Sorry for interrupting, this website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Learn more
Accept & Close

Clothing Retailing - Europe - October 2018

“We know that online is changing the nature of clothing retailing, but it is less clear just how much and whether what we are seeing in the best developed online countries, notably the UK, will be followed elsewhere in Europe. We think that it will. Margins on branded ranges are coming under pressure. It is easier to compare retailers and brands, so that customers no longer have to give retailers the benefit of the doubt. That is raising the stakes in fashion retailing. We are seeing that at its most advanced in the UK, but the problems of so many major clothing retailers - from those that are struggling, such as C&A, to those that have failed, such as VD – owe much to the increasingly competitive nature of clothing retailing and that is driven at least in part by the growth in online. At the end of the day, that means that customers will be better served, though it may not be by the retailers that they are most familiar with now.”
– 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 – Market section we also provide data on up to 33 European economies. More details of retailing in these smaller markets, plus Russia and Turkey, can be found in Mintel’s European Retail Handbook – September 2018. Single country reports on clothing retailing are also available for the UK, France, Germany, Spain and Italy.

What you get

What's included

Why buy from us?

Succeed

Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.

Instant Access

Buy now and you'll have instant access to the information you need to make the right decisions.

Opportunities

Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.

Trusted

A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.

Table of contents

  1. Overview

    • Products covered in this report
      • Country and company coverage
        • Consumer research coverage
          • Definitions
            • Retail sector definitions
              • Consumer spending definitions
                • Financial definitions
                  • Currencies
                    • Sales tax rates
                      • Figure 1: VAT rates around Europe, 2013-18
                    • Abbreviations
                    • Executive Summary – Europe – The Market

                        • The market
                          • Spending on clothing and footwear
                            • Figure 2: Europe: Spending on clothing and footwear, inc VAT, 2012-17
                            • Figure 3: Europe: Spending on clothing, inc VAT, 2012-17
                            • Figure 4: Europe: Spending on clothing and footwear as % all consumer spending, 2012-17
                            • Figure 5: Europe: Spending on clothing and footwear as % all consumer spending, 2017
                            • Figure 6: Europe: Change in clothing and footwear’s share of all consumer spending, 2012-17
                          • Spending per capita
                            • Figure 7: Europe: Spending on clothing and footwear per capita, inc VAT, 2017
                          • Clothing and footwear specialists’ sales
                            • Figure 8: Europe: clothing and footwear specialist retailers, sales, 2013-18
                            • Figure 9: Europe: clothing and footwear specialist retailers, forecast sales, 2019-23
                          • Specialists relative to all spending
                            • Figure 10: Europe: Sales by clothing and footwear specialists as % all spending on clothing and footwear, 2017
                            • Figure 11: Europe: Change in specialist clothing and footwear retailers’ “share” of all spending on clothing and footwear, 2012-2016/17
                          • Online
                            • Figure 12: Europe: Proportion of people who have bought clothing, footwear or sports goods online in the last 12 months, 2013-17
                          • Online sales
                            • Figure 13: Europe: Top 5 economies, online sales of clothing and footwear, 2017
                          • Leading retailers
                            • Online specialists
                              • Ailing market leaders
                                • Growing companies
                                  • Figure 14: Europe: Leading specialist clothing and footwear retailers, sales, 2015/16-2017/18
                                  • Figure 15: Europe: Leading specialist clothing and footwear retailers, outlets, 2015/16-2017/18
                                  • Figure 16: Europe: Leading specialist clothing and footwear retailers, sales per outlet, 2015/16-2017/18
                                • Market shares
                                  • Figure 17: Europe: Leading specialist clothing and footwear retailers, share of all spending on clothing and footwear, 2015/16-2017/18
                                • What we think
                                • Executive Summary – Europe – The Consumer

                                  • The research
                                    • Where people shop
                                      • In-store vs online
                                          • Figure 18: Europe: Channels used for buying clothes in the last 12 months, July 2018
                                          • Figure 19: Europe: Clothes shoppers who have bought online and not in-store, July 2018
                                        • Leading pureplayers
                                            • Figure 20: Europe: All online, Amazon and Zalando/ASOS shoppers for clothing, July 2018
                                          • Leading retailers
                                              • Figure 21: Europe: Top five most shopped at clothing retailers, July 2018
                                              • Figure 22: Europe: Ranking of Amazon and Zalando in each country, July 2018
                                            • Attitudes to shopping for clothes
                                                • Figure 23: Europe: Those agreeing with each attitude statement by country, July 2018
                                                • Figure 24: Europe: Ranking of attitude statements by country, July 2018
                                            • Executive Summary – Europe - Launch activity and Innovation

                                              • Apartment-store hybrids
                                                • Figure 25: Matchesfashion.com Town House at 5 Carlos Place, Mayfair, September 2018
                                              • Zalando opens two new discount stores…
                                                • …and partners with Adidas for customisation
                                                  • Figure 26: Sneaker customization with miadidas available for Zalando customers, November 2018
                                                • Zara launches augmented technology…
                                                  • …and installs self-service kiosks
                                                    • Launch of 24Sèvres.com
                                                      • H&M opens its largest French store
                                                        • The North Face Alpine pop-up
                                                          • Figure 27: The North Face pop-up in Val San Nicolò, in the Italian Alps, July 2018
                                                        • Pollutant absorbing T-shirt
                                                        • France

                                                          • Overview
                                                            • What you need to know
                                                              • Areas covered in this report
                                                                • Executive summary
                                                                  • The market
                                                                    • Consumer spending
                                                                      • Figure 28: France: Consumer spending on clothing and footwear (incl. VAT), 2013-18
                                                                    • Sector size and forecast
                                                                      • Channels of distribution
                                                                        • Figure 29: France: Estimated distribution of spending on clothing and footwear, 2017
                                                                      • Companies and brands
                                                                        • Leading players
                                                                          • Market shares
                                                                            • Figure 30: France: Leading clothing retailers, sales as % of all spending on clothing and footwear, 2017
                                                                          • Online
                                                                            • The consumer
                                                                              • Where they shop for clothes
                                                                                • Figure 31: France: Retailers used for buying clothes in the last 12 months, July 2018
                                                                              • Attitudes to shopping for clothes
                                                                                • Figure 32: France: Attitudes to shopping for clothes, July 2018
                                                                              • What we think
                                                                                • Issues and insights
                                                                                  • The structure of clothing retail is changing
                                                                                    • The facts
                                                                                      • The implications
                                                                                        • How the online world will change clothes shopping
                                                                                          • The facts
                                                                                            • The implications
                                                                                              • Environmental concerns set to become more important
                                                                                                • The facts
                                                                                                  • The implications
                                                                                                    • The market – What you need to know
                                                                                                      • Positive economic indicators
                                                                                                        • Market for clothing low growth, but signs of revival
                                                                                                          • Clothing specialists low growth
                                                                                                            • Specialists’ market share down, online up
                                                                                                              • Consumer spending
                                                                                                                • Economic growth picking up
                                                                                                                  • Clothing spending subdued
                                                                                                                    • Figure 33: France: Consumer spending on clothing and footwear (incl. VAT), 2014-18
                                                                                                                  • Sector size and forecast
                                                                                                                    • Retail sales resilient
                                                                                                                      • Clothing specialists low growth
                                                                                                                          • Figure 34: France: Specialist clothing retailers, sales (excl. VAT), 2013-18
                                                                                                                          • Figure 35: France: Specialist clothing retailers, forecast sales (excl. VAT), 2018-23
                                                                                                                        • Inflation
                                                                                                                          • Figure 36: France: Consumer prices * of clothing and footwear, Annual % change, 2013-17
                                                                                                                          • Figure 37: France: Consumer prices * of clothing and footwear, Annual % change, Jan 2017 –July 2018
                                                                                                                        • Channels of distribution
                                                                                                                            • Figure 38: France: Estimated distribution of spending on clothing and footwear, 2017
                                                                                                                          • Companies and brands – What you need to know
                                                                                                                            • Young fashion retailers and online growing fastest while older brands struggle
                                                                                                                              • Primark threatens further disruption
                                                                                                                                • Online spending driving growth
                                                                                                                                  • Leading players
                                                                                                                                    • A polarising market
                                                                                                                                      • The casualties
                                                                                                                                        • The successes
                                                                                                                                          • The Primark effect
                                                                                                                                            • Figure 39: France: Leading specialist clothing retailers, sales (excl. VAT), 2013-17
                                                                                                                                            • Figure 40: France: Leading specialist clothing retailers, outlets, 2013-17
                                                                                                                                          • Sales per outlet
                                                                                                                                            • Figure 41: France: Leading specialist clothing retailers, sales per outlet, 2014-17
                                                                                                                                          • Market shares
                                                                                                                                            • Figure 42: France: Leading specialist clothing retailers, sales as % all spending on clothing and footwear, 2013-17
                                                                                                                                          • Online
                                                                                                                                            • Online activity
                                                                                                                                              • Figure 43: France: Broadband connections (percentage of households), 2010-17
                                                                                                                                            • Shopping for clothing online
                                                                                                                                              • Figure 44: France: Online purchasing, 2013-17
                                                                                                                                            • Leading online players
                                                                                                                                              • Figure 45: France: Leading retailers’ estimated clothing sales online, 2017
                                                                                                                                            • The consumer – What you need to know
                                                                                                                                              • In-store most popular but online growing
                                                                                                                                                • Store-based specialists remain the most popular
                                                                                                                                                  • But non-specialists significant, in-store and online
                                                                                                                                                    • Shopper profiles
                                                                                                                                                      • Most shop around and price is a key factor
                                                                                                                                                        • Green concerns also motivate shoppers
                                                                                                                                                          • Social media and online
                                                                                                                                                            • Where they shop for clothes
                                                                                                                                                              • In-store most popular but online growing
                                                                                                                                                                • Figure 46: France: Channels used for buying clothes, July 2018
                                                                                                                                                                • Figure 47: France: Channels used for buying clothes, July 2018
                                                                                                                                                                • Figure 48: France: Retailers used for buying clothes in the last 12 months, July 2018
                                                                                                                                                              • Customer profiles by named retailers
                                                                                                                                                                  • Figure 49: France: Profile of clothes shoppers by type of retailer, july 2018
                                                                                                                                                                • Attitudes to shopping for clothes
                                                                                                                                                                  • Social media and online
                                                                                                                                                                    • Body image concerns
                                                                                                                                                                      • Figure 50: France: Attitudes to shopping for clothes, July 2018
                                                                                                                                                                    • Attitudes by retailer
                                                                                                                                                                        • Figure 51: France: Attitudes to shopping for clothes, by people who shop at family retailers: Kiabi, La Halle, Primark, July 2018
                                                                                                                                                                        • Figure 52: France: Attitudes to shopping for clothes, by people who shop at fashion chains: Etam, H&M, Zara, July 2018
                                                                                                                                                                        • Figure 53: France: Attitudes to shopping for clothes, by people who shop at online pureplayers: Zalando, Amazon, July 2018
                                                                                                                                                                      • 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
                                                                                                                                                                                      • Consumer spending
                                                                                                                                                                                        • Figure 54: Germany: Consumer spending on clothing and footwear (incl. VAT), 2013-18
                                                                                                                                                                                      • Sector size and forecast
                                                                                                                                                                                        • Figure 55: Germany: Specialist clothing retailers’ sales growth, 2013-18
                                                                                                                                                                                      • Inflation
                                                                                                                                                                                        • Channels of distribution
                                                                                                                                                                                          • Figure 56: Germany: estimated distribution of spending on clothing and footwear, 2017
                                                                                                                                                                                        • Companies and brands
                                                                                                                                                                                          • Leading specialists
                                                                                                                                                                                            • Figure 57: Germany: Annual sales growth of the leading specialist clothing retailers, 2017
                                                                                                                                                                                          • Market shares
                                                                                                                                                                                            • Figure 58: Germany: Leading clothing retailers, sales as % of all spending on clothing and footwear, 2015-17
                                                                                                                                                                                          • Online
                                                                                                                                                                                            • Figure 59: Germany: Online sales of clothing, 2014-17
                                                                                                                                                                                          • The consumer
                                                                                                                                                                                            • Where they shop for clothes
                                                                                                                                                                                              • Figure 60: Germany: Channels used for buying clothes in the last 12 months, July 2018
                                                                                                                                                                                              • Figure 61: Germany: Retailers used for buying clothes in the last 12 months, July 2018
                                                                                                                                                                                              • Figure 62: Germany: Non-specialists stores used for buying clothes, July 2018
                                                                                                                                                                                            • Attitudes to shopping for clothes
                                                                                                                                                                                              • Figure 63: Germany: Attitudes to shopping for clothes, July 2018
                                                                                                                                                                                            • What we think
                                                                                                                                                                                              • Issues and insights
                                                                                                                                                                                                • Is the shift to online slowing?
                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                      • Tackling environmental concerns to appeal to older shoppers
                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                            • The market – What you need to know
                                                                                                                                                                                                              • Market for clothing grows 6.6%
                                                                                                                                                                                                                • Clothing specialists grow sales 8.2% in 2017
                                                                                                                                                                                                                  • Inflation hits 1.7% in 2017
                                                                                                                                                                                                                    • Specialists dominate the clothing sector
                                                                                                                                                                                                                      • Consumer spending
                                                                                                                                                                                                                        • Figure 64: Germany: Consumer spending on clothing and footwear (incl. VAT), 2014-18
                                                                                                                                                                                                                      • Sector size and forecast
                                                                                                                                                                                                                        • Strong growth at the specialists in 2017
                                                                                                                                                                                                                          • Figure 65: Germany: Specialist clothing retailers, sales (excl. VAT), 2014-18
                                                                                                                                                                                                                          • Figure 66: Germany: Specialist clothing retailers, forecast sales (excl VAT), 2018-23
                                                                                                                                                                                                                        • Inflation
                                                                                                                                                                                                                          • Inflation hits highest point in five years
                                                                                                                                                                                                                            • Figure 67: Germany: Harmonised index of consumer prices, annual % change, 2013-17
                                                                                                                                                                                                                            • Figure 68: Germany: Harmonised index of consumer prices, annual % change, Jan 2017–Aug 2018
                                                                                                                                                                                                                          • Channels of distribution
                                                                                                                                                                                                                            • Specialists continue to dominate sales
                                                                                                                                                                                                                              • Figure 69: Germany: estimated distribution of spending on clothing and footwear, 2017
                                                                                                                                                                                                                            • Companies and brands – What you need to know
                                                                                                                                                                                                                              • A mixed year for specialists
                                                                                                                                                                                                                                • Number of outlets declines
                                                                                                                                                                                                                                  • H&M, the leading specialist
                                                                                                                                                                                                                                    • Online share of clothing spending stalls
                                                                                                                                                                                                                                      • Leading players
                                                                                                                                                                                                                                        • 2017 a mixed year for clothing specialists
                                                                                                                                                                                                                                          • Esprit’s sales slide continues
                                                                                                                                                                                                                                            • C&A brings in Alain Caparros
                                                                                                                                                                                                                                              • Zalando leads growth and dips its toe in the physical world
                                                                                                                                                                                                                                                  • Figure 70: Zalando outlet, Cologne
                                                                                                                                                                                                                                                • Charles Vögele brand disappears from Germany
                                                                                                                                                                                                                                                  • Figure 71: Germany: Leading specialist clothing retailers, sales (excl. VAT), 2015-17
                                                                                                                                                                                                                                                  • Figure 72: Germany: Leading specialist clothing retailers, outlets, 2015-17
                                                                                                                                                                                                                                                • Sales per outlet
                                                                                                                                                                                                                                                  • Figure 73: Germany: Leading clothing specialists, sales per outlet, 2015-17
                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                  • Figure 74: Germany: Leading specialist clothing retailers’ sales as % of all spending on clothing and footwear, 2015-17
                                                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                                                  • Online activity
                                                                                                                                                                                                                                                    • Shopping for clothing online
                                                                                                                                                                                                                                                      • Figure 75: Germany: Online purchasing, 2008-17
                                                                                                                                                                                                                                                    • Online share of clothing spending stalls
                                                                                                                                                                                                                                                      • 62% shop online
                                                                                                                                                                                                                                                        • Figure 76: Germany: Channels used for buying clothes, July 2018
                                                                                                                                                                                                                                                      • Leading online/catalogue sellers
                                                                                                                                                                                                                                                        • Figure 77: Germany: Where online/catalogue buyers shopped, July 2018
                                                                                                                                                                                                                                                      • H&M the most searched on Google
                                                                                                                                                                                                                                                        • Figure 78: Germany: Search interest on Google, last 12 months, September 2017-August 2018
                                                                                                                                                                                                                                                      • Otto Group the largest online retailer of clothing
                                                                                                                                                                                                                                                        • 31% are members of Amazon Prime
                                                                                                                                                                                                                                                          • Zalando leads the specialists
                                                                                                                                                                                                                                                            • Figure 79: Germany: Estimated online sales of clothing by major retailers, 2015-17
                                                                                                                                                                                                                                                          • The consumer – What you need to know
                                                                                                                                                                                                                                                            • 62% shopped online for clothing
                                                                                                                                                                                                                                                              • C&A the most popular specialist
                                                                                                                                                                                                                                                                • Amazon the dominant non-specialist
                                                                                                                                                                                                                                                                  • Environmental concerns influence choice of retailer
                                                                                                                                                                                                                                                                    • Young people made to feel self-conscious by fashion campaigns
                                                                                                                                                                                                                                                                      • Where they shop for clothes
                                                                                                                                                                                                                                                                        • Two-thirds have shopped online for clothing
                                                                                                                                                                                                                                                                          • Figure 80: Germany: Channels used for buying clothes in the last 12 months, July 2018
                                                                                                                                                                                                                                                                        • Online buying reaches across the age groups
                                                                                                                                                                                                                                                                          • Figure 81: Germany: Channels used for buying clothes in the last 12 months, by age group, July 2018
                                                                                                                                                                                                                                                                        • C&A leads the pack
                                                                                                                                                                                                                                                                          • Online specialists becoming significant specialists
                                                                                                                                                                                                                                                                            • Figure 82: Germany: Retailers used for buying clothing in the last 12 months, July 2018
                                                                                                                                                                                                                                                                          • Customer profiles offer few surprises
                                                                                                                                                                                                                                                                            • Figure 83: Germany: Where they shop for clothing, by average age and household income, July 2018
                                                                                                                                                                                                                                                                          • Amazon is the dominant non-specialist
                                                                                                                                                                                                                                                                            • Troubles at the department stores
                                                                                                                                                                                                                                                                              • Supermarkets account for a small share of purchases
                                                                                                                                                                                                                                                                                • Figure 84: Germany: Non-specialist stores used to shop for clothing, July 2018
                                                                                                                                                                                                                                                                              • Store-based specialists continue to dominate the market
                                                                                                                                                                                                                                                                                • Figure 85: Germany: Stores used to shop for clothing, combined nets, July 2018
                                                                                                                                                                                                                                                                              • Attitudes to shopping for clothes
                                                                                                                                                                                                                                                                                • Shoppers driven by environmental concerns
                                                                                                                                                                                                                                                                                  • Figure 86: Germany: Selected attitudes to shopping for clothes, July 2018
                                                                                                                                                                                                                                                                                • A lack of loyalty
                                                                                                                                                                                                                                                                                  • Figure 87: Germany: Selected attitudes to shopping for clothes, July 2018
                                                                                                                                                                                                                                                                                • Research and inspiration
                                                                                                                                                                                                                                                                                  • Figure 88: Germany: Selected attitudes to shopping for clothes, July 2018
                                                                                                                                                                                                                                                                                • Over a third of 16-24 year olds made to feel self-conscious
                                                                                                                                                                                                                                                                                  • Figure 89: Germany: “Fashion campaigns make me feel self-conscious about the way I look”, by age group, July 2018
                                                                                                                                                                                                                                                                                • Attitudes by specialist retailer used
                                                                                                                                                                                                                                                                                  • Figure 90: Germany: Attitudes to shopping for clothes, by where they shopped in the last 12 months: specialists, July 2018
                                                                                                                                                                                                                                                                                • Attitudes by non-specialist used
                                                                                                                                                                                                                                                                                  • Figure 91: Germany: Attitudes to shopping for clothes, by where they shopped in the last 12 months: non-specialists, July 2018
                                                                                                                                                                                                                                                                                • 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
                                                                                                                                                                                                                                                                                                • Consumer spending
                                                                                                                                                                                                                                                                                                  • Figure 92: Italy: Annual percentage change in consumer spending on clothing and footwear, 2014-18
                                                                                                                                                                                                                                                                                                • Sector size and forecast
                                                                                                                                                                                                                                                                                                  • Figure 93: Italy: Specialist clothing retailers’ sales (excl. VAT), 2013-18
                                                                                                                                                                                                                                                                                                • Channels of distribution
                                                                                                                                                                                                                                                                                                  • Figure 94: Italy: Estimated distribution of spending on clothing and footwear, 2018
                                                                                                                                                                                                                                                                                                • Companies and brands
                                                                                                                                                                                                                                                                                                  • Leading players
                                                                                                                                                                                                                                                                                                    • Market shares
                                                                                                                                                                                                                                                                                                      • Figure 95: Italy: Leading specialist clothing retailers’ sales as % all spending on clothing and footwear, 2017
                                                                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                                                                      • The consumer
                                                                                                                                                                                                                                                                                                        • Where they shop for clothes
                                                                                                                                                                                                                                                                                                          • Figure 96: Italy: Where clothes have been bought – in-store vs online, July 2018
                                                                                                                                                                                                                                                                                                          • Figure 97: Italy: Where clothes have been bought – in-store or online, by retailer, July 2018
                                                                                                                                                                                                                                                                                                        • Attitudes to shopping for clothes
                                                                                                                                                                                                                                                                                                          • Figure 98: Italy: Attitudes to shopping for clothes, July 2018
                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                          • Issues and insights
                                                                                                                                                                                                                                                                                                            • Growing interest in sustainability presents opportunity to differentiate
                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                  • High smartphone ownership levels point way to online growth
                                                                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                                                                                                        • The market – What you need to know
                                                                                                                                                                                                                                                                                                                          • Spending yet to recover to pre-recession levels
                                                                                                                                                                                                                                                                                                                            • Inflation returns to positive territory
                                                                                                                                                                                                                                                                                                                              • Retailer confidence has dipped sharply
                                                                                                                                                                                                                                                                                                                                • Clothing specialists sales flat and 2017 and set to fall
                                                                                                                                                                                                                                                                                                                                  • Specialists hold their ground
                                                                                                                                                                                                                                                                                                                                    • Consumer spending
                                                                                                                                                                                                                                                                                                                                      • Spending yet to recover to pre-recession levels
                                                                                                                                                                                                                                                                                                                                        • Figure 99: Italy: Consumer spending on clothing and footwear (incl. VAT), 2013-18
                                                                                                                                                                                                                                                                                                                                      • Retailer confidence has dipped sharply
                                                                                                                                                                                                                                                                                                                                        • Figure 100: Italy: Consumer and retailer confidence levels, October 2017-September 2018
                                                                                                                                                                                                                                                                                                                                      • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                        • Clothing specialists sales flat and 2017 and set to fall
                                                                                                                                                                                                                                                                                                                                          • Figure 101: Italy: Specialist clothing retailers, sales (excl. VAT), 2013-18
                                                                                                                                                                                                                                                                                                                                          • Figure 102: Italy: Specialist clothing retailers, forecast sales (excl. VAT), 2018-23
                                                                                                                                                                                                                                                                                                                                        • Inflation
                                                                                                                                                                                                                                                                                                                                          • Figure 103: Italy: Consumer prices * of clothing and footwear, annual % change, 2013-17
                                                                                                                                                                                                                                                                                                                                          • Figure 104: Italy: Consumer prices * of clothing and footwear, annual % change, Jan 2017 –Aug 2018
                                                                                                                                                                                                                                                                                                                                        • Channels of distribution
                                                                                                                                                                                                                                                                                                                                          • Specialists hold their ground
                                                                                                                                                                                                                                                                                                                                            • Figure 105: Italy: Estimated distribution of spending on clothing and footwear, 2018
                                                                                                                                                                                                                                                                                                                                          • Leading players – What you need to know
                                                                                                                                                                                                                                                                                                                                            • A fragmented but fast evolving market
                                                                                                                                                                                                                                                                                                                                              • OVS is market leader but Inditex is closing in
                                                                                                                                                                                                                                                                                                                                                • Gruppo Teddy – a home-grown success story
                                                                                                                                                                                                                                                                                                                                                  • Leading specialists grow share…but from low base
                                                                                                                                                                                                                                                                                                                                                    • Online growth continues
                                                                                                                                                                                                                                                                                                                                                      • Leading players
                                                                                                                                                                                                                                                                                                                                                        • A fragmented but fast evolving market
                                                                                                                                                                                                                                                                                                                                                          • Fast fashion gains ground
                                                                                                                                                                                                                                                                                                                                                            • OVS fights to maintain leading position
                                                                                                                                                                                                                                                                                                                                                              • Inditex closes in
                                                                                                                                                                                                                                                                                                                                                                • Gruppo Teddy – a home-grown success story
                                                                                                                                                                                                                                                                                                                                                                  • Other players
                                                                                                                                                                                                                                                                                                                                                                    • Figure 106: Italy: Leading specialist clothing retailers, sales (excl. VAT), 2013-17
                                                                                                                                                                                                                                                                                                                                                                    • Figure 107: Italy: Leading specialist clothing retailers, outlets, 2013-17
                                                                                                                                                                                                                                                                                                                                                                  • Sales per outlet
                                                                                                                                                                                                                                                                                                                                                                    • Figure 108: Italy: Leading clothing retailers, Sales per outlet, 2013-17
                                                                                                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                                                                                                    • Figure 109: Italy: Leading specialist clothing retailers, sales as % all spending on clothing and footwear, 2013-17
                                                                                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                                                                                    • Online activity
                                                                                                                                                                                                                                                                                                                                                                      • Shopping for clothing online
                                                                                                                                                                                                                                                                                                                                                                        • Figure 110: Italy: Online purchasing, 2008-17
                                                                                                                                                                                                                                                                                                                                                                      • Online market size
                                                                                                                                                                                                                                                                                                                                                                        • Leading online players
                                                                                                                                                                                                                                                                                                                                                                          • Figure 111: Italy Where people shopped for clothing online/by catalogue in the past 12 months, July 2018
                                                                                                                                                                                                                                                                                                                                                                          • Figure 112: Italy: Leading retailers’ estimated online sales of clothing, 2017
                                                                                                                                                                                                                                                                                                                                                                        • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                          • Stores the dominant channel of distribution
                                                                                                                                                                                                                                                                                                                                                                            • OVS is the leading specialist
                                                                                                                                                                                                                                                                                                                                                                              • Italian shoppers look for breadth of range
                                                                                                                                                                                                                                                                                                                                                                                • Italian clothes buyers compare prices
                                                                                                                                                                                                                                                                                                                                                                                  • Social media still just for the young
                                                                                                                                                                                                                                                                                                                                                                                    • Where they shop for clothes
                                                                                                                                                                                                                                                                                                                                                                                      • In-store vs online
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 113: Italy: Channels used for buying clothes, July 2018
                                                                                                                                                                                                                                                                                                                                                                                      • Retailers bought from
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 114: Italy: Retailers used for buying clothes in the last 12 months, July 2018
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 115: Italy: Customer profile by clothes retailers shopped, July 2018
                                                                                                                                                                                                                                                                                                                                                                                      • Online vs in-store by retailer
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 116: Italy: proportion of shoppers who shop in-store and not online for clothes by retailer, July 2018
                                                                                                                                                                                                                                                                                                                                                                                      • Attitudes to shopping for clothes
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 117: Italy: Attitudes to shopping for clothes, July 2018
                                                                                                                                                                                                                                                                                                                                                                                      • Online vs in-store shoppers
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 118: Italy: Agreement with attitude statements about shopping for clothes, online vs in-store shoppers, July 2018
                                                                                                                                                                                                                                                                                                                                                                                      • Attitudes by retailer used
                                                                                                                                                                                                                                                                                                                                                                                        • Prices
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 119: Italy: Attitude to comparing prices by retailer bought from, July 2018
                                                                                                                                                                                                                                                                                                                                                                                        • Social media
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 120: Spain: Attitude to social media by retailer bought from, July 2018
                                                                                                                                                                                                                                                                                                                                                                                        • Environmental concerns
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 121: Spain: Attitude to environment al impact by retailer used, July 2018
                                                                                                                                                                                                                                                                                                                                                                                        • Fashion magazines
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 122: Spain: Attitude to fashion/style magazines by retailer used, July 2018
                                                                                                                                                                                                                                                                                                                                                                                        • 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
                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer confidence
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 123: Spain: Consumer confidence, 2017-18
                                                                                                                                                                                                                                                                                                                                                                                                          • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 124: Spain: Consumer prices of clothing and footwear, annual % change, 2012-18
                                                                                                                                                                                                                                                                                                                                                                                                          • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 125: Spain: Estimated distribution of consumer spending on clothing and footwear, 2017
                                                                                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                            • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                              • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 126: Spain: Leading specialist clothing retailers’ share of spending on clothing and footwear, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 127: Spain: Online purchases in the last 12 months, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                  • Where they shop for clothing
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 128: Spain: Channels used for buying clothing, July 2018
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 129: Spain: Retailers used for buying clothes in the last 12 months, July 2018
                                                                                                                                                                                                                                                                                                                                                                                                                  • Attitudes to shopping for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 130: Spain: Attitudes to shopping for clothes, July 2018
                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                    • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                      • Is the clothing sector in Spain in crisis?
                                                                                                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                            • Is Spain about to follow the UK in retail development?
                                                                                                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                  • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Clothing market worth €29.8 billion in 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Clothing specialists run out of steam
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Inflation rising slowly
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Specialists take two-thirds of spending
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Spain among fastest growing economies in eurozone
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 131: Spain: Consumer and retail confidence, 2017-18
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Clothing and footwear losing out to more discretionary sectors.
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 132: Spain: Consumer spending on clothing and footwear (incl VAT), 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 133: Spain: Specialist clothing retailers, Sales (excl VAT), 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 134: Spain: Specialist clothing retailers, forecast sales (excl VAT), 2019-23
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 135: Spain: Consumer prices of clothing and footwear, annual % change, 2013-2018 H1
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 136: Spain: Consumer prices of clothing and footwear, annual % change, 2012-18
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 137: Spain: Estimated distribution of consumer spending on clothing and footwear, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Contraction and consolidation
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Primark still growing
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Grupo Inditex in the lead
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Rest of the sector more fragmented
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online growing
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Privalia leads online
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Contraction and consolidation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • El Corte Inglés
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • C&A sinking
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Final Vivarte exit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Tendam – Grupo Cortefiel - restoring profitability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Adolfo Dominguez – also cutting back
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 138: Spain: Leading clothing specialist retailers, sales 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 139: Spain: Leading clothing specialist retailers, outlets 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 140: Spain: Leading clothing specialists, sales per outlet, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 141: Spain: Leading specialist clothing retailers’ shares of all spending on clothing and footwear, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Shopping for clothing online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 142: Spain: Online purchases in the last 12 months, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Where people shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 143: Spain: Leading online clothing retailers, estimated sales, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online growing slowly
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • El Corte Inglés leads the way
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Spanish shoppers look for a wide range of shops
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Spanish clothes buyers compare prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • But magazines and social media have little influence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Where they shop for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • In-store vs online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 144: Spain: Channels used for buying clothes, July 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retailers bought from
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 145: Spain: Where clothes have been bought – in-store or online, July 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 146: Spain: Customer profile by clothing retailers shopped, July 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online vs in-store by retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 147: Spain: proportion of shoppers who shop in-store and not online by retailer, July 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Attitudes to shopping for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 148: Spain: Attitudes to shopping for clothes, July 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online vs in-store shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 149: Spain: Agreement with attitude statements, online vs in-store shoppers, July 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Attitudes by retailer used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 150: Spain: Attitude to comparing prices by retailer bought from, July 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Social media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 151: Spain: Attitude to social media by retailer bought from, July 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Environmental concerns
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 152: Spain: Attitude to environment al impact by retailer used, July 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Fashion magazines
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 153: Spain: Attitude to fashion/style magazines by retailer used, July 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • 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
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer spending expected to grow 5.3% in 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 154: Consumer spending on clothing and accessories, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail sales through clothing specialists will only rise 1.0%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 155: Retail sales through specialist clothing retailers, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading players continue to lose market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 156: Estimated distribution of consumer spending on clothing, by type of retailer, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Inditex is the UK’s fastest growing multi-channel retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 157: Leading specialist retailers: compound annual growth in revenues, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online fashion market set to reach £32.8 billion by 2023
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 158: Online sales of clothing, accessories and footwear, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Despite declines, M&S still highly regarded amongst UK consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 159: Attitudes towards and usage of selected brands, January-August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store-based clothing retailers remain popular
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 160: Types of retailers used to purchase clothing in the last 12 months, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Fashion consumers are shopping less frequently
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 161: Frequency of clothing purchases in the last 12 months, August 2017 and August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • High satisfaction with quality and range of clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 162: Key drivers of overall satisfaction with clothing retailers, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The perception that shopping online is cheaper
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 163: Why consumers shop online for clothing, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The ability to try clothes on ahead of purchase is important
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 164: Why consumers don’t shop online for clothing, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumers want retailers to incentivise their sustainability efforts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 165: Clothing shopping behaviours, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Issues and Insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The high-street vs online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Is the tide about to turn on fast fashion?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Rebuilding brand loyalty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The Market – What You Need to Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Womenswear drives consumers spending growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Slow growth projected for the specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online-only retailers capture greater share of spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Inflation pressure has eased in 2018…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • …but consumer confidence has taken a hit from ongoing economic uncertainty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market Size and Forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Consumers remain willing to spend on clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 166: Consumer spending on clothing and accessories, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 167: Consumer spending on clothing and accessories, at current and constant prices, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What might Brexit mean for the UK clothing market?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Clothing takes increased share of total consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 168: Spending on clothing and accessories as percentage of all consumer spending, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • A renewed appetite for womenswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 169: Estimated breakdown of consumer spending on clothing and accessories, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 170: Estimated breakdown of consumer spending on clothing and accessories, 2016-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sector Size and Forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Clothing specialists fail to sustain momentum gained in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 171: Retail sales through specialist clothing retailers, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 172: Retail sales through specialist clothing retailers, at current and constant prices, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Clothing sales through specialist clothing retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 173: Sales of clothing and accessories through specialist clothing retailers, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 174: Clothing specialists share of consumer spending on clothing and accessories, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Channels of Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Ongoing shifts in where people shop for clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Specialists losing share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Non-specialists also underperforming
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Growing sectors
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 175: Estimated distribution of consumer spending on clothing, by type of retailer, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 176: Estimated distribution of consumer spending on clothing, by type of retailer, 2016-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market Drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • High inflation throughout 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 177: Consumer price inflation, 2007-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Garment price inflation eases
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 178: Consumer price inflation, August 2017-August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Real wage showing signs of growth in 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 179: Real wage growth – Average weekly earnings vs inflation, January 2016-August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumer confidence dips end of spring/summer 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 180: Consumer financial confidence, September 2016-September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Clothing is still popular for disposable income spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 181: Trends in what extra money is spent on, September 2017 and September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Catering to an ageing population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 182: Trends in the age structure of the UK population, 2016-26
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • High obesity rates increase the demand for plus size ranges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 183: Overweight and obesity prevalence in the UK population, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Younger consumers ideal targets for online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 184: Online activities done in the last three months on any device*, June 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Social media usage is on the rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 185: Recent social media network usage, March 2017 and April 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The gender pay gap is slowly closing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 186: Median gross hourly earnings (excluding overtime) for full-time employees, by sex, UK, 2011-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Companies and Brands – What You Need to Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Clothing specialists continue to struggle…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • …but non-specialists are also facing problems
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online-only retailers continue to outperform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online consumer spending set to reach £32.8 billion by 2023
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • M&S most trusted, but Next wins on style
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Leading Specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Next continues to lead although still in decline
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 187: Leading specialist retailers, net revenues. 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retailers with strong lifestyle brands outperform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 188: Leading specialist retailers: compound annual growth in revenues, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Outlet numbers and sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 189: Leading specialist retailers: outlet numbers, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 190: Leading specialist retailers: estimated annual sales per outlet, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sales area and sales densities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 191: Leading specialist retailers: total sales area, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 192: Leading specialist retailers: estimated annual sales per sq m, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Operating profits and margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 193: Leading specialist retailers: operating profits, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 194: Leading specialist retailers: operating margins, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Leading Non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sports retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Supermarkets major players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 195: Leading non-specialists, estimated clothing and footwear revenues, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market Shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 196: Leading retailers’ estimated share of spending on clothing and footwear, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Change in market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 197: Leading clothing retailers, change in share of clothing spending, 2014-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Space Allocation Summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Men’s, women’s and childrenswear overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 198: Men’s, women’s and childrenswear overview, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 199: Men’s, women’s and childrenswear overview, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Detailed category space allocation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 200: Specialist and non-specialist clothing retailers, estimated detailed space allocation, by category, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 201: Specialist and non-specialist clothing retailers, estimated detailed space allocation, by category, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 202: Specialist and non-specialist clothing retailers, estimated detailed space allocation, by category, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • In-store concessions giving shoppers a wider choice of fashion options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 203: Tesco Extra Next branded concession, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 204: Next 120-128 Oxford Street, London, Costa Coffee and Hema in-store concessions, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 205: Specialist and non-specialist clothing retailers, estimated clothing versus non-clothing space, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail Product Mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 206: Leading clothing retailers, estimated sales, by product, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 207: Leading clothing retailers: share of clothing sales, by product, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Womenswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 208: Leading clothing retailers estimated share of the womenswear market, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Menswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 209: Leading clothing retailers estimated share of the menswear market, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Childrenswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 210: Leading clothing retailers estimated share of the childrenswear market, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online fashion growth continues to outperform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 211: Online sales of clothing, accessories and footwear, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 212: Online sales of clothing, accessories and footwear, at current and constant prices, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online spending on clothing and accessories set to rise 8.2% in 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 213: Breakdown of online sales of clothing, accessories and footwear, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Where they shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 214: Retailers used to purchase clothing online in the last 12 months, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Launch Activity and Innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Inditex aiming to fully integrate online and offline
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • In-store tech becomes mainstream
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The rise of lifestyle retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 215: H&M Fragrance Collection, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 216: River Island Homeware Collection, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Own-label expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 217: Amazon Aurique Collection, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New fashion labels target young shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 218: ASOS Collusion, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Social shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • This year’s big collaborations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 219: H&M x William Morris Collection, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • In search of sustainability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 220: H&M Paris Store, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Rejecting fabrics derived from animals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Improved order fulfilment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Try before you buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Advertising and Marketing Activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Advertising spend for the clothing market has increased
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 221: Recorded above-the-line advertising expenditure on clothing and accessories, total market, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 222: Recorded above-the-line, online, display and direct mail total advertising expenditure on clothing, by leading top 20 spenders in 2017, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key campaigns
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Holly Willoughby for Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 223: M&S Holly Willoughby Campaign, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The real winner of Love Island
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Just Do It
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Digital increasing its share of expenditure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 224: Recorded above-the-line advertising expenditure percentage on clothing, by media type, total market, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Nielsen Ad Intel coverage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand Research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 225: Attitudes towards and usage of selected brands, January-August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 226: Key metrics for selected brands, January-August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand attitudes: M&S offers great customer service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 227: Attitudes, by brand, January-August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand personality: Ted Baker seen as most exclusive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 228: Brand personality – Macro image, January-August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Primark perceived as basic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 229: Brand personality – Micro image, January-August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Mass market retailers: Next, M&S and Gap
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Premium lifestyle retailers: Superdry, Ted Baker and Reiss
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Home shopping retailers: Very, JD Williams and Boden
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Value retailers: Primark, New Look and Matalan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fast fashion retailers: Topshop/Topman, H&M and Zara
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Arcadia Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Topshop/Topman is priority for turnaround
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Too many brands?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Dorothy Perkins, Evans and Wallis show signs of recovery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 230: Arcadia Group: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 231: Arcadia Group: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Asda Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Proposed merger with Sainsbury’s will create one of the UK’s largest clothing groups
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Using digital technology to enhance the in-store clothes shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • 60-second click-and-collect
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Enhanced mobile experience with new progressive web app
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Combatting the use of microplastics in clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 232: Asda Group Ltd: group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 233: Asda Group Ltd: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • ASOS

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Highlighting inclusivity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sustainability and welfare pledges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Collaboration and innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Try before you buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Athleisure launches
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Seamless shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 234: ASOS: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • C&A

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Playing the sustainability card
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Digital presents best opportunity for growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store overhauls show potential
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 235: C&A: Group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 236: C&A: Outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Debenhams

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • A delicate financial balancing act
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Time to focus resources on the home market?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Fewer, smaller stores in the future?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Digital growth offers hope
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Clothing revitalisation also at heart of growth plans
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 237: Debenhams: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 238: Debenhams: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Edinburgh Woollen Mill Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Building a multi-brand multi-price fashion conglomerate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Department store selling fashion brands rescued from collapse
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • New online checkout system helps increase conversion rate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 239: Edinburgh Woollen Mill Group: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 240: Edinburgh Woollen Mill Group: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • El Corte Inglés

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Comparisons
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Distractions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online: a major focus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 241: El Corte Inglés: Group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 242: El Corte Inglés: Outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Esprit

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Apparent failure of turnaround plan brings future of group into question
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Downsizing process needs to continue but product and brand identity must improve
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online still not firing on all cylinders but product to blame?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 243: Esprit: Group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 244: Esprit: Outlet* data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Etam Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market leader in lingerie in France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Acquisitions on the cards?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Diversification
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • New dual branded Paris flagship
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 1.2.3 struggling
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Building omnichannel integration
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 245: Etam Group (Europe): Group sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 246: Etam Group: Outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • H&M Hennes & Mauritz

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • A new fascia joins the stable
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Technology enhancing the customer experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A first in pet streetwear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Localisation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Making fashion circular
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • COS expansion into China
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 247: H&M Hennes & Mauritz: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 248: H&M Hennes & Mauritz: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • House of Fraser

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Administration
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Positioning/repositioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Own brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Will it work?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Working practices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Room for optimism
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 249: House of Fraser Plc: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 250: House of Fraser Plc: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Grupo Inditex

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Where next
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 251: Grupo Inditex, sales and outlets by format, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 252: Grupo Inditex, performance by brand, 2016-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 253: Grupo Inditex: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 254: Grupo Inditex: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • John Lewis Partnership

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Rebrand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Own brand expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Investment in product service and innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Doing the right thing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 255: John Lewis Partnership: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 256: John Lewis Partnership: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Kiabi

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • A bold vision for growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • International expansion is a major focus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Using technology to improve the in-store customer experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 257: Kiabi: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 258: Kiabi: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • KiK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • KiK WhatsApp
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Advance of KiK17 store concept
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Halts US expansion plans to focus on Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Bolstering multichannel proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Corporate social responsibility commitment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 259: KiK: Group sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 260: KiK: Outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Marks & Spencer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New CEO, new strategy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Missing link – the merchandise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Must do better
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 261: Marks & Spencer: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 262: Marks & Spencer: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Matalan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Optimising existing store space and improving in-store customer experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New website and expanded multichannel capabilities driving online sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Influencer recommendation and celebrity endorsement
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Focusing on improving operational performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 263: Matalan Ltd: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 264: Matalan Ltd: UK outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • New Look Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company Voluntary Agreement
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Back to value fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Do consumers still want fast fashion?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Celebrity social media power
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Backlash over pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 265: New Look Group: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 266: New Look Group: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Next Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Unlimited delivery service launch
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Manchester Arndale experiment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Credit incentives drive sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 267: Next Group: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 268: Next Group: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • OVS Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Accelerating the development of e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Focusing on store traffic and like-for-like sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Embracing the use of social media influencers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Pushing corporate social responsibility and sustainability credentials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 269: OVS Group: Group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 270: OVS Group: Outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Primark

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Europe to remain focus of expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Can Primark continue without an e-commerce presence?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 271: Primark/Penneys: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 272: Primark/Penneys: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • River Island

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New concept store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Branching into homewares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Inclusive campaigning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Like mother like daughter
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Extending the online offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 273: River Island Clothing Co Ltd: group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 274: River Island Clothing Co Ltd: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tendam

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Grupo Cortefiel rebrands as Tendam
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Loyalty cardholder members continue to grow
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New sustainability projects
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 275: Tendam: Group sales performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 276: Tendam: Outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tesco

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Fewer ways to buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Marketing support behind F&F helps lift brand awareness and sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • In-store clothing concessions to give shoppers a wider choice
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Social media influencers to push clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Eliminating hazardous chemicals from its clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 277: Tesco Plc: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 278: Tesco Plc: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • TJX International (TK Maxx Europe)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store openings pushing ahead
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Threat from online competitors?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 279: TJX International (TK Maxx Europe): Group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 280: TJX International (TK Maxx Europe): Outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Vivarte

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Is the crisis over?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 281: Vivarte: Group sales performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 282: Vivarte: French store numbers, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • YNAP Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Richemont takeover completed
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • YNAP focuses on m-commerce…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …and expands product range
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sustainability commitments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 283: YNAP group: group financial performance, 2014-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Zalando

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Expanding brand partnership scheme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Driving out friction in delivery, returns and payments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Working towards delivering a truly personalised on-site experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Head-to-toe fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Conversational commerce to tackle customer pain points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Dealing with excess and unwanted stock in a non-wasteful manner
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 284: Zalando: group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 285: Zalando: key metrics, 2016-H1 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Clothing Retailing - Europe - October 2018

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            £2,895.00 (Excl.Tax)