Fashion
ONS says UK retail sales down in October, fashion is weak, but all to play for on Black Friday
Published
November 21, 2025
The weak state of UK retail was shown on Friday by the Office for National Statistics’ figures covering both the three months to October and the latest month’s sales alone.
In the first case the volume of goods bought for the quarter rose 1.1% compared to the previous quarter. Clothing store sales rounded off a strong performance in those three months, peaking in September, with a total rise of 3.1% for the quarter.
But October itself saw sales going into reverse. Volumes are estimated to have fallen by 1.1% in October, the ONS said, following rises in September and August. This was the first monthly fall since May 2025. Supermarkets, clothing, and mail order retailers fell in October, which some retailers attributed to consumers delaying their spending in the lead up to Black Friday. Clothing was down 1.5%.
Analysts blamed a mix of the weather and consumer jitters about the forthcoming Budget, but conceded that clothing in particular is likely to see a spurt linked to Black Friday so maybe October’s drop was just a pause rather than the brakes being applied more permanently.
Jacqui Baker, head of retail at RSM UK and chair of ICAEW’s Retail Group, said: “The positive streak of retail sales growth came to a halt in October, as Budget jitters took hold. Consumers held off from splurging in anticipation of potential tax hikes and hit pause on spending to take advantage of Black Friday deals. The milder weather led to a fall in clothing sales. However, clothing should be one of the main beneficiaries of the annual Black Friday event, so it’s hoped that sales will turn around in November.”
Nicholas Hyett, investment manager at Wealth Club, commented: “The combination of a bleak Budget [ahead] and Black Friday discounts meant consumers reined in spending in October. That should come as no surprise. The government’s ‘will-they, won’t-they’ approach to tax rises is a surefire way to obliterate consumer confidence.”
In fact, GfK’s monthly consumer confidence report out on the same day as the sales figures underlined that point with a fall showing that consumers clearly aren’t happy.
Sagar Shah, associate partner at McKinsey, pointed out that “the golden quarter got off to a sluggish start” but that “retailers still have an opportunity to capture more of the winter spend with personalised and timely Black Friday deals. Brands looking to tackle ad fatigue are turning to non-classical formats, to grab consumer attention, according to our European State of Marketing research. CMOs are planning to expand the immersive experiences they offer (+29 points), publish anti-advertising formats (+22), and offer shoppable content (+17) to drive sales.”
But there was clearly strength in some areas as Deann Evans, Shopify MD EMEA, said the company noted “consumers turning their attention to winter activities. According to our Shopify data, sales of ski and snowboard goggles rose by 131%, while winter wardrobe sales grew too, with cardigans up almost 21% month-on-month”.
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Total apparel shipments fell by 2.66 per cent year on year to $425.44 million in January 2026, compared with $437.07 million in the corresponding month of 2025. The performance underscored uneven global demand conditions that continue to influence sourcing patterns and order flows for Sri Lankan manufacturers.
Sri Lanka’s apparel exports declined 2.66 per cent YoY to $425.44 million in January 2026 amid weak global demand.
Shipments to the US and EU softened, while the UK remained stable with slight growth.
Other markets saw sharper contraction.
JAFF highlighted DCTS benefits and tariff changes while suggesting diversification and efficiency to sustain competitiveness.
Exports to the United States, the country’s largest market, decreased by 2.73 per cent to $165.11 million, while shipments to the European Union excluding the United Kingdom, declined by 1.93 per cent to $126.99 million. In contrast, exports to the UK remained broadly stable, rising marginally by 0.23 per cent to $61.71 million. Apparel shipments to other markets dropped more sharply by 6.07 per cent to $71.63 million.
JAAF noted that the UK’s steady performance offers a constructive signal for the sector, particularly as the revised Developing Countries Trading Scheme (DCTS), effective January 1, 2026, is expected to enhance sourcing flexibility and strengthen Sri Lanka’s competitive position in the British market.
The industry body also highlighted the introduction of a uniform 10 per cent temporary tariff in the US market as a relatively supportive development, reducing the impact of previously higher country-specific rates and providing greater short-term pricing predictability for exporters.
Commenting on the January outcome, JAAF said the moderate decline reflects ongoing volatility in global demand. The association emphasised that the industry remains committed to reinforcing resilience through market diversification, product innovation and operational efficiency, while collaborating with stakeholders to sustain Sri Lanka’s standing as a reliable apparel sourcing destination.
Fibre2Fashion News Desk (KUL)
Profitability remained robust despite a more challenging trading backdrop. Group EBIT stood at €913.4 million, broadly stable year on year (YoY), translating into a 29.2 per cent margin versus 29.5 per cent in FY24. Net profit reached €626.7 million compared with €639.6 million a year earlier, reflecting higher net financial expenses, while maintaining a 20 per cent margin.
Moncler has reported revenues of €3.13 billion (~$3.69 billion) in FY25, up 3 per cent at constant exchange rates, with net profit of €626.7 million (~$739.5 million).
Asia led regional growth, while DTC channels strengthened across brands.
Q4 revenues rose 7 per cent, driven by robust Moncler and Stone Island performance, as the group prepares for continued investment and leadership transition.
Regionally, the group recorded strong momentum in Asia, where revenues rose 7 per cent at constant exchange rates to €1.42 billion, supported by demand in China and Korea and a recovery in tourist flows. The Americas increased 5 per cent to €391.1 million, whereas Europe, Middle East and Africa (EMEA) declined 3 per cent amid subdued tourism-related traffic, Moncler said in a press release.
Channel performance highlighted the continued shift towards direct engagement. Moncler’s direct-to-consumer (DTC) revenues rose 4 per cent to €2.36 billion, accounting for nearly 87 per cent of brand sales, while wholesale declined 4 per cent as the group continued to enhance distribution quality. Stone Island’s DTC channel expanded 11 per cent to €226.4 million, whereas wholesale decreased 4 per cent.
The group’s financial position strengthened further, with net cash reaching €1.46 billion at year-end after dividend payments of €353.2 million. The board proposed a dividend of €1.4 per share and approved the consolidated sustainability statement.
Remo Ruffini, chairman and CEO of Moncler, said: “Moncler and its board of directors wish to express their most sincere thanks to Gabriele Galateri di Genola for his dedication and the highly valuable contribution he has made throughout his more than ten-year term of office. His significant experience, the vision developed over many years in senior leadership positions at leading industrial and financial organisations, as well as his constant commitment to good governance, have represented a key point of reference for our work. With gratitude, we extend our best wishes to Gabriele Galateri di Genola for the future.”
In the fourth quarter (Q4), the group delivered accelerated momentum, with revenues rising 7 per cent at constant exchange rates to €1.29 billion (~$1.52 billion). Moncler brand revenues reached €1.17 billion, up 6 per cent, while Stone Island posted €123.1 million, surging 16 per cent with double-digit growth across all regions.
Moncler’s DTC channel advanced 7 per cent despite a demanding comparable base in the quarter, supported by Asia and the Americas, while wholesale returned to growth, rising 2 per cent. Stone Island recorded broad-based acceleration, with DTC revenues increasing 16 per cent and wholesale climbing 17 per cent, partly reflecting delivery timing shifts from the previous quarter.
Looking ahead, the group emphasised continued investment in brand development and organisational strengthening, including the appointment of Leo Rongone as group chief executive officer from April 2026, as it seeks to sustain long-term growth and value creation.
Fibre2Fashion News Desk (SG)
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