Courtaulds and the Hosiery and Knitwear Industry
A Study of Acquisition, Merger and Decline
Inbunden, 2014
339 kr
Beställningsvara. Skickas inom 11-20 vardagar
Fri frakt för medlemmar vid köp för minst 249 kr.In its bid to build a vertically integrated textiles empire, Courtaulds acquired famous hosiery and knitwear brands such as Aristoc, Kayser Bondor, Lyle & Scott and Wolsey. The author examines its business and acquisition strategy, organisation, and structure as it fought for survival in a hostile era for British clothing and textiles. Courtaulds was hit by the decline of the wholesale distributors resulting from the loss of thousands of small and medium-sized retailers, and the increasing power of the town stores that were in fierce competition with each other. The company was very much tied into the multiples, particularly Marks & Spencer. However, as the author explains, certain aspects of the culture at M&S (including laudable ones such as loyalty to the UK supply chain) had a deleterious effect on Courtaulds Textiles plc, eventually leading to its takeover by Sara Lee Corporation. This book provides the first detailed examination of the rise and fall of the industry in the crucial period since the 1960s.The narrative traces the growth in imports and the decline in employment, and exposes major strategy problems and looks at how Courtaulds reacted to changing domestic and global trading conditions. The globalisation of trade opened up the UK clothing industry to low-cost competition and when this could not be countered many firms soon capitulated or were taken over by the multi-nationals. Eventually even these failed to survive and most of the manufacturing capacity in the UK was closed.
Produktinformation
- Utgivningsdatum2014-04-03
- Mått156 x 234 x 26 mm
- Vikt744 g
- FormatInbunden
- Antal sidor336
- FörlagCarnegie Publishing Ltd
- ISBN9781905472185
Tillhör följande kategorier
Bramwell Rudd has spent most of his working life in the manufacturing sector, the majority of this in clothing manufacturing. He practiced organisation and method study for ten years followed by twenty years in production management in Courtaulds Ltd and Courtaulds Textiles plc. He later studied politics at the University of Leicester followed by studies at the University of Nottingham School of History and Department of International Business History. Much of the research for his thesis, for which he was awarded the degree of Doctor of Philosophy, is incorporated in this book.
- Abbreviationsxv Prefacexvii Glossary of termsxix Introduction1 Background2 Courtaulds' problems2 Diversification3 The business faces trouble3 Problems for Kearton's successors5 Chain stores and multiples5 The power of Marks & Spencer6 Corporate and organisation structure6 Decline and irresistible price pressure7 1Origins: Courtaulds - The Hosiery and Knitwear Industry9 Courtaulds c.1685 - 19639 Samuel Courtauld10 Crisis in the crape industry12 Tetley's high risk strategy13 Samuel Courtauld IV15 The rayon production boom and the impact of war16 After the war - rayon under threat17 Problems loom close18 Frank Kearton19 The Hosiery and Knitwear Industry c.1580 - 196019 World War One21 The interwar years22 Fashion and technology23 World War Two23 The period after World War Two23 Liberalisation of trade and global trading24 The structure of the hosiery and knitwear industry24 2Kearton widens the conglomerate25 Background to the 1960s diversification25 Diversification26 The continued importance of rayon26 Momentous times - The ICI takeover bid28 Capital-intensive plants and the Lancashire spinning and textile industry30 The failure of the 'Northern Plan'30 Success under Kearton31 Vertical trading32 Kearton expands into hosiery and knitwear33 A captive market for Celon33 Proprietary yarn brands34 Problems in the hosiery and knitwear industry35 Kearton presses ahead35 A management misfit36 Strategy37 Perspectives38 3The History of the Hosiery and Knitwear Acquisitions39 In rise and decline39 Background to the Hosiery and Knitwear Acquisitions41 Fully-fashioned styles lose favour42 Aristoc Ltd46 The interwar years46 The effects of World War Two46 Courtaulds acquired Aristoc47 Bairnswear Ltd49 Bairnswear after World War Two49 Courtaulds acquired Bairnswear51 Ballito Hosiery Mills Ltd52 Post World War Two52 Ballito responds to decline53 Ballito reorganisation hits trouble53 Courtaulds acquired Ballito54 George Brettle & Co. Ltd55 Absentee management56 The return of owner management57 Post World War Two57 Courtaulds acquired Brettles59 College Hosiery Ltd60 Courtaulds acquired College's capacity60 Contour Hosiery Ltd61 Intercontinental Fibres acquired Sellors and becomes Contour61 Post World War Two62 Machine building - a misfit62 Further expansion62 Courtaulds acquired Contour63 Cook & Watts Ltd - West Riding Hosiery63 Stockings unprofitable64 Courtaulds acquired (Holts) West Riding Hosiery64 Corah Sock Division (N. Corah & Sons)64 Better times for Corah64 St Margaret and Marks & Spencer in the interwar years65 World War Two66 Corah develops the M&S connection and ethos66 Corah split up66 Courtaulds acquired Corah Sock Division67 Derby and Midland Mills - Blount & Co. Ltd69 Impact of war69 Change of ownership69 Stockings prices under pressure in the 1960s70 Favourable prospects for Blounts70 Derby & Midland acquired by Courtaulds71 Foister, Clay & Ward Ltd71 F,C&W - three sites in Leicester72 F,C&W - Kegworth72 F,C&W - Derby73 F,C&W - Middlesbrough73 F,C&W - three factories at Mansfield73 F,C&W - Irvine, Ayrshire74 Courtaulds acquired Foister, Clay & Ward74 Hendry & Spiers Ltd75 Courtaulds acquired Hendry & Spiers76 Highfield Productions Ltd76 Courtaulds acquired Highfield Productions77 Irvine Knitters Ltd77 Courtaulds acquired Irvine Knitters78 Kayser Bondor Ltd78 Kayser Bondor - a famous brand name79 Expansion after World War Two and the M&S connection80 KB profits in decline80 KB diversifies81 KB takes action81 Courtaulds acquired KB82 Kilsyth Hosiery Co. Ltd82 Courtaulds acquired Kilsyth Hosiery83 Meridian Limited84 Labour shortages in Nottingham after World War Two86 Courtaulds acquired Meridian86 Declining brand sales86 A major acquisition87 I. & R. Morley Ltd87 Samuel Morley - outstanding entrepreneur88 Expansion under Samuel Morley88 Samuel Morley's successors89 Morley in trouble after World War Two89 Disastrous losses90 Morley reorganises91 Courtaulds acquired Morley91 Percy Taylor Ltd94 Courtaulds acquired Percy Taylor94 Prew-Smith (Harry) Ltd94 Courtaulds acquired Prew-Smith95 R. Rowley & Co. Ltd96 The interwar years96 Rowley - A multi-product firm97 Management change98 Change in the supply chain98 Rowley abandons stockings manufacturing99 Rowley in decline99 Courtaulds acquired Rowley100 Skolnick Ltd (P. Beasley & Co. Ltd)100 Courtaulds acquired Skolnick101 Stewarton Hosiery Co. Ltd101 Courtaulds acquired Stewarton102 (Wolsey Ltd) Lyle & Scott102 The Interwar Years - difficult times for Lyle & Scott102 Lyle & Scott and 'Y front'103 Success after World War Two104 Lyle & Scott acquired by Wolsey104 Wolsey Ltd104 Successful policy in the interwar years104 Challenges after World War Two105 Wolsey supplies chain stores106 Wolsey - Corah merger talks fail106 Courtaulds acquired Wolsey (Including Lyle & Scott)106 Moving towards Kearton's departure107 4Kearton's Legacy110 Complex and fragmented110 Mixed success111 Structure under Kearton112 Courtaulds' main board changes112 Financial reporting channels113 Company structure113 Management reporting - non-financial114 Kearton in personal control115 Integration and decline of the fine-gauge hosiery businesses116 The importance of nylon in the supply chain117 The factories were subservient117 Celon - a problem yarn, creates culture problems117 The decline of the fully-fashioned stockings trade118 The acquisitions118 Rationalisation119 A new use for the Brettle's Belper site120 Fine-gauge hosiery - a basic commodity product121 Total integration for fine-gauge hosiery122 Courtaulds narrows the hosiery brand offer122 Expansion in the 1960s - but Courtaulds fine-gauge hosiery loses its way123 Courtaulds fails to benefit from the improving market123 Hosiery business re-development project123 Excess capacity in hosiery124 Low-cost imports125 Italian high quality tights125 Contraction126 Deeper cuts126 Integration and decline of the knitwear businesses126 Courtaulds' three major knitwear acquisitions127 Medium sized knitwear enterprises127 Satellite acquisitions128 Morley - a mixed wholesaling and manufacturing company128 Rowley, a mixed product - multi-site general manufacturer128 Knitwear reorganisation commences quickly - F,C&W is split up128 Wolsey fully-fashioned knitting closed130 Further coordination130 Client portfolios introduced130 Selling prices130 Fully-fashioned knitwear in rapid decline131 The brand business131 Retrenchment131 Technology - Shaped garment panels132 Further retrenchment132 Wolsey factories weakened134 The non-M&S business134 Rowley struggles on135 Lyle & Scott and Jockey brands135 Courtaulds sells Lyle & Scott136 Further decline136 Low-cost imports136 Integration and decline of the knitted underwear businesses137 The early shakeout138 Price competition139 Meridian and Meridian Prew-Smith Division139 Courtaulds centralises underwear knitting140 The Underwear Product Group140 Children's underwear - non-M&S142 The Mothercare chain142 Offshore processing - children's underwear143 Globalisation of trade - M&S143 Technology144 Central Underwear Knitting closed145 Wolsey Brand145 Management buyout for Wolsey brand name146 Lyle & Scott 'Y' Front and Jockey146 Wholesale146 Closure146 The integration and decline of the sock businesses147 Foister, Clay & Ward147 More sock factories148 Rowley absorbs Contour149 Rowley - the advantage of a multi-product range149 Meridian - the minor brands150 Wolsey - the major player150 Courtaulds Sock Division151 Decline in children's socks152 Courtaulds Sock Division - a failed concept152 Philosophy and culture153 Consolidation153 Sock division disbanded153 Courtaulds and Marks & Spencer154 Courtaulds disposes of Wolsey brand154 Children's socks centralised at Queen St Leicester155 Courtaulds Sock Division (second version)155 Globalisation of trade156 Rowley closes156 Kearton's legacy in retrospect156 The contribution of the acquisitions to the product sectors157 5Change under Kearton's Successors: Devolution and Demerger159 Devolution of control159 Economies of scale160 Courtaulds' structure163 Knight's response163 Chairman of Courtaulds Textiles plc 1990 - 93 and 1993 - 1995164 Weakening trading conditions164 The breakdown of vertical trading165 Multidivisional control165 Main board retains vital powers but devolution proceeds166 Central aspects of control167 Specific circumstances in textiles168 Courtaulds Textiles formed 1985168 Courtaulds recognises the global threat169 Courtaulds, M&S and CTG 2000170 Demerger171 Results under Kearton's successors172 Perspectives173 6Employment, Labour and Industrial Relations174 Background174 Early trade unions174 Trade unionism in the factories175 Between the World Wars175 The rise and fall of trade unionism from the 1960s176 Decline looms176 Flexibility, new technology and strikes177 Rise and decline in employment178 NUHKW merges to become KFAT180 Occupations and gender specific work182 The NUHKW and gender188 Systems of piecework and rate setting188 Traditional negotiated piecerates188 Straight proportional measured work189 Measured day-work190 Gender and payment191 Teamwork and quick response193 Rate fixing problems195 Benefits and working conditions197 Physical working conditions198 The impact of health and safety legislation199 Courtaulds' employer representation and wage bargaining200 Staff salaries202 Staff and worker relations202 Recruitment and training203 Sweatshops and low-wage competition205 Outworkers and part timers206 Management and technical staff208 Courtaulds' management void208 Background of the chairmen211 Continuity of top management211 The value of effective middle management213 Professional staff214 Technical training214 Designers214 Human resources management215 Career progress216 Notes to Chapter 6217 7Changing Markets220 Courtaulds in the supply chain220 The wholesale trade221 Courtaulds and the wholesale distributors222 Wholesaling - a problem for Courtaulds223 Direct to retail224 The relationship with Marks & Spencer224 Decline by sector225 Fine-gauge hosiery manufacturing in decline226 Knitwear manufacturing in decline229 Knitted underwear manufacturing in decline232 Sock manufacturing in decline234 8The Changing Supply Chain237 Government policy and labour shortages237 The Geography of Courtaulds' hosiery and knitwear factories in the UK238 Courtaulds did not influence the geographic spread240 The industry manages decline241 Small firms, multi-location firms and conglomerates241 Employment in the regions242 Liberalisation of world trade and globalisation243 The Multi-Fibre Arrangement243 Low-cost competition244 The industry's response247 UK brand operator direct to retail247 UK based multinational contract supplier247 Supply chains248 Traditional supply chain248 The UK brand operator 'direct to retail'249 The UK based multinational contract supplier249 Cluster groupings250 UK cluster chart251 Knitting machine industry251 Clear advantage on the demand side252 Upstream industries253 Specialist suppliers254 Dyeing and finishing254 High Street and multiple retail outlets cluster255 Warehousing and distribution255 Perspectives255 9Courtaulds Textiles plc 1990 - 2000256 Problems from the 1980s256 The prospects for the industry258 Confidence in M&S258 Demerger 1990260 Management - The main board262 Structure of Courtaulds Textiles plc263 Continuing decline263 Noel Jervis as chief executive under Christopher Hogg264 The final decline266 European mainland expansion267 Colin Dyer as Chief Executive269 Claremont270 Courtaulds Textiles plc in disarray271 Takeover bid271 Sara Lee gains control272 Post script273 New Policy under Brenda C. Barnes274 10Epilogue275 Leadership and Corporate Governance276 Organisation and Structure280 Organisation under Kearton's successors281 Scale and Scope282 Wholesaling in Courtaulds' supply chain284 Globalisation and the supply chain284 Changing fashions286 Technology287 Courtaulds and Marks & Spencer288 Management Education290 Industrial relations and gender291 Courtaulds Textiles plc loses its corporate identity293 Perspectives294 Decline of the UK hosiery and knitwear industry294 Corporate decline of Courtaulds Textiles plc295 APPENDICES Appendix 1297 The Mansfield Hosiery strike297 Appendix 2299 Trade organisations, Directories etc.299 Sources and Bibliography301 Index307