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Clothing Retailing - Europe - October 2017

“Clothing retailing is changing. Consumers are becoming more demanding and too many well established retailers have failed to respond adequately. New dynamic retailers are developing to take their place – some online only, but others combining online and stores. Clothing retailers of the future will have to be much more responsive to fashion trends because the main impact of the growth in online has been to increase competition and make it easier for new dynamic retailers to enter the market and make their mark.”
– Richard Perks, Director of Retail Research

We cover the top five economies in detail in the individual country chapters of this report Clothing Retailing – Europe and in the Executive Summary – Europe – The Market chapter we also provide data on another 25 European economies. More details of retailing in these smaller markets plus Russia and Turkey can be found in Mintel’s European Retail Handbook, September 2017. Single country reports on Clothing Retailing are also available for the UK, France, Germany, Spain and Italy.

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Table of contents

  1. Europe – Overview

    • Introduction
      • Country and company coverage
        • Consumer research coverage
          • Definitions
            • Retail sector definitions
              • Consumer spending definitions
                • Financial definitions
                  • Currencies
                    • Sales tax rates
                      • Figure 1: Europe: VAT rates, 2012-17
                    • Abbreviations
                    • Executive Summary – Europe - The Market

                        • Spending on clothing and footwear
                          • Figure 2: Europe: Spending on clothing, inc VAT, 2011-16
                          • Figure 3: Europe: Spending on clothing and footwear, inc VAT, 2011-16
                          • Figure 4: Europe: Change in clothing’s share of all consumer spending, 2012-16
                          • Figure 5: Europe: Change in clothing’s share of all retail sales, 2012-16
                        • Spending per capita
                          • Figure 6: Europe: Spending on clothing per capita, 2016
                        • Clothing and footwear specialists’ sales
                          • Figure 7: Europe: Clothing and footwear specialists, sales (ex-VAT), 2012-17
                          • Figure 8: Europe: Clothing and footwear specialists, forecast sales (ex-VAT), 2018-22
                        • Specialists relative to all spending
                            • Figure 9: Europe: Change in clothing and footwear retailers’ share of all spending on clothing and footwear, 2012-16
                          • Online
                            • Online buyers
                              • Figure 10: EU: Proportion of people who have bought online in last 12 months, 2011-16
                              • Figure 11: EU: Proportion of people who have bought clothing and sportswear online in the last 12 months, 2012-16
                            • Online sales
                              • Figure 12: Europe: Online sales of clothing in the leading economies (incl. VAT), 2015-16
                            • Leading retailers
                                • Figure 13: Europe: Top 30 clothing specialists, sales 2014/15-2016/17
                                • Figure 14: Europe: Top 30 clothing specialists, outlets 2014/15-2016/17
                                • Figure 15: Europe: Top 30 clothing specialists, sales per outlet, 2014/15-2016/17
                              • Market shares
                                • Figure 16: Top 30 clothing retailers, share of all spending on clothing and footwear, 2014/15-2016/17
                              • Market share winners and losers
                                • Figure 17: Top 30 clothing specialists: Winners and losers of market share, 2016
                              • What we think
                              • Executive Summary – Europe – The Consumer

                                  • Where they shop
                                    • Market leaders by number of shoppers – In store
                                        • Figure 18: Europe: Most used clothing retailer, by country, September 2017
                                      • Market leaders by number of shoppers - Online
                                          • Figure 19: Europe: Most used clothing retailer online, by country, September 2017
                                        • Customers by channel
                                          • Specialists
                                              • Figure 20: Europe: Clothing buyers at clothing specialists, in-store vs online, September 2017
                                            • Department stores
                                                • Figure 21: Europe: Clothing buyers at department stores, in-store vs online, September 2017
                                              • Supermarkets
                                                  • Figure 22: Europe: Clothing buyers at supermarkets, in-store vs online, September 2017
                                                • Attitudes to shopping for clothes
                                                    • Figure 23: Europe: Level of agreement with attitude statements relative to the average, by country, September 2017
                                                • Executive Summary – Europe - Launch Activity and Innovation

                                                  • Hema goes gender neutral
                                                    • Figure 24: Hema’s gender-neutral baby section, 2017
                                                  • H&M flagships tempt customers with food offer
                                                    • H&M’s Barcelona flagship
                                                      • Figure 25: Flax&Kale x H&M, 2017
                                                    • Arket European expansion
                                                      • Figure 26: Arket flagship store, Munich, 2017
                                                    • Zalando delivery
                                                      • Zalando Zet
                                                        • Geolocation based delivery
                                                          • Technical fabrics
                                                            • Stone Island Ice Knit
                                                              • Figure 27: Ice Knit yellow to orange jumper, 2017
                                                            • Stain-proof fabrics
                                                              • Figure 28: Labfresh stain resistant shirt, 2017
                                                            • Sustainable clothing
                                                              • C&A cradle-to-cradle
                                                                • Figure 29: C&A cradle-to-cradle t-shirts, 2017
                                                              • Houdini ‘edible’ clothing
                                                                • Adidas customisable clothing
                                                                  • Figure 30: Adidas Knit for You, 2017
                                                              • France

                                                                • Overview
                                                                  • What you need to know
                                                                    • Areas covered in this report
                                                                      • Executive summary
                                                                        • The market
                                                                          • Spending and inflation
                                                                            • Figure 31: France: Consumer spending on clothing, 2012-17
                                                                          • Channels of distribution
                                                                            • Figure 32: France: Estimated distribution of spending on clothing and footwear, 2016
                                                                          • Sector size and forecast
                                                                            • Leading players
                                                                              • Key metrics
                                                                                • Market shares
                                                                                  • Figure 33: France: Leading specialist clothing chains’ shares of consumer spending on clothing and footwear, 2016
                                                                                • Online
                                                                                  • The consumer
                                                                                    • Where they shop
                                                                                      • Figure 34: France: Where people shopped for clothing in the last 12 months by retailer, whether in-store or online, September 2017
                                                                                    • Attitudes to shopping for clothes
                                                                                      • Figure 35: France: Attitudes to shopping for clothes, September 2017
                                                                                    • What we think
                                                                                      • Issues and insights
                                                                                        • Why are some French brands struggling while international retailers thrive?
                                                                                          • The facts
                                                                                            • The implications
                                                                                              • Ethical and environmental concerns are growing
                                                                                                • The facts
                                                                                                  • The implications
                                                                                                    • The market – What you need to know
                                                                                                      • Clothing market is low growth
                                                                                                        • Specialists dominate spending on clothing
                                                                                                          • Specialists sector in decline
                                                                                                            • Spending and inflation
                                                                                                              • Economy recovering, but growth subdued
                                                                                                                • Inflation
                                                                                                                  • Figure 36: France: Consumer prices* of clothing and footwear, annual % change, 2012-16
                                                                                                                  • Figure 37: France: Consumer prices* of clothing and footwear, annual % change, January 2016-August 2017
                                                                                                                • Clothing market is low growth
                                                                                                                    • Figure 38: France: Consumer spending on clothing and footwear (incl. VAT), 2013-17
                                                                                                                  • Market segmentation
                                                                                                                    • Figure 39: France: Clothing market, estimated segmentation, 2012-16
                                                                                                                  • Channels of distribution
                                                                                                                    • Figure 40: France: Where people shopped for clothing in the last 12 months, by type of retailer, September 2017
                                                                                                                  • Specialist sports shops
                                                                                                                    • Footwear specialists
                                                                                                                      • Department stores and mixed goods retailers
                                                                                                                        • Hypermarkets strong at lower end of the market
                                                                                                                          • Online expanding fast
                                                                                                                            • Figure 41: France: Estimated distribution of spending on clothing and footwear, 2016
                                                                                                                          • Sector size and forecast
                                                                                                                            • Total retail sales recovering, further growth forecast in 2017
                                                                                                                              • Specialist clothing sector is struggling
                                                                                                                                  • Figure 42: France: Specialist clothing retailers, sales (excl. VAT), 2013-17
                                                                                                                                  • Figure 43: France: Specialist clothing retailers, forecast sales (excl. VAT), 2017-22
                                                                                                                                • Leading players – What you need to know
                                                                                                                                  • A sector in crisis
                                                                                                                                    • Structural change
                                                                                                                                      • Fragmented market
                                                                                                                                        • Clothing a significant part of growing online sector
                                                                                                                                          • Shopping for clothing online increasing
                                                                                                                                            • Online spending on clothing
                                                                                                                                              • Leading online players
                                                                                                                                                • Leading players
                                                                                                                                                  • Market leader Vivarte restructuring
                                                                                                                                                    • Eram: Gemo drops prices and ups digital innovations in-store
                                                                                                                                                      • Crowded middle ground
                                                                                                                                                        • Competition and casualties increasing
                                                                                                                                                          • A new group emerging from the Mulliez family
                                                                                                                                                            • Figure 44: France: Leading clothing specialists, sales (excl. VAT), 2012-16
                                                                                                                                                            • Figure 45: France: Leading clothing specialists, outlets, 2012-16
                                                                                                                                                            • Figure 46: France: Leading clothing specialists, sales per outlet, 2012-16
                                                                                                                                                          • Market shares
                                                                                                                                                            • Figure 47: France: Leading clothing specialists: Sales as % all spending on clothing and footwear, 2012-16
                                                                                                                                                          • Online
                                                                                                                                                            • Online development
                                                                                                                                                              • Shopping for clothing online
                                                                                                                                                                • Figure 48: France: Proportion of people saying they have bought clothing or sports goods online in the last year, 2011-16
                                                                                                                                                                • Figure 49: France: Where people shopped for clothing online/by catalogue in the past 12 months by retailer, September 2017
                                                                                                                                                              • Online clothing market size
                                                                                                                                                                • Leading online players
                                                                                                                                                                  • Figure 50: France: Leading fashion/textiles retail sites by number of unique visitors, April-June 2017
                                                                                                                                                                  • Figure 51: France: Leading retailers’ estimated online sales of clothing, 2016
                                                                                                                                                                • The consumer – What you need to know
                                                                                                                                                                  • Clothing shopping near ubiquitous
                                                                                                                                                                    • Specialists most important channel, but lagging behind online
                                                                                                                                                                      • Sports retailers and grocers are significant non-specialists
                                                                                                                                                                        • Home-grown Kiabi the most popular, but Amazon growing
                                                                                                                                                                          • Customer profiles
                                                                                                                                                                            • Concern for the environment and where clothes come from
                                                                                                                                                                              • Quality more important to older, more affluent
                                                                                                                                                                                • Where they shop
                                                                                                                                                                                  • Almost everyone buys clothes
                                                                                                                                                                                    • Where they shop by type of retailer
                                                                                                                                                                                      • Figure 52: France: Where people shopped for clothes in the last 12 months, by type of retailer, in-store vs online, September 2017
                                                                                                                                                                                    • Customer profiles by type of retailer
                                                                                                                                                                                      • Figure 53: France: Profile of clothing shoppers by type of retailer, September 2017
                                                                                                                                                                                    • Where they shop: named retailers
                                                                                                                                                                                      • Local retailer Kiabi ahead of international giant H&M
                                                                                                                                                                                        • Amazon growing
                                                                                                                                                                                          • Busy middle ground
                                                                                                                                                                                            • Sports retailers and grocers popular…
                                                                                                                                                                                              • ...but department stores increasingly niche
                                                                                                                                                                                                • Figure 54: France: Where people shopped for clothes in the last 12 months by retailer, whether in-store or online, September 2017
                                                                                                                                                                                              • Customer profiles by named retailers
                                                                                                                                                                                                • Figure 55: France: Profile of clothing shoppers by retailer, whether in-store or online, September 2017
                                                                                                                                                                                              • Shopping online and in-store
                                                                                                                                                                                                  • Figure 56: France: Where people shopped for clothes in the last 12 months, in-store vs online/by catalogue, September 2017
                                                                                                                                                                                                • Number of retailers used
                                                                                                                                                                                                  • Figure 57: France: Repertoire of where people shopped for clothes, whether in-store or online, September 2017
                                                                                                                                                                                                  • Figure 58: France: Profile of customers by number of outlets used, September 2017
                                                                                                                                                                                                • Attitudes to shopping for clothes
                                                                                                                                                                                                  • “Green” credentials rank top
                                                                                                                                                                                                    • Where are my clothes from?
                                                                                                                                                                                                      • Quality
                                                                                                                                                                                                        • Men vs women
                                                                                                                                                                                                          • Figure 59: France: Attitudes to shopping for clothes, September 2017
                                                                                                                                                                                                          • Figure 60: France: Profile of those who agree with attitude statements, September 2017
                                                                                                                                                                                                        • Attitudes by retailer
                                                                                                                                                                                                          • Figure 61: France: Attitudes to shopping for clothes, by people who shop at mid-market family clothing retailers, September 2017
                                                                                                                                                                                                          • Figure 62: France: Attitudes to shopping for clothes, by people who shop at fashion chains, September 2017
                                                                                                                                                                                                          • Figure 63: France: Attitudes to shopping for clothes, by people who shop at online/home shopping clothing retailers, September 2017
                                                                                                                                                                                                        • 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
                                                                                                                                                                                                                          • Figure 64: Germany: Spending on clothing and footwear as % all retail sales, 2011-17
                                                                                                                                                                                                                        • Inflation
                                                                                                                                                                                                                          • Figure 65: Germany: Consumer prices for clothing and footwear – Annual % change, 2016-17
                                                                                                                                                                                                                        • Consumer confidence
                                                                                                                                                                                                                          • Figure 66: Germany: Consumer and retailer confidence levels, November 2016-August 2017
                                                                                                                                                                                                                        • Channels of distribution
                                                                                                                                                                                                                          • Figure 67: Germany: Estimated distribution of spending on clothing and footwear, 2016
                                                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                                                          • Leading players
                                                                                                                                                                                                                            • Key metrics
                                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                                • Figure 68: Germany: Leading clothing retailers, Sales as % all spending on clothing and footwear, 2014-16
                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                • Figure 69: Europe: Proportion of people saying they have bought clothing or sports goods online in the last year, 2011-16
                                                                                                                                                                                                                              • The consumer
                                                                                                                                                                                                                                • Where they shop
                                                                                                                                                                                                                                  • Figure 70: Germany: Where people shopped for clothing in the last 12 months by type of retailer, in-store vs online, September 2017
                                                                                                                                                                                                                                  • Figure 71: Germany: Profile of clothing shoppers by type of retailer used, whether in-store or online, September 2017
                                                                                                                                                                                                                                  • Figure 72: Germany: Profile of clothing shoppers, by retailer, whether in-store or online, September 2017
                                                                                                                                                                                                                                • Attitudes to shopping for clothes
                                                                                                                                                                                                                                  • Figure 73: Germany: Attitudes to buying clothes, September 2017
                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                  • Issues and insights
                                                                                                                                                                                                                                    • The market is changing
                                                                                                                                                                                                                                      • The facts
                                                                                                                                                                                                                                        • The implications
                                                                                                                                                                                                                                          • Online and in-store sales – Understanding each other’s strengths
                                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                                • The market – What you need to know
                                                                                                                                                                                                                                                  • Consumer confidence
                                                                                                                                                                                                                                                    • Clothing and footwear spending underperforming
                                                                                                                                                                                                                                                      • Inflation low
                                                                                                                                                                                                                                                        • Clothing and footwear specialists take over half of category spending
                                                                                                                                                                                                                                                          • Spending and inflation
                                                                                                                                                                                                                                                            • Economy and consumer confidence
                                                                                                                                                                                                                                                              • Figure 74: Germany: Consumer and retailer confidence levels, November 2016-August 2017
                                                                                                                                                                                                                                                            • Inflation
                                                                                                                                                                                                                                                              • Figure 75: Germany: Consumer prices of clothing and footwear, Annual % change, 2012-16
                                                                                                                                                                                                                                                              • Figure 76: Germany: Consumer prices of clothing and footwear, annual % change, 2016-17
                                                                                                                                                                                                                                                            • Consumer spending on clothing
                                                                                                                                                                                                                                                              • Figure 77: Germany: Consumer spending (inc VAT), 2012-17
                                                                                                                                                                                                                                                              • Figure 78: Germany: Spending on clothing and footwear as % all retail sales, 2011-17
                                                                                                                                                                                                                                                            • Market segmentation
                                                                                                                                                                                                                                                              • Figure 79: Germany: Clothing market, estimated segmentation, 2012-16
                                                                                                                                                                                                                                                            • Channels of distribution
                                                                                                                                                                                                                                                                • Figure 80: Germany: Estimated distribution of spending on clothing and footwear, 2016
                                                                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                                                                • Clothing specialists recovering
                                                                                                                                                                                                                                                                  • Figure 81: Germany: Specialist clothing retailers’ sales as % all spending on clothing, 2007-17
                                                                                                                                                                                                                                                                  • Figure 82: Germany: Specialist clothing retailers, sales (excl. VAT), 2012-17
                                                                                                                                                                                                                                                                • Too early to forecast if the recovery will be sustained
                                                                                                                                                                                                                                                                  • Figure 83: Germany: Specialist clothing retailers, forecast sales (excl VAT), 2017-22
                                                                                                                                                                                                                                                                • Leading players – What you need to know
                                                                                                                                                                                                                                                                  • Young fashion retailers are growing
                                                                                                                                                                                                                                                                    • Older focussed retailers are often struggling
                                                                                                                                                                                                                                                                      • Price-led retailers also doing well
                                                                                                                                                                                                                                                                        • Fragmented market
                                                                                                                                                                                                                                                                          • Online is growing
                                                                                                                                                                                                                                                                            • Leading players
                                                                                                                                                                                                                                                                              • Figure 84: Germany: Leading clothing specialists, sales (excl Vat), 2014-16
                                                                                                                                                                                                                                                                              • Figure 85: Germany: Leading clothing specialists, Outlets, 2014-16
                                                                                                                                                                                                                                                                              • Figure 86: Germany: Leading clothing specialists, sales per outlet, 2014-16
                                                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                                                              • Figure 87: Germany: Leading clothing retailers, Sales as % all spending on clothing and footwear, 2014-16
                                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                                              • Shopping for clothing online
                                                                                                                                                                                                                                                                                • Figure 88: Europe: Proportion of people saying they have bought clothing or sports goods online in the last year, 2011-16
                                                                                                                                                                                                                                                                              • Online clothing market size
                                                                                                                                                                                                                                                                                • Leading online players
                                                                                                                                                                                                                                                                                    • Figure 89: Germany: Online clothing sales of leading online clothing retailers (excl. Vat), 2014-16
                                                                                                                                                                                                                                                                                    • Figure 90: Germany: Leading online pure players, Clothing sales as % all spending on clothing and footwear, 2014-16
                                                                                                                                                                                                                                                                                  • The consumer – What you need to know
                                                                                                                                                                                                                                                                                    • Specialists losing out
                                                                                                                                                                                                                                                                                      • Sales per customer lower online
                                                                                                                                                                                                                                                                                        • Shops and home shopping used interchangeably
                                                                                                                                                                                                                                                                                          • Shopper profiles
                                                                                                                                                                                                                                                                                            • Younger shoppers use more outlets
                                                                                                                                                                                                                                                                                              • Quality more important than fashion
                                                                                                                                                                                                                                                                                                • Green attitudes
                                                                                                                                                                                                                                                                                                  • Where they shop
                                                                                                                                                                                                                                                                                                    • Figure 91: Germany: Where people shopped for clothes in the last 12 months, by type of retailer, September 2017
                                                                                                                                                                                                                                                                                                    • Figure 92: Germany: Where people shopped for clothes in the last 12 months, September 2017
                                                                                                                                                                                                                                                                                                  • Online growing
                                                                                                                                                                                                                                                                                                    • Figure 93: Germany: Proportion of shoppers at department stores, in-store and online, 2014, 2016, 2017
                                                                                                                                                                                                                                                                                                    • Figure 94: Germany: Proportion of online shoppers, 2014, 2016, 2017
                                                                                                                                                                                                                                                                                                  • Customer profiles by type of retailer
                                                                                                                                                                                                                                                                                                    • Figure 95: Germany: Profile of clothing shoppers by type of retailer, whether in-store or online, September 2017
                                                                                                                                                                                                                                                                                                  • Customer profiles by named retailers
                                                                                                                                                                                                                                                                                                      • Figure 96: Germany: Profile of clothing shoppers, by retailer, whether in-store or online, September 2017
                                                                                                                                                                                                                                                                                                    • Number of retailers used
                                                                                                                                                                                                                                                                                                      • Figure 97: Germany: Repertoire of where people shopped for clothes, whether in-store or online, September 2017
                                                                                                                                                                                                                                                                                                      • Figure 98: Germany: Profile of customers by number of clothing outlets used, whether in-store or online, September 2017
                                                                                                                                                                                                                                                                                                    • Attitudes to shopping for clothes
                                                                                                                                                                                                                                                                                                      • Figure 99: Germany: Attitudes to shopping for clothes, September 2017
                                                                                                                                                                                                                                                                                                      • Figure 100: Germany: Profile of those who agree with attitude statements, September 2017
                                                                                                                                                                                                                                                                                                    • Attitudes by retailer
                                                                                                                                                                                                                                                                                                        • Figure 101: Germany: Attitudes to shopping for clothes, by people who shop at mass market multiples, September 2017
                                                                                                                                                                                                                                                                                                        • Figure 102: Germany: Attitudes to shopping for clothes, by people who shop at department stores (incl. P&C), September 2017
                                                                                                                                                                                                                                                                                                        • Figure 103: Germany: Attitudes to shopping for clothes, by people who shop at online pureplayers, September 2017
                                                                                                                                                                                                                                                                                                      • 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 104: Italy: Annual percentage change in consumer spending on clothing and footwear (incl VAT), 2013-17
                                                                                                                                                                                                                                                                                                                      • Channels of distribution
                                                                                                                                                                                                                                                                                                                        • Figure 105: Italy: Estimated distribution of spending on clothing and footwear, 2016
                                                                                                                                                                                                                                                                                                                      • Sector size and forecast
                                                                                                                                                                                                                                                                                                                        • Figure 106: Italy: Annual percentage change in clothing, footwear and textiles specialists’ sales (excl VAT), 2013-17
                                                                                                                                                                                                                                                                                                                      • Leading players
                                                                                                                                                                                                                                                                                                                        • Market shares
                                                                                                                                                                                                                                                                                                                          • Figure 107: Italy: Leading clothing specialists: Sales as % all spending on clothing and footwear, 2016
                                                                                                                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                                                                                                                          • The consumer
                                                                                                                                                                                                                                                                                                                            • Where they shop
                                                                                                                                                                                                                                                                                                                              • Figure 108: Italy: Where people shopped for clothes by type of retailer, in-store vs online, September 2017
                                                                                                                                                                                                                                                                                                                            • Attitudes to shopping for clothes
                                                                                                                                                                                                                                                                                                                              • Figure 109: Italy: Attitudes to shopping for clothes, September 2017
                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                              • Issues and insights
                                                                                                                                                                                                                                                                                                                                • Online is a key driver of growth
                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                      • Environmental and ethical credentials are important to consumers
                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                            • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                              • Economy weak
                                                                                                                                                                                                                                                                                                                                                • Inflation just staying positive
                                                                                                                                                                                                                                                                                                                                                  • Consumer spending on clothing and footwear slowed in 2016
                                                                                                                                                                                                                                                                                                                                                    • Specialists dominate the sector
                                                                                                                                                                                                                                                                                                                                                      • Clothing retailers may see their share of retail sales slip back
                                                                                                                                                                                                                                                                                                                                                        • Spending and inflation
                                                                                                                                                                                                                                                                                                                                                          • Consumer confidence weak
                                                                                                                                                                                                                                                                                                                                                            • Figure 110: Italy: Consumer and retailer confidence levels, November 2016-August 2017
                                                                                                                                                                                                                                                                                                                                                          • Inflation
                                                                                                                                                                                                                                                                                                                                                            • Figure 111: Italy: Consumer prices of clothing and footwear, Annual % change, 2012-16
                                                                                                                                                                                                                                                                                                                                                            • Figure 112: Italy: Consumer prices of clothing and footwear, annual % change, January 2016-August 2017
                                                                                                                                                                                                                                                                                                                                                          • Spending on clothing
                                                                                                                                                                                                                                                                                                                                                            • Figure 113: Italy: Consumer spending on clothing and footwear (incl VAT), 2012-17
                                                                                                                                                                                                                                                                                                                                                          • Market segmentation
                                                                                                                                                                                                                                                                                                                                                            • Figure 114: Italy: Clothing market, estimated segmentation, 2012-16
                                                                                                                                                                                                                                                                                                                                                          • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                            • Figure 115: Italy: Estimated distribution of spending on clothing and footwear, 2016
                                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                            • Department stores weak
                                                                                                                                                                                                                                                                                                                                                              • Slow but steady structural change
                                                                                                                                                                                                                                                                                                                                                                • Figure 116: Italy: Specialist clothing retailers, sales (excl. VAT), 2013-17
                                                                                                                                                                                                                                                                                                                                                                • Figure 117: Italy: Specialist clothing retailers, forecast sales (excl. VAT), 2018-22
                                                                                                                                                                                                                                                                                                                                                              • Leading players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                • An evolving sector
                                                                                                                                                                                                                                                                                                                                                                  • Young fashion retailers growing fastest, and older brands struggling
                                                                                                                                                                                                                                                                                                                                                                    • Foreign brands prominent
                                                                                                                                                                                                                                                                                                                                                                      • Fragmented market
                                                                                                                                                                                                                                                                                                                                                                        • Online growing fast – Amazon investing
                                                                                                                                                                                                                                                                                                                                                                          • Leading players
                                                                                                                                                                                                                                                                                                                                                                            • Sector is evolving and changing
                                                                                                                                                                                                                                                                                                                                                                              • Young fashion retailers growing fastest, and now Primark is here….
                                                                                                                                                                                                                                                                                                                                                                                • Many older, established brands are struggling
                                                                                                                                                                                                                                                                                                                                                                                  • OVS leads the market
                                                                                                                                                                                                                                                                                                                                                                                    • Gruppo Teddy a local fast fashion group
                                                                                                                                                                                                                                                                                                                                                                                      • Foreign brands
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 118: Italy: Leading clothing specialists, sales (excl VAT), 2012-16
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 119: Italy: Leading clothing specialists, outlets, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 120: Italy: Leading clothing specialists, sales per outlet, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 121: Italy: Leading clothing specialists: sales as % all spending on clothing and footwear, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                                                                                                                                        • The online sector as a whole
                                                                                                                                                                                                                                                                                                                                                                                          • Shopping for clothing online
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 122: Italy: Proportion of people saying they have bought clothing or sports goods online in the last year, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                          • Online market size
                                                                                                                                                                                                                                                                                                                                                                                            • Leading online players
                                                                                                                                                                                                                                                                                                                                                                                              • Specialists
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 123: Italy Where people shopped for clothing online/by catalogue in the past 12 months by retailer, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 124: Italy: Leading retailers’ estimated online sales of clothing, 2016
                                                                                                                                                                                                                                                                                                                                                                                              • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                • Specialists still dominant
                                                                                                                                                                                                                                                                                                                                                                                                  • Enthusiastic shoppers
                                                                                                                                                                                                                                                                                                                                                                                                    • Shopper profiles
                                                                                                                                                                                                                                                                                                                                                                                                      • Increasingly shoppers use online and in-store interchangeably
                                                                                                                                                                                                                                                                                                                                                                                                        • Quality more important than fashion
                                                                                                                                                                                                                                                                                                                                                                                                          • Green attitudes
                                                                                                                                                                                                                                                                                                                                                                                                            • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 125: Italy: Where people shopped for clothes in the last 12 months by type of retailer, in-store vs online, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 126: Italy: Where people shopped for clothes in the last 12 months by retailer, in-store vs online, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 127: Italy: Proportion of shoppers at department stores, instore vs online, 2014, 2016, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 128: Italy: Proportion of online shoppers, 2014, 2016, 2017
                                                                                                                                                                                                                                                                                                                                                                                                              • Profile of shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 129: Italy: Profile of clothing shoppers by type of retailer, whether in-store or online, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 130: Italy: Profile of clothing shoppers, by retailer, whether in-store or online, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                              • Number of retailers used
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 131: Italy: Repertoire of where people shopped for clothes, whether in-store or online, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 132: Italy: Profile of customers by number of outlets used, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                              • Attitudes to shopping for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 133: Italy: Attitudes to shopping for clothes, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 134: Italy: Profile of those who agree with attitude statements, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                              • Attitudes by retailer
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 135: Italy: Attitudes to shopping for clothes, by retailer used, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 136: Italy: Attitudes to shopping for clothes, by retailer used (continued), September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                • 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 on clothing and footwear
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 137: Spain: Consumer spending on clothing and footwear (incl VAT), 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 138: Spain: Leading clothing specialists, sales as % all spending on clothing and footwear, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                          • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 139: Spain: Where people shopped for clothes in the last 12 months, in-store vs online, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 140: Spain: Repertoire of where people shopped for clothes, whether in-store or online, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Attitudes to shopping for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 141: Spain: Attitudes to shopping for clothes, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 142: Spain: Agreement with statement ‘I prefer to shop at retailers that have frequently updated ranges, by country, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Who are the winners and losers in clothing retail in Spain?
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What are the opportunities for driving sales in Spain?
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Clothing market to grow 3.7%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Inflation climbs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Womenswear grows faster than menswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Specialists take two-thirds of spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Clothing specialists outperform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Spending and inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Spain among fastest growing economies in eurozone
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 143: Spain: Retail confidence and consumer confidence indicator, January 2016-July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Inflation climbs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 144: Spain: Consumer prices* of clothing and footwear, annual % change, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 145: Spain: Consumer prices* of clothing and footwear, annual % change, January 2016-June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Clothing market to grow 3.7%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 146: Spain: Consumer spending on clothing and footwear (incl VAT), 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market segmentation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 147: Spain: Clothing retail market segmentation, 2015 and 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 148: Spain: Estimated distribution of consumer spending on clothing and footwear, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Clothing specialists outperform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 149: Spain: Specialist clothing retailers, Sales (excl VAT), 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 150: Spain: Specialist clothing retailers, sales forecasts (excl VAT), 2018-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Leading players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Primark see the strongest growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Inditex closes stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Inditex and Primark grab share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online spend grows
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Privalia leading pureplay in Spain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 151: Spain: Leading clothing specialists, sales (excl VAT), 2013-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 152: Spain: Leading clothing specialists, outlets, 2014-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 153: Spain: Leading clothing specialists, Sales per outlet, 2014-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 154: Spain: Leading clothing specialists, sales as % all spending on clothing and footwear, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 155: Spain: Leading clothing specialists, sales as % all spending on clothing and footwear, 2013-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online development
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online market size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Shopping for clothing online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 156: Spain: Proportion of people saying they have bought clothing or sports goods online in the last year, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where people shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 157: Spain: Where people shopped for clothes online in the last 12 months, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Leading online players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 158: Spain: Leading online retailers, estimated online sales of clothing and footwear (ex vat), 2014-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • El Corte Inglés most popular for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Spaniards shopping more online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • H&M leads in youth fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Spanish women shop around
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Great interest in transparency
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Spanish demand most newness
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • El Corte Inglés most popular for clothes shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 159: Spain: Where people shopped for clothes in the last 12 months, whether in-store or online, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • H&M leads for youth fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Spaniards shop more online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 160: Spain: Where people shopped for clothes in the last 12 months, by type of retailer, in-store vs online, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Customer profiles by type of retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 161: Spain: Profile of clothing shoppers by type of retailer, whether in-store or online, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Zara grows online shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 162: Spain: Where people shopped for clothes in the last 12 months by retailer, in-store vs online, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Customer profiles by named retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 163: Spain: Profile of clothing shoppers by retailer, whether in-store or online, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Spanish women shop around
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Attitudes to shopping for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Great interest in transparency
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 165: Spain: Attitudes to shopping for clothes, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Spanish demand most newness
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 166: Spain: Agreement with statement ‘I prefer to shop at retailers that have frequently updated ranges, by country, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Attitudes by retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 167: Spain: Attitudes to shopping for clothes, by people who shop at clothing specialists, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 168: Spain: Attitudes to shopping for clothes, by people who shop at non-clothing specialists, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • 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 grow 3.1% in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 169: UK: Best- and worst-case forecast for consumer spending on clothing and accessories (incl VAT), 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Clothing specialist sales grow only 2.4%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 170: UK: Clothing specialists’ estimated share of spending on clothing, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Innovative brands continue to outperform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 171: UK: Leading specialist retailers: compound annual growth in revenues, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online clothing market to reach £13.9 billion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 172: UK: Estimated market shares of online sales of clothing and footwear, 2015-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Boohoo has highest level of recommendation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 173: UK: Attitudes towards and usage of selected brands, February, May and August 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Supermarkets become fashion destination
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 174: UK: Retailers from where clothes are bought both in-store and online, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Most buy every few months or less
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 175: UK: How often consumers have bought clothes in the last 12 months, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Most interest in food and drink areas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 176: UK: Interest in additional services at retailers’ stores, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Young women want newness
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 177: UK: Attitudes to shopping for clothes, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Over-45s like try-before-you-buy option
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 178: UK: Interest in in-store or online innovations, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • How has the clothing sector performed in 2017 and who is driving sales?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Who are the winners and losers in clothing?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What are the opportunities for driving sales?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Rising inflation hits clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumer confidence dips
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Clothes sales to grow 3.1% in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Clothing market will reach £69 billion by 2022
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Childrenswear drives growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Clothing specialist sales grow only 2.4%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Rising inflation hits clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 179: UK: Consumer prices inflation for garments, Jul 2016-Jul 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 180: UK: Consumer prices inflation for garments, 2006-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Footwear sees higher levels of discounting
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 181: UK: Consumer prices inflation for accessories and footwear, Jul 2016-Jul 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Inflation versus spending growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 182: UK: Annual percentage change in spending on clothing (including accessories) versus annual percentage change in consumer prices inflation in clothing, 2013-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer confidence drops
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 183: UK: Trends in consumer sentiment for the coming year, Jan 2016-Aug 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Obesity soars among young men
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 184: UK: Proportion of overweight and obese population, by gender, 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ageing population impacts sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Clothes sales to grow 3.1% in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 185: UK: Best- and worst-case forecast for consumer spending on clothing and accessories (incl VAT), 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The future
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 186: UK: Consumer spending on clothing and accessories (incl VAT) at current prices, 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumers continue to spend on clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 187: UK: Spending on clothing and accessories as percentage of all consumer spending, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Childrenswear drives growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 188: UK: Estimated distribution of spending on clothing, by sub-category, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Clothing specialist sales grow only 2.4%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 189: UK: Best- and worst-case forecast of clothing specialists’ sector sales (incl. VAT), 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 190: UK: Clothing specialist sales (incl VAT), 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Specialists’ sales of clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 191: UK: Estimated sales of clothing by clothing specialist retailers (incl VAT), 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Specialist sales of clothing spend declines
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 192: UK: Clothing specialists’ estimated share of spending on clothing, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Next still in the lead despite declines
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Innovative brands continue to outperform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Half of the top players are non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online clothing market to reach £13.9 billion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Clothing retailers turn to visual search apps
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Boohoo has highest level of recommendation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Leading specialist retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Next still in the lead despite declines
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 193: UK: Leading specialist retailers, net revenues. 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Innovative brands continue to outperform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 194: UK: Leading specialist retailers: compound annual growth in revenues, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Outlet numbers and sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 195: UK: Leading specialist retailers: outlet numbers, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 196: UK: Leading specialist retailers: annual sales per outlet, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sales area and sales densities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 197: UK: Leading specialist retailers: total sales area, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 198: UK: Leading specialist retailers: annual sales per sq m, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Operating profits and margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 199: UK: Leading specialist retailers: operating profits, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 200: UK: Leading specialist retailers: operating margins, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Half of the top players are non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 201: UK: Leading retailers’ share of spending on clothing and footwear, 2014-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Department stores lose share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • M&S clothing share continues to drop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 202: UK: M&S’s share of spending on clothing and footwear, 2009-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Leading non-specialist retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online-only retailers see strongest growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • JD Sports outperforms Sports Direct
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 203: UK: Leading non-specialist retailers: net clothing and footwear revenues, 2014-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Pureplays gain share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 204: UK: Estimated distribution of consumer spending on clothing by type of retailer, 2016 and 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Grocers grow focus on clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 205: UK: Estimated distribution of consumer spending on clothing by type of retailer, 2015- 17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Specialists lose share further
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 206: UK: Clothing specialists’ estimated share of spending on clothing, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Space allocation summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Men’s, women’s and children’s wear overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 207: UK: Men’s, women’s and children’s wear overview, October 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Detailed category space allocation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 208: UK: Specialist and non-specialist clothing retailers, estimated detailed space allocation by category, October 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 209: UK: Specialist and non-specialist clothing retailers, estimated detailed space allocation by category, October 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 210: UK: Specialist and non-specialist clothing retailers, estimated detailed space allocation by category, October 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Clothing versus non-clothing space
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 211: UK: Specialist and non-specialist clothing retailers, estimated clothing versus non-clothing space, October 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 212: UK: Leading clothing retailers, estimated sales by product, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 213: UK: Leading clothing retailers: share of clothing sales by product, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 214: UK: Leading clothing retailers, estimated sales density by product, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Womenswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 215: UK: Leading clothing retailers, Estimated share of womenswear market, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Menswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 216: UK: Leading clothing retailers, Estimated share of menswear market, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Childrenswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 217: UK: Leading clothing retailers, Estimated share of Childrenswear market, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online clothing and accessories market to reach £13.9 billion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 218: UK: Estimated online sales of clothing and footwear (incl VAT), 2014-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 219: UK: Estimated market shares of online sales of clothing and footwear, 2015-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Where do people shop online for clothes?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 220: UK: Types of retailers where clothes were bought online in the last 12 months, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 221: UK: Retailers where clothes were bought online in the last 12 months, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Launch activity and innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Clothing retailers turn to visual search apps
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 222: ASOS visual search option, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Gender neutral clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • John Lewis childrenswear goes genderless
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 223: John Lewis gender neutral range, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Unisex adult clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 224: LaneFortyFive unisex clothing, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Modest fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 225: Nike Pro Hijab, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Personalisation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 3D knitwear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 226: Adidas 3D knitwear printing, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Omnichannel approach
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Missguided open first physical store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 227: Missguided stores digital displays, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Farfetch store of the future
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 228: Phone app for Farfetch ‘store of the future’, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Next to open in-store restaurant
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sustainability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 229: Oasis x ZSL collection, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Try before you buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 230: The Chapar personal styling service offering try before you buy, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Amazon Prime Wardrobe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Net-a-Porter – You Try, We Wait
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Advertising and marketing activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Increased advertising spend by major sports retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 231: UK: Total above-the-line, online display, and direct mail advertising expenditure on clothing and accessories, top 30 spenders, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • M&S Spend It Well
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • H&M: She’s a lady
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 232: Video still from H&M’s she’s a lady campaign, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • ‘Why would anyone shop at TK Maxx?’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 233: TK Maxx Ridiculous Possibilities campaign, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Press remains top medium for advertising spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 234: UK: Total above-the-line, online display and direct mail advertising expenditure on clothing, by media type, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Nielsen Ad Intel coverage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 235: UK: Attitudes towards and usage of selected brands, February, May and August 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 236: UK: Key metrics for selected brands, February, May and August 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand attitudes: Supermarkets offer good value
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 237: UK: Attitudes, by brand, February, May and August 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand personality: M&S tired and boring, while Boohoo is fun and vibrant
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 238: UK: Brand personality – Macro image, February, May and August 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Young fashion brands seen as trendsetting and stylish
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 239: UK: Brand personality – Micro image, February, May and August 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Mid-market retailers: M&S, Next, and Mango
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Lifestyle retailers: Joules, Fat Face, and Cos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Supermarket retailers: F&F, Tu, George, and Nutmeg
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Young fashion retailers: Topshop/Topman, H&M, New Look, Boohoo, and River Island
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What fashion items people buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Young men keen clothes shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 240: UK: Spending habits on clothes, footwear and accessories, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Jeans on trend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 241: UK: Types of outerwear purchased in the last three months, June 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail customer profile comparison
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Amazon grows female focus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 242: UK: Customer profile, by gender, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Rise in 25-34s shopping for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 243: UK: Customer profile, by age, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 244: UK: Customer profile, by socio-economic group, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where people shop for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Supermarkets become fashion destination
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 245: UK: Retailers from where clothes are bought both in-store and online, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Primark, M&S and Next all see declines
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sports shops lose out to non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Young women opt to shop at pureplays
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 246: UK: Retailers from where clothes are bought split by in-store and online, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Who is driving growth?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 247: UK: 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 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Repertoire analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 248: UK: Repertoire of retailers from which clothes are bought in-store or online, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Frequency of buying clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Most buy every few months or less
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 249: UK: How often consumers have bought clothes in the last 12 months, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Young men buy clothes less often
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 250: UK: Consumers who have bought clothes once a month or more, by gender and age, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Affluent buy clothes less often
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 251: UK: How often consumers have bought clothes in the last 12 months, by financial situation, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Interest in additional store services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Most interest in food and drink areas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 252: UK: Interest in additional services at retailers’ stores, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • High demand from under-35s for beauty services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 253: UK: Interest in additional services at retailers’ stores, by gender and age, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Attracting older women with VIP events
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Attitudes to shopping for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Young women want newness
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 254: UK: Attitudes to shopping for clothes, July 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • 70% of 16-24s want more eco fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Women demand more diverse models
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 255: UK: Clothing retailing – CHAID – Tree output, August 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Arcadia Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Topshop loses its appeal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Dorothy Perkins falls behind other retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dealing with loss-making brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 256: Arcadia Group: Group financial performance, 2011/12-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 257: Arcadia Group: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Asda Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • A major player in clothing retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Looking to become leaner
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Toyou service continues to drive footfall into stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Rumoured B&M deal would give Asda another outlet for clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where now?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 258: Asda Group Ltd: Group financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 259: Asda Group Ltd: Outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ASOS

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tapping into consumer demand for newness
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Exclusivity differentiates the brand and gives consumers more reason to visit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • M-commerce fuelling sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Bolstering ethical and environmental credentials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Significantly enhancing its US proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 260: ASOS: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • C&A

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Restructuring aims to return company to growth by 2021
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • New European boss brought in to develop omnichannel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 261: C&A: Group sales performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 262: C&A: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 263: C&A (Europe): Outlets by country, October 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Grupo Cortefiel

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New owners pledge to invest in Grupo Cortfefiel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strong growth under new management
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Expanded payment option to facilitate quicker customer transactions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Slower growth in Europe prompts expansion into new territories
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 264: Grupo Cortefiel: Group sales performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 265: Grupo Cortefiel: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Debenhams

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New strategy to lure shoppers back to its stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Veteran designers could face the axe in own-fashion range shake-up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Extended lingerie offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • ‘Mobile first’ strategy driving e-commerce sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Innovative click-and-collect experience planned to encourage incremental business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Broadening its customer reach through third-party online partners
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 266: Debenhams: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 267: Debenhams: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Edinburgh Woollen Mill

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Another wave of acquisitions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • On the lookout for more
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Bringing a new department store to the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 268: The Edinburgh Woollen Mill Group: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 269: The Edinburgh Woollen Mill Group: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • El Corte Inglés

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Merger between El Corte Inglés and Hipercor
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 270: El Corte Inglés/Hipercof store, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sfera continues its international expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Commitment to increased digitisation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 271: El Corte Inglés and Samsung Pay partnership, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 272: El Corte Inglés: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 273: El Corte Inglés: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Esprit

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Downsizing is happening but slowly
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Time for menswear exit?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online pause hopefully a temporary blip
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where now?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 274: Esprit Europe: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 275: Esprit Europe: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Etam Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market leader in lingerie in France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • 1.2.3
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Problems in China
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Digitally integrated
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 276: Etam Group: Group financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • H1 2017 results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 277: Etam Group: Outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • H&M Hennes & Mauritz

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Looking beyond fast fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • A more seamless shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New designer collection aims to appeal to fashion conscious male shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New loyalty scheme with exclusive offers and brand experiences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Focusing on offering sustainable finishing processes and eco-friendly materials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 278: H&M Hennes & Mauritz: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 279: H&M Hennes & Mauritz: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • House of Fraser

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Refreshing flagging womenswear offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New fashion concept
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Lifestyle-led in-store experiences to drive footfall and extend dwell time
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • £25 million upgrade of e-commerce platform to double online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 280: House of Fraser Plc: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 281: House of Fraser Plc: UK & Ireland outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Grupo Inditex

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Inditex retains strong position but must continue to innovate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand extensions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 282: Stradivarius menswear collection, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 283: Pull&Bear beauty range, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Digital innovations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 284: Grupo Inditex: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 285: Grupo Inditex: % share of sales, by retail brand, 2015/16-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 286: Grupo Inditex: Sales and operating profit, by major retail brand, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 287: Grupo Inditex: Outlet data, by region, at January 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 288: Grupo Inditex: Store numbers, by retail brand, at January 2016 and January 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 289: Grupo Inditex: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • John Lewis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A focus on exclusivity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Investment in experience-driven stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Improved information to streamline the shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 290: John Lewis Plc (department store): Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 291: John Lewis Plc (department store): Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kiabi

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Ambitious expansion plans
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The threat of Primark
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 292: Kiabi: Group financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 293: Kiabi: Outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • KiK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • KiK17 store concept
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Charles Vögele stores acquisition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Entering the US market in 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Bridging the gap between in-store and online shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bolstering eco and social responsibility credentials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 294: KiK: Group sales performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 295: KiK: Outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Marks & Spencer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Repositioning clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Reshaping its stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 296: Marks & Spencer: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 297: Marks & Spencer: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Matalan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Investment in product quality driving full-price sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Extensive store refurbishment programme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Exploring international sales growth opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bespoke fashion and style show enhances online presence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Influencer-generated content boosts fashion credentials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Parcel pick-up service is an opportunity to drive store footfall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 298: Matalan Ltd: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 299: Matalan Ltd: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New Look

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Focused on delivering trends to market faster
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fewer discounts and promotions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Multichannel sales potential compromised by slumping website traffic and sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Expanded menswear proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Tailored ranges and domestic sourcing helps boost business in China
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recruiting social media influencers to drive brand awareness and identify trends quicker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 300: New Look Group Plc: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 301: New Look Group Plc: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Next Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Pushing too hard for flexibility?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • A bold strategy…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …which could leave it exposed
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Giving customers more reason to visit stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Devaluation impact on prices is diminishing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Where now?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 302: Next Group: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 303: Next Group: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • OVS

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Conversion of Charles Vögele stores yielding positive results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online sales triple in 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Proximity marketing to drive store footfall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • New multichannel shopping service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Faster and simpler payment solution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New material procurement policy to reduce environmental impact
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 304: OVS group: Group financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 305: OVS group: Outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Primark

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Getting the product right
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Competition intensifying from rivals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brexit impact mitigated but price rises a possibility
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Should Primark have a transactional website?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 306: Primark/Penneys: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 307: Primark/Penneys: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • River Island

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Avoiding seasonal fashion marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Integrating influencer-generated content
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Seamless cross-channel shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Customer-facing digital enhancements streamline the in-store shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Improved stock availability boosting store sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Pushing for a bigger slice of the children’s clothing market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Cutting-edge canine fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Preparing to launch its own homewares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 308: River Island Clothing Co Ltd: Group financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 309: River Island Clothing Co Ltd: Outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tesco

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Leading the pack with online innovations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Making stores work harder
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 310: Tesco Plc: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 311: Tesco Plc: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • TJX International (TK Maxx Europe)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Room for growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Attracting a broad demographic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Launching new loyalty scheme in the UK and Ireland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 312: TJX International (TK Maxx Europe): Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 313: TJX International (TK Maxx Europe): Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Vivarte

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Will the restructuring work?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 314: Vivarte: Group sales performance, 2011/2-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 315: Vivarte: Store numbers, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 316: Vivarte: Clothing brands (unsold businesses only), October 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • La Halle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • YNAP Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The future: more investment in technology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 317: YNAP group: Group financial performance, 2014-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Zalando

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Mobile is at the heart of the business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Prioritising delivery to drive customer loyalty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Geo-localised delivery being trialled
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Moving from following to leading
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Integrated commerce links up online and offline channels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Fulfilment service reaches out to brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 318: Zalando: Group financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 319: Zalando: Key metrics, 2015-H1 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Companies Covered

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

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Clothing Retailing - Europe - October 2017

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      US $3,843.69 (Excl.Tax)