‘UK fashion retail’s choice – lie down and accept decline or come back fighting’
By 
Suzy Ross2020-08-12T05:30:00
Little more than 20 years ago, Marks & Spencer made headlines when profits hit £1bn. Eighty per cent of its £6.7bn turnover came from the clothing business. Only just over a decade ago, Topshop was poised to conquer America – the opening of a flagship store in Soho in New York had queues around the block and Philip Green was feted in every fashion publication.
Even just a few years back John Lewis was launching well-branded fashion lines AND/OR and Kin – to great fashion industry acclaim – and high streets were filled with UK fashion brands with their finger on the pulse. The UK owned fashion.
Fast-forward to today and what do we see? M&S’s value appears largely based on its food business. Topshop in NY is shuttered and Arcadia’s profits have slumped from £119m in 2017 to a loss of £137m in 2018.
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