Today’s news in brief-22/2/24
Taxpayers are expected to cover millions in redundancy payments for laid-off staff at The Body Shop as the company undergoes restructuring. The company’s administrators plan to close nearly half of its stores, affecting over 2,200 employees. Only staff with over two years of tenure qualify for redundancy pay, with payments capped at around £643 per week. The head office workforce is expected to decrease by approximately 40%.
Pepco Group has announced it will cease operations in Austria due to insufficient expected returns. The decision aims to improve cash flow and profitability, allowing the company to focus on more promising markets. Despite this exit, the group remains committed to its growth strategy in Western Europe.
London-based fashion accelerator Tomorrow Limited has acquired streetwear brand A Cold Wall. The deal, for an undisclosed sum, follows Tomorrow’s earlier minority investment in the label. A Cold Wall, founded in 2015, has seen total revenue of £16m in 2023. Tomorrow Limited is known for incubating emerging brands across fashion.
Secret Sales has experienced an 85% increase in sales in 2023, driven by strategic expansion and partnerships. The retailer has expanded into Spain and Ireland and plans to onboard 200 new brands in 2024. The senior leadership team expansion supports ambitious growth plans.
URW has announced 12 new lease signings for Centrale and Whitgift, including Loupe’s first store in London. The signings include expansions and renewals with international and British brands. The company highlights growing confidence in Croydon as a retail destination.
Sports Direct has introduced Swiss brand On in key stores, strengthening its running-focused offerings. On’s innovative technology and sustainability initiatives align with Sports Direct’s goals. In-store activations and guided runs accompany the launch, expanding to additional locations over time.
