When New Look announced, at the beginning of this month, its menswear was going online only, it solidified what we already knew; high-street fashion is struggling, badly. It was only a few years ago, when the ‘dapper’ three-piece skinny suit was at its zenith and pocket squares were furnishing top pockets, that the good times were rolling and Britain’s high-street menswear retailers were expanding.
Left - Momager Kris Jenner loving an adidas tracksuit but with a Gucci bag or Fendi keyring
Back in 2016, New Look was busy rolling out menswear stores in university towns, appealing to those on a budget wanting fast fashion. New Look was fairly late to the menswear party, following in the footsteps of brands like Topman, River Island and Moss Bros, but it had lofty ambitions. They opened 22 menswear stores in places such as Shrewsbury, Exeter, Maidstone, Derby and Nottingham. They are all now closed, wth New Look saying in a recent statement, “New Look is removing menswear from its UK and Ireland stores but will continue to sell the range online and on third party platforms,” such as ASOS and Zalando.
So, what happened? Sportswear happened. Branded sportswear has been the main fashion story for the past few years. From trainers to tracksuits, sportswear is everywhere and on everybody.
Recent results from sportswear behemoth, JD Sports, illustrates its growth and dominance. JD Sports, which is now more than three times bigger than arch rival Sports Direct, almost-doubled revenue in its latest results for the 52 weeks to February 2, 2019. Revenue was up an incredible 49.2 percent to £4.7 billion for the period compared to the year before, with profit before tax increasing by 15.4 percent to £339.9 million pounds.
JD Sports’ results includes its acquisition of the Finish Line business in America. The brand was bought for around £400 million in June 2018, and saw JD Sports take ownership of Finish Line’s 600 stores in the US.
JD Sports executive chairman, Peter Cowgill, said in a statement: "We believe that our acquisition of the Finish Line business in the United States, the largest market for sport lifestyle footwear and apparel and the home to many of the global sportswear brands, will have positive consequences for our long-term brand engagement whilst significantly extending the group's global reach. We maintain our belief that Finish Line is capable of delivering improved levels of profitability.” JD Sports said it stayed clear of reactive discounting while offering a point of difference in the goods it sold.
This American dominance, particularly of the internet and social media channels, has helped grow this market. When American football is coming to Wembley and there’s even talk of baseball making inroads into this country, then you know the power of the American online world we now live in. When you see Kris Jenner wearing a full adidas tracksuit on multiple episodes of the Kardashians, instead of the luxury labels she used to be wearing, it really illustrates how far this trend has come and it’s global.
JD Sports is now in 10 countries in mainland Europe with its first store in Austria at Mariahilfer Strasse in Vienna opening in the next few months. The JD fascia saw a net increase of 39 stores in the period with new stores in all of the retailer’s existing territories as well as its first two stores in Finland. In Asia, JD Sports has opened its first stores in Singapore, Thailand and South Korea with its local partner Shoemarker Inc, and now has 16 JD stores, including 14 conversions of the multibrand Hot-T fascia which was acquired in the previous year.
New Look recently closed all of their stores in China, Belgium and Poland, 85 stores in the UK and, potentially, those in France and Portugal too. It has returned to profit after its underlying operating profit came in at £38.5 million to Dec 2018, compared to an underlying operating loss of £5.1 million for the same year-to-date period the year prior, but like-for-like sales are still falling, they’ve just slowed.
These woes aren't just restricted to New Look. The fall in the value of these high-street companies is illustrated by Arcadia recently buying a 25 per cent stake in retailers Topshop and Topman back from US investor Leonard Green for $1 or 76p. It was rumoured the US private equity firm bought the 25 per cent stake from Sir Philip Green’s Arcadia in 2012 for £350 million. That’s some devaluation.
Another British high-street brand suffering from the dominance of sportswear is Moss Bros. The menswear retailer recorded a £4.2 million loss for the 52-week period ending January 26, 2019, compared to a profit of £6.7 million the year prior. Revenues were down 2.1 per cent to £129 million and like-for-like sales dropped 4.3 per cent. Interestingly, full-year figures showed that like-for-like hire sales plummeted by 9.3 per cent. People aren’t even renting formalwear now?! Moss Bros chief executive, Brian Brick, said it was an “extremely challenging” year. “We suffered from a combination of a significant stock shortage and extremes of weather, alongside sporting distraction in the first half, which impacted footfall into our stores,” he said. That “sporting distraction” was the World Cup with people no doubt wearing yet more sportswear.
“Looking forward, in common with many UK retailers, we continue to anticipate an extremely challenging retail landscape, particularly within our physical stores, as a result of reduced footfall and rising costs.” he said.
This sportswear as a fashion trend is slowing, but sportswear is beyond a trend, now, and it’s a lifestyle and ease of dressing that is resonating around the world and to every age group. These once dominant British high-street stars are contracting and they are cutting off limbs (menswear) to save the vital organs. Karl Lagerfeld once said, “Sweatpants are a sign of defeat. You lost control of your life so you bought some sweatpants.” He couldn't be more wrong.
I’m always fascinated with those World Cups during the 1960s and 1970s where the players sat around drinking and smoking like they were spending two weeks on the Costa Brava. Sunning themselves and taking the missus with them, this was World Cup as lad’s holiday. Today, it’s much more serious, and if all the bungs, corruption and violence hasn’t put you off, it’s still a spectacle bringing the world together.
Left - Bobby Moore with locals on the beach 1971 NPG
As well as a sporting contest it’s also a cultural and style moment, celebrated every four years. Recently, photographs of the footballer Bobby Moore were acquired by the National Portrait Gallery and have gone on display to mark this year’s World Cup and the 25th anniversary of his death. The photographs were acquired from the collection of Roberta Moore, his daughter, and show Bobby, the golden boy of British football, throughout his career both on and off the pitch.
Right - Nike Football - England Home Vapor Match Shirt In White - £90 from ASOS
Umbro has released the 'Unforgotten' collection. Back in 1966, Umbro did a deal with all 16 competing teams in the World Cup finals to wear Umbro kit. Everyone agreed, but, when the tournament started, one team didn't wear the kit: the Russians. The Unforgotten collection is inspired by what that missing kit could've looked like and the colours and iconography of the Soviet era. Part of the collection is inspired by Lev Yashin, Russia's goalkeeper in 1966 and arguably the greatest goalkeeper ever - still the only goalkeeper to ever win the Ballon d'Or. He was also famed for always wearing head-to-toe black when playing, hence the Lev pieces in the collection are predominately black.
Left - Umbro 'Unforgotten' Collection - Prices range from £35-80
Left - 'Saturday Night Fever Pitch' by Simon Doonan, read TheChicGeek's review here
Below - Bobby Moore & Family 1975 NPG
Louis Vuitton has released a FIFA World Cup official licensed product collection - they also make the travel case for the World Cup trophy. Available in 3 colour combinations - red, black and blue, and made with the Maison’s textured Epi leather, the pattern is inspired by the official ball of the 1970 FIFA World Cup. There will also be a range of 35 country name tags - 32 qualified teams of the FIFA World Cup competition + Italy, USA, and China. It is available from the Louis Vuitton boutiques in Harrods and Manchester.
Far Left - Louis Vuitton - Keepall 50 – Epi leather - £2970
Left - Wallet - Slender Epi Leather Wallet - £460
Vilebrequin’s signature turtle shares the spotlight, this time, with an especially clever cephalopod: the octopus. With eight tentacles to dribble, he represents the famous ‘Paul’ who captivated the football fans crowds with his predictions in the 2010 World Cup.
Left - Vilebrequin - Soccer Turtles - £175
The design is based around the footballs that made, well some of us, into Ronaldo or Messi in the playground. All for the price of £19.66 to celebrate the last time England did anything!
Left - OIBOY - Super Stars Made in Playgrounds White T-Shirt - £19.66
Below - New Balance + Paul Smith Signature Stripe Leather Football - £195
See what to wear while watching - TheChicGeek's OOTD World Cup Casual
Regardless of whether you like football or not, they'll be no escaping the World Cup when it starts in Russia shortly. I can't remember how many 'years of hurt' it is now, but, expectations aren't particularly high with regards to the England team. That doesn't mean that I don't care.
Settle down in front of the TV and start shouting, "Come on, England!"
Credits - Cardigan - A Day's March, Shirt - R.M. Williams, Jeans - Paul Smith, Shoes - Base London
With the Russian World Cup coming, or should that be looming?! We're going to get all nostalgic for Panini stickers and short-short football kits. Retro sportswear shows no sign of slowing down in fashion circles and anything branded, or with brand's old logos, is as popular as ever.
Credits - Loafers - Base London, Jeans - Raey, Top - Vintage