Fashion retailer The Iconic plots recovery, one Samba at a time
The boss of the popular fashion app is aiming to restore sales growth and shrink its net loss after a tough 12 months. But the field is getting crowded.
A decade ago, The Iconic was riding high on the surge in popularity of online fashion. Its executives touted growth of 30 per cent every month and big investors such as JPMorgan Asset Management piled in. “We’ll definitely be profitable in 2017,” said its then-chief executive, Patrick Schmidt.
It was not. And it’s a very different story now. Sales have been declining, and losses show no sign of ceasing. Many of the retailers The Iconic took sales from are catching up, and there are plenty of new competitors.
Subscribe to gift this article
Gift 5 articles to anyone you choose each month when you subscribe.
Subscribe nowAlready a subscriber?
Introducing your Newsfeed
Follow the topics, people and companies that matter to you.
Find out moreRead More
Latest In Retail
Fetching latest articles