothing
                                                                                                                                                                                                                                • Online clothing retailers
                                                                                                                                                                                                                                  • Figure 93: Italy: Clothing retailers purchased from in the last 12 months, in-store versus online, August 2014
                                                                                                                                                                                                                                  • Figure 94: Italy: Major online retailers of clothing, 2015
                                                                                                                                                                                                                                • Leading clothing specialists
                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                    • OVS expands and grows sales
                                                                                                                                                                                                                                      • Benetton looks to its home market
                                                                                                                                                                                                                                        • Bernardi being dismantled
                                                                                                                                                                                                                                          • Figure 95: Italy: Leading clothing specialistsby sales (excl. VAT), 2012-14
                                                                                                                                                                                                                                          • Figure 96: Italy: Leading clothing specialists, outlet numbers, 2012-14
                                                                                                                                                                                                                                          • Figure 97: Italy: Leading clothing specialists, sales per outlet, 2012-14
                                                                                                                                                                                                                                        • Leading clothing specialist – Market shares
                                                                                                                                                                                                                                          • Figure 98: Italy: Leading clothing specialists, market shares, 2012-14
                                                                                                                                                                                                                                        • The consumer: Attitudes towards clothing size and fit
                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                            • Consumers often need to alter clothes
                                                                                                                                                                                                                                              • Approaching two-thirds recognise the value of good fit
                                                                                                                                                                                                                                                • Figure 99: Italy: Attitudes towards clothing size and fit, August 2015
                                                                                                                                                                                                                                                • Figure 100: Italy: Attitudes towards clothing size and fit, by gender, August 2015
                                                                                                                                                                                                                                              • The consumer: Interest in sizing and fitting services
                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                  • Over two-thirds want standardised sizing
                                                                                                                                                                                                                                                    • Digital solutions to sizing problems
                                                                                                                                                                                                                                                      • Figure 101: Italy: Interest in clothing size and fitting services, August 2015
                                                                                                                                                                                                                                                    • The consumer: Reasons for returns
                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                          • Figure 102: Italy: Those who have returned goods bought online, August 2015
                                                                                                                                                                                                                                                        • Wrong size is reason for half of returns
                                                                                                                                                                                                                                                            • Figure 103: Italy: Reasons for returning goods bought online, August 2015
                                                                                                                                                                                                                                                            • Figure 104: Italy: Reasons for returning goods bought online, August 2015
                                                                                                                                                                                                                                                        • Spain

                                                                                                                                                                                                                                                          • Executive summary
                                                                                                                                                                                                                                                            • Spending and Inflation
                                                                                                                                                                                                                                                              • Figure 105: Spain: Consumer spending on clothing (incl VAT), 2011-15
                                                                                                                                                                                                                                                            • Sector size and forecast
                                                                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                                                                • Leading clothing specialists
                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                    • The consumer: Attitudes to clothing size and fit
                                                                                                                                                                                                                                                                      • Figure 106: Spain: Attitudes to clothing size and fit, August 2015
                                                                                                                                                                                                                                                                    • The consumer: Interest in sizing and fitting services
                                                                                                                                                                                                                                                                      • Figure 107: Spain: Interest in clothing size and fitting services, August 2015
                                                                                                                                                                                                                                                                    • The consumer: Reasons for returns
                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                        • Issues and insights
                                                                                                                                                                                                                                                                          • Winners and losers in a changing retail climate
                                                                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                                                                • How can retailers support and guide customers in their choices?
                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                      • Spending and inflation
                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                          • Economy and consumer confidence
                                                                                                                                                                                                                                                                                            • Figure 108: Spain: Consumer and retailer confidence levels, January 2014-July 2015
                                                                                                                                                                                                                                                                                          • Inflation
                                                                                                                                                                                                                                                                                            • Figure 109: Spain: Harmonised indices of consumer prices for clothing and footwear – Annual % change, 2011-July 2015
                                                                                                                                                                                                                                                                                            • Figure 110: Spain: Harmonised indices of consumer prices – Annual % change, 2010-14
                                                                                                                                                                                                                                                                                          • Consumer spending on clothing and footwear
                                                                                                                                                                                                                                                                                            • Figure 111: Spain: Consumer spending on clothing and footwear (incl VAT), 2011-15
                                                                                                                                                                                                                                                                                          • Channels of distribution
                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                • Figure 112: Spain: Distribution of consumer spending on clothing, 2014
                                                                                                                                                                                                                                                                                              • Retail sector size and forecast
                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                    • Figure 113: Spain: Retail sales (excl vat), 2010-15
                                                                                                                                                                                                                                                                                                    • Figure 114: Spain: Retail sales forecasts (excl vat), 2015-20
                                                                                                                                                                                                                                                                                                    • Figure 115: Spain: Clothing sector sales as a proportion of all spending on clothing and footwear, 2011-15
                                                                                                                                                                                                                                                                                                  • Retail enterprises
                                                                                                                                                                                                                                                                                                    • Figure 116: Spain: Number of retail enterprises, 2009-13
                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                      • The online shopper
                                                                                                                                                                                                                                                                                                        • Figure 117: Europe: Percentage of all individuals who have bought clothing or sports goods online in the past 12 months, 2014
                                                                                                                                                                                                                                                                                                        • Figure 118: Spain: Percentage of all individuals who have bought online and bought clothing/sports goods online in the past 12 months, 2010-14
                                                                                                                                                                                                                                                                                                      • Online spending
                                                                                                                                                                                                                                                                                                        • Online retailers of clothing
                                                                                                                                                                                                                                                                                                          • Figure 119: Spain: Where consumers had purchased clothing in the last 12 months, August 2014
                                                                                                                                                                                                                                                                                                          • Figure 120: Spain: Leading online retailers, estimated online sales of clothing and footwear, 2012-14
                                                                                                                                                                                                                                                                                                        • Leading clothing specialists
                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                            • Sales
                                                                                                                                                                                                                                                                                                              • Figure 121: Spain: Leading clothing specialists, sales (excl vat), 2011-14
                                                                                                                                                                                                                                                                                                            • Outlets
                                                                                                                                                                                                                                                                                                              • Figure 122: Spain: Leading clothing specialists, outlet numbers, 2011-14
                                                                                                                                                                                                                                                                                                            • Sales per outlet
                                                                                                                                                                                                                                                                                                              • Figure 123: Spain: Leading clothing specialists, sales per outlet 2011-14
                                                                                                                                                                                                                                                                                                            • Leading clothing specialists – Market shares
                                                                                                                                                                                                                                                                                                              • Figure 124: Spain: Leading clothing specialists, market shares, 2011-14
                                                                                                                                                                                                                                                                                                            • The consumer: Attitudes to clothing size and fit
                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                • Margin opportunities
                                                                                                                                                                                                                                                                                                                  • Finding the right fit
                                                                                                                                                                                                                                                                                                                    • Figure 125: Spain: Attitudes to clothing size and fit, August 2015
                                                                                                                                                                                                                                                                                                                  • Gender differences
                                                                                                                                                                                                                                                                                                                    • Figure 126: Spain: Attitudes to clothing size and fit, by gender, August 2015
                                                                                                                                                                                                                                                                                                                  • The consumer: Interest in sizing and fitting services
                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                      • Huge interest in sizing and fitting services
                                                                                                                                                                                                                                                                                                                        • Offering more certainty around sizing
                                                                                                                                                                                                                                                                                                                          • Gap in the market
                                                                                                                                                                                                                                                                                                                            • Guiding choices based on body shape
                                                                                                                                                                                                                                                                                                                              • Make it mine by personalisation
                                                                                                                                                                                                                                                                                                                                • Figure 127: Spain: Interest in clothing size and fitting services, August 2015
                                                                                                                                                                                                                                                                                                                              • Demographic breaks
                                                                                                                                                                                                                                                                                                                                • The consumer: Reasons for returns
                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                    • One in four have returned goods
                                                                                                                                                                                                                                                                                                                                      • Figure 128: Spain: Those who have returned goods bought online, August 2015
                                                                                                                                                                                                                                                                                                                                    • Accentuate the negative to build trust
                                                                                                                                                                                                                                                                                                                                      • Figure 129: Spain: Reasons for returning goods bought online, August 2015
                                                                                                                                                                                                                                                                                                                                    • Gender differences
                                                                                                                                                                                                                                                                                                                                      • Figure 130: Spain: Reasons for returning goods bought online, by gender, August 2015
                                                                                                                                                                                                                                                                                                                                  • UK

                                                                                                                                                                                                                                                                                                                                    • Overview
                                                                                                                                                                                                                                                                                                                                      • What you need to know
                                                                                                                                                                                                                                                                                                                                        • Products covered in this report
                                                                                                                                                                                                                                                                                                                                          • Executive summary
                                                                                                                                                                                                                                                                                                                                            • Clothing sales to see slower growth of 4% in 2015
                                                                                                                                                                                                                                                                                                                                              • Figure 131: Best- and worst-case forecast for consumer spending on clothing and accessories (incl. VAT), 2010-20
                                                                                                                                                                                                                                                                                                                                            • Pureplays and sports retailers gain share
                                                                                                                                                                                                                                                                                                                                              • Figure 132: Estimated distribution of consumer spending on clothing, by value, 2014 and 2015 (est)
                                                                                                                                                                                                                                                                                                                                            • Online clothing market to reach £10.7 billion
                                                                                                                                                                                                                                                                                                                                              • Figure 133: Online as a percentage of total spending on clothing and accessories, 2013-15
                                                                                                                                                                                                                                                                                                                                            • Next viewed as the most stylish brand
                                                                                                                                                                                                                                                                                                                                              • Figure 134: Attitudes towards and usage of selected retail brands, August 2015
                                                                                                                                                                                                                                                                                                                                            • Older women shop more online
                                                                                                                                                                                                                                                                                                                                              • Figure 135: Retailers from which clothes are bought in-store and online, July 2015
                                                                                                                                                                                                                                                                                                                                            • Dissatisfaction with availability of sizes
                                                                                                                                                                                                                                                                                                                                              • Figure 136: Level of satisfaction with last retailer from which clothes were purchased for themselves, July 2015
                                                                                                                                                                                                                                                                                                                                            • Half of women under 45 struggle with fit
                                                                                                                                                                                                                                                                                                                                              • Figure 137: Shopping behaviour when buying clothes, July 2015
                                                                                                                                                                                                                                                                                                                                            • High demand for standardising sizes
                                                                                                                                                                                                                                                                                                                                              • Figure 138: Attitudes towards shopping for clothes, July 2015
                                                                                                                                                                                                                                                                                                                                            • Over half of young women have returned online purchases
                                                                                                                                                                                                                                                                                                                                              • Figure 139: Reasons for returning clothes purchased online, July 2015
                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                              • Issues and insights
                                                                                                                                                                                                                                                                                                                                                • How has the clothing sector performed in 2015?
                                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                                      • Who are the winners and losers in clothing?
                                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                                            • What are retailers doing to help solve the problem of the high level of returns for clothing bought online?
                                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                                  • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                    • Clothing price deflation
                                                                                                                                                                                                                                                                                                                                                                      • Ageing population presents an opportunity
                                                                                                                                                                                                                                                                                                                                                                        • Clothing sales to see slower growth of 4% in 2015
                                                                                                                                                                                                                                                                                                                                                                          • Consumers cut back on clothing as share of total spend
                                                                                                                                                                                                                                                                                                                                                                            • Menswear still only accounts for 26% of the total market
                                                                                                                                                                                                                                                                                                                                                                              • Specialists’ share of clothing spend in decline
                                                                                                                                                                                                                                                                                                                                                                                • Market drivers
                                                                                                                                                                                                                                                                                                                                                                                  • Prices and costs
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 140: Consumer prices inflation for garments, July 2014-July 2015
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 141: Consumer prices inflation for garments, 2005-14
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 142: Consumer prices inflation for accessories and footwear, July 2014-July 2015
                                                                                                                                                                                                                                                                                                                                                                                  • Inflation versus spending growth
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 143: Annual percentage change in spending on clothing (including accessories) versus annual percentage change in consumer prices inflation in clothing, 2011-14
                                                                                                                                                                                                                                                                                                                                                                                  • Obesity levels
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 144: Proportion of overweight and obese population, by gender, 2005-13
                                                                                                                                                                                                                                                                                                                                                                                  • Ageing population presents an opportunity
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 145: Trends in the age structure of the UK population, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                  • Market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                    • Clothing sales to see slower growth of 4% in 2015
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 146: Best- and worst-case forecast for consumer spending on clothing and accessories (incl. VAT), 2010-20
                                                                                                                                                                                                                                                                                                                                                                                    • The future
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 147: Consumer spending on clothing and accessories (incl. VAT), at current prices, 2010-20
                                                                                                                                                                                                                                                                                                                                                                                    • Consumers cut back on clothing as share of total spend
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 148: Spending on clothing and accessories as percentage of all consumer spending, 2010-15
                                                                                                                                                                                                                                                                                                                                                                                    • Menswear growing but still only accounts for 26% of the total market
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 149: Estimated distribution of spending on clothing, by sub-category, 2015 (est)
                                                                                                                                                                                                                                                                                                                                                                                    • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                      • Clothing specialist sales to grow 3.3% in 2015
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 150: Best- and worst-case forecast of clothing specialists’ sector sales (incl. VAT), 2010-20
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 151: Clothing specialist sales (incl. VAT), 2010-20
                                                                                                                                                                                                                                                                                                                                                                                      • Specialists’ sales of clothing
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 152: Estimated sales of clothing by clothing specialist retailers (incl. VAT), 2010-15
                                                                                                                                                                                                                                                                                                                                                                                      • Specialists’ share of clothing spend in decline
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 153: Clothing specialists’ estimated share of spending on clothing, 2010-15
                                                                                                                                                                                                                                                                                                                                                                                      • Key players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                        • M&S lead under threat
                                                                                                                                                                                                                                                                                                                                                                                          • Young fashion retailers outperform mid-market
                                                                                                                                                                                                                                                                                                                                                                                            • Primark overtakes Arcadia to become third largest
                                                                                                                                                                                                                                                                                                                                                                                              • Sports Direct is the leading non-specialist
                                                                                                                                                                                                                                                                                                                                                                                                • Supermarkets see slower sales
                                                                                                                                                                                                                                                                                                                                                                                                  • Online clothing market to reach £10.7 billion
                                                                                                                                                                                                                                                                                                                                                                                                    • Next seen as most stylish brand
                                                                                                                                                                                                                                                                                                                                                                                                      • Leading specialist retailers
                                                                                                                                                                                                                                                                                                                                                                                                        • Sales – Primark overtakes Arcadia
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 154: Leading specialist retailers, net revenues, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                        • Young fashion retailers outperform
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 155: Leading 20 specialist retailers, compound annual growth in revenues, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                        • Outlet numbers and sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 156: Leading specialist retailers, outlet numbers, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                        • Sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 157: Leading specialist retailers, annual sales per outlet, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                        • Sales area and sales densities
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 158: Leading specialist retailers, total sales area, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                        • Sales per square metre
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 159: Leading specialist retailers, annual sales per sq m, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                        • Operating profits and margins
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 160: Leading specialist retailers, operating profits, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 161: Leading specialist retailers, operating profits, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                        • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                          • Primark overtakes Arcadia
                                                                                                                                                                                                                                                                                                                                                                                                            • Half of top players are non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 162: Leading retailers’ share of spending on clothing and footwear, 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                            • M&S continues to lose share
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 163: Marks & Spencer’s share of spending on clothing and footwear, 2006-14
                                                                                                                                                                                                                                                                                                                                                                                                            • Leading non-specialist retailers
                                                                                                                                                                                                                                                                                                                                                                                                              • Sports Direct is the leading non-specialist
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 164: Leading non-specialist retailer: net clothing and footwear revenues, 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                              • Supermarkets see slower sales
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 165: Retailers from which clothes have been bought in the last 12 months, in-store or online, July 2015
                                                                                                                                                                                                                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                • Pureplays and sports retailers gain share
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 166: Estimated distribution of consumer spending on clothing, by value, 2013-15 (est)
                                                                                                                                                                                                                                                                                                                                                                                                                • Specialists continue to lose share
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 167: Clothing specialists’ estimated share of spending on clothing, 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                                • Space allocation summary
                                                                                                                                                                                                                                                                                                                                                                                                                  • Men, women and children’s clothing split
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 168: Leading and non-specialist clothing retailers, estimated space allocation by men’s, women’s and childrenswear, October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                    • Detailed category space allocation
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 169: Leading and non-specialist clothing retailers, estimated detailed space allocation by category, October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 170: Leading and non-specialist clothing retailers, estimated detailed space allocation by category, October 2015 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 171: Leading and non-specialist clothing retailers, estimated detailed space allocation by category, October 2015 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                    • Specialists and leading general clothing retailers clothing and non-clothing space split
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 172: Specialists and leading general clothing retailers, estimated clothing versus non-clothing space, October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                    • ASDA creating a clothes store within a store environment
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 173: Grocers, estimated clothing versus non-clothing space, October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail product mix
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 174: Leading clothing retailers, estimated clothing product mix, 2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 175: Leading food retailers, estimated clothing product mix, 2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 176: Leading clothing retailers, share of clothing sales, by product, 2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 177: Leading clothing retailers, estimated sales density, by product, 2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 178: Leading food retailers, estimated clothing sales density, by product, 2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 179: Leading clothing retailers, share of product markets, 2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                                                                                                                                                                                      • Online clothing market to reach £10.7 billion
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 180: Estimated online sales of clothing and footwear (incl. VAT), 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                      • Online market shares
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 181: Estimated market shares of online sales of clothing and footwear, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                      • Amazon leads online
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 182: Retailers from which clothes were bought in the last 12 months online, July 2015
                                                                                                                                                                                                                                                                                                                                                                                                                      • Innovations and launch activity
                                                                                                                                                                                                                                                                                                                                                                                                                        • Men’s fashion store fusing fashion and technology
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 183: The lifestyle product range at Dandy Lab, with wall-mounted screens to display information about the products and brands
                                                                                                                                                                                                                                                                                                                                                                                                                        • Google and Levi’s tie up for ‘smart’ jeans
                                                                                                                                                                                                                                                                                                                                                                                                                          • Personalising the online shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                            • Clothing retailers offer personal style solutions
                                                                                                                                                                                                                                                                                                                                                                                                                              • Pep&Co takes on the high street
                                                                                                                                                                                                                                                                                                                                                                                                                                • Engaging with customers through weekly podcasts
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Irish multi-brand site launches in the UK
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Burberry live-streams catwalk show through Periscope
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 184: Burberry’s Autumn/Winter 2015 catwalk
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Advertising and marketing activity
                                                                                                                                                                                                                                                                                                                                                                                                                                      • M&S regains its position as the top clothing advertiser
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 185: Recorded above-the-line, online display and direct mail total advertising expenditure by the leading clothing retailers, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Press advertising dominates
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 186: Percentage breakdown of leading clothing retailers’ advertising spend, by media type, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                        • A note on adspend
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                                            • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 187: Attitudes towards and usage of selected retail brands, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 188: Key metrics for selected retail brands, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                              • M&S seen as worth paying more for
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 189: Attitudes, by retail brand, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                              • H&M benefits from a fun and vibrant image
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 190: Brand personality – Macro image, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                              • ASOS associated with trendsetting and cutting-edge traits
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 191: Brand personality – Micro image, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mid-market retailers: M&S, Debenhams and Next
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Supermarket clothing brands: F&F at Tesco and George at Asda
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Young fashion retailers: Topshop/Topman, ASOS, New Look, H&M
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Value retailer: Primark
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • M&S has oldest customer profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retailers raising their game in menswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Dissatisfaction with availability of sizes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Amazon receives high satisfaction scores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Half of women under 45 struggle with fit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • 63% of women will spend more on clothes that flatter
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Solving the issue of fit online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Over half of young women have returned online purchases
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Poor fit is the main reason for returns
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What fashion items people buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 192: Spending habits on clothes, footwear and accessories, June 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 193: Loved & Found, John Lewis Birmingham, September 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 194: Loved & Found, John Lewis Birmingham, September 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail customer profile comparison
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Gender
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 195: Customer profile, by gender, July 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Age
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 196: Customer profile, by age, July 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 197: Customer profile, by socio-economic group, July 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where people shop for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retailers raising their game in menswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 198: New Look standalone menswear store Wigan, September 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 199: Retailers from which clothes are bought in-store and online, July 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Young women are the keenest shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online and offline split – Where consumers buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 200: Retailers from which clothes are bought in-store and online, July 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Repertoire analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 201: Repertoire of retailers from which clothes are bought in-store and online, July 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Level of satisfaction with clothing retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Dissatisfaction with availability of sizes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 202: Level of satisfaction with last retailer from which clothes were purchased for themselves, July 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Satisfaction scores for retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 203: Satisfaction ratings for M&S relative to clothing average, July 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 204: Satisfaction ratings for Next relative to clothing average, July 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 205: Satisfaction ratings for Primark relative to clothing average, July 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 206: Satisfaction ratings for Amazon relative to clothing average, July 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retailers need to promote quality rather than promotions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 207: Key drivers of overall satisfaction with clothing retailers, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Personalising the product on offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Prioritising online delivery and service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 208: Correlation with overall satisfaction with clothing retailers – Key driver output, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Shopping behaviour
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Half of women under 45 struggle with fit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Men wear what they like regardless of size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 209: Shopping behaviour when buying clothes, July 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Targeting older women with alterations service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • 63% of women will spend more on clothes that flatter
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 210: Clothing retailing – CHAID – Tree output, October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Attitudes towards shopping for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • High demand for standardising sizes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • 72% of women want retailers to offer more choice of sizes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 211: Attitudes towards shopping for clothes, July 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Solving the issue of fit online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Clothing recommendations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Personalisation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Reasons for returning clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Over half of young women have returned online purchases
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 212: Proportion of consumers who have returned clothes purchased for themselves online, July 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Poor fit is the main reason for returns
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Poor pictures lead to returns among young women
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 213: Reasons for returning clothes purchased online, July 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key driver analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Interpretation of results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 214: Overall satisfaction with clothing retailers – Key driver output, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 215: Satisfaction with clothing retailers, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • CHAID analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 216: Clothing retailing – CHAID – Table output, October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Definitions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • VAT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Sales per store, sales per sq m
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Other
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fan chart forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Arcadia Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • BHS sale
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Topshop’s international expansion continues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Digital tie-ups
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 217: Arcadia Group: Financial performance, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 218: Arcadia Group: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Asda Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 219: Asda Group Ltd: Group financial performance, 2010-2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 220: Asda Group Ltd: Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • C&A

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Broad offer leaves it vulnerable
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Western Europe weak, expanding in the East
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 221: C&A (Europe): Group sales performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 222: C&A (Europe): Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 223: C&A (Europe): Outlet data, by country, 2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Carrefour

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Turnaround plan bearing fruit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Clothing an important range for hypermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online an opportunity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 224: Carrefour: Group financial performance, 2010-2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 225: Carrefour: Estimated clothing sales, 2012 -14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 226: Carrefour: Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 227: Carrefour: European hypermarket and supermarket numbers, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Debenhams

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Cutting back on sales and special offers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • More third-party clothing retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Own clothing offer not compelling enough?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online and multichannel enhancements paying off
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 228: Debenhams: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 229: Debenhams: Outlet data, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • El Corte Inglés

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • A return to growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Foreign investment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • International expansion for Sfera
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Leading online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 230: El Corte Inglés: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 231: El Corte Inglés: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The Edinburgh Woollen Mill Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Peacocks’ turnaround in fortunes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Enhanced multichannel capabilities driving online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Concession tie-up opportunities for Peacocks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 232: The Edinburgh Woollen Mill Group: Financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 233: The Edinburgh Woollen Mill Group: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Esprit

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Radical moves in Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Asia-Pacific also weak
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Childrenswear partnership with Zannier
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 234: Esprit: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 235: Esprit: Turnover, by segment, 2011/12-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 236: Esprit: Share of turnover, by product division, 2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 237: Esprit: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 238: Esprit: Directly managed retail stores, by country, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • H&M Hennes & Mauritz

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • On-trend affordable fashion proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • H&M Sport potential
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Further store expansion opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Expanding and broadening the online offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 239: H&M Hennes & Mauritz: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 240: H&M Hennes & Mauritz: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • House of Fraser

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Unique fashion brand proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Developing its multichannel fashion proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Enhanced premium fashion shopping environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 241: House of Fraser Plc: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 242: House of Fraser Plc: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Grupo Inditex

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store openings drive growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Shifting focus to new markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Zara, the jewel in the crown
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 243: Grupo Inditex: Group financial performance, by major European country, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 244: Grupo Inditex: Share of sales, by retail brand, 2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 245: Grupo Inditex: Sales and operating profit, by major retail brand, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 246: Grupo Inditex: Outlet data, by region, 2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 247: Grupo Inditex: Store numbers, by retail brand, 2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 248: Grupo Inditex: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 249: Grupo Inditex: Sales per store, by brand, 2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • John Lewis Plc (department store)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Loved & Found
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • International expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 250: John Lewis Plc (department store): Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 251: John Lewis Plc (department store): Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Marks & Spencer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Quarterly increases
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Ongoing challenges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Aligning the business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 252: Customer profile, M&S food vs M&S clothing shoppers, by age, February 2015 and July 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 253: Marks & Spencer: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 254: Marks & Spencer: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Matalan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New brand director and advertising campaign to fight off competition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • City centre store opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Scrapping Sporting Pro
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New distribution hub
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 255: Matalan Ltd: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 256: Matalan Ltd: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • New Look Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • China expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Menswear push
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Third-party partnerships boosts global reach and e-commerce revenue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Increased delivery options enhance multichannel proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 257: New Look Group Plc: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 258: New Look Group Plc: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Next Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Faster fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Less is more
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • International growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 259: Next Group: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 260: Next Group: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Otto Group (Multichannel Retail)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • 3SI transformation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Creating fashion start-ups
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Russian troubles
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 261: Otto Group (Multichannel Retail): Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • OVS

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Positioning the OVS brand as a trendier fast-fashion destination
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Domestic consolidation and selective international expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Expo Milano 2015 boost
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New fashion-forward store concept sales are ‘excellent’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Growing online presence resulting in increased e-commerce sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 262: OVS SpA: Financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 263: OVS SpA: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Primark/Penneys

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Continued expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Tough German market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 264: Primark/Penneys: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 265: Primark/Penneys: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • River Island Clothing Co Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New fashion in-store and online every single week
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ‘Wow factor’ store design
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Tie-up with Rihanna prompting international expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Doddle partnership enhances multichannel proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tapping into new technology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Customer engagement
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 266: River Island Clothing Co Ltd: Group financial performance, 2010-2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 267: River Island Clothing Co Ltd: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Tesco

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Clothing linked to grocery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 268: Tesco: Estimated clothing sales, 2011/12-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 269: Tesco Plc: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 270: Tesco Plc: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • TJX Europe (TK Maxx)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • A loyal following
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 271: TJX Europe (TK Maxx): Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 272: TJX Europe (TK Maxx): Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Debenhams UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Grupo Inditex
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Topshop old

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Clothing Retailing - Europe - October 2015

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              £2,895.00 (Excl.Tax)