1. Yours Clothing owner buys M&Co – 3 February
At the start of the year AK Retail Holdings, owner of Yours Clothing, bought the brand and intellectual property of collapsed Scottish retailer M&Co for an undisclosed sum. M&Co first went into administration on 9 December 2022 with Teneo Financial Advisory appointed as administrator.
2. M&S steps up footwear – 1 June
During the summer, Drapers exclusively revealed that retailer Marks & Spencer increased its third-party footwear, adding brands including Skechers and Toms. The move was made to help increase sales of summer footwear styles for the retailer.
3. Tommy Mallet’s exit – 24 November
Back in November, Tommy Mallet exclusively told Drapers that he was stepping down from footwear brand Mallet London, which he launched in 2015. Christopher Stephenson, who had been with the business for eight years as co-founding director, and the former CEO of Hunter Boots, Jigsaw and Canterbury, took over as Mallet London’s director. Mallet has since launched a new footwear venture, CTRNE.
4. Oi Polloi’s closure – 8 March
Drapers exclusively revealed in March that Manchester-based independent menswear retailer Oi Polloi was closing its doors and was to be rebranded to another JD Sports fascia. The news shook the industry – by June, menswear retailer Hip had opened on the former Oi Polloi site.
5. Prevu’s administration woes – 24 March
In March, London-based menswear brand Prevu Studio entered administration. The brand was founded by social media star Jake Hall in 2016 and the business was part of Frasers Group’s acquisitions from JD Sports late last year. Michael Lennon and Benjamin Wiles of Kroll Advisory were appointed as the administrators at the time.
6. M&S and Davina McCall’s lingerie deal – 16 November
M&S continued to prove popular this year, and in November the retailer joined forces with broadcaster Davina McCall to launch her first lingerie brand, called Sessi, for spring 2024. Drapers exclusively discovered that the range, which will include a selection of bras, knickers and sleepwear, will be available online as part of the retailer’s third-party brand strategy.
7. Peacocks snaps up M&Co stores – 21 April
As the year went on, developments after M&Co’s collapse grabbed readers’ attention. In April it was exclusively revealed by Drapers that value fashion chain Peacocks was planning to open more than 20 stores on former M&Co sites. The retailer shared plans to move into a former M&Co store in Stornoway, Scotland, and had advanced negotiations to open in an M&Co premise in Saffron Walden.
8. Tourist spending – 15 March
Ahead of the Spring Budget on 15 March, the British Retail Consortium (BRC) called for the VAT Retail Export Scheme to be reinstated by chancellor Jeremy Hunt, to help boost tourist spend in the UK. Helen Dickinson, CEO of the BRC, said at the time: “To take advantage of the increase in international tourism, we’d like to see the VAT Retail Export Scheme reinstated to boost the UK’s competitiveness, driving footfall and spend. The UK is currently one of the only European countries without such a scheme.”
9. M&S’s Christmas advert – 1 November
The start of November saw the Christmas festivities begin as fashion brands and retailers revealed their Christmas adverts. M&S was one of the first, which starred actresses Hannah Waddingham and Zawe Ashton, singer Sophie Ellis-Bextor and TV presenter Tan France. The advert – named “Love Thismas (Not Thatmas)” – centres around rebelling against Christmas traditions, from throwing away a boardgame to torching Christmas cards.
10. Unbound’s sale – 19 May
Unbound Group, owner of Hotter Shoes, launched a strategic review of the business in May. At the time it suggested that it could lead to a full sale of the company. As such, it appointed Interpath Advisory as joint financial adviser alongside Singer Capital Markets, to manage the review and formal sale process.
