Today’s news in brief-14/5/25
Luxury fashion brand Burberry has announced plans to cut up to 1,700 jobs globally following a challenging financial year. The company reported a £3m loss, a sharp decline from last year’s £418m profit, with revenues falling 17% to £2.46bn amid a “difficult macroeconomic backdrop.” The restructuring, part of the ‘Burberry Forward’ strategy, aims to save £100m annually by FY27, focusing on streamlining operations and rebalancing product offerings. CEO Joshua Schulman remains optimistic, citing improved second-half sales and a renewed focus on core categories like outerwear and scarves.
Marks & Spencer could receive an insurance payout of up to £100m following a recent cyberattack that compromised customer data. While payment details were not accessed, the breach disrupted operations, leading to potential revenue losses exceeding £60m. Allianz, the primary insurer, is expected to cover £10m, but M&S may face higher premiums if risk management improvements aren’t demonstrated. The retailer’s full-year results, due next week, will reflect the attack’s impact.
Online marketplace Not On The High Street has appointed Jessica Nesbitt as its new CEO, replacing Leanne Rothwell after her 13-year tenure. Nesbitt, previously chief growth officer, will steer the brand’s expansion beyond gifting into lifestyle and home categories. Since joining, she has launched initiatives like ‘Brands in Residence’ and AI-driven search tools to enhance customer engagement. Rothwell praised the company’s growth and expressed confidence in Nesbitt’s leadership.
Wickes reported a 6.9% rise in Q1 revenues to £533.1m, driven by strong retail sales, particularly in building, garden, and decorating. Its TradePro service saw a 13% sales increase, with membership growing to 605,000. However, its design and installation segment dipped slightly by 0.4%. The retailer plans to open 5-7 new stores this year, capitalising on favorable weather and market share gains. CEO David Wood highlighted volume-led growth and strategic improvements as key drivers.
Angling Direct posted an 11.9% revenue increase to £91.3m in FY25, with profits rising 23.6%. The fishing retailer expanded its UK store footprint to 53 locations and saw a 14.1% sales boost in Europe. Its ‘MyAD’ loyalty program now has 409,000 members, supporting targeted customer offers. Despite economic headwinds, CEO Steve Crowe remains confident in growth opportunities, including further UK expansions and European digital growth. The company is also investing in digital pricing technology to offset rising labor costs.