Next, Britain’s retail superstar

Next is aASOS boring brand and an exciting business. Launched in 1982 to plug a gap in the market between lines for younger shoppers and items for richer, older folk, the British clothing retailer has since stuck to its briefs. On high streets and in retail parks, and increasingly online, it sells garments that are unlikely to grace the runway or go viral on TikTok. Lord Wolfson, Next’s unassuming boss, eschews mega-yachts and parties in favour of gardening and economics; he sponsors the £250,000 ($320,000) Wolfson prize, the most valuable economics award after the Nobel.Middle-of-the-road retailers can yield high-end results. Next is the country’s largest clothing retailer (see chart), patronised by around one in four British households. Its shares have risen by more than a quarter in the past year; on March 21st it announced record pre-tax profits for 2023. It has continued to thrive as others have languished. Debenhams, House of Fraser and Topshop have collapsed. has been struggling. Shares in Boohoo and , two online fast-fashion retailers, are down by over 90% from their peaks. On March 19th the American owner of Ted Baker said that the chain would be going into administration.