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Clothing Retailing - Europe - October 2019

"Clothing and footwear represent the largest and most important non-food sector in retailing, and ranks second after food in retailing overall. One could argue that this is why the sector remains the focus for development for a number of different non-specialists, from supermarkets to sports good retailers. Clothing specialists are the main players in the sector and represent more than half of the sector in revenues. Nevertheless, in many instances department stores are essentially fashion stores, with clothing and footwear representing more than 70% of their sales. As an example, according to our research for Mintel Report Department Stores – UK, July 2019, the estimated in-store space allocation for clothing is 71.2% at Selfridges, 71.7% at Debenhams and 71.8% at House of Fraser."
- Armando Falcao, Research Analyst

Clothing and footwear has been a focus for development for online players as well, and not just the specialists like Zalando and ASOS, but also generalists, including online giant, Amazon. As we show in the Consumer section of this Executive Summary, Amazon remains the most used online retailer for clothing.

In this section we look at the market size and the major players. There are two sets of data relating to market size – all spending on clothing, or on clothing and footwear, and sales by specialist clothing retailers. The former covers all clothing spending and is the best overall guide. The latter is a useful insight into the specialists in the context of their peers.

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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, 2014-19
                    • Abbreviations
                    • Executive Summary – Europe – The Market

                        • Spending on clothing and footwear
                          • Figure 2: Europe: Spending on clothing and footwear, inc VAT, 2013-18
                          • Figure 3: Europe: Spending on clothing, inc VAT, 2013-18
                          • Figure 4: Europe: Spending on clothing and footwear as % all consumer spending, 2013-18
                          • Figure 5: Europe: Spending on clothing and footwear as % all consumer spending, 2018
                          • Figure 6: Europe: Gain in clothing and footwear’s share of all consumer spending, 2013-18
                        • Spending per capita
                          • Figure 7: Europe: Spending on clothing and footwear per capita, inc VAT, 2018
                        • Clothing and footwear specialists’ sales
                          • Figure 8: clothing and footwear specialists, sales, 2014-19
                          • Figure 9: Europe: clothing and footwear specialists, forecast sales, 2019-24
                        • Specialists relative to all spending
                          • Figure 10: Europe: Sales by clothing and footwear specialists as % all spending on clothing and footwear, 2018
                          • Figure 11: Europe: Change in specialist clothing and footwear retailers’ share of all spending on clothing and footwear, 2013-2017/18
                        • Online
                          • Figure 12: Europe: Proportion of people who have bought clothing, footwear or sports goods in the last 12 months, 2013-18
                        • Online sales
                          • Figure 13: Europe: Top 5 economies, online sales of clothing and footwear, 2018
                        • Leading retailers
                          • What makes a clothing specialist?
                            • Driving growth from a multichannel strategy
                              • Inditex still comfortably in the lead
                                • Figure 14: Europe: Leading clothing specialists, sales, 2014/15-2018/19
                                • Figure 15: Europe: Leading clothing specialists, outlets, 2014/15-2018/19
                                • Figure 16: Europe: Leading clothing specialists, sales per outlet, 2014/15-2018/19
                              • Market shares
                                • Figure 17: Leading clothing specialists, share of all spending on clothing and footwear, 2014/15-2018/19
                              • What we think
                                • France
                                  • Germany
                                    • Italy
                                      • Spain
                                      • 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, June 2019
                                                • Figure 19: Europe: Clothing shoppers who have bought online and not in-store, June 2019
                                              • Leading pureplayers
                                                  • Figure 20: Europe: All Online, Amazon and Zalando shoppers for clothing, June 2019
                                                • Leading retailers
                                                    • Figure 21: Europe: Top five most shopped at clothing retailers, July 2019
                                                    • Figure 22: Europe: Ranking of Amazon and Zalando in each country, July 2019
                                                  • Attitudes to buying clothes
                                                      • Figure 23: Europe: Those agreeing with each attitude statement by country, July 2019
                                                      • Figure 24: Europe: Ranking of attitude statements by country, July 2019
                                                  • Executive Summary – Europe -Launch Activity and Innovation

                                                    • Fashion and technology
                                                      • Zalando opens VR store
                                                        • Figure 25: Zalando pop-up store in Madrid, October 2019
                                                      • H&M creates Berlin collection based on big data
                                                        • Collaborations
                                                          • Figure 26: Mango and Mistral collaboration, June 2019
                                                        • New openings
                                                          • Sustainable fashion
                                                            • Figure 27: Zalando’s Zircle store, Berlin, August 2019
                                                          • Personalising fashion
                                                            • Growing rental market
                                                            • 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), 2014-19
                                                                        • Sector size and forecast
                                                                          • Channels of distribution
                                                                            • Figure 29: France: Estimated distribution of spending on clothing and footwear by channel, 2018
                                                                          • Companies and brands
                                                                            • Key metrics
                                                                              • Market shares
                                                                                • Figure 30: France: Leading specialist clothing retailers, sales as % all spending on clothing and footwear, 2018
                                                                              • Online
                                                                                • The consumer
                                                                                  • How they shop for clothing
                                                                                    • Figure 31: France: Channels used for buying clothes in the last 12 months, June 2019
                                                                                  • Where they shop for clothing
                                                                                    • Figure 32: France: Retailers used for buying clothing in the last 12 months, June 2019
                                                                                  • Attitudes to shopping for clothes
                                                                                    • Figure 33: France: Attitudes to shopping for clothes, June 2018
                                                                                  • What we think
                                                                                    • Issues and insights
                                                                                      • A choice of payment methods can help omnichannel
                                                                                        • The facts
                                                                                          • The implications
                                                                                            • Targeting older women
                                                                                              • The facts
                                                                                                • The implications
                                                                                                  • The market – What you need to know
                                                                                                    • Economy growing despite social unrest
                                                                                                      • Clothing and footwear spend is in decline
                                                                                                        • Weak growth amongst specialist retailers
                                                                                                          • A fragmented market
                                                                                                            • Consumer spending
                                                                                                              • The economy
                                                                                                                • Spending on fashion in decline
                                                                                                                  • Figure 34: France: Consumer spending on clothing and footwear (incl. VAT), 2014-19
                                                                                                                • Sector size and forecast
                                                                                                                  • Retail sales resilient
                                                                                                                    • Figure 35: France: Specialist clothing retailers, sales (excl. VAT), 2014-19
                                                                                                                    • Figure 36: France: Specialist clothing retailers, forecast sales (excl. VAT), 2019-24
                                                                                                                  • Inflation
                                                                                                                    • Figure 37: France: Consumer prices * of clothing and footwear, Annual % change, 2014-18
                                                                                                                    • Figure 38: France: Consumer prices * of clothing and footwear, Annual % change, January 2018 –July 2019
                                                                                                                  • Channels of distribution
                                                                                                                      • Figure 39: France: Estimated distribution of spending on clothing and footwear by channel, 2018
                                                                                                                    • Companies and brands – What you need to know
                                                                                                                      • Contraction and consolidation
                                                                                                                        • The rise of Primark
                                                                                                                          • A fragmented sector
                                                                                                                            • Online drives growth
                                                                                                                              • Leading players
                                                                                                                                • Fashion retailing landscape continues to shift
                                                                                                                                  • The decline of former market leader Vivarte
                                                                                                                                    • Other contractions
                                                                                                                                      • C&A still in the game
                                                                                                                                        • Figure 40: France: Leading specialist clothing retailers, 2014-18
                                                                                                                                        • Figure 41: France: Leading specialist clothing retailers, outlets, 2014-18
                                                                                                                                      • Sales per outlet
                                                                                                                                        • Figure 42: France: Leading specialist clothing retailers, sales per outlet, 2014-18
                                                                                                                                      • Market shares
                                                                                                                                        • Figure 43: France: Leading specialist clothing retailers, sales as % all spending on clothing and footwear, 2014-18
                                                                                                                                      • Online
                                                                                                                                        • Online activity
                                                                                                                                          • Figure 44: France: Broadband connections (percentage of households), 2013-18
                                                                                                                                        • Shopping for clothing online
                                                                                                                                          • Figure 45: France: Online purchasing in the last 12 months, 2014-18
                                                                                                                                        • Leading online players
                                                                                                                                          • Figure 46: France: Leading retailers’ estimated clothing sales online, 2018
                                                                                                                                        • The consumer – What you need to know
                                                                                                                                          • Stores still dominant but online growing
                                                                                                                                            • A fragmented market
                                                                                                                                              • Sports retailers top the bill
                                                                                                                                                • Amazon’s importance is growing
                                                                                                                                                  • Family specialists the leading chains
                                                                                                                                                    • Clothes shopping is more than just shopping
                                                                                                                                                      • Classic vs fast fashion
                                                                                                                                                        • Where they shop for clothes
                                                                                                                                                          • Online vs in-store
                                                                                                                                                            • Figure 47: France: Channels used for buying clothes in the last 12 months, June 2019
                                                                                                                                                            • Figure 48: France: Channels used for buying clothes in the last 12 months, June 2019
                                                                                                                                                          • Where they shop by retailer
                                                                                                                                                            • Figure 49: France: Retailers used for buying clothing in the last 12 months, June 2019
                                                                                                                                                          • Sports retailers top the bill
                                                                                                                                                            • Amazon’s dominance expands
                                                                                                                                                              • Family specialists the leading chains
                                                                                                                                                                • Figure 50: France: Retailers used for buying clothing by age and gender, H&M and Kiabi, June 2019
                                                                                                                                                              • Over a quarter buy clothing at grocery stores
                                                                                                                                                                • Department stores less significant
                                                                                                                                                                  • Customer profiles
                                                                                                                                                                    • Figure 51: France: Where they shop for clothing, by average age and household income, June 2019
                                                                                                                                                                  • Attitudes to shopping for clothes
                                                                                                                                                                    • Clothes shopping is more than just shopping
                                                                                                                                                                      • Buy now, pay later
                                                                                                                                                                        • Figure 52: France: Attitudes to shopping for clothes, June 2019
                                                                                                                                                                      • Attitudes by specialist retailer used
                                                                                                                                                                        • Fashion vs longevity
                                                                                                                                                                          • Figure 53: France: Attitudes to shopping for clothes, by where they shopped. specialists, June 2019
                                                                                                                                                                        • Shopping in the Sales
                                                                                                                                                                          • Figure 54: France: Attitudes to shopping for clothes, by where they shopped, specialists, June 2019
                                                                                                                                                                        • 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 55: Germany: Consumer spending on clothing and footwear (incl. VAT), 2014-19
                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                          • Figure 56: Germany: Specialist clothing retailers, sales growth, 2014-19
                                                                                                                                                                                        • Inflation
                                                                                                                                                                                          • Channels of distribution
                                                                                                                                                                                            • Figure 57: Germany: Estimated distribution of spending on clothing and footwear by channel, 2018
                                                                                                                                                                                          • Companies and brands
                                                                                                                                                                                            • Leading players
                                                                                                                                                                                              • Figure 58: Germany: Annual sales growth of the leading specialist clothing retailers, 2018
                                                                                                                                                                                            • Market shares
                                                                                                                                                                                              • Figure 59: Germany: Leading specialist clothing retailers, sales as % of all spending on clothing and footwear, 2015 and 2018
                                                                                                                                                                                            • Online
                                                                                                                                                                                              • Figure 60: Germany: Online sales of clothing, 2014-19
                                                                                                                                                                                            • The consumer
                                                                                                                                                                                              • Where they shop for clothing
                                                                                                                                                                                                • Figure 61: Germany: Channels used for buying clothes in the last 12 months, June 2019
                                                                                                                                                                                                • Figure 62: Germany: Retailers used for buying clothing in the last 12 months, June 2019
                                                                                                                                                                                                • Figure 63: Germany: Non-specialist stores used to shop for clothing, June 2019
                                                                                                                                                                                              • Attitudes to shopping for clothing
                                                                                                                                                                                                • Figure 64: Germany: Attitudes to shopping for clothing, June 2019
                                                                                                                                                                                              • What we think
                                                                                                                                                                                                • Issues and insights
                                                                                                                                                                                                  • Combining online and offline as a strategy for growth
                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                        • Germans enjoy shopping for clothes and move away from ‘fast fashion’
                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                              • The market – What you need to know
                                                                                                                                                                                                                • Market for clothing shrinks 0.5%
                                                                                                                                                                                                                  • Clothing specialists’ sales drop by 1.8% in 2018
                                                                                                                                                                                                                    • Inflation rises further to 1.9% in 2018
                                                                                                                                                                                                                      • Specialists continue to dominate the clothing sector
                                                                                                                                                                                                                        • Consumer spending
                                                                                                                                                                                                                          • Figure 65: Germany: Consumer spending on clothing and footwear (incl. VAT), 2014-19
                                                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                                                          • Sales decline for the specialists in 2018
                                                                                                                                                                                                                            • Figure 66: Germany: Specialist clothing retailers, sales (excl. VAT), 2014-19
                                                                                                                                                                                                                            • Figure 67: Germany: Specialist clothing retailers, forecast sales (excl VAT), 2019-24
                                                                                                                                                                                                                          • Inflation
                                                                                                                                                                                                                            • Inflation hits its highest point in five years
                                                                                                                                                                                                                              • Figure 68: Germany: Harmonised index of consumer prices, annual % change, 2013-18
                                                                                                                                                                                                                              • Figure 69: Germany: Harmonised index of consumer prices, annual % change, January 2018 – August 2019
                                                                                                                                                                                                                            • Channels of distribution
                                                                                                                                                                                                                              • Specialists continue to dominate sales
                                                                                                                                                                                                                                  • Figure 70: Germany: estimated distribution of spending on clothing and footwear by channel, 2018
                                                                                                                                                                                                                                • Companies and brands – What you need to know
                                                                                                                                                                                                                                  • Signs of recovery from the past two years
                                                                                                                                                                                                                                    • Number of outlets declines further
                                                                                                                                                                                                                                      • H&M remains the leader in spite of decreasing sales
                                                                                                                                                                                                                                        • Online share of clothing spending resumes growth
                                                                                                                                                                                                                                          • Leading players
                                                                                                                                                                                                                                            • Signs of recovery from the past two years
                                                                                                                                                                                                                                              • Primark’s prices raise controversy in Germany
                                                                                                                                                                                                                                                • C&A undergoes change in management again and aims for sustainability
                                                                                                                                                                                                                                                  • Zalando continues to combine online and offline
                                                                                                                                                                                                                                                    • Esprit reduces portfolio but no turn-around yet
                                                                                                                                                                                                                                                      • Miller & Monroe’s turn to leave the market
                                                                                                                                                                                                                                                        • Figure 71: Germany: Leading specialist clothing retailers, sales (excl. VAT), 2014-18
                                                                                                                                                                                                                                                        • Figure 72: Germany: Leading specialist clothing retailers, outlets, 2014-18
                                                                                                                                                                                                                                                        • Figure 73: Germany: Leading clothing specialists, sales per outlet, 2014-18
                                                                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                                                                        • Figure 74: Germany: Leading specialist clothing retailers’ sales as % of all spending on clothing and footwear, 2015-18
                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                        • Online activity
                                                                                                                                                                                                                                                          • Shopping for clothing online
                                                                                                                                                                                                                                                            • Figure 75: Germany: Online purchasing in the last 12 months, 2013-18
                                                                                                                                                                                                                                                          • Clothing share of online sales
                                                                                                                                                                                                                                                            • 58% shop online
                                                                                                                                                                                                                                                              • Figure 76: Germany: Customers who shopped online or by catalogue for clothing, by age group, June 2019
                                                                                                                                                                                                                                                            • Online searches for clothing retailers
                                                                                                                                                                                                                                                              • Figure 77: Germany: Search interest on Google, last 12 months, September 2018 – August 2019
                                                                                                                                                                                                                                                            • Leading online retailers
                                                                                                                                                                                                                                                              • Otto Group becomes the largest online marketplace for clothing
                                                                                                                                                                                                                                                                • One-third of consumers have Amazon Prime membership
                                                                                                                                                                                                                                                                  • Zalando the leader online among specialists
                                                                                                                                                                                                                                                                    • Figure 78: Germany: Estimated online sales of clothing by major retailers, 2016-18
                                                                                                                                                                                                                                                                  • The consumer – What you need to know
                                                                                                                                                                                                                                                                    • 58% shopped online for clothing
                                                                                                                                                                                                                                                                      • C&A is still the most popular specialist in Germany
                                                                                                                                                                                                                                                                        • Amazon establishes itself as the dominant non-specialist
                                                                                                                                                                                                                                                                          • German consumers appear to be moving away from fast fashion
                                                                                                                                                                                                                                                                            • Enjoying the shopping experience is key
                                                                                                                                                                                                                                                                              • Price and convenience remain important factors
                                                                                                                                                                                                                                                                                • Where they shop for clothes
                                                                                                                                                                                                                                                                                  • 58% have shopped online for clothing
                                                                                                                                                                                                                                                                                    • Figure 79: Germany: Channels used for buying clothes in the last 12 months, June 2019
                                                                                                                                                                                                                                                                                  • Online buying reaches across the age groups
                                                                                                                                                                                                                                                                                    • Figure 80: Germany: Channels used for buying clothes in the last 12 months, by age group, June 2019
                                                                                                                                                                                                                                                                                  • Store-based specialists remain dominant
                                                                                                                                                                                                                                                                                    • Figure 81: Germany: Stores used to shop for clothing, combined nets, June 2019
                                                                                                                                                                                                                                                                                  • Clothing specialists
                                                                                                                                                                                                                                                                                    • Online specialists establish themselves in the market
                                                                                                                                                                                                                                                                                      • Figure 82: Germany: Specialist retailers used for buying clothing in the last 12 months, June 2019
                                                                                                                                                                                                                                                                                    • Customer profiles
                                                                                                                                                                                                                                                                                      • Figure 83: Germany: Where they shop for clothing, by average age and household income, clothing specialists, June 2019
                                                                                                                                                                                                                                                                                    • Non-specialists
                                                                                                                                                                                                                                                                                      • Amazon continues to operate as the dominant non-specialist
                                                                                                                                                                                                                                                                                        • Merger of Galeria Kaufhof and Karstadt
                                                                                                                                                                                                                                                                                          • Small share of purchases in supermarkets and hypermarkets
                                                                                                                                                                                                                                                                                            • Figure 84: Germany: Non-specialist stores used to shop for clothing, June 2019
                                                                                                                                                                                                                                                                                          • Attitudes to shopping for clothes
                                                                                                                                                                                                                                                                                            • German consumers appear to be moving away from ‘fast fashion’
                                                                                                                                                                                                                                                                                              • Figure 85: Germany: Selected attitudes to shopping for clothing, June 2019
                                                                                                                                                                                                                                                                                            • Enjoying the shopping experience is key
                                                                                                                                                                                                                                                                                              • Figure 86: Germany: Selected attitudes to shopping for clothing, June 2019
                                                                                                                                                                                                                                                                                            • Price and convenience remain important factors
                                                                                                                                                                                                                                                                                              • Figure 87: Germany: Selected attitudes to shopping for clothing, June 2019
                                                                                                                                                                                                                                                                                            • Attitudes by specialist retailer used
                                                                                                                                                                                                                                                                                              • Figure 88: Germany: Attitudes to shopping for clothing, by where they shopped in the last 12 months: Specialists, June 2019
                                                                                                                                                                                                                                                                                            • Attitudes by non-specialist used
                                                                                                                                                                                                                                                                                              • Figure 89: Germany: Attitudes to shopping for clothing, by where they shopped in the last 12 months: Non-specialists, June 2019
                                                                                                                                                                                                                                                                                            • 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 90: Italy: Annual percentage change in consumer spending on clothing and footwear, 2014-19
                                                                                                                                                                                                                                                                                                            • Sector size and forecast
                                                                                                                                                                                                                                                                                                              • Figure 91: Italy: Specialist clothing retailers’ sales (excl. VAT), 2014-19
                                                                                                                                                                                                                                                                                                            • Channels of distribution
                                                                                                                                                                                                                                                                                                              • Figure 92: Italy: Estimated distribution of spending on clothing and footwear by channel, 2019
                                                                                                                                                                                                                                                                                                            • Companies and brands
                                                                                                                                                                                                                                                                                                              • Leading players
                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                  • Figure 93: Italy: Leading specialist clothing retailers’ sales as % all spending on clothing and footwear, 2018
                                                                                                                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                                                                                                                  • The consumer
                                                                                                                                                                                                                                                                                                                    • Where they shop for clothes
                                                                                                                                                                                                                                                                                                                      • Figure 94: Italy: Channels used for buying clothes, June 2019
                                                                                                                                                                                                                                                                                                                      • Figure 95: Italy: Retailers used for buying clothes in the last 12 months, June 2019
                                                                                                                                                                                                                                                                                                                    • Attitudes to shopping for clothes
                                                                                                                                                                                                                                                                                                                      • Figure 96: Italy: Attitudes to shopping for clothes, June 2019
                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                      • Issues and insights
                                                                                                                                                                                                                                                                                                                        • Lines between stores and online are blurring but stores are still pivotal
                                                                                                                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                                                                                                                              • Sustainability rises up the agenda but will Italian shoppers pay more?
                                                                                                                                                                                                                                                                                                                                • The facts
                                                                                                                                                                                                                                                                                                                                  • The implications
                                                                                                                                                                                                                                                                                                                                    • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                      • Spending on clothing grows in 2018
                                                                                                                                                                                                                                                                                                                                        • Retailer confidence shows signs of recovery
                                                                                                                                                                                                                                                                                                                                          • Specialist retailers reel under onslaught from online and weather
                                                                                                                                                                                                                                                                                                                                            • Inflation returns after deflationary spiral is avoided
                                                                                                                                                                                                                                                                                                                                              • Specialists gradually losing share but still dominant
                                                                                                                                                                                                                                                                                                                                                • Consumer spending
                                                                                                                                                                                                                                                                                                                                                  • Figure 97: Italy: Consumer spending on clothing and footwear (incl. VAT), 2014-19
                                                                                                                                                                                                                                                                                                                                                • Retailer and consumer confidence
                                                                                                                                                                                                                                                                                                                                                  • Figure 98: Italy: Consumer and retailer confidence levels, October 2018-September 2019
                                                                                                                                                                                                                                                                                                                                                • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                  • Figure 99: Italy: Specialist clothing retailers, sales (excl. VAT), 2014-19
                                                                                                                                                                                                                                                                                                                                                  • Figure 100: Italy: Specialist clothing retailers, forecast sales (excl. VAT), 2020-24
                                                                                                                                                                                                                                                                                                                                                • Inflation
                                                                                                                                                                                                                                                                                                                                                  • Figure 101: Italy: Consumer prices * of clothing and footwear, annual % change, 2014-18
                                                                                                                                                                                                                                                                                                                                                  • Figure 102: Italy: Consumer prices * of clothing and footwear, annual % change, January 2018 –August 2019
                                                                                                                                                                                                                                                                                                                                                • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                  • Specialists gradually losing share but still dominant
                                                                                                                                                                                                                                                                                                                                                    • Figure 103: Italy: Estimated distribution of spending on clothing and footwear by channel, 2018
                                                                                                                                                                                                                                                                                                                                                  • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                                                                    • OVS maintains market leadership
                                                                                                                                                                                                                                                                                                                                                      • Inditex bucks the trend
                                                                                                                                                                                                                                                                                                                                                        • Calzedonia shifts focus to international markets
                                                                                                                                                                                                                                                                                                                                                          • H&M drops back
                                                                                                                                                                                                                                                                                                                                                            • OVS still leader but market share declines
                                                                                                                                                                                                                                                                                                                                                              • Italy online sales still underdeveloped
                                                                                                                                                                                                                                                                                                                                                                • Leading players
                                                                                                                                                                                                                                                                                                                                                                  • OVS maintains market leadership
                                                                                                                                                                                                                                                                                                                                                                    • Inditex bucks the trend
                                                                                                                                                                                                                                                                                                                                                                      • Calzedonia shifts focus to international markets
                                                                                                                                                                                                                                                                                                                                                                        • H&M drops back
                                                                                                                                                                                                                                                                                                                                                                          • Other players
                                                                                                                                                                                                                                                                                                                                                                            • Figure 104: Italy: Leading specialist clothing retailers, sales (excl. VAT), 2014-18
                                                                                                                                                                                                                                                                                                                                                                            • Figure 105: Italy: Leading specialist clothing retailers, outlets, 2014-18
                                                                                                                                                                                                                                                                                                                                                                            • Figure 106: Italy: Leading clothing retailers, Sales per outlet, 2014-18
                                                                                                                                                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                                                                                                                                                            • Figure 107: Italy: Leading specialist clothing retailers, sales as % all spending on clothing and footwear, 2014-18
                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                            • Online activity
                                                                                                                                                                                                                                                                                                                                                                              • Figure 108: Italy: Household penetration of broadband internet, 2009-18
                                                                                                                                                                                                                                                                                                                                                                            • Shopping for clothing online
                                                                                                                                                                                                                                                                                                                                                                              • Figure 109: Figure 19: Italy: Online purchasing in the last 12 months, 2009-18
                                                                                                                                                                                                                                                                                                                                                                            • Online market size
                                                                                                                                                                                                                                                                                                                                                                              • Leading online players
                                                                                                                                                                                                                                                                                                                                                                                • Figure 110: Italy Where people shopped for clothing online/by catalogue in the past 12 months, June 2019
                                                                                                                                                                                                                                                                                                                                                                              • Bonprix
                                                                                                                                                                                                                                                                                                                                                                                • Zalando
                                                                                                                                                                                                                                                                                                                                                                                  • Amazon
                                                                                                                                                                                                                                                                                                                                                                                    • Other players
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 111: Italy: Leading retailers’ estimated online sales of clothing, 2018
                                                                                                                                                                                                                                                                                                                                                                                    • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                      • Shift towards buying online continues but in-store still dominant
                                                                                                                                                                                                                                                                                                                                                                                        • Just over half only buy in-store
                                                                                                                                                                                                                                                                                                                                                                                          • Specialists most popular retailer type but sports retailers also prominent
                                                                                                                                                                                                                                                                                                                                                                                            • OVS leads the way
                                                                                                                                                                                                                                                                                                                                                                                              • Customers value the experience when clothes shopping
                                                                                                                                                                                                                                                                                                                                                                                                • Not just about fast fashion
                                                                                                                                                                                                                                                                                                                                                                                                  • Where they shop for clothes
                                                                                                                                                                                                                                                                                                                                                                                                    • In-store vs online
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 112: Italy: Channels used for buying clothes, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 113: Italy: Channels used for buying clothes, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 114: Italy: Channels used for buying clothes, by age group, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                    • Retailers bought from
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 115: Italy: Retailers used for buying clothes in the last 12 months, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 116: Italy: Comparison of retailers used for buying clothes in the last 12 months, by age group, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 117: Italy: Customer profile by clothing specialist shopped at, by age and income, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 118: Italy: Retailers used for buying clothes in the last 12 months, by clothes buyers who shop in-store only, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                    • Attitudes to shopping for clothes
                                                                                                                                                                                                                                                                                                                                                                                                      • Experience is important
                                                                                                                                                                                                                                                                                                                                                                                                        • Clothes offer opportunity for personal expression
                                                                                                                                                                                                                                                                                                                                                                                                          • Not just about fast fashion
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 119: Italy: Attitudes to shopping for clothes, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 120: Italy: Attitudes to shopping for clothes, by retailers bought at in the past 12 months, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                          • 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
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 121: Spain: Spending on clothing and footwear as % all consumer spending, 2013-19
                                                                                                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 122: Spain: Clothing and footwear specialists as % all spending on clothing and footwear, 2014-19
                                                                                                                                                                                                                                                                                                                                                                                                                          • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 123: Spain: Consumer prices of clothing and footwear, annual % change, 2014-19
                                                                                                                                                                                                                                                                                                                                                                                                                          • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 124: Spain: Estimated distribution of consumer spending on clothing and footwear by channel, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                          • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                            • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 125: Spain: Leading clothing specialists, share of all clothing and footwear spending, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where they shop for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 126: Spain: Channels used for buying clothes in the last 12 months, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 127: Spain: Retailers used for buying clothing in the last 12 months, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 128: Spain: Non-specialist stores used to shop for clothing, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Attitudes to shopping for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 129: Spain: Attitudes to shopping for clothing, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Why have the clothing and footwear specialists seen their share of spending fall?
                                                                                                                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                            • What future for store-based clothing retailing?
                                                                                                                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Clothing market worth €32.4 billion in 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Clothing specialists run out of steam
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Inflation rising slowly
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Specialists take two-thirds of spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 130: Spain: Consumer and retail confidence, 2017-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Clothing and footwear outperforming
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 131: Spain: Consumer spending on clothing and footwear (incl VAT), 2014-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 132: Spain: Specialist clothing retailers, sales (excl VAT), 2014-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 133: Spain: Specialist clothing retailers, forecast sales (excl VAT), 2020-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 134: Spain: Clothing and footwear specialists as % all spending on clothing and footwear, 2014-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 135: Spain: Consumer prices of clothing and footwear, annual % change, 2014-19 (July)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 136: Spain: Harmonised index of consumer prices, annual % change, January 2018 – August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 137: Spain: Estimated distribution of consumer spending on clothing and footwear by channel, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Companies and brands – what you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consolidation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • But it’s not all bad news
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • ECI the market leader
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online growing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 138: Spain: Leading specialist clothing retailers, sales, 2016/17-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 139: Spain: Leading specialist clothing retailers, outlets, 2016/17 - 2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 140: Spain: Leading clothing specialist retailers, sales per outlet, 2016/17 - 2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 141: Spain: Leading specialist clothing retailers’ shares of all spending on clothing and footwear, 2016-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 142: Spain: Online purchases in the last 12 months, 2009-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading online retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 143: Spain: Leading online clothing retailers, estimated sales, 2016-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 46% shopped online for clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Zara is the most popular specialist in Spain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Mixed messages about fast fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The importance of a pleasant shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sales generally positively viewed
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Where they shop for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • 46% have shopped online for clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 144: Spain: Channels used for buying clothes in the last 12 months, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online buying peaks at 25-44
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 145: Spain: Channels used for buying clothes in the last 12 months, by age group, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store-based specialists maintain their relevance in the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 146: Spain: Stores used to shop for clothing, combined nets, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Clothing specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 147: Spain: Specialist retailers used for buying clothing in the last 12 months, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Customer profiles
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 148: Spain: Where they shop for clothing, by average age and household income, clothing specialists, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • El Corte Inglés dominant among non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 149: Spain: Non-specialist stores used to shop for clothing, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Small share of purchases in supermarkets and hypermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Attitudes to shopping for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mixed messages about fast fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 150: Spain: Selected attitudes to shopping for clothing, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The importance of experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 151: Spain: Selected attitudes to shopping for clothing, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sales generally not off-putting
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 152: Spain: Selected attitudes to shopping for clothing, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Attitudes by specialist retailer used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 153: Spain: Attitudes to shopping for clothing, by where they shopped in the last 12 months: Specialists, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Attitudes by non-specialist used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 154: Spain: Attitudes to shopping for clothing, by where they shopped in the last 12 months: Non-specialists, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Products covered in this Report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumer spending slows
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 155: Consumer spending on clothing and accessories, 2014-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Clothing specialists outperform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 156: Retail sales through specialist clothing retailers, 2014-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Specialists regain market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 157: Estimated distribution of consumer spending on clothing, by type of retailer, 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Inditex fastest growing specialist as it closes stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 158: Leading specialist retailers: compound annual growth in revenues, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Slight slowdown in online fashion growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 159: Online sales of clothing, accessories and footwear, 2014-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • ASOS most recommended brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 160: Attitudes towards and usage of selected brands, February-September 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • People favour clothing specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 161: Types of retailers used to purchase clothing in the last 12 months, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • People buy more frequently
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 162: Frequency of clothing purchases in the last 12 months, August 2018 and August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Women return clothes due to fit and size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 163: Reasons for returning clothing purchased in the last 12 months, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Male 16-34s look for identifiable brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 164: Most important factors when choosing clothing brands to buy, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Female 16-34s like to treat themselves
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 165: Reasons for buying clothes, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sales can be overwhelming
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 166: Shopping behaviour, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Who are the winners and losers in clothing?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Dealing with the issue of returns
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What are the opportunities for driving sales?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer spending slows
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Womenswear once again dominates sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Clothing specialists outperform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online players grow the most
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Garment price inflation drops again in August
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Obesity rates rise among women
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer spending slows
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 167: Consumer spending on clothing and accessories, 2014-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The future
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 168: Consumer spending on clothing and accessories, at current and constant prices, 2014-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Share of total consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 169: Spending on clothing and accessories as percentage of all consumer spending, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Womenswear once again dominates sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 170: Estimated breakdown of consumer spending on clothing and accessories, 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 171: Estimated breakdown of consumer spending on clothing and accessories, 2017-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Clothing specialists outperform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 172: Retail sales through specialist clothing retailers, 2014-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 173: Retail sales through specialist clothing retailers, at current and constant prices, 2014-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Clothing sales through specialist clothing retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 174: Sales of clothing and accessories through specialist clothing retailers, 2014-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 175: Clothing specialists share of consumer spending on clothing and accessories, 2014-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ongoing shifts in where people shop for clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Specialists regain market share but market grows increasingly challenging
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Non-specialists continue to underperform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Growing sectors
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 176: Estimated distribution of consumer spending on clothing, by type of retailer, 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 177: Estimated distribution of consumer spending on clothing, by type of retailer, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Inflation steady but clothing prices drop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 178: Consumer price inflation, 2008-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Garment price inflation drops again in August
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 179: Consumer price inflation, August 2018-August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Real wage growth remains strong
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 180: Real wage growth – Average weekly earnings vs inflation, January 2016-August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer confidence dips
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 181: Consumer financial confidence, January 2017-August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Clothing is still popular for disposable income spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 182: Trends in what extra money is spent on, September 2018 and September 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Catering to an ageing population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 183: Trends in the age structure of the UK population, 2016-26
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Obesity rates rise among women
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 184: Overweight and obesity prevalence in the UK population, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Young consumers share photos and video
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 185: Online activities done in the last three months on any device*, June 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Instagram usage rises
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 186: Recent social media network usage, April 2018 and March 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Clothing specialists show signs of recovery…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • …while non-specialists continue to face problems
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online pure players continue to outperform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online consumer spending set to reach £35.4 billion by 2024
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sector advertising spend up 44.3% year-on-year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Despite declining revenues, M&S remains most trusted and unique
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Leading specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Next maintains leadership and reverses declining sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 187: Leading specialist retailers: net revenues, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Increasingly polarised performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 188: Leading specialist retailers: compound annual growth in revenues, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Outlet numbers and sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 189: Leading specialist retailers: outlet numbers, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 190: Leading specialist retailers: estimated annual sales per outlet, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sales area and sales densities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 191: Leading specialist retailers: total sales area, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 192: Leading specialist retailers: estimated annual sales per square metre, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Operating profits and margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 193: Leading specialist retailers: operating profits, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 194: Leading specialist retailers: operating margins, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Sports retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Supermarkets major players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 195: Leading non-specialists: estimated clothing and footwear revenues, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 196: Leading retailers’ estimated share of spending on clothing and footwear, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Change in market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 197: Leading clothing retailers, change in share of clothing spending, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Space allocation summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Men’s, women’s and childrenswear overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 198: Men’s, women’s and childrenswear overview, September 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 199: Men’s, women’s and childrenswear overview, September 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Detailed category space allocation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 200: Specialist and non-specialist clothing retailers, estimated detailed space allocation, by category, September 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 201: Specialist and non-specialist clothing retailers, estimated detailed space allocation by category, September 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 202: Specialist and non-specialist clothing retailers, estimated detailed space allocation by category, September 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Clothing vs non-clothing space
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 203: Primark beauty services, Birmingham, September 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 204: Specialist and non-specialist clothing retailers, estimated clothing versus non-clothing space, September 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 205: Leading clothing retailers, estimated sales, by product, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 206: Leading clothing retailers: share of clothing sales, by product, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Womenswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 207: Leading clothing retailers estimated share of the womenswear market, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Menswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 208: Leading clothing retailers estimated share of the menswear market, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Childrenswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 209: Leading clothing retailers estimated share of the childrenswear market, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Slight slowdown in online fashion growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 210: Online sales of clothing, accessories and footwear, 2014-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 211: Online sales of clothing, accessories and footwear, at current and constant prices, 2014-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online spending on clothing and accessories set to rise 15.1% in 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 212: Breakdown of online sales of clothing, accessories and footwear, 2014-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Where they shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 213: Retailers used to purchase clothing online in the last 12 months, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Launch activity and innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • AI-driven stress-free clothes shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sustainable fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fashion free from animal-derived components
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Virtual catwalk experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 214: Zalando pop-up store in Madrid, October 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Pop-ups
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Menswear rental service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Advertising and Marketing Activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sector advertising spend up 44.3% year-on-year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 215: Total recorded above-the-line advertising expenditure on clothing and accessories, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Shein the top advertiser
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 216: Total recorded above-the-line, online, display and direct mail total advertising expenditure on clothing and accessories, by leading top 20 spenders, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • 51% of advertising expenditure channelled through digital media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 217: Total recorded above-the-line advertising expenditure percentage on clothing, by media type, total market, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key campaigns
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Marks & Spencer launch two separate Christmas campaigns in 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • adidas and Nike World Cup campaigns
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • JD Williams A/W18 campaign featuring real women alongside models
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • River Island focus on diversity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Nielsen Ad Intel coverage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 218: Attitudes towards and usage of selected brands, February-September 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 219: Key metrics for selected brands, February-September 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand attitudes: Primark and Peacocks offer good value
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 220: Attitudes, by brand, February-September 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand personality: Whistles seen as the most exclusive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 221: Brand personality – Macro image, February-September 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Primark and Peacocks are both perceived as basic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 222: Brand personality – Micro image, February-September 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The market leaders in sales: Next and M&S
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Home shopping retailers: ASOS and Very
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Value retailers: Primark and New Look
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fast fashion retailers: Topshop/Topman, H&M and Zara
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New jeans trends drive purchasing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • People favour clothing specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Men aged under-35 shop more often
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • 68% of female under-25s return clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Young Millennials opt for brands that care
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Female 16-34s like to treat themselves
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sales can be overwhelming
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What they buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Footwear sees biggest fall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 223: Fashion items purchased in the last three months, June 2018 and June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • New jeans trends drive purchasing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 224: Outerwear items purchased in the last three months, June 2017 and June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Young women buy less
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 225: Number of clothing items purchased on most recent shopping trip, by age, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Women spend more per trip
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 226: Amount spent on most recent clothing shopping trip, by gender, June 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • People favour clothing specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 227: Types of retailers used to purchase clothing in the last 12 months, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • M&S number one fashion retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 228: Retailers used to purchase clothing in the last 12 months, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Almost three quarters shop online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 229: Types of retailers used to purchase clothing in the last 12 months, by channel, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Who is driving growth?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 230: People who have bought clothes for themselves in-store and/or online or have not bought clothes in the last 12 months, by gender and age, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Young shop around
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 231: Repertoire of retailers used to purchase clothing in the last 12months, by channel, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Customer profiles
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • John Lewis biased towards men
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 232: Retailer customer profile, by gender, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • River Island reaches out to older women
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 233: Retailer customer profile, by age, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • New Look looks to regain less affluent customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 234: Retailer customer profile, by socio-economic group, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 235: Retailer customer profile, by location type, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Frequency of purchases
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • People buy more frequently
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 236: Frequency of clothing purchases in the last 12 months, August 2018 and August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Men aged under-35 shop more often
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 237: Frequency of clothing purchases in the last 12 months, by gender, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online shoppers buy even more frequently
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 238: Frequency of clothing purchases in the last 12 months, by how they bought clothing, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Most affluent shop most often
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 239: Frequency of clothing purchases in the last 12 months, by socio-economic group, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Reasons for returning clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Two fifths return clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 240: Proportion of consumers who have returned clothes, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • 68% of female under-25s return clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 241: Proportion of consumers who have returned clothes, by age, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Women return clothes due to fit and size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Trying before buying
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 242: Reasons for returning clothing purchased in the last 12 months, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Most important factors when choosing brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Male 16-34s look for identifiable brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 243: Most important factors when choosing clothing brands to buy, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Young Millennials opt for brands that care
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 244: Most important factors when choosing clothing brands to buy, by generations, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Young men want limited-edition styles
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Reasons for buying clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Female 16-34s like to treat themselves
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 245: Reasons for buying clothes, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Women want new clothes when weather changes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 246: Reasons for buying clothes, by gender, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Attitudes to shopping for clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 247: Attitudes to shopping for clothing, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Shoppers enjoy updates but buy items that don’t go out of style quickly
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 248: UK: Selected attitudes to shopping for clothing, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • There is social pressure to buy branded clothes but sales can be overwhelming
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 249: Selected attitudes to shopping for clothing, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Providing a pleasant shopping experience remains key
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 250: Selected attitudes to shopping for clothing, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Attitudes by specialist retailer used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 251: Attitudes to shopping for clothing, by where they shopped in the last 12 months: specialists, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Attitudes by non-specialist used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 252: Attitudes to shopping for clothing, by where they shopped in the last 12 months: non-specialists, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Shopping experience is most important for Millennials and in the city
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 253: Clothing retailing – CHAID – Tree output, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 254: Clothing retailing – CHAID – Table output, August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – Data Sources, Abbreviations and Supporting Information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer research methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Appendix – Market/sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Best- and worst-case forecasts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 255: Consumer spending on clothing, best- and worst-case forecast, 2019-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 256: Retail sales through specialist clothing retailers, best- and worst-case forecast, 2019-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 257: Online sales of clothing, accessories and footwear, best- and worst-case forecast, 2019-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Arcadia Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Arcadia focuses on online and physical stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Arcadia Group continues to suffer substantial losses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Shop Direct and Next to launch Topshop/Topman ranges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Focus remains spread over too many brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 258: Arcadia Group: group financial performance, 2012/13-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 259: Arcadia Group: outlet data, 2012/13-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Asda Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Merger deal with Sainsbury’s blocked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Inspirational in-store digital signage scheme to be expanded to more supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Buy now pay later
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Stepping up production of eco-friendly garments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 260: Asda Group Ltd: group financial performance, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 261: Asda Group Ltd: outlet data, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • ASOS

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Getting tough on ‘serial returners’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Bolstering CSR credentials with charity shop initiative
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Making shopping online for clothing easier
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Tailored experience for specific markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Becomes the latest fashion retailer to introduce its own homewares collection
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 262: ASOS: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • C&A

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Making up for lost time online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Partnering with other brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Changes in management
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • C&A continues to focus on sustainability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 263: C&A: Group financial performance, 2013/14 – 2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 264: C&A: Outlet data, 2013/14 – 2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Debenhams

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New exclusive womenswear and menswear brands to draw customers in
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Improving the in-store fashion experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Using mobile to balance online and offline offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Bolstering sustainable fashion credentials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 265: Debenhams: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 266: Debenhams: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • El Corte Inglés

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New digital shopping solution and extended fulfilment options driving e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Chasing Chinese customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sfera Joven store refurbishment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Focusing on own brands to boost margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tapping into the cult of celebrity to push menswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Eco fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 267: El Corte Inglés: Retail division financial performance, 2017/18-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 268: El Corte Inglés: Retail revenue by product, 2017/18-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 269: El Corte Inglés: Retail division outlet data, 2017/18-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Edinburgh Woollen Mill Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Experimenting with a department store format
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Peacocks ditching plastic to reduce its environmental footprint
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 270: Edinburgh Woollen Mill Group and selected brands: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 271: Edinburgh Woollen Mill Group and selected brands: estimated outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Esprit

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Esprit goes green and commits to improve workers’ rights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Pursuing an “ambitious but realistic plan”
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Esprit resumes expansion in Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 272: Esprit: Group financial performance, 2013/14-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 273: Esprit: Outlet* data, 2013/14-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Etam Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strengthening lingerie business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The Ysé acquisition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Livy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The China problem
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 274: Etam Group: Group sales performance, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 275: Etam Group: Outlet data, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Grupo Inditex

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Growth from a combination of online and offline channels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Diversification and dedicated content on social channels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Inditex’s new strategy focuses on sustainability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 276: Grupo Inditex: sales and outlets by format, 2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 277: Grupo Inditex, performance by brand, 2017-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 278: Grupo Inditex: group financial performance, 2013/14-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 279: Grupo Inditex: outlet data, 2013/14-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • H&M Hennes & Mauritz

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Digital
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store development
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 280: H&M Hennes & Mauritz: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 281: H&M Hennes & Mauritz: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • House of Fraser

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What Sports Direct says
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What has Sports Direct done?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Adverse effect on clothing concessions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Doubts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Future unclear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 282: House of Fraser Plc: group financial performance, 2012/13-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 283: House of Fraser Plc: outlet data, 2012/13-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • John Lewis Partnership

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • John Lewis & Partners line
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • John Lewis undergoes substantial store overhaul
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Six start-ups shortlisted for in-store innovation scheme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 284: John Lewis Partnership: group financial performance, 2014-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 285: John Lewis Partnership: outlet data, 2013/14-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Kiabi

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Developing a dynamic in-store experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Expanded online reach and enhanced mobile shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • 100% eco-friendly fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 286: Kiabi: Estimated European financial performance, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 287: Kiabi: Estimated European Outlet data, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • KiK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Bricks-and-mortar makeover now almost complete
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Eastern Europe markets driving sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online sales and website visitors up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 288: KiK: Group financial performance, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 289: KiK: Outlet data, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Marks & Spencer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Recent performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Progress
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • It all takes time
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 290: Marks & Spencer: group financial performance, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 291: Marks & Spencer: outlet data, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Matalan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Improved in-store experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Enhanced online journey driving ecommerce sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Click-and-collect convenience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Range extension with new affordable own beauty brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Menswear brand ambassador
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 292: Matalan Ltd: group financial performance, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 293: Matalan Ltd: outlet data, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • New Look Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Focusing on womenswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Bolstering its value-led pricing positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Enriched multichannel proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Exploring third-party ecommerce opportunities to offset shuttered international stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Vegan accessory and footwear collection
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 294: New Look Retail Group: financial performance, 2017/18-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 295: New Look Group Plc: outlet data, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Next Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Next improves handling of returns as ‘normal part of doing business’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Choice as a driver for growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Increasing profitability of the store estate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Next launches Platform Plus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where next
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 296: Next Group: group financial performance, 2013/14-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 297: Next Group: outlet data, 2013/14-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • OVS group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Refurbished stores delivering increased like-for-like sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Accelerated store digitisation making the shopping experience quicker and more convenient
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • More ways to buy Upim and Blukids
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Expanded product offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Shop-in-shop opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Eco-friendlier denim
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 298: OVS group: Group financial performance, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 299: OVS group: Outlet performance, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Primark/Penneys

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • European expansion continues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Offline business model could hold back growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Greater focus on experience could point the way forward
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Growing sentiment against fast fashion is forcing change on the business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Where now?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 300: Primark/Penneys: group financial performance, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 301: Primark/Penneys: outlet data, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • River Island

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Negotiating with landlords to slash store rents
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Celebrity collaborations to drive sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • New womenswear brand to appeal to 40-plus age group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Slick new social shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Combating the problem of overstocking and discounting
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 302: River Island Holdings Limited: group financial performance, 2014-2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 303: River Island Clothing Co Ltd: outlet data, 2014-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tendam Brands

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Robust multichannel infrastructure to support digital sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • 24 million loyalty card members
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Considering launching an IPO in 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sustainable collections
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 304: Tendam: Group financial performance, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 305: Tendam: Outlet data, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tesco

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Repurposing stores to expand F&F clothing range in its larger stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Selected F&F womenswear items on Next.co.uk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 306: Tesco Plc: group financial performance, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 307: Tesco Plc: outlet data, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • TJX International (TK Maxx Europe)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • A shift in focus?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • A need to push the digital side of the business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where now?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 308: TJX International (TK Maxx Europe): Group financial performance, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 309: TJX International (TK Maxx Europe): Outlet data, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Vivarte

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A troubled business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The slimming down
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What is the outlook for Vivarte ?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 310: Vivarte: Group sales performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 311: Vivarte: Outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • YNAP group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • YNAP gives a much needed boost to Richemont’s online presence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Increased co-operation with other brands in the Richemont family
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Customer service enhancements focus on personalisation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where now?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 312: YNAP group: Group financial performance, 2013/14-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Zalando

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Selling more products, slower revenue growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Zalando continues to succeed by combining online and offline
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Zalando’s circular fashion joins the physical world
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Zalando expands beauty range to five new markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Average basket size is still decreasing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Zalando Plus loyalty scheme expanded
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Zalando trials robots for customer orders
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Moving away from own brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 313: Zalando: group financial performance, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 314: Zalando: key metrics, 2016-H1 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Clothing Retailing - Europe - October 2019

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  £2,895.00 (Excl.Tax)