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Today’s news in brief-05/10/23

Asda, post its separation from Walmart, has entered a multi-year partnership with Tata Consultancy Services (TCS) to revamp its IT operations. TCS will implement cloud-based ERP platforms to streamline various processes including supply chain forecasting, buying, and merchandising. This move aims to enhance customer experience, innovation capabilities, and maintain market leadership. The partnership reflects Asda’s long-term vision for growth and TCS’s expertise in retail technology transformation.

A report from Westminster City Council indicates a drop in American candy stores on Oxford Street from 29 to 21, following a crackdown on unscrupulous traders. The council, in collaboration with HM Revenue and Customs, pursued unpaid business rates and engaged with property owners to discourage leasing to candy shops. Council leader Adam Hug views this reduction as a success in curbing these businesses, emphasising the impact of consistent action.

Hoka, a division of Deckers Brands, has inaugurated its first European retail location in Covent Garden. The 1,750 sq. ft flagship store offers a wide range of footwear, apparel, and accessories. The store features interactive displays and a community area for yoga classes, wellness services, and various events. This initiative aims to strengthen Hoka’s presence in London, a significant market for athletic lifestyle footwear.

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Victoria Plumbing’s revenues have risen by 6% in the fiscal year ending 30 September, attributed to increased order volumes and consistent average order values. The company’s profitability has improved year-on-year due to a shift towards their own-brand products and reduced shipping costs. The company also announced leasing a new distribution centre, a strategic move to support further growth in the bathroom category.

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Swiss running retailer ON has set ambitious targets for the next three years, aiming to double net sales to over £3.19bn by 2026. The company also plans to exceed 60% gross profit margin, reach an apparel share of 10% or more, and achieve an adjusted EBITDA margin of +18%. This aggressive growth strategy focuses on increasing brand awareness, performance credibility, sustainability, and expanding international presence, especially in the Chinese market. The announcement comes two years after ON went public and eight months after the opening of its first UK flagship store.

 

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