UK-based fashion brand Superdry strengthens its cash position with a £70 million financing deal. Superdry has entered into a new financing facility that, together with its strong net cash position, gives the brand the necessary flexibility and liquidity going forward. The new £70 million Asset-Backed Lending Facility (ABL Facility), extends until January 2023.
“The actions we have taken to date have greatly strengthened our cash position, which together with our new ABL Facility, give us the flexibility to execute our current plans and to secure our recovery. Together, we are making our way through this unprecedented period, and I’m confident we can reset the brand and deliver on our transformation plans,” said CEO Julian Dunkerton, as Superdry strengthens its cash position.
“Current trading in Q1 has been better than our initial expectations, however, disruption from Covid-19 continues to materially impact our performance year-on-year,” he added.
Superdry’s total group revenue for the period is down 24.1% year-on-year, largely due to the COVID-19 pandemic related temporary store closures. However, gradual reopening began at the start of FY21 and almost 95% of the brand’s stores have now re-opened. The store revenue has declined 58.1% in Q1 versus FY20.
“Our wholesale partners, particularly franchisees, have suffered the same headwinds and challenges as our owned stores, down 31.0% year-on-year. But we are pleased to see e-commerce has continued to perform well, up 93.2% in Q1, normalising in recent weeks as stores re-open and we trade against the promotional stance in the comparative period last year.”
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
Snapchat has been betting big on Augmented Reality’s (AR) retail future consideringJune 22, 2021 | By Jibran Chouguley
Union Coop has opened its 23rd branch within the UAE in Jumeirah
Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and
UAE-based Al Maya Group announced that it will be boosting import of
UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
Adidas has opened its first store wholly dedicated to women at the
Off-price retailer BFL (Brands For Less) Group has announced the opening of
“The fashion industry will need to ‘slow down’ so that people can
E-commerce giant Amazon’s founder Jeff Bezos has stepped down as CEO, handing
American clothing retailer, PVH has increased the number of active job advertisements
Extravagant, conceptual, great food and views are some of the ways that
As the UK begins to return to normality, Father’s Day shoppers are
Abu Dhabi’s state investment company ADQ is in talks to invest about $500 million
Netflix has announced the launch of its e-commerce platform where show merchandise
Hong Kong-based Giordano International Limited announced that it has entered into an
SHEIN customers in Saudi and the UAE can now benefit from its