Coggles has cancelled forward orders with some of the brands it stocks following Frasers Group’s acquisition of the online fashion retailer from THG.
Various premium and luxury brands stocked on Coggles and sister site The Hut, which was also acquired, were contacted by THG to say that orders for AW24 and SS25 have been cancelled, Drapers reported.
In an email sent to brands, seen by Drapers, THG said: “Following [the] announcement that THG is selling its luxury websites to the Frasers Group, we find it necessary to make cancellations.
“Please consider this email as formal notice to cancel all outstanding commitments for autumn/winter 2024 and spring/summer 2025 with immediate effect.”
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One brand told the title: “I can only assume that [Frasers Group is] buying [Coggles] to shut it down to increase its market share. You can’t have a business with no stock.”
THG’s luxury division, which also includes The Hut, MyBag and Allsole, generated about £43m in sales last year and was broadly break-even, according to the company.
The online group’s chief executive Matthew Moulding said on the new deal: “Our luxury brand portfolio including Coggles has grown from a standing start eleven years ago, and we are eager to watch it develop further as an Ingenuity client.”
“The success of Coggles has only been possible through the hard work and dedication of THG’s luxury team, to whom we all want to extend our thanks and gratitude.”
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