Today’s news in brief-13/6/24
Singapore-based fashion retailer Shein has raised prices by over a third on core items to boost revenue ahead of its anticipated IPO on the London Stock Exchange. Coresight Research estimates Shein’s revenue will reach $50bn this year, a 55% increase from last year. The company’s price hikes have outpaced competitors H&M and Zara. Shein’s strategy includes increasing prices on women’s clothing lines and attracting more external brands to enhance sales and profits.
Dr Martens has announced that IngreGrsy Limited, based in Guernsey, has acquired a 38.46% majority stake in the company. This change is part of a restructuring within Permira’s buyout fund, which bought Dr Martens from R Riggs Group Limited in 2014 for £300m. IngreGrsy Limited replaces IngreLux S.àr.l as the largest shareholder, effective from June 11. Despite this change, the Permira V Fund’s ownership structure remains under Permira V GP Limited and advised by Permira Advisers LLP.
B&Q owner Kingfisher has set ambitious decarbonisation targets for its suppliers as part of its plan to reduce carbon emissions. Kingfisher aims to work with its 100 largest vendors to create Science Based Targets initiative (SBTi)-aligned roadmaps and decarbonisation targets by 2028. The next 450 vendors are expected to set similar targets by 2030, with the remaining vendors required to develop climate reduction plans by 2030. Kingfisher will offer training and expertise, supported by Manufacture 2030’s cloud-based emissions data platform, to help vendors understand and reduce their emissions.
Sainsbury’s has introduced the Smart Charge network, becoming the first UK retailer to offer a national loyalty scheme for EV charging. Customers with Nectar accounts can collect one Nectar point for every pound spent on charging their electric vehicles. Non-Nectar customers can quickly register via the Nectar app, website, or in-store. The Smart Charge network features over 400 charging bays, and Sainsbury’s claims it has already delivered over 65,000 hours of reliable and accessible charging. The ultra-rapid chargers are powered by 100% renewable energy.
