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Ted Baker Chairman John Barton Dies at 77

People shelter under umbrellas as they pass a Ted Baker a store in London, Britain October 06, 2015. REUTERS/Neil Hall/File Photo
People shelter under umbrellas as they pass a Ted Baker a store in London, Britain October 06, 2015. REUTERS/Neil Hall/File Photo
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Ted Baker Chairman John Barton Dies at 77

People shelter under umbrellas as they pass a Ted Baker a store in London, Britain October 06, 2015. REUTERS/Neil Hall/File Photo
People shelter under umbrellas as they pass a Ted Baker a store in London, Britain October 06, 2015. REUTERS/Neil Hall/File Photo

British fashion chain Ted Baker on Monday said Chairman John Barton had died, and senior independent director Helena Feltham would take on the role of interim chairman with immediate effect.

In a brief statement, the London-listed retailer did not specify the cause of Barton's death, but said it was sudden.

Barton, 77, joined Ted Baker from airline easyJet in July last year, as the fashion group's management sought to revive its fortunes after suffering a string of setbacks in 2019.

He previously also served as chairman of rival fashion retailer Next Plc and was senior independent director at WH Smith and SSP Group, Reuters reported.

Last month, Ted Baker said sales were rebounding as office- and party-wear became popular again after pandemic curbs were lifted, but signaled that the pace of recovery was still uncertain.

Ted Baker has also been working to repair its image after former boss Ray Kelvin left in 2019 following misconduct allegations. Kelvin, who started the company in 1988 in Glasgow in Scotland, has denied the allegations.

The company has 377 stores and concessions.

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Fashion

Uniqlo Operator Posts Higher Q1 Profit Despite Sluggish China Results

(FILES) This general view shows the latest flagship store to open by Fast Retailing clothing brand Uniqlo, in the Shinjuku district of central Tokyo on November 14, 2024 (Photo by Richard A. Brooks / AFP)
(FILES) This general view shows the latest flagship store to open by Fast Retailing clothing brand Uniqlo, in the Shinjuku district of central Tokyo on November 14, 2024 (Photo by Richard A. Brooks / AFP)
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Uniqlo Operator Posts Higher Q1 Profit Despite Sluggish China Results

(FILES) This general view shows the latest flagship store to open by Fast Retailing clothing brand Uniqlo, in the Shinjuku district of central Tokyo on November 14, 2024 (Photo by Richard A. Brooks / AFP)
(FILES) This general view shows the latest flagship store to open by Fast Retailing clothing brand Uniqlo, in the Shinjuku district of central Tokyo on November 14, 2024 (Photo by Richard A. Brooks / AFP)

The operator of the Uniqlo global clothing chain reported first quarter results on Thursday that trailed analyst forecasts as a sharp decline in profit in China overshadowed strong sales in its home market of Japan, Reuters reported.

Fast Retailing said operating profit rose 7.4% to 157.6 billion yen ($996.84 million) in the three months through November from a year earlier. That was slightly below a LSEG consensus forecast of 160 billion yen drawn from six analysts.

Fast Retailing maintained its full-year operating profit forecast of 530 billion yen, on course for a fourth year of record earnings.

Known for inexpensive, durable fleeces and cotton shirts, Fast Retailing has long been regarded as a bellwether for consumer spending in Japan and more recently China, where it has more than 900 Uniqlo stores on the mainland.

Domestic sales have gotten a boost from a surge in duty-free shopping amid a tourism boom in Japan fueled by a weak yen.
But sales growth has cooled in China, prompting the company to scale back store openings and adopt a scrap-and-build strategy to turn around underperforming locations with redesigned stores.

Improved profit margins and international brand awareness helped drive the previous year's record results. But the company remains vulnerable to change in weather and fashion tastes.

Japanese sales were boosted by cold weather in December that increased demand for thermals, but in China, unseasonably warm temperatures resulted in flat sales in October and November, the company said.

Results were also strong in North America and Europe where Fast Retailing is mounting an aggressive expansion strategy to fulfil its aim to become the world's No. 1 clothing brand. In the southern United States, it opened five Uniqlo stores in Texas in October alone.
In its home market, it has also become a pacesetter for wages in the service industry.

Keen to retain good workers, Fast Retailing said on Wednesday it will institute an aggressive increase in employee pay in Japan - one that follows on from a hike in 2023 that helped shake up the nation's long moribund wage outlook.

Wages for full-time headquarters and sales staff will rise by as much as 11% from March, while annual salaries for new employees will increase by about 10%, the company said.