Today’s news in brief-25/4/25
The John Lewis Partnership has appointed Andy Mounsey as its new chief financial officer, effective immediately. Mounsey, who had been serving as interim CFO since last autumn, brings 13 years of experience within the business, including roles as Group Finance and Strategy director. A chartered accountant with prior experience at EY, he expressed confidence in the Partnership’s financial health and future investment plans. Chairman Jason Tarry praised Mounsey’s leadership and deep sector knowledge, noting his appointment as key to long-term success. Mounsey will also join the Partnership’s board.
The Original Factory Shop (TOFS) has proposed a Company Voluntary Arrangement (CVA) to secure its future, putting nearly 1,000 jobs at risk. The plan, overseen by Modella Capital, involves rent renegotiations at 88 of its 178 stores, with potential redundancies for head office and warehouse staff if landlords refuse concessions. Employees have been briefed, and creditors will vote on the proposal in mid-May. The retailer aims to refocus on its discount-driven strategy and online growth while maintaining operations during restructuring.
Hobbycraft, also owned by Modella, confirmed plans to close nine stores, affecting up to 126 jobs, alongside head office and distribution centre cuts. The affected locations include stores in Surrey, Essex, Kent, and others. CEO Alex Wilson described the decision as a last resort amid ongoing retail challenges, emphasising the need to safeguard the remaining 99 stores and 1,800 jobs. The restructuring mirrors Modella’s approach with TOFS, raising speculation about potential changes at WH Smith, another Modella acquisition.
Kering reported a 14% revenue drop to €3.9bn in Q1 2025, driven by a 24% decline at Gucci. Weak store traffic and wholesale reductions contributed to the slump, though new handbag lines showed promise. Yves Saint Laurent also saw an 8% dip, while Bottega Veneta grew 4%. Geographically, Asia-Pacific sales fell sharply, while Western Europe and North America saw moderate declines. The group closed 25 net stores, reducing its network to 1,788. CEO François-Henri Pinault acknowledged the challenging start but reaffirmed strategic commitments.
UK retail sales rose 0.4% in March, buoyed by strong clothing and outdoor sales amid favorable weather. Non-food stores grew 1.7%, with clothing and second-hand goods leading the rebound. However, supermarket sales fell 1.3%, offsetting some gains. Quarterly figures showed a 1.6% increase, marking the first three-month growth streak since 2021. Deloitte’s Oliver Vernon-Harcourt attributed the uptick to seasonal demand and cautious consumer optimism.
Topshop is set to return to the high street through wholesale partnerships, though parent company Asos remains focused on relaunching a standalone Topshop website later this year. CEO José Antonio Ramos Calamonte confirmed shop-in-shop concepts rather than standalone stores, following a two-year product overhaul. The brand, acquired by Asos in 2021, recently formed a joint venture with Bestseller to expand its reach. The move follows cryptic social media teasers hinting at a summer comeback.