THE IRISH fashion industry has suffered in the last three years: the demise of local manufacturing has made it increasingly difficult for small, independent designers to get collections made, consumers’ disposable income has been dramatically diminished and retailers are hesitant to experiment with new labels.

Department store chain Debenhams has approached a number of continental retailers about the possibility of a merger, it was reported today.

Marks & Spencer is taking another step towards turning its fortunes around, as its last store in continental Europe closes.

Galeries Lafayette is thought to be the new owner of Marks & Spencer's French stores.

French department store chain Galeries Lafayette today emerged as a favourite to buy at least part of Marks & Spencer’s troubled French operation.