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Clothing Retailing - Europe - October 2016

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. Europe – Overview

    • Country and company coverage
      • Consumer research coverage
        • Definitions
          • Retail sector definitions
            • Consumer spending definitions
              • Financial definitions
                • Currencies
                  • VAT rates
                    • Figure 1: VAT rates around Europe, 2011-16
                  • Abbreviations
                  • Executive Summary – Europe – The Market

                      • Spending on clothing and footwear
                        • Figure 2: Europe: Spending on clothing, 2011-15
                        • Figure 3: Europe: Consumer spending on clothing, growth pa, 2011-15
                        • Figure 4: Europe: Consumer spending per capita on clothing, 2015
                      • Clothing specialists’ sales
                        • Figure 5: Europe: Clothing specialists sales (excl. VAT), 2012-16
                        • Figure 6: Europe: Clothing specialists forecast sales, 2017-21
                      • Specialists relative to the market
                        • Figure 7: Europe: Specialists’ sales relative to all clothing spending, gain or loss, 2015 on 2010
                      • All clothing and footwear specialists sales
                        • Figure 8: Europe: Clothing and footwear specialists sales, excl. VAT, 2012-16
                        • Figure 9: Europe: Clothing and footwear specialists forecast sales, excl. VAT, 2017-21
                      • Online
                        • Figure 10: Europe: Proportion of individuals who have bought something online in last three months, 2011-15
                        • Figure 11: Europe: Proportion of individuals who have bought clothing or sports goods online in last 12 months, 2011-15
                      • Online sales
                        • Figure 12: Major European economies: Online clothing and footwear sales, 2015
                      • Leading players
                        • Figure 13: Europe: Top 30 leading clothing specialist retailers, sales, 2013/14-2015/16
                        • Figure 14: Europe: Top 30 leading clothing specialist retailers outlet numbers, 2013/14-2015/16
                        • Figure 15: Europe: Top 30 leading clothing specialist retailers, sales per outlet, 2013/14-2015/16
                      • Market share gains and losses
                        • Figure 16: Major European clothing retailers, market share gains and losses, 2015
                      • Market shares
                        • Figure 17: Europe: Top 10 clothing retailers sales as % all spending on clothing, 2013-15
                      • What we think
                      • Executive Summary – Europe – The Consumer

                          • Where they shop
                            • Online vs in-store
                              • Figure 18: Europe: Number of clothing shoppers, in-store and online, July 2016
                            • Specialists
                                • Figure 19: Europe: Use of specialists for buying clothing, in-store and online, July 2016
                              • Supermarkets
                                • Figure 20: Europe: Use of supermarkets for buying clothing, in-store and online, July 2016
                              • Online
                                  • Figure 21: Europe: Use of online-only businesses for buying clothing, July 2016
                                • Attitudes to shopping for clothes
                                    • Figure 22: Europe: Those who agree with attitude statements, July 2016
                                  • Behaviours when shopping for clothes
                                      • Figure 23: Europe: Those who agree with the statements on technology use, July 2016
                                  • Executive Summary – Europe – Innovation and Launch Activity

                                    • Zalando hosts tech-focused Bread & Butter
                                      • Zara uses tech to enhance changing room experience
                                        • LENA ups the ante on apparel sharing
                                          • Etam Group trials size recommendation technology
                                            • The Travelling Tailor Mates on-demand service
                                              • Patagonia’s Worn Wear Tour
                                                • Figure 24: Patagonia’s Worn Wear Tour, 2016
                                              • The next generation in clothing delivery
                                                • Figure 25: ZOOT Try & Buy Stores, 2016
                                            • France

                                              • Overview
                                                • What you need to know
                                                  • Areas covered in this report
                                                    • Executive summary
                                                      • The market
                                                        • Spending and inflation
                                                          • Figure 26: France: Consumer spending on clothing and share of all spending, 2012-16
                                                        • Channels of distribution
                                                          • Figure 27: France: Estimated channels of distribution for clothing and footwear spending, 2015
                                                        • Sector size and forecast
                                                          • Figure 28: France: Specialist clothing retailers’ sales and share of all retail sales, 2012-16
                                                        • Leading players
                                                          • Key metrics
                                                            • Market shares
                                                              • Figure 29: France: Leading specialist clothing retailers’ shares of consumer spending on clothing and footwear, 2015
                                                            • Online
                                                                • Figure 30: France: Proportion of people saying they have bought clothing or sports goods online in the last year, 2010-15
                                                              • The consumer
                                                                • Where they shop
                                                                    • Figure 31: France: Where people shopped for clothing in the past 12 months, by retailer, online/catalogue vs in-store, July 2016
                                                                  • Attitudes to shopping for clothing
                                                                    • Figure 32: France: Profile of those who agree with the attitudes statements, July 2016
                                                                  • Behaviours when shopping for clothing
                                                                    • Figure 33: France: Agreement with various shopping behaviours, July 2016
                                                                  • What we think
                                                                    • Issues and insights
                                                                      • Specialists need to up their game online
                                                                        • The facts
                                                                          • The implications
                                                                            • Is the middle market a danger zone?
                                                                              • The facts
                                                                                • The implications
                                                                                  • The market – What you need to know
                                                                                    • Economy showing signs of an uplift
                                                                                      • Clothing spending subdued
                                                                                        • Shoppers use a variety of retail channels
                                                                                          • Clothing retailers
                                                                                            • Spending and inflation
                                                                                              • Economic recovery taking hold, boosted by consumer spending
                                                                                                • Clothing market is low growth
                                                                                                  • Figure 34: France: Consumer spending on clothing and footwear (incl. VAT), 2012-16
                                                                                                • Inflation
                                                                                                  • Figure 35: France: Consumer prices * of clothing and footwear, annual % change, 2011-15
                                                                                                  • Figure 36: France: Consumer prices * of clothing and footwear, annual % change, January 2015-August 2016
                                                                                                • Market segmentation
                                                                                                  • Figure 37: France: Clothing market, estimated segmentation, 2011-15
                                                                                                • Channels of distribution
                                                                                                  • Department stores and mixed goods
                                                                                                    • Hypermarkets/supermarkets
                                                                                                      • Home shopping/online (non-store)
                                                                                                        • Other
                                                                                                          • Figure 38: France: Estimated distribution of consumer spending on clothing and footwear, 2015
                                                                                                        • Sector size and forecast
                                                                                                          • Total retail sales recovered in 2015, further growth forecast in 2016
                                                                                                            • Specialists’ weak performance continues
                                                                                                              • Figure 39: France: Clothing specialists’ sales (excl. VAT), 2012-16
                                                                                                              • Figure 40: Forecast clothing specialists’ sales forecasts (excl. VAT), 2016-21
                                                                                                            • Leading players – What you need to know
                                                                                                              • Vivarte struggling
                                                                                                                • H&M, Zara and Mango driving growth
                                                                                                                  • Crowded middle ground
                                                                                                                    • Foreign-owned fast fashion capturing more spending
                                                                                                                      • Online growing
                                                                                                                        • But store-based retailers missing out
                                                                                                                          • Leading players
                                                                                                                            • Vivarte in trouble
                                                                                                                              • Overcrowded middle ground
                                                                                                                                • Kiabi doing well
                                                                                                                                  • Foreign fast fashion players driving growth
                                                                                                                                    • Figure 41: France: Leading clothing specialists, sales (excl Vat), 2013-15
                                                                                                                                    • Figure 42: France: Leading clothing specialists, outlet numbers, 2013-15
                                                                                                                                    • Figure 43: France: Leading clothing specialists, sales per outlet, 2013-15
                                                                                                                                  • Market shares
                                                                                                                                    • Figure 44: France: Leading clothing retailers, sales as % all spending on clothing and footwear, 2013-15
                                                                                                                                  • Online
                                                                                                                                    • The online sector as a whole
                                                                                                                                      • Shopping for clothing online
                                                                                                                                        • Figure 45: France: Proportion of people saying they have bought clothing or sports goods online in the last year, 2010-15
                                                                                                                                      • Leading online players
                                                                                                                                        • Specialists
                                                                                                                                          • Online-only retailers
                                                                                                                                            • Figure 46: France: Leading online retailers’ estimated clothing sales (excl. Vat), 2013-15
                                                                                                                                          • The consumer – What you need to know
                                                                                                                                            • Widespread buying behaviour
                                                                                                                                              • Non-specialists as popular as specialists
                                                                                                                                                • H&M leads in store-based shopping
                                                                                                                                                  • Online appeals to younger customers
                                                                                                                                                    • Overpopulated middle ground
                                                                                                                                                      • Online and in-store increasingly integrated
                                                                                                                                                        • Where they shop
                                                                                                                                                          • Clothes shopping near universal
                                                                                                                                                            • Non-specialist retailers as popular as clothing specialists
                                                                                                                                                              • Usage of online-only retailers lags behind Germany and Italy
                                                                                                                                                                • Figure 47: France: Where people shopped for clothing in the past 12 months, by broad category, July 2016
                                                                                                                                                                • Figure 48: France: Profile of who shops where, by broad category, July 2016
                                                                                                                                                              • Purchasers by retailer
                                                                                                                                                                • H&M leads, with Kiabi in second place
                                                                                                                                                                  • Amazon popular but lower usage than in Germany, Italy and Spain
                                                                                                                                                                    • Online-only retailers the most important non-specialist category
                                                                                                                                                                      • Figure 49: France: Where people shopped for clothing in the past 12 months by retailer, whether in-store or online/by catalogue, July 2016
                                                                                                                                                                    • In-store vs online
                                                                                                                                                                      • Kiabi the most popular store-based retailer online
                                                                                                                                                                        • Figure 50: France: Where people shopped for clothing in the past 12 months, online/catalogue vs in-store, July 2016
                                                                                                                                                                      • Customer profiles
                                                                                                                                                                        • Figure 51: France: Profile of who shops where, July 2016
                                                                                                                                                                      • Attitudes to shopping for clothing
                                                                                                                                                                        • Consumers value integration between stores and online
                                                                                                                                                                          • Store-based retailers need to translate in-store strengths to online
                                                                                                                                                                            • Online-only retailers need to adapt offer too
                                                                                                                                                                              • Delivery charges deter online shopping
                                                                                                                                                                                • Figure 52: France: Attitudes to shopping for clothing, July 2016
                                                                                                                                                                                • Figure 53: France: Profile of those who agree with attitudes statements, July 2016
                                                                                                                                                                              • Behaviours when shopping for clothing
                                                                                                                                                                                • Figure 54: France: Agreement with various shopping behaviours, July 2016
                                                                                                                                                                                • Figure 55: France: Profile of those agreeing with various shopping behaviours, July 2016
                                                                                                                                                                              • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                • Abbreviations
                                                                                                                                                                                  • Data sources
                                                                                                                                                                                  • Germany

                                                                                                                                                                                    • Overview
                                                                                                                                                                                      • What you need to know
                                                                                                                                                                                        • Areas covered in this report
                                                                                                                                                                                          • Executive summary
                                                                                                                                                                                            • The market
                                                                                                                                                                                              • Spending on clothing and footwear
                                                                                                                                                                                                • Inflation
                                                                                                                                                                                                  • Figure 56: Germany: Consumer prices for clothing and footwear, annual % change, 2015-16
                                                                                                                                                                                                • Consumer confidence
                                                                                                                                                                                                  • Figure 57: Germany: Consumer and retailer confidence levels, January 2015-August 2016
                                                                                                                                                                                                • Market segmentation
                                                                                                                                                                                                  • Figure 58: Germany: Clothing market, estimated segmentation, 2015
                                                                                                                                                                                                • Channels of distribution
                                                                                                                                                                                                  • Figure 59: Germany: Estimated distribution of spending on clothing and footwear, 2015
                                                                                                                                                                                                • Sector size and forecast
                                                                                                                                                                                                  • Figure 60: Germany: Specialist clothing retailers sales as % all spending on clothing, 2011-15
                                                                                                                                                                                                • Leading players
                                                                                                                                                                                                  • Key metrics
                                                                                                                                                                                                    • Some retailers struggling
                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                        • Figure 61: Germany: Leading clothing specialists, sales as % all spending on clothing and footwear, 2013-15
                                                                                                                                                                                                      • Online
                                                                                                                                                                                                        • Figure 62: Germany: Proportion of people saying they have bought clothing or sports goods online in the last year, 2010-15
                                                                                                                                                                                                      • The consumer
                                                                                                                                                                                                        • Where they shop
                                                                                                                                                                                                            • Figure 63: Germany: Where people shopped for clothing in the past 12 months, by retailer, July 2016
                                                                                                                                                                                                          • Attitudes to shopping for clothing
                                                                                                                                                                                                            • Figure 64: Germany: Attitudes to shopping for clothing, July 2016
                                                                                                                                                                                                          • Behaviours when shopping for clothing
                                                                                                                                                                                                            • Figure 65: Germany: Agreement with various shopping behaviours, July 2016
                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                            • Issues and insights
                                                                                                                                                                                                              • Decline of the specialists
                                                                                                                                                                                                                • The facts
                                                                                                                                                                                                                  • The implications
                                                                                                                                                                                                                    • Too many low-priced retailers?
                                                                                                                                                                                                                      • The facts
                                                                                                                                                                                                                        • The implications
                                                                                                                                                                                                                          • Development of online in clothing shopping
                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                • The market – What you need to know
                                                                                                                                                                                                                                  • Spending on clothing and footwear
                                                                                                                                                                                                                                    • Inflation
                                                                                                                                                                                                                                      • Consumer confidence
                                                                                                                                                                                                                                        • Channels of distribution
                                                                                                                                                                                                                                          • Sales by clothing specialists
                                                                                                                                                                                                                                            • Spending and inflation
                                                                                                                                                                                                                                              • Economy and consumer confidence
                                                                                                                                                                                                                                                • Figure 66: Germany: Consumer and retailer confidence levels, January 2015-August 2016
                                                                                                                                                                                                                                              • Consumer spending on clothing and footwear
                                                                                                                                                                                                                                                • Figure 67: Germany: Consumer spending on clothing and footwear (inc VAT), 2012-16
                                                                                                                                                                                                                                              • Inflation
                                                                                                                                                                                                                                                • Figure 68: Germany: Consumer price inflation for clothing and footwear, annual percentage change, 2011-15
                                                                                                                                                                                                                                                • Figure 69: Germany: Consumer prices for clothing and footwear, Annual % change, 2015-16
                                                                                                                                                                                                                                              • Market segmentation
                                                                                                                                                                                                                                                • Figure 70: Germany: Clothing market, estimated segmentation, 2015
                                                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                                                • Specialists dominate
                                                                                                                                                                                                                                                  • Grocery sector small role in clothing
                                                                                                                                                                                                                                                    • Mixed goods
                                                                                                                                                                                                                                                      • Non-store growing fast
                                                                                                                                                                                                                                                          • Figure 71: Germany: Estimated distribution of spending on clothing and footwear, 2015
                                                                                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                                                                                          • Clothing specialists weak
                                                                                                                                                                                                                                                            • Figure 72: Germany: Specialist clothing retailers’ sales as % all spending on clothing, 2011-15
                                                                                                                                                                                                                                                            • Figure 73: Germany: Clothing specialists sales (excl. VAT), 2012-16
                                                                                                                                                                                                                                                          • The weakness likely to continue
                                                                                                                                                                                                                                                            • Figure 74: Germany: Clothing specialists sales forecasts (excl. VAT) 2016-21
                                                                                                                                                                                                                                                          • Leading players – What you need to know
                                                                                                                                                                                                                                                            • H&M leads the sector
                                                                                                                                                                                                                                                              • Some retailers struggling
                                                                                                                                                                                                                                                                • Fragmented market
                                                                                                                                                                                                                                                                  • Online is growing
                                                                                                                                                                                                                                                                    • Leading players
                                                                                                                                                                                                                                                                      • Winners
                                                                                                                                                                                                                                                                        • Zalando leading the online charge
                                                                                                                                                                                                                                                                          • Large numbers of discounters
                                                                                                                                                                                                                                                                            • Share losses
                                                                                                                                                                                                                                                                              • Figure 75: Germany: Leading clothing specialists, sales (excl Vat), 2013-15
                                                                                                                                                                                                                                                                              • Figure 76: Germany: Leading clothing specialists, outlet numbers, 2013-15
                                                                                                                                                                                                                                                                              • Figure 77: Germany: Leading clothing specialists, sales per outlet, 2013-15
                                                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                                                              • Figure 78: Germany: Leading clothing retailers, sales as % all spending on clothing and footwear, 2013-15
                                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                                              • Figure 79: Germany: Proportion of people saying they have bought clothing or sports goods online in the last year, 2010-15
                                                                                                                                                                                                                                                                            • Online spending on clothing
                                                                                                                                                                                                                                                                              • Online clothing retailers
                                                                                                                                                                                                                                                                                • eBay
                                                                                                                                                                                                                                                                                  • Figure 80: Germany: Leading clothing retailers’ online sales (excl. Vat), 2013-15
                                                                                                                                                                                                                                                                                • The consumer – What you need to know
                                                                                                                                                                                                                                                                                  • Specialists in decline
                                                                                                                                                                                                                                                                                    • Shops and home shopping used interchangeably
                                                                                                                                                                                                                                                                                      • C&A most used
                                                                                                                                                                                                                                                                                        • Online appeals to younger customers
                                                                                                                                                                                                                                                                                          • Online and in-store complementary
                                                                                                                                                                                                                                                                                            • Smartphone usage still developing
                                                                                                                                                                                                                                                                                              • Where they shop
                                                                                                                                                                                                                                                                                                • Broad category
                                                                                                                                                                                                                                                                                                  • Figure 81: Germany: Where people shopped for clothing in the past 12 months, by broad category, July 2016
                                                                                                                                                                                                                                                                                                  • Figure 82: Germany: Profile of who shops where by broad category, July 2016
                                                                                                                                                                                                                                                                                                • Purchasers by retailer
                                                                                                                                                                                                                                                                                                  • Figure 83: Germany: Where people shopped for clothing in the past 12 months, by retailer, July 2016
                                                                                                                                                                                                                                                                                                  • Figure 84: Germany: Profile of who shops where, by retailer across all channels, July 2016
                                                                                                                                                                                                                                                                                                • Attitudes to shopping for clothing
                                                                                                                                                                                                                                                                                                  • Figure 85: Germany: Attitudes to shopping for clothing, July 2016
                                                                                                                                                                                                                                                                                                  • Figure 86: Germany: Profile of those who agree with attitude statements, July 2016
                                                                                                                                                                                                                                                                                                • Attitudes by retailer
                                                                                                                                                                                                                                                                                                    • Figure 87: Germany: Attitudes to clothing purchases by retailers bought from, July 2016
                                                                                                                                                                                                                                                                                                  • Behaviours when shopping for clothing
                                                                                                                                                                                                                                                                                                    • Figure 88: Germany: Agreement with various shopping behaviours, July 2016
                                                                                                                                                                                                                                                                                                    • Figure 89: Germany: Profile of those agreeing with various shopping behaviours, July 2016
                                                                                                                                                                                                                                                                                                  • Attitudes by retailer
                                                                                                                                                                                                                                                                                                    • Figure 90: Germany: Use of technology while shopping by retailers used, July 2016
                                                                                                                                                                                                                                                                                                  • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                    • Abbreviations
                                                                                                                                                                                                                                                                                                      • Data sources
                                                                                                                                                                                                                                                                                                      • Italy

                                                                                                                                                                                                                                                                                                        • Overview
                                                                                                                                                                                                                                                                                                          • What you need to know
                                                                                                                                                                                                                                                                                                            • Areas covered in this report
                                                                                                                                                                                                                                                                                                              • Executive summary
                                                                                                                                                                                                                                                                                                                • The market
                                                                                                                                                                                                                                                                                                                  • Spending and inflation
                                                                                                                                                                                                                                                                                                                    • Figure 91: Italy: Consumer prices * of clothing and footwear, annual % change, January 2015-August 2016
                                                                                                                                                                                                                                                                                                                  • Channels of distribution
                                                                                                                                                                                                                                                                                                                    • Figure 92: Italy: Estimated distribution of consumer spending on clothing and footwear, 2015
                                                                                                                                                                                                                                                                                                                  • Sector size and forecast
                                                                                                                                                                                                                                                                                                                    • Figure 93: Italy: Sales by clothing and footwear specialists as % all spending on clothing and footwear, 2012-16
                                                                                                                                                                                                                                                                                                                  • Leading players
                                                                                                                                                                                                                                                                                                                    • Key metrics
                                                                                                                                                                                                                                                                                                                      • Market leaders
                                                                                                                                                                                                                                                                                                                        • Figure 94: Italy: Leading clothing specialists, sales as % of all spending on clothing and footwear, 2013-15
                                                                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                                                                        • The consumer
                                                                                                                                                                                                                                                                                                                          • Where they shop
                                                                                                                                                                                                                                                                                                                            • Figure 95: Italy: The consumer: Where people shopped for clothing in the past 12 months, by broad category, July 2016
                                                                                                                                                                                                                                                                                                                          • H&M and OVS are the most used retailers
                                                                                                                                                                                                                                                                                                                            • Figure 96: Italy: Where people shop for clothing in the past 12 months, by retailer, July 2016
                                                                                                                                                                                                                                                                                                                          • Young people drive clothes purchasing
                                                                                                                                                                                                                                                                                                                            • Figure 97: Italy: Attitudes to shopping for clothing, July 2016
                                                                                                                                                                                                                                                                                                                          • The omnichannel experience is increasingly important
                                                                                                                                                                                                                                                                                                                            • Figure 98: Italy: Attitudes to shopping for clothing, by gender, July 2016
                                                                                                                                                                                                                                                                                                                          • Behaviours when shopping for clothing
                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                              • Issues and insights
                                                                                                                                                                                                                                                                                                                                • The drive to modernise Italian retailing is coming from outside
                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                      • The opportunity in online
                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                            • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                              • Economy edging forward
                                                                                                                                                                                                                                                                                                                                                • Clothing demand weak
                                                                                                                                                                                                                                                                                                                                                  • Inflation falling
                                                                                                                                                                                                                                                                                                                                                    • Clothing dominant
                                                                                                                                                                                                                                                                                                                                                      • Clothing specialists strong
                                                                                                                                                                                                                                                                                                                                                        • Modest growth
                                                                                                                                                                                                                                                                                                                                                          • Spending and inflation
                                                                                                                                                                                                                                                                                                                                                            • Economic recovery showing worrying signs of weakness of late
                                                                                                                                                                                                                                                                                                                                                              • Increased spend on clothing
                                                                                                                                                                                                                                                                                                                                                                • Figure 99: Italy: Consumer spending on clothing and footwear (incl. VAT), 2012-16
                                                                                                                                                                                                                                                                                                                                                              • Inflation
                                                                                                                                                                                                                                                                                                                                                                • Figure 100: Italy: Consumer prices * of clothing and footwear, annual % change, 2011-15
                                                                                                                                                                                                                                                                                                                                                                • Figure 101: Italy: Consumer prices * of clothing and footwear, annual % change, January 2015-August 2016
                                                                                                                                                                                                                                                                                                                                                              • Market segmentation
                                                                                                                                                                                                                                                                                                                                                                • Figure 102: Italy: Clothing market, estimated segmentation, 2015
                                                                                                                                                                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                • Figure 103: Italy: Estimated distribution of consumer spending on clothing and footwear, 2015
                                                                                                                                                                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                • 2015 total retail sales growth up, but expected to slow in 2016
                                                                                                                                                                                                                                                                                                                                                                  • Sales through specialists accelerated in 2015
                                                                                                                                                                                                                                                                                                                                                                    • Figure 104: Italy: Clothing, footwear and textiles specialists’ sales (excl. VAT), 2012-16
                                                                                                                                                                                                                                                                                                                                                                    • Figure 105: Italy: Forecast clothing, footwear and textiles retailers’ sales (excl. VAT), 2016-21
                                                                                                                                                                                                                                                                                                                                                                  • Leading players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                    • Market leaders
                                                                                                                                                                                                                                                                                                                                                                      • Fragmented market
                                                                                                                                                                                                                                                                                                                                                                        • Online underdeveloped
                                                                                                                                                                                                                                                                                                                                                                          • Leading players
                                                                                                                                                                                                                                                                                                                                                                            • Market leaders doing well
                                                                                                                                                                                                                                                                                                                                                                              • Some established players struggling
                                                                                                                                                                                                                                                                                                                                                                                • Figure 106: Italy: Leading clothing specialists, sales, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                • Figure 107: Italy: Leading clothing retailers, outlet numbers, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                • Figure 108: Italy: Leading clothing retailers, sales per outlet, 2013-15
                                                                                                                                                                                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                                                                                                                                                                                • Figure 109: Italy: Leading clothing retailers, sales as % of all spending on clothing and footwear, 2013-15
                                                                                                                                                                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                                                                                                                                                                • Shopping for clothing online
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 110: Italy: Proportion of all individuals saying they have purchased goods online in the last year, 2010-15
                                                                                                                                                                                                                                                                                                                                                                                • Leading retailers
                                                                                                                                                                                                                                                                                                                                                                                  • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                    • Specialists dominate the Italian clothing sector
                                                                                                                                                                                                                                                                                                                                                                                      • H&M and OVS are the most used retailers
                                                                                                                                                                                                                                                                                                                                                                                        • Young people drive clothes purchasing
                                                                                                                                                                                                                                                                                                                                                                                          • Online clothes shopping is underdeveloped
                                                                                                                                                                                                                                                                                                                                                                                            • Consumers reluctant is shop online for clothes
                                                                                                                                                                                                                                                                                                                                                                                              • Trying on clothing ahead of purchase is important
                                                                                                                                                                                                                                                                                                                                                                                                • The omnichannel experience is increasingly important
                                                                                                                                                                                                                                                                                                                                                                                                  • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                    • Three-quarters of consumers shop at non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 111: Italy: Where people shopped for clothing in the last 12 months, by broad category, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                    • H&M and OVS are the leading retailers
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 112: Italy: Where people shopped for clothing in the past 12 months, by retailer, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                    • Women more likely to shop at specialist retailers
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 113: Italy: Where people shopped for clothing in the past 12 months, by gender, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                    • Young people drive clothing purchasing
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 114: Italy: Where people shopped for clothing in the past 12 months, by age, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                    • Attitudes to shopping for clothing
                                                                                                                                                                                                                                                                                                                                                                                                      • Delivery costs impact the number of people shopping online
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 115: Italy: Attitudes to shopping for clothing, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                      • More women struggle to find clothes that are the right size
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 116: Italy: Attitudes to shopping for clothing, by gender, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                      • Over 55s most inspired by in-store displays
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 117: Italy: Attitudes to shopping for clothing, by age, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                      • Supermarket shoppers least likely to find store staff helpful
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 118: Italy: Attitudes to shopping for clothing, by retailers used, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                      • Behaviours when shopping for clothing
                                                                                                                                                                                                                                                                                                                                                                                                        • More than half research a retailer online before buying clothes
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 119: Italy: Agreement with various shopping behaviours, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                        • Smartphone usage instore driven by 16-24s
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 120: Italy: Agreement with various shopping behaviours, by age, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                        • Guess shoppers most likely to use smartphones instore
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 121: Italy: Agreement with various shopping behaviours, by retailers used, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                        • OVS customers least likely to research fashion trends using social media
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 122: Italy: Agreement with various shopping behaviours, by retailers used, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                        • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                          • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                            • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                            • Spain

                                                                                                                                                                                                                                                                                                                                                                                                              • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                  • Areas covered in this report
                                                                                                                                                                                                                                                                                                                                                                                                                    • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                      • The market
                                                                                                                                                                                                                                                                                                                                                                                                                        • Spending and inflation
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 123: Spain: Consumer spending on clothing and footwear (incl VAT), 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                        • Market segmentation
                                                                                                                                                                                                                                                                                                                                                                                                                          • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 124: Spain: Distribution of consumer spending on clothing and footwear, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                            • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                              • Key metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 125: Spain: Leading clothing specialists’ shares of consumer spending on clothing and footwear, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                  • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 126: Spain: The consumer: Where people shopped for clothing in the past 12 months, by retailer: Online/catalogue vs in-store, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Attitudes to shopping for clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 127: Spain: Attitudes to shopping for clothing, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Specialists gaining share, but some more than others
                                                                                                                                                                                                                                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                              • What are the opportunities for clothing online?
                                                                                                                                                                                                                                                                                                                                                                                                                                                • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Clothing market delivers positive growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Womenswear spend grows ahead of menswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Clothing prices inflate 0.4%
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Clothing specialists’ sales growth accelerates
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Spending and inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Clothing market delivers positive growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 128: Spain: Consumer spending on clothing and footwear (incl VAT), 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Improvements in the Spanish economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 129: Spain: Retail confidence and consumer confidence indicator, January 2015-September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 130: Spain: Consumer prices* of clothing and footwear, annual % change, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 131: Spain: Consumer prices* of clothing and footwear, annual % change, January 2015-August 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market segmentation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 132: Spain: Clothing, retail market segmentation, 2014 and 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 133: Spain: Estimated distribution of consumer spending on clothing and footwear, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Clothing specialists’ sales growth accelerates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 134: Spain: Clothing specialists’ sales (excl. VAT), 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 135: Spain: Clothing specialists’ sales forecasts (excl. VAT), 2016-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Growth of specialists’ sector outpaces consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 136: Spain: Clothing sector sales as a proportion of all spending on clothing, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Leading players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Inditex dominates, but Primark is growing fast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market share gains for Inditex, H&M and Primark
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online development lags behind Europe, but is catching up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 137: Spain: Leading clothing specialists, sales (excl vat), 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Outlets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 138: Spain: Leading clothing specialists, outlet numbers, 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 139: Spain: Leading clothing specialists, sales per outlet, 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 140: Spain: Leading clothing specialists, market shares, 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The online channel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Shopping for clothing online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 141: Spain: Proportion of people saying they have bought clothing or sports goods online in the last year, 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Leading online players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where people shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 142: Spain: Where people shopped for clothing online in the past 12 months, by retailer, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Revenues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 143: Spain: Leading online retailers, estimated online sales of clothing and footwear (Ex VAT), 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • H&M and Zara close the gap with El Corte Inglés
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Opportunity for specialists online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Need for more transitional clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Opportunity for digital personal styling initiatives
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Young consumers are active on their smartphones while in store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • H&M and Zara close the gap on El Corte Inglés
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 144: Spain: Where people shopped for clothing in the past 12 months, by retailer, whether in-store or online/by catalogue, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 145: Spain: Where people shopped for clothing in the past 12 months, by retailer, in-store or online/by catalogue, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sports goods retailers important to the clothing market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Opportunity for specialists online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 146: Spain: Where people shopped for clothing in the past 12 months, by broad category, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • El Corte Inglés attracts an older demographic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 147: Spain: Profile of who shops where, by retailer across all channels, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Attitudes to shopping for clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Opportunity for digital personal styling initiatives
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 148: Spain: Attitudes to shopping for clothing, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Need for more transitional clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Stores remain a key source of inspiration
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Behaviours when shopping for clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Young consumers are active on their smartphones while in store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 149: Spain: Agreement with various shopping behaviours, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Products covered in this Report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Clothes sales to be hit by low growth of 1.8% in 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 150: Best- and worst-case forecast for consumer spending on clothing and accessories (incl. VAT), 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Specialists’ share of clothing spend declines further
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 151: Clothing specialists’ estimated share of spending on clothing, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Over half of the top players are non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Boohoo and Missguided benefit from cutting-edge image
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 152: Attitudes towards and usage of selected brands, January-August 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • M&S sees declining in-store female shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 153: Retailers from which clothes are bought both in-store and online, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Young men buy clothes most often
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 154: How often consumers have bought clothes in the last 12 months, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Half of women treat themselves to clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 155: Reasons consumers have bought clothes for themselves in the last 12 months, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Growing interest in Made in Britain clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 156: Agreement with attitudes towards buying clothes, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • End to seasonal clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 157: Agreement with attitudes towards shopping for clothes, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • How has the clothing sector performed in 2016?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Who are the winners and losers in clothing?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What are the opportunities for driving sales in the sector?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Deepening deflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer confidence only dips slightly post-Brexit vote
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Clothes sales to be hit by low growth of 1.8% in 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumers cut back on clothing as share of total spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Menswear drives growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Clothing specialists’ sales to drop 4%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Deepening deflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 158: Consumer prices inflation for garments, Aug 2015-Aug 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 159: Consumer prices inflation for garments, 2005-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 160: Consumer prices inflation for accessories and footwear, Aug 2015-Aug 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Inflation versus spending growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 161: Annual percentage change in spending on clothing (including accessories) versus annual percentage change in consumer prices inflation in clothing, 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Obesity levels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 162: Proportion of overweight and obese population, by gender, 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer confidence only dips slightly post-Brexit vote
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 163: Trends in consumer sentiment for the coming year, January 2015-August 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Implications of a drop in young consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 164: Trends in the age structure of the UK population, 2010-20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • 25-44s drive clothing sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Catering to an ageing population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Clothes sales to be hit by low growth of 1.8% in 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 165: Best- and worst-case forecast for consumer spending on clothing and accessories (incl. VAT), 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The future
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 166: Consumer spending on clothing and accessories (incl. VAT) at current prices, 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Consumers cut back on clothing as share of total spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 167: Spending on clothing and accessories as percentage of all consumer spending, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Menswear drives growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 168: Estimated distribution of spending on clothing, by sub-category, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The impact of the EU referendum vote
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Clothing spend has been resilient in previous slowdowns
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 169: Alternative market scenarios for the post-Brexit clothing and accessories market, at current prices, 2016-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 170: Detailed post-Brexit scenarios for the clothing and accessories market, at current prices, 2016-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Clothing is struggling, but not as a result of the Brexit vote
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Consumers prioritised clothing over leisure previously
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Women continued to spend post-recession
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Clothing specialists’ sales to drop 4%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 171: Best- and worst-case forecast of clothing specialists’ sector sales (incl. VAT), 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 172: Clothing specialist sales (incl. VAT), 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Specialists’ sales of clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 173: Estimated sales of clothing by clothing specialist retailers (incl. VAT), 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Specialists’ share of clothing spend declines further
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 174: Clothing specialists’ estimated share of spending on clothing, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Next moves into the lead
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retailers with strong lifestyle brands outperform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Over half of the top players are non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • M&S sees its share of clothing decline further
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Supermarkets develop their clothing ranges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • ASOS is the brand with the highest level of recommendations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Leading specialist retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Next moves into the lead
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 175: Leading specialist retailers: net revenues, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retailers with strong lifestyle brands outperform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 176: Leading 20 specialist retailers: compound annual growth in revenues, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Outlet numbers and sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 177: Leading specialist retailers: outlet numbers, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 178: Leading specialist retailers: Annual sales per outlet, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sales area and sales densities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 179: Leading specialist retailers: Total sales area, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 180: Leading specialist retailers: Annual sales per sq m, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Operating profits and margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 181: Leading specialist retailers: Operating profits, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 182: Leading specialist retailers: Operating margins, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Over half of the top players are non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 183: Leading retailers’ share of spending on clothing and footwear, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • M&S sees its share of clothing decline further
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 184: Marks & Spencer’s share of spending on clothing and footwear, 2008-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Leading non-specialist retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 185: Leading non-specialist retailers: Net clothing and footwear revenues, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online-only retailers see strong sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 186: Retailers from which clothes have been bought in the last 12 months, in-store or online, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Grocers and pureplays gain share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 187: Estimated distribution of consumer spending on clothing, by value, 2014-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Specialists lose share further
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 188: Clothing specialists’ estimated share of spending on clothing, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Space allocation summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Gender split
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 189: Specialist and non-specialist clothing retailers, estimated space allocation by men’s, women’s and children’s wear, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Detailed category space allocation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 190: Specialist and non-specialist clothing retailers, estimated detailed space allocation by category, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 191: Specialist and non-specialist clothing retailers, estimated detailed space allocation by category, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Clothing versus non-clothing space split
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 192: Specialist and non-specialist clothing retailers, estimated clothing versus non-clothing space, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 193: Leading retailers of clothing, estimated sales mix, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 194: Leading clothing retailers, share of clothing sales by product, 2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 195: Leading clothing retailers, estimated sales density by product, 2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 196: Leading clothing retailers, share of product markets, 2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online clothing market to reach £12.8 billion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 197: Estimated online sales of clothing and footwear (incl. VAT), 2013-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 198: Estimated market shares of online sales of clothing and footwear, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where consumers shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 199: Retailers from which clothes were bought in the last 12 months online, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Launch activity and innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Supermarkets develop their clothing ranges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 200: Press images from Sainsbury’s TU Premium range, autumn 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retailers expand their menswear offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Made in Britain: Patrick Gant launches not-for-profit label
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • British-made jeans
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Zara launches sustainable clothing collection
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 201: Garments from Zara’s sustainable Join Life collection, autumn/winter 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • ASOS and New Look introduce one-hour delivery slots
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Jigsaw debuts at London Fashion Week
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Selfridges launches Body Studio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 202: Selfridges’ new Body Studio department, April 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 203: Interactive mirrors by Oak Labs, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mr Porter creates shoppable video content for Apple TV
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Long Tall Sally creates mannequin based on 3D scan of a customer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Advertising and marketing activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Declining advertising spend at the supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 204: Total above-the-line, online display and direct mail advertising expenditure on clothing, top 30 spenders, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Boohoo and Burberry utilise digital channels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Amazon Fashion launches first television advert
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • H&M retains high-profile campaign with David Beckham
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Press advertising accounts for almost half of spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 205: Total above-the-line, online display and direct mail advertising expenditure on clothing, by media type, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Nielsen Ad Intel coverage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 206: Attitudes towards and usage of selected brands, January-August 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 207: Key metrics for selected brands, January-August 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand attitudes: ASOS and Very provide a great online service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 208: Attitudes, by brand, January-August 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand personality: Ted Baker and Jigsaw earn an image of exclusivity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 209: Brand personality – Macro image, January-August 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Boohoo and Missguided benefit from cutting-edge image
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 210: Brand personality – Micro image, January-August 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Mid-market retailers: M&S, Next and Gap
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Young and premium fashion retailers: Zara, Superdry, Ted Baker and Jigsaw
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online-only fashion retailers: ASOS, Boohoo, Missguided and Very
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Value retailers: Primark and TK Maxx
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Increase in male shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • M&S sees declining female shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Young men buy clothes most often
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Half of women treat themselves to clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Moving away from discounting
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Growing interest in Made in Britain clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • End to seasonal clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What fashion items people buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Outerwear dominates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 211: Spending habits on clothes, footwear and accessories, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail customer profile comparison
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Increase in male shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 212: Customer profile, by gender, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Rise in 35-44s shopping for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 213: Customer profile, by age, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 214: Customer profile, by socio-economic group, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where people shop for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • M&S sees declining female shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 215: Retailers from which clothes are bought both in-store and online, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Amazon is fifth most popular for fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 216: Retailers from which clothes are bought split by in-store and online, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Supermarkets grow in popularity for clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Young men are shopping more at young fashion retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Who is driving growth?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 217: People who have bought clothes for themselves in-store and/or online or have not bought clothes in the last 12 months, by gender and age, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Repertoire analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 218: Repertoire of retailers from which clothes are bought in-store or online, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Frequency of buying clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 219: How often consumers have bought clothes in the last 12 months, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Young men buy clothes most often
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 220: Consumers who have bought clothes once a month or more often in the last 12 months, by gender and age, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Women aged 25-44 shop less frequently, but will pay for quality
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Affluent buy clothes more frequently
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 221: Consumers who have bought clothes once a month or more often or once every 2-3 months or less in the last 12 months, by how they describe their financial situation, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Reasons for buying clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Half of women treat themselves to clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retailers combine leisure and retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 222: Reasons consumers have bought clothes for themselves in the last 12 months, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Moving away from discounting
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 223: Consumers who have bought clothes for themselves in the last 12 months to take advantage of a sale/special offer, by gender and age, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Attitudes towards buying clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Growing interest in Made in Britain clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 224: Agreement with attitudes towards buying clothes, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Young men focus on design
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 225: Agreement with statement ‘I prefer designs that stand out’, by gender and age compared with average, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Young women drawn to low prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Attitudes towards shopping for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • End to seasonal clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 226: Agreement with attitudes towards shopping for clothes, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Older women drawn to in-store displays
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Young men want to see stock availability online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Definitions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • VAT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sales per store, sales per sq m
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Other
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumer research methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Arcadia Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Total sales grow but like-for-likes are down
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Topshop/Topman drives the business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Other brands less profitable
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Scope for rationalisation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Burton: could do better
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 227: Arcadia Group: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 228: Arcadia Group: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Asda Group Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • In a spin
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Project Renewal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The need for online growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • ToYou could provide increased store footfall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 229: Asda Group Ltd: Group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 230: Asda Group Ltd: Outlet data, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • C&A

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The times they are a changing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Weak performance in core market Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Keeping up, just….
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Western Europe weak, expanding in the East
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 231: C&A (Europe): Group sales performance, excl. sales tax, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 232: C&A (Europe): Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 233: C&A (Europe): Outlet data by country, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Debenhams

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • More relevant marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • More exciting and exclusive new Designers at Debenhams launches
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Children’s clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Improved multichannel fashion experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • New chief executive brings a wealth of fashion experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 234: Debenhams: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 235: Debenhams: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The Edinburgh Woollen Mill Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 236: The Edinburgh Woollen Mill Group: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • El Corte Inglés

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online service offering stands out
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • El Corte Inglés targets female teen market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Sfera develops international partnerships to fuel growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 238: El Corte Inglés: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 239: El Corte Inglés: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Esprit

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 240: Esprit: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 241: Esprit: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 242: Esprit sales mix, H1 2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Etam Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Etam’s extended offering drives growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Struggling 1.2.3 repositions following lacklustre sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Digital innovation at the heart of Undiz
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 243: Etam Group: Group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 244: Etam Group: Outlet data, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 245: Etam Group: Store network, by region, 2014 and 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Grupo Cortefiel

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 246: Grupo Cortefiel: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 247: Grupo Cortefiel: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Grupo Inditex

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Inditex outperforms the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Integrating the digital and physical experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Zara adopts a more sustainable approach to fast fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 248: Grupo Inditex: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 249: Grupo Inditex: Share of sales, by retail brand, 2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 250: Grupo Inditex: Sales and operating profit, by major retail brand, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 251: Grupo Inditex: Outlet data, by region, at January 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 252: Grupo Inditex: Store numbers, by retail brand, at January 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 253: Grupo Inditex: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • H&M Hennes & Mauritz

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Designer collaborations boost sales and strengthen fashion credentials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Rapid store growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • E-commerce expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • A one-stop shop for fashion and beauty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sustainable fashion initiatives
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 254: H&M Hennes & Mauritz: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 255: H&M Hennes & Mauritz: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • House of Fraser Plc

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Capitalising on House Brand and womenswear sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online fashion shopping proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Perfect fit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store refurbs attracting new fashion brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Embracing multicultural fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 256: House of Fraser Plc: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 257: House of Fraser Plc: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • John Lewis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • A strong performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • An area of focus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Innovation drives growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 258: John Lewis Partnership: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 259: John Lewis Partnership: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kiabi

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 260: Kiabi: Group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 261: Kiabi: Outlet data, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Marks & Spencer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Clothing: still the main problem for M&S
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Womenswear remains the focus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Streamlining the brand portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Availability and in-store experience must improve
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Back to basics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Menswear looks promising
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online sales must improve
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The road ahead
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 262: Marks & Spencer: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 263: Marks & Spencer: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Matalan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Liverpool warehouse problems resolved
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New web platform to push online growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • New shop-in-shop concept
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Bolstering fashion credentials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fresh store layouts for a more enjoyable shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 264: Missouri TopCo Ltd/Matalan: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 265: Matalan Ltd: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New Look Group Plc

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Menswear push
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Cosmetics and fragrances and homewares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Web enhancements and wider delivery options drive own online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Capitalising on third-party e-commerce partners’ local knowledge and expertise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New concept stores delivering sales and profit growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • China expansion gathering pace
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 266: New Look Group Plc: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 267: New Look Group Plc: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Next

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A solid performer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • E-commerce late to mobile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Becoming more agile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store network facilitates click-and-collect
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • One brand, multiple channels?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 268: Next plc: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 269: Next plc: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • OVS

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New OVS store format ‘recording excellent sales’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Big name collaborations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Planned international expansion through Charles Vögele takeover
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Zalando partnership widens online availability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 270: OVS SpA: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 271: OVS SpA: Outlet data, 2011/12-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Primark/Penneys

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The most popular clothing retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Inevitable slowing of growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Facing a triple threat
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Lack of transactional website is hurting it
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Devaluation of pound set to hit margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 272: Primark/Penneys: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 273: Primark/Penneys: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • River Island Clothing Co Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Catering to plus-sized customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Making it easier for its customers to buy online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Menswear push
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New kids’ collection to capitalise on the growing UK children’s clothing market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tapping into the athleisure trend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • New delivery option for customers unable to collect their orders
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Using digital technology to drive footfall to stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New channels to shop River Island
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 274: River Island Clothing Co Ltd: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 275: River Island Clothing Co Ltd: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Tesco Plc

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • On the road to recovery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Clothing sales tracking UK sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Streamlining online ordering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • In-store concessions: no decision yet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Exposed to performance of larger Tesco stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • International expansion for F&F brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 276: Tesco Plc: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 277: Tesco Plc: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • TJX International (TK Maxx)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • TK Maxx benefits from younger men’s penchant for designer brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Scope for catching up in the online space
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 278: TJX International (TK Maxx): Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 279: TJX International (TK Maxx): Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Vivarte

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Slow to modernise in an evolving market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Problems at the core format La Halle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sell, sell, sell…..
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 280: Vivarte: Group sales performance, 2010/11-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 281: Vivarte: Store numbers, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 282: Vivarte: Clothing brands, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • La Halle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Zalando

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Complementing the high street leaders
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand focus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 283: Zalando: Group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Clothing Retailing - Europe - October 2016

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                US $3,843.69 (Excl.Tax)