British fashion group Ted Baker Plc said on Friday people were returning to its high-street stores and buying more formalwear and childrenswear, boosting its store revenue.
The fashion retailer, known for its suits, shirts and dresses with quirky details, is benefiting from a turnaround plan, while growing demand for formal wear amid a return-to-office push by companies is also aiding performance, Ted Baker said.
Ted Baker, which last month agreed to be bought by Juicy Couture and Forever 21 owner Authentic Brands, said revenue for the 14 weeks to July 29 was up 3.4 percent, compared with last year, but still down 28 percent compared with pre-pandemic levels. While revenues from its stores jumped 20 percent during the period, its overall performance was partly weighed down by a 13 percent fall in online sales because of unresolved issues with its new e-commerce platform.
Ted Baker shareholders will vote on the about £211 million ($243.47 million) deal with Authentic Brands on Sept. 29. It expects the transaction to close in the fourth quarter of this year.
By Yadarisa Shabong; Editor: Rashmi Aich
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Juicy Couture Owner Authentic Brands Buys Ted Baker
Juicy Couture and Forever 21 owner Authentic Brands (ABG) has agreed to buy Ted Baker in a deal worth roughly £211 million ($254 million), ending months of speculation over the fate of the British fashion group.
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