×
89 145
Fashion Jobs
URBN
Urbn Financial Analyst
Permanent · PHILADELPHIA
URBN
Free People CRM Analyst
Permanent · PHILADELPHIA
URBN
Free People Assistant Visual Manager
Permanent · WASHINGTON
BATH & BODY WORKS
Senior Manager, Stores Learning And Development
Permanent · COLUMBUS
TUMI
Director, Global Marketing
Permanent · NEW YORK
URBN
Free People Senior Merchandise Planner
Permanent · PHILADELPHIA
UNDER ARMOUR
Stock Lead, ft
Permanent · WOODBURY
PRANA
Director, Strategic Accounts & Sales Business Development
Permanent · CARLSBAD
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - ny 59th st
Permanent · NEW YORK
BLOOMINGDALE'S
Asset Protection Detective, Full Time - Soho
Permanent · NEW YORK
BLOOMINGDALE'S
Registry Consultant, Full Time - Boca Raton
Permanent · BOCA RATON
H&M
842 Area Visual Manager
Permanent · LOS ANGELES
BLOOMINGDALE'S
Asset Protection Detective, Full Time - Short Hills
Permanent · MILLBURN
URBN
Urban Outfitters Visual Merchandising Manager
Permanent · COSTA MESA
COLUMBIA SPORTSWEAR COMPANY
Regional Loss Prevention Manager (Northwest-us)
Permanent · SALEM
COLUMBIA SPORTSWEAR COMPANY
Operations Manager - Swing Shift
Permanent · PORTLAND
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time, Chestnut Hill
Permanent · NEWTON
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time, Chevy Chase
Permanent · CHEVY CHASE
BLOOMINGDALE'S
Asset Protection Detective, Full Time, San Francisco
Permanent · SAN FRANCISCO
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time, Huntington
Permanent · HUNTINGTON STATION
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time, San Francisco
Permanent · SAN FRANCISCO
BLOOMINGDALE'S
Asset Protection Outlet Associate, Part Time, Dolphin Mall
Permanent · MIAMI
By
Reuters
Published
Jun 16, 2009
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Cortefiel to close Milano menswear stores

By
Reuters
Published
Jun 16, 2009


Cortefiel

MADRID, June 16 (Reuters) - Private equity-owned Spanish retailer Cortefiel will close its men's suits shops Milano after the summer sales to focus on larger, more profitable brands.

"Tailoring has suffered a notable fall in demand compared to new fashion concepts such as smart casual, which the chain Cortefiel is strongly developing," the retailer said in a statement on Tuesday 16 June.

The 11 Milano stores in Spain, down from 17 at the end of February, contribute 2 percent of Cortefiel's total turnover, and will be turned into branches of the retailer's other labels.

Owned by private equity firms Permira [PERM.UL], CVC and PAI Partners, Cortefiel has more than 1,500 shops and franchises in 56 countries.

However, home country Spain still contributes about three quarters of turnover, which was 1.070 billion euros ($1.48 billion) for the year to end-February.

Cortefiel has flagship women's and men's clothing brand Cortefiel, as well as upmarket label Pedro del Hierro, casual brand Springfield and underwear and nightwear chain Women's Secret.

Like many Spanish retailers, it is grappling with a sharp consumer slowdown, with unemployment now over 18 percent.

Spanish retail sales fell 7.5 percent year-on-year in April, the 17th consecutive monthly decline, and a poll by consumer group FUCI on Tuesday 16 June found shoppers expected to spend 5.5 percent less in this year's summer sales than in 2008, or an average of 90 euros.

"The crisis is leading consumers to only buy those items they really need, giving up what is superfluous despite the aggressive discounts which the shops are going to make," FUCI chairman Agustina Laguna said.

Cortefiel's decision to close Milano comes after a management shake-up at the company.

Last month, Juan Carlos Escribano Garcia-Bosque became chief executive and former chief executive Anselm van den Auwelant became non-executive president.

In March 2007, Cortefiel refinanced debt to the tune of 1.385 billion euros. (Reporting by Sarah Morris; Editing by Dan Lalor) ($1 = 0.7232 euro)

© Thomson Reuters 2022 All rights reserved.