Some of Britain’s best known, mid-sized fashion brands are up for sale. French Connection, Pretty Green and Anya Hindmarch are all rumoured to be looking for new owners. Put LK Bennett into the mix, which recently when into administration, closing five stores and making 55 redundancies, and you have a slew of established British brands trying to forge the next chapter of their existence.
While Anya Hindmarch is more in the luxury pricing category, the others are all premium high-street; asking consumers to stump up more cash for their products in a mid-market squeezed between fast-fashion and ‘luxury’ brands. This is an area that has suffered the most over recent years. Hooked on sales and discounts, many of these brands operate an unsustainable retail network, flabby business model and have suffered due to the demise of the traditional department store.
Putting themselves up for sale is timely. If you’re a foreign investor, British companies have never been so cheap, due to the weakness in the pound and Brexit, but there’s also a watch and wait attitude for most of the retail market at the moment, with many companies, particular private equity, being burnt, over the last few years, and only investing in strong, bankable billion dollar brands.
Left - Anya Hindmarch bag with her quirky sticker designs, but does the brand need to make more conservative product?
French Connection has been on the block for a while now. A brand that reached its zenith in the late 90s, thanks to their provocative and attention seeking FCUK slogan, it had lost its way. It recently went into the black, thanks to an ambitious store closure programme. Recently reported, French Connection made a slim profit of £100,000 for the year to January 31, 2018, compared with a £2.1million loss the year before. Revenues edged up 0.2% to £135.3million but its same-store sales fell 6.8%. French Connection said it will continue to close stores, having shut down more than half of its sites in the past five years. Mike Ashley’s Sports Direct has a 26% stake in the business with founder Stephen Marks, who is also chairman and chief executive, owning almost 40% of it and they say talks were “ongoing” with several potential buyers.
French Connection has done the correct and drastic decision to close the majority of it stores and department store concessions. Truly international, it is not wholly reliant on the UK market, but needs to remind people of their USP and make people feel good about paying more. It needs to decide what the sustainable size of the business is.
Liam Gallagher’s menswear brand Pretty Green, which is named after a song by The Jam, has called in Moorfields Advisory to help look at options for the company. Founded in 2009, Pretty Green channels British Mod culture into branded basics, linking the brand to music heroes and a strong Made-in-England feeling for its more premium ranges. The company said that it was “not immune to the challenges currently facing the UK high street as customers migrate from purchasing in store to online.”
It currently has 14 standalone UK stores and numerous concessions within House of Fraser department stores. The brand lost £500,000 when House of Fraser feel into administration in August 2018. “The growing overall demand for the brand, coupled with a strong online customer base, position the company well to navigate these changes and we are therefore considering all options,” they said with regards to a sale. In the 16 months to January 2018, turnover at Pretty Green rose to £38.2 million and pre-tax losses narrowed to £1.5 million following a £5.6 million loss the year before. Private equity company, Rockpool, invested £11m into Pretty Green in 2017 for a minority stake.
Pretty Green has a very distinctive British look, and, while it has its core Mod audience, it needs to develop and reintroduce itself into the larger men’s market. It has to define what it sells and make men more aware of this. Its small retail network will probably be trimmed further and it’s good they are starting to narrow their losses, but they need to tap into that rich vein of cult British style that Fred Perry and Dr Martens do so well. This cool also translates internationally. Any investor would probably want Liam Gallagher to have a more prominent role at the brand and increase his visibility in it.
Right - Liam Gallagher in Pretty Green
The British luxury goods brand, Anya Hindmarch, has been put up for sale. Mayhoola, the Qatari royal family’s investment fund, which also owns Pal Zileri, Balmain and Valentino, has decided to sell the brand it started buying into in 2012. The fund has grown its stake from 39.9% in 2012 – Mayhoola bought a controlling stake in the company for £27million - to at least 75% by the middle of last year.
Founded in 1987, Anya Hindmarch has become known for her quirky and colourful designs. The brand lost £28.2 million and reported a 10 percent decline in revenue to £37.2 million for the year in 2017, the latest year for publicly available accounts. The selling decision is said to be “mutual”.
Anya Hindmarch has plenty of fun ideas, but, they, as a brand, just need to establish who the customer is. It has a lot of potential, but, unusually for a leather goods company, it needs to focus on more conservative product. Sometimes it’s hard to find a plain, elegant black bag, which means they are missing out on a huge amount of sales. The prices are premium, so the high-fashion, seasonal and quirky fashion product has a limited audience, while more classic and trans-seasonal product would sell well too.
Their £40 stickers were a surprise hit, but, as an example, their candle range has a strange disconnect between customers. I don’t think many of the older women carrying the bags want cartoon eyes and rainbow decorated candles on their coffee tables. It needs to balance the fun with the sophisticated.
This brand would sit well with Burberry - there are rumours they are looking to buy something - or maybe a Mulberry, and drill down into that affordable luxury market more. I think they will have plenty of interest, possibly from the Americans - Tapestry, Capri Holdings - growing their brand portfolios.
If retailers can survive 2019, there is a strong chance they’ll be okay. Investors will want to see that losses are stabilising, or reducing, and there is a clear strategy for the future. Skeleton retail networks, offering enough brand awareness while pushing people online with good product will be the future for these brands. Being less reliant on the department store model and taking your quality product direct to consumers will be the only way to make these brands profitable. You need a point of difference to make people pay more and a feeling they can’t get what you offer anywhere else. The days of chucking huge amounts of money at growing brands is over and private equity will opt for more realistic, tidy returns rather than huge growth.
These brands have that problem of being too big to be nimble and streamlined, while not big or glamourous enough to catch the eye of the big investors to take it somewhere big. Mike Ashley can’t buy everything. Or can he?!
Read more of TheChicGeek's expert comment here
With an entire space raft of films and TV series relating to space travel arriving on our screens, this season, there’s something always cool about dressing for the Space Race. With Ryan Gosling in ‘First Man’, where he plays the first man to land on the moon, Neil Armstrong, and Sean Penn off to Mars in ‘The First’, it feels like the appetite is strong for leaving this planet.
Pretty Green, a brand always offering something interesting and surprising, has this silver overhead jacket which is one part end of the marathon, one part 90s raver and a whole lot of fun.
It’s interesting how you can become stylishly invisible wearing something so reflective and distinctive. Geekspeed!
Left & Below - Pretty Green - Overhead Jacket - £200
They say the suit is on its way back, but the most important thing for tailoring brands to do is simply is give us suits that we want to wear. It sounds simple, but, if it's good, we'll wear it. I designed this suit with The Drop see more here
Based on something I already had in my wardrobe by Tom Ford, I had it remade in brown with a pink lining. The new trends coming out of the recent shows were for longer jackets in a double-breasted shape, see more here Whatever you do, just make sure the jacket covers your arse!
Lucky, it coordinates with the coloured elastic on my new Chelsea boots. Now, where's that party?
Credits - Suit - The Drop, Silk Shirt - Pretty Green, Boots - Base London
Part of the Topman sponsored ‘MAN’ show, Stefan Cooke, in his second outing here, went from his super-tight, Gaultier style AW18 season to something, while still fitted, that played with hype-colour tartans, half ruffs on the necks and small mirrors dotted randomly across the pieces. Winner of the H&M designer prize in 2017, Cooke, from the UK, is a designer to continue watching.
Part of the BFC showrooms and also with a presentation at Charing Cross Library, Bethany Williams took inspiration from all those books and book binding and managed to thread real, physical paperbacks into her SS19 collection. Working with The Quaker Mobile Library, which lend books to people with no fixed address, her collection showed the hand-ons, painstaking craft element to fashion.
Mullins is on a roll. His AW18 collection was one of the best of the season and, this, the new SS19, had plenty of ideas to keep you wanting more. Standouts include rock shaped portfolio bags and asymmetric slashed shirts showing just a glimpse of the shoulder. 2019, the year of the male shoulder, maybe?!
Day - What Did TheChicGeek wear? Credits - Suit - Arket, T-Shirt - Oiboy, Cap - Arc'Teryx, Sunglasses - Illesteva
If expensive looking black bin bags are your thing, then Berthold could be the place to look. I’m just joking, but the fascination with anything black and shiny seems to be taking hold within menswear and Raimund Berthold is running with it. He showed plenty for AW18 and, now, this was the summer version. Think parachute light black coats and matching accessorises in a sport-luxe - there, I said it! - collection for those who like fashion as uniform.
Martine Rose took us to Norf London, St Leonards Square in NW5 to be exact, which looked perfect for street parties and carnivals. This was working class Victorian square with no fancy greenery in the middle, no even Albert Square sized.
The catwalk was the road and the neighbours looked on, perched on their front garden walls or down quizzically from an upstairs window while doing the tea-time washing up.
This was the show of the week for a designer that waited for fashion to come to them. Now, with her own label and working on Balenciaga’s menswear, Rose has become a chief exponent of fashion’s obsession with bad taste.
There was plenty here, but it’s done in a way that’s still desirable. How much it has left to run is anybody’s guess, but I don’t think the retailers are getting bored. I saw a new ‘hybrid’ - because we all love one of those - a half-jean, half-trackie trouser - rodeo at the front, scally at the back!
Rose’s 90s ‘Geezer’ was going out, out; clear plastic trousers, squared-toed snakeskin chain loafers with no backs and Motorcross trousers with loud taping will definitely get you noticed. This was ‘Out-On-The-Tann’ man, probably down to his local boozer, looking to impress and living it up with gold chains, tucked in shirts and smart-ish shoes. I still want in.
Evening - What Did TheChicGeek wear? Credits - Suit - Pretty Green, Shirt - ASOS, Sunglasses - Kaleos, Shoes - Vintage Alexander McQueen
See LFWM Day 1 - here
See LFWM Day 2 - here
If you’re a stylish man you need a vertically striped suit in your wardrobe, this season. Trust me. Taking inspiration from one of Tim Burton's most stylish characters, Beetlejuice, the black and white is a little harsh and a bit too fancy dress, so it's lucky Pretty Green has this handsome two-piece in navy. One part Beetlejuice, one part 1960s Mod.
I’ve been looking for a nice vertically striped suit since last Summer when it became clear this was going to be a major trend and this fits the bill perfectly. The vertical stripes make you look taller and slimmer and, in this darker navy colour-way, it’s more evening and dressy. Wear with a simple T-shirt and loafers.
Left & Below - Pretty Green - Striped Single Breasted Blazer - £280, Boating Stripe Tailored Trousers - £135
See more character inspiration - The Hamburglar Sunglasses
TheChicGeek took a trip to sunny Marrakech to see the new YSL Museum - read more here - while there, he thought it rude not to show you one of the big trends of the 2018 season - Vertical Stripes.
Think 'stylish deckchair', designers such as Marni, Balmain, Etudes, Haider Ackermann, Paul Smith, Cerruti 1881 and Ami all did their vertical variations on the trend.
With the Jardin Marjorelle as the backdrop, bold vertical stripes are not only a statement, but they elongate the wearer. Don't be scared, you can clash them, as seen here, just make sure they're wide and colourful.
This is perfect for holiday wardrobes in both shorts and T-shirts, as well as shirts and trousers, as seen here on TheChicGeek.
Credits - Trousers - Pretty Green, Shirt - ASOS - T-Shirt - Topman X Stranger Things, Bumbag - Eastpak, Watch - Swatch, Shoes - Dune London, Sunglasses - Vintage Gucci
See more SS18 Menswear Trends - here
Want more Vertical Stripes? here
TheChicGeek was a guest at Le Palais Paysan around 25 minutes from central Marrakech by car with stunning views of the Atlas Mountains and surrounding countryside. See more here
This is so ChicGeek. I saw this shirt at Pitti Uomo in January. While it was a little bit nippy for silk in Florence, it didn’t get above zero, this dreamy Ossie Clark style shirt stood out on the Pretty Green stand. Women have for so long enjoyed Celia Birtwell’s - Ossie’s former wife - prints on his vintage dresses and this printed shirt is pure 70s Ossie Clark, especially in silk.
This is romantic menswear. The menswear of front men, rock stars and part of the new decorated trend in menswear. Crafted from smooth silk, it’s not going to be cheap, and patterned with hand painted florals, it is cut in a slim fit and detailed with lustrous mother-of-pearl buttons. This is definitely an open-neck-letting-it-all-hang-out-type shirt.
It’s yet to hit Pretty Green online and in-store. I’m waiting with bated breath.
News just in, it's a bargain £130.
TheChicGeek teams up with Thomas Sabo in this special OOTD to highlight their new mesh watch collection. Strong and stylish, this collection of watches feature stainless steel-coloured mesh bracelets and sunray finish dials with coordinated silver-coloured indices and hands.
The monotone colour palette and striped detailing inspired the rest of TheChicGeek's outfit while on his way to catch TheChicGeek Express. The clean lines and striking two-tone colourway are as timeless as black and white itself. It made TheChicGeek think if only everything in life was this clean cut?!
Left - TheChicGeek is wearing Thomas Sabo ‘Rebel Spirit’ Watch - £180
Find out more about the new Thomas Sabo collection here
Credits - Watch - Thomas Sabo, Cardigan - Pretty Green X John Smedley, T-Shirt - Sunspel, Trousers - Raf Simons X Fred Perry, Shoes - Sperry, Socks - adidas, Spectacles - Neubau, Fragrance - Azzaro Pure Chrome - Read TheChicGeek Fragrance Review here, After Shave Balm & Shaving Cream - Frederic Malle, Face Cream - Buly
If you’re not overly familiar with the name ‘Miansai’, you’ve probably seen one of their most famous designs without knowing it. A coloured nautical cord bracelet with a metallic fish hook or anchor detailing was, a few years ago, as ubiquitous as Stan Smiths and skinny jeans.
It was one of the few jewellery designs and brands that managed to cut through to the mainstream while still being desirable for guys to wear on their wrists. It was a sweet spot of pricing and branding that made it something that wasn’t throwaway, yet was affordable enough to be worn carefree.
Left - Michael Saiger Founder & Creative Director of Miansai, TheChicGeek wears Harrington Jacket - Grenfell, Cardigan - Pretty Green X John Smedley, T-Shirt - Vintage Helmut Lang, Tracksuit Trousers - adidas from ASOS, Trainers - Diadora Made in Italy
I caught up with the founder, Michael Saiger, in London, to find out how he achieved something that is so difficult, today, and see what’s next for Miansai:
Originally from New York, Michael Andrew Saiger - it’s the MI-AN-SAI of his name that gives the brand its name, “All the domains were taken until I circled these parts of my name. Everybody thought it was asian, but it’s not”, he says, is dressed in a simple sweater and chinos and surrounded by the salon style hanging of the Berners Tavern restaurant.
Michael’s attention to detail can be seen by his perfectly manicured beard and not a hair out of place on his head. “I put my handprint on everything I do. I’m OCD, I’m obsessive”, he says.
How did he get started and where did his eye come from? “My mum has an antique store, she’s an interior decorator and I grew up around estate sales my whole life. So, then when I went to the University of Miami and I started making some bracelets. This was 2007,” says Michael.
“I was looking for a bracelet and there was nothing out there. So, I started making bracelets for myself and then I would take these World War II pendants and medallions that I would find at estate sales and make them into necklaces. All my friends really loved it and wanted them.
“I took them to the concept store, Base, in Miami. They were like, ‘oh yeah, we love this stuff’. This was right before I went on holiday for the summer, and when I went back after, they said they’d sold out in like a week or two,”
Right - This bracelet design has done the difficult thing of being common while still looking fresh and has become something of a men's classic - Miansai - Anchor Cord Silver-Plated Wrap Bracelet - £55 from MRPORTER
The company started officially in 2008 and, then, the product that catapulted Miansai onto the wrists of men worldwide was born. “I took all that money and bought various machines, equipment, everything, so, then me and one of my best friends had a 300 sq ft work studio and we started making everything and selling to some of the best boutiques around the US.
“After that and I graduated - the degree was in marketing - we were bursting out, so we found a 10,000 sq ft warehouse, and built it out and set up our whole manufacturing operation. Then, I started taking our nautical rope and, at the time, nobody used nautical rope for anything unless you went to a summer camp and had a little tie-on bracelet.
“We launched in 2009, in Barney’s & Bergdorf’s ,and then GQ featured one of our rope bracelets. I started using the rope in 2008, but the hook and anchor came in 2009. I didn't want to launch it until I knew I had manufacturing, as I knew it would be very popular. I didn't want to come out with a product and not be able to deliver it.
“We were the first to do anything like this with price points between $55 to $500. It had to be for a 15 year old, it had to be for a 70 year old, it had to be for a 20 year old: anyone and everyone.
Asked how many he thinks he’s sold of his signature product, we quickly discredit the hundreds of thousands and move into the millions. Next came his own retail outlets. “In 2012, we started a mobile retail unit, an old vintage airstream. In 2013, we opened a store in New York, Soho, and we've just opened another store in Venice Beach in LA".
Michael understands the future of retail and that traditional bricks and mortar US retail is suffering. “Retailers are hurting, especially in the US, with everybody shopping online. We have our food delivered, we, literally, don't got to the store, at all. The industry is changing”.
How do you see your stores then? “It’s more about experiential retail. I built our two stores to be galleries. I didn’t want jewellery fixtures, I designed furniture to house jewellery. It feels like a furniture store inside. That’s the future of retail,”.
Left - Miansai - Harbour Rucksack Tobacco Leather - £506.35 This was the bag Michael was carrying in London. He says the bags are made in the same factories as Prada, using the same leather as Louis Vuitton
He cites Aesop as a brand he admires. He’s coy about naming anybody that touches on his accessorises world, but he’s clearly an admire of good design.
He knows that he needs to go to where the consumers are, so he’s launching 5 more mobile units of classically restored Airstreams, Piaggio's and a Fiat at various locations such as JFK, LAX, Soho House Malibu and Newport, Rhode Island. He says it’s all about, “High traffic in an authentic way without selling out,”.
The brand has just expanded into leather bags and fine jewellery. “We launched leather bags: Italian leather, all cut and sewn in Turkey. We use some of the same factories as Prada and the some of the same leather as Louis Vuitton. I always collected bags from my estate sale days and knew what I wanted in a bag”.
As for the fine jewellery. It’s not currently available in the UK, but how does that fit in? “It’s marketed to women, but anyone can wear it,” he says, “For first 5 year’s of the brand, I never said whether it was men’s or women’s,". Is it made by your? "We do make some of the solid gold jewellery ourselves and some of the fine jewellery with the Pavé diamonds, we also work with a very high end factory in Thailand”.
Right - Arduin Cuff Bracelet, 14K Gold/Pave - £2978.54
What advice can he give to men with regards to wearing jewellery? “Keep it simple. Keep it to two pieces, unless you have a thin bracelet. For me, personally, I never wear more that two bracelets and a watch”.
So, what’s next for Miansai? “I definitely want to stay in the accessories realm, I don't want to go into ready-to-wear. We have a very good niche and I’d like to stay there”.
Michael currently has 55 employees, he doesn’t disclose his turnover, but if he’s shifting £60 bracelets by the million, then it’s going to be pretty high. He obviously knows his market and exactly how to expose his brand without it feeling like it is everywear, devaluing it and worst of all, millennials I'm looking at you here, boredom kicks in.
To sell millions of the same bracelet yet retain its desirability is a skill many retailers or brands would love to know. I don’t think it’ll be long before we see a converted vintage van - how about a Morris Traveller? That’s very British - at Wilderness or one of those more monied festivals emblazoned with ‘Miansai’ on the side.