Platinum Group, which owns clothing brands Aca Joe, Hilton Weiner and Jenni Button, has moved to reassure the market that despite a report in the Business Day, they have not been placed under liquidation.
When asked for comment on the report Brian Essakow, GM of the Group said they were "raising capital on a private basis" and that while some of their smaller stores would go into business rescue no stores were being liquidated. According to the front page article, the company has failed to grow turnover in a tough consumer environment in which spending is under pressure.
Senior Trend analyst in Pop Culture, Nicola Cooper chatted to Camilla Bath (standing in for Stephen Grootes) noting that the company had not sufficiently aligned itself to the trend of 'glocalisation', - essentiaally meeting what consumers want - instead of sticking to their formula, which might be stale.
She urged brands to look deeper at understanding what consumers want, beyond the outdated LSM method of consumer research.
Listen to the full conversation below:
This article first appeared on 702 : When fashion moves on and leaves a failing brand behind