Verdict Research: The clothing market is one of the most competitive and fragmented retail sectors, with operators battling for growth in a relatively low growth environment. UK Fashion Multiples 2008 profiles a representative sample of smaller, but influential, men' s and women' s fashion retail brands, and explores the dynamics, growth trends and drivers of the market and retailers responses.

Scope of this report

Market size, sales and growth rates for the clothing market 2002-2007 and retail distribution of clothing expenditure for 2006 and 2007.
Six year market share records with key operating statistics and store portfolio analysis for the 10 fashion multiples profiled in the report.
Men' s and women' s space allocation for each brand split across eight product categories.
Total advertising spend in 2006 for each retailer.

Research and analysis highlights

Niche retailers are outperforming the clothing market. We estimate the premium segment grew by 13.9% in 2007 faster than either the value or middle market segments. The 10 specialists profiled highlight this trend collectively adding 0.3% points in 2007.

Proof that dynamism takes market share is evident in the performance of two retailers at very different stages of maturity River Island and Fat Face where sustained sales densities and profitability have underpinned gains in market share.

The growing internationalisation of fashion tastes has generated high potential for international growth for smaller fashion multiples. The retailers in this report are almost all in the process of developing networks of stores in overseas markets.

Key reasons to read this report

Understand market drivers. Because of the fragmented nature of the clothing market, smaller fashion multiples are a key influence on market trends.
Discover how retailers are reacting to the major trends and key influences on fashion multiples and what their responses are likely to be.
Utilize the data and analysis in this report to formulate strategic planning

Chapter 1: EXECUTIVE SUMMARY

Key Findings
Main Conclusions

Chapter 2: MARKET ANALYSIS

Clothing Market Definitions
Clothing Market Growth
Retail Distribution of Clothing

Chapter 3: COMPANY DATA ANALYSIS

Market Shares
Operating Margins
Sales Densities
Space Growth
Key Operating Statistics
Womenswear Space Allocation
Advertising Media Expenditure
Advertising Media Expenditure

Chapter 4: OUTLOOK

Issues for Fashion Multiples
Advertising Shift
Stagnant Market
- Household Income Under Attack
- Survival in a Low Growth Environment
Sourcing Costs
- Price Deflation - End of an Era
Demographic Trends
- Sales Density Declines
- Location Strategy
- Overseas Expansion - Is it Profitable?

Chapter 5: FAT FACE

Company Overview
Market Shares
Trading Record
- Year to May 2007
- Current Trading
Store Portfolio & Retail Proposition
Space Allocation
Marketing & Operations
Outlook

Chapter 6: FRENCH CONNECTION

Company Overview
Market Shares
Trading Record
- Year to January 2007
- Current Trading
Store Portfolio & Retail Proposition
Space Allocation
Management, Marketing & Operations
Outlook

Chapter 7: HOBBS

Company Overview
Market Shares
Trading Record
- Year to January 2007
- Current Trading
Store Portfolio & Retail Proposition
Space Allocation
Management, Marketing & Operations
Outlook

Chapter 8: INDITEX UK

Company Overview
Market Shares
Trading Record
- Year to January 2007
- Current Trading
Store Portfolio & Retail Proposition
Space Allocation
Management, Marketing & Operations
Outlook

Chapter 9: JANE NORMAN

Company Overview
Market Shares
Trading Record
- Year to March 2007
Store Portfolio & Retail Proposition
Space Allocation
Management, Marketing & Operations
Outlook

Chapter 10: MONSOON

Company Overview
Market Shares
Trading Record
- Year to May 2007
- Current Trading
Store Portfolio & Retail Proposition
Space Allocation
Management, Marketing & Operations
Outlook

Chapter 11: PHASE EIGHT

Company Overview
Market Shares
- Year to January 2006
- Year to January 2007
- Current Trading
Store Portfolio & Retail Proposition
Space Allocation
Management, Marketing & Operations
Outlook

Chapter 12: REISS

Company Overview
Trading Record
- Year to January 2007
- Current Trading
Store Portfolio & Retail Proposition
Space Allocation
Marketing & Operations
Outlook

Chapter 13: RIVER ISLAND

Company Overview
- Market Shares
Trading Record
- Year to December 2006
- Current Trading
Store Portfolio & Retail Proposition
Space Allocation
Marketing & Operations
Outlook

Chapter 14: TED BAKER

Company Overview
Market Shares
Trading Record
- Year to January 2007
- Current Trading
Store Portfolio & Retail Proposition
Space Allocation
Marketing & Operations
Outlook

GLOSSARY

Financial Statistics - VAT
- Trading Profile
- Key Operating Ratios
- Physical Development
- Abbreviations

List of Tables

Table 1: Womenswear clothing market definition 2008
Table 2: Menswear clothing market definitions 2008
Table 3: Childrenswear market definition 2008
Table 4: Accessories market definition 2008
Table 5: Clothing market growth at current prices 2002-2007e
Table 6: Clothing market growth at constant 2003 prices 2002-2007e
Table 7: Clothing market deflation 2002-2007e
Table 8: Retail distribution of clothing expenditure 2006 and 2007e
Table 9: UK Clothing market performance by segment 2007e
Table 10: Fashion multiples UK clothing market shares 2002-2007e
Table 11: Fashion multiples UK womenswear market shares 2002-2007e
Table 12: Fashion multiples UK menswear market shares 2002-2007e
Table 13: Fashion multiples key UK operating statistics 2006/07
Table 14: Womenswear space allocation % 2007
Table 15: Fashion multiples advertising total and by media type 2006
Table 16: Changing population by age band 2007-2012
Table 17: Impact of population distribution shifts 2007-2012
Table 18: Selected Major Shopping Centre Openings 2008
Table 19: Presence in international markets 2008
Table 20: Fat Face company overview 2008
Table 21: Fat Face UK key operating statistics 2003-2008e
Table 22: Fat Face trading record 2003-2008e
Table 23: Fat Face UK store profile 2003e-2008e
Table 24: Fat Face retail proposition 2008
Table 25: Fat Face space allocation 2007
Table 26: French Connection company overview 2008
Table 27: French Connection UK key operating statistics 2003-2008e
Table 28: French Connection trading record 2003-2008e
Table 29: French Connection UK store profile 2003-2008e
Table 30: French Connection European store analysis 2003-2008e
Table 31: French Connection retail proposition 2008
Table 32: Nicole Farhi retail proposition 2008
Table 33: TOAST retail proposition 2008
Table 34: Great Plains retail proposition 2008
Table 35: FCUK space allocation 2007
Table 36: FCUK (Concession) space allocation 2007
Table 37: Hobbs Company Overview 2008
Table 38: Hobbs UK key operating statistics 2002-2007
Table 39: Hobbs Limited (UK only) trading record 2002-2007
Table 40: Hobbs UK store profile 2002-2007
Table 41: Hobbs UK store analysis 2002-2007
Table 42: Hobbs retail proposition 2008
Table 43: Hobbs space allocation 2007
Table 44: Inditex UK company overview 2008
Table 45: Inditex UK key operating statistics 2003-2008e
Table 46: Zara UK trading record 2003-2008e
Table 47: Massimo Dutti UK trading record 2004-2008e
Table 48: Inditex UK store profile 2003-2008e
Table 49: Inditex UK store profile by brands 2003-2008e
Table 50: Zara retail proposition 2008
Table 51: Zara space allocation 2007
Table 52: Massimo Dutti space allocation 2007
Table 53: Bershka space allocation 2007
Table 54: Jane Norman company overview 2008
Table 55: Jane Norman key operating statistics 2003-2008e
Table 56: Jane Norman trading record 2003-2008e
Table 57: Estimate of Jane Norman UK store profile 2003-2008
Table 58: Jane Norman store analysis by format 2003-2008
Table 59: Jane Norman retail proposition 2008
Table 60: Jane Norman space allocation 2007
Table 61: Monsoon company overview 2008
Table 62: Monsoon UK key operating statistics 2003-2008e
Table 63: Monsoon trading record 2003-2008e
Table 64: Monsoon UK store profile 2004-2008e
Table 65: Monsoon UK store analysis 2004-2008e
Table 66: Monsoon retail proposition 2008
Table 67: Monsoon Space Allocation 2007
Table 68: Phase Eight company overview 2008
Table 69: Phase Eight key operating statistics 2003-2008e
Table 70: Phase Eight trading record 2003-2008e
Table 71: Phase Eight UK store profile 2003-2008e
Table 72: Phase Eight UK store analysis 2003-2008e
Table 73: Phase Eight retail proposition 2008
Table 74: Phase Eight space allocation 2007
Table 75: Reiss company overview 2008
Table 76: Reiss key operating statistics 2003-2008e
Table 77: Reiss trading record 2003-2008e
Table 78: Reiss UK store profile 2003-2008e
Table 79: Reiss store analysis 2003e-2008e
Table 80: Reiss retail proposition 2008
Table 81: Reiss space allocation 2007
Table 82: River Island company overview 2008
Table 83: River Island key operating statistics 2002-2007e
Table 84: River Island trading record 2002-2007e
Table 85: River Island UK store portfolio 2002-2007e
Table 86: River Island retail proposition 2008
Table 87: River Island space allocation 2007
Table 88: River Island (Superstore) space allocation 2007
Table 89: Ted Baker company overview 2008
Table 90: Ted Baker UK key operating statistics 2003-2008e
Table 91: Ted Baker trading record 2003-2008e
Table 92: Ted Baker UK store profile 2003-2008e
Table 93: Ted Baker store analysis by format 2003-2008e
Table 94: Ted Baker retail proposition 2008
Table 95: Ted Baker space allocation 2007
Table 96: Ted Baker (Concession) space allocation 2007

List of Figures

Figure 1: Clothing market share change 2006-2007e
Figure 2: Womenswear market share change 2006-2007e
Figure 3: Menswear market share change 2006-2007e
Figure 4: Fashion multiples operating margins year end 2006/07
Figure 5: Fashion multiples UK sales densities 2006/07e
Figure 6: Fashion multiples space growth % 2006/07e on 2005/06
Figure 7: Issues for Fashion Multiples 2008
Figure 8: Real disposable income 1997-2007e
Figure 9: Strategies for growth 2008
Figure 10: Fat Face market shares 2002-2007e
Figure 11: Fat Face womenswear sales (ex VAT) - years to May 2003e-2008e
Figure 12: Fat Face menswear sales (ex VAT) - years to May 2003e-2008e
Figure 13: Fat Face clothing space as % of total store space 2007
Figure 14: French Connection menswear, womenswear and clothing market shares 2002-2007e
Figure 15: FCUK womenswear sales (ex VAT) - years to Jan 2003-2008e
Figure 16: FCUK menswear sales (ex VAT) - years to January 2003-2008e
Figure 17: FCUK clothing space allocation, as % of total store space 2007
Figure 18: FCUK (Concession) clothing space allocation, as % of total store space 2007
Figure 19: Hobbs clothing and womenswear market shares 2002-2007e
Figure 20: Hobbs UK womenswear sales (ex VAT) - years to January 2002-2007
Figure 21: Hobbs clothing space allocation, as % of total store space 2007
Figure 22: Inditex UK clothing market shares 2002-2007e
Figure 23: Inditex UK menswear , womenswear and childrenswear market shares 2002-2007e
Figure 24: Zara/Bershka/Massimo Dutti womenswear sales (ex VAT) - years to January 2003-2008e
Figure 25: Zara/Bershka/Massimo Dutti menswear sales (ex VAT) - years to January 2003-2008e
Figure 26: Zara clothing space allocation, as % of total store space 2007
Figure 27: Massimo Dutti clothing space allocation, as % of total store space 2007
Figure 28: Bershka clothing space allocation, as % of total store space 2007
Figure 29: Jane Norman clothing and womenswear market shares 2002-2007e
Figure 30: Jane Norman UK womenswear sales (ex VAT) - years to March 2003-2008e
Figure 31: Jane Norman clothing space allocation, as % of total store space 2007
Figure 32: Monsoon clothing, womenswear and childrenswear market shares 2002-2007e
Figure 33: Monsoon UK womenswear sales (ex VAT) - years to May 2003e-2008e
Figure 34: Monsoon UK childrenswear sales (ex VAT) - years to May 2003e-2008e
Figure 35: Monsoon clothing space allocation, as % of total store space 2007
Figure 36: Phase Eight womenswear and clothing shares 2002-2007e
Figure 37: Phase Eight UK womenswear sales (ex VAT) - years to January 2003-2008e
Figure 38: Phase Eight clothing space allocation, as % of total store space 2007
Figure 39: Reiss clothing, menswear and womenswear market shares 2002-2007e
Figure 40: Reiss UK menswear sales (ex VAT) - years to Jan 2003e-2008e
Figure 41: Reiss UK womenswear sales (ex VAT) - to Jan 2003e-2008e
Figure 42: Reiss clothing space allocation, as % of total store space 2007
Figure 43: River Island menswear, clothing and womenswear market shares 2002-e2007
Figure 44: River Island UK womenswear sales (ex VAT) - 2002e-2007e
Figure 45: River Island UK menswear sales (ex VAT) - 2002e-2007e
Figure 46: River Island clothing space allocation, as % of total store space 2007
Figure 47: River Island (Superstore) clothing space allocation, as % of total store space 2007
Figure 48: Ted Baker clothing, menswear and womenswear market shares 2002-2007e
Figure 49: Ted Baker UK menswear sales (ex VAT) - years to January 2003e-2008e
Figure 50: Ted Baker UK womenswear sales (ex VAT) - years to January 2003e-2008e
Figure 51: Ted Baker clothing space, as % of total store space 2007
Figure 52: Ted Baker (Concession) clothing space allocation, as % of total store space 2007

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UK Fashion Multiples 2008

Introduction

Abstract