Today’s news in brief-2/5/25
Apple reported a 5% year-on-year revenue increase to $95.4bn in Q2 2025, surpassing analyst expectations. Earnings per share rose 8% to $1.65, driven by strong iPhone sales ($46.8bn), Mac computers ($7.9bn), and iPads ($6.4bn). CEO Tim Cook highlighted double-digit growth in services and Apple’s 60% reduction in carbon emissions over the past decade. CFO Kevan Parekh noted an 8% EPS growth and $24bn in operating cash flow, enabling a $29bn return to shareholders. Apple also announced a 4% dividend increase to $0.26 per share and authorised a $100bn share buyback program.
Fast-fashion giant Shein is considering restructuring its US operations to circumvent new tariffs on Chinese imports, potentially delaying its London IPO. The closure of a tax exemption means Shein now faces 120% tariffs on US-bound shipments from China. While the company explores shifting production to Brazil and India, its limited supply chain capacity outside China poses challenges. The Chinese government has reportedly discouraged such moves, adding further complications. Shein has yet to confirm whether its IPO timeline will be affected.
Luxury retailer Harrods has restricted internet access after detecting unauthorised attempts to breach its systems. The cyberattack follows similar incidents at Marks & Spencer and Co-op, though Harrods’ stores and online platform remain operational. M&S recently suffered a ransomware attack by the group DragonForce, disrupting contactless payments and click-and-collect services, while Co-op proactively shut down parts of its IT systems. The Metropolitan Police and National Cyber Security Centre are investigating the breaches.
Co-op has instructed remote staff to keep cameras on during meetings as a security measure following a cyberattack. The retailer disabled VPN access to internal systems, requiring employees to work on-site if necessary. Though the attack had minimal operational impact, Co-op emphasised vigilance against suspicious communications. The incident follows M&S’s cyber disruption, though no direct link has been established.
Manzanita Capital has initiated a formal sale process for beauty retailer Space NK, valuing the business at £300m–£400m. Founded in 1993, Space NK operates 80 UK stores and reported a near-tripling of EBITDA to £6m in 2023. Manzanita, which also owns Diptyque and D.S. & Durga, previously explored a sale in 2018 but halted the process. The firm will only proceed if it receives a suitable offer.
Streetwear brand End has appointed Sebastian Suhl, former CEO of Prada and Givenchy, as its new chief executive. Suhl, who joined End’s board in 2024, brings 25 years of luxury retail experience. He succeeds Parker Guerdson, with chairman Martin Brok praising Suhl’s strategic vision. The appointment follows a global search and unanimous board approval.
