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.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
