The results are in and the great British high-street has polarised. On the one side is the tired and cumbersome old guard with its offering still stuck in the past, trying to shift their stock through promotions and discounts and then the younger, faster, cheaper and ultimately, more fun retailers who are reporting record sales and profits, both on and offline.
From Left - ASOS, Boohoo
Boohoo just reported a doubling in annual profit, driven by growth in new customers, and said revenue should rise by about 50 percent in 2017-18 as it benefits from recent acquisitions. Revenue rose 51 percent to £294.6 million as Boohoo increased its active customer base to 5.2 million, up 29 percent, while international growth, particularly in the United States, exceeded management expectations.
ASOS The online fashion retailer said pre-tax profits rose 14 percent to £27.3m in the six months to 28 February, while revenue increased 37 percent to £911.5 million. ASOS has again upgraded its sales guidance for the full year, pencilling in growth in the 30-35 per cent range, up from 25-30 per cent.
This is growth, most brands, at this particularly point in time, can only dream about.
The pioneer of ridiculously cheap clothes, Primark, said total sales jumped 11 percent in the six months to 4 March. Sales at Primark, which has 329 stores globally, jumped by 21pc to £3.2bn on the back of new shops.
The UK also delivered an improved performance with a 2 percent lift in like-for-like sales, which meant the discount chain stole market share from suffering high street rivals.
Even sales of clothing at Sainsbury’s and Argos outperformed the market with growth of more than 4 percent in the year to 11 March, the supermarket reported.
What’s going on? This isn’t purely price driven. While it’s a factor, they’re making product that people want and the bigger they get and more product they make, the more people they can please. Lots and often seems to be the mantra to keep the novelty of fashion ticking over.
Too many old brands do these big annual ‘collections’, but people just want lots of individual items and fast. These fast brands do look to designers and trends, but they seem to play and experiment themselves. They acknowledge what is going on, but come up with their own things too. It's a buy it or it's gone attitude.
While Next and Marks & Spencer’s languish, I think a lot of men are trading down, happy with the product and choice. I’ve never seen so many fun things for guys. ASOS and Boohoo are producing the kind of menswear once reserved for girls and the boys seem to be loving it. Ombre fringed sweaters, lace shirts and sequinned leggings are just a few of the crazy things that are coming out of these retailers, and while they wont sell in the thousands, it keeps the cool guys coming back for more.
The young guy, today, has the confidence to have fun with how he looks and he doesn’t want to invest big money in fun or one-off items that are part of a look, or something he feels he’s taking a risk on. The fact is it’s the cheapness that makes it more fun and less pressure to look like anything in particular. It also is a way of showing off, this only cost me…
I’m going to call it the ‘Harry Styles Effect’ - trying something different yet being cool enough to carry it off. Okay, he’s wearing Gucci dragons, but you get the idea.
Only a few guys can get away with it, but it receives admiration from the rest of their peer group. It’s basically about looking like a ‘cool dick’ and when you turn up in a white, see-through lace shirt and your friends ask you what you’re wearing, you secretly know they think you’re cool and it’s the buzz you get from trying something different or new. They then look to see where you've bought your items and, while maybe not getting the same things, it creates a halo for the brand.
It’s about having a sense of humour and this is why the British are so good at style: we can laugh at ourselves, while still looking cool. We can be experimental while not worrying too much about convention or others. It’s what makes us leaders and, also, why some of our retailers are so good at this too and internationally.
Another reason is young men aren’t so hung up on logos and branding anymore. They also don't have the money to spend and want something fresh and often, if only for their Instagram account. They want to go out and wear new clothes and with limited disposable incomes they have to buy cheaper. It’s FUN with a capital F and in a world that seems to be harder and harder to get by in, it’s an outlet of escapism for the young guy.
My only message is enough ‘super skinny’.