Today’s news in brief-6/2/24

Revolution Beauty has settled a dispute with its former CEO and co-founder, Adam Minto. Minto will pay the company £2.9m over six years, starting with a payment of £483,333.35 due in March. The settlement follows delays in the company’s financial reporting during Minto’s tenure. Both parties agreed to settle without admitting liability, allowing Revolution Beauty to focus on its future strategy.

Naked Wines has appointed Rodrigo Maza as its new CEO designate. Maza, who has experience in the alcohol beverage industry, will succeed the previous CEO, Rowan Gormley. Gormley will resume his role as non-executive chairman. The company also appointed Emma Kamel as general manager of its UK business. Maza’s leadership aims to drive the company’s turnaround strategy and restore sustainable growth.

Asda plans to open 110 Asda Express convenience stores in February, marking a record for a single month. These openings are part of Asda’s strategy to reach 1,000 UK stores, including supermarkets and convenience stores, for the first time. The expansion follows the acquisition of former Co-op and EG Group stores. Asda aims to provide value and fuel savings to more communities across the UK, leveraging its position as a price leader in the supermarket industry.

Retail sales in the UK increased by 1.2% year-on-year for the four weeks ending January 27, 2023, compared to 4.2% growth in January 2023. The slower growth is attributed to easing inflation and weak consumer demand amid ongoing cost-of-living challenges. Food sales increased, but non-food sales declined, particularly in-store purchases. Online non-food sales also decreased slightly. The British Retail Consortium urges government support to address challenges faced by retailers.

Hobbs plans to expand its store portfolio despite recent closures. The company will open new stores in favourable locations and expand internationally. The decision follows an increase in pre-tax profits reported by Hobbs’ owner, TFG London. The expansion aims to meet customer needs and improve store distribution. Hobbs’ growth strategy focuses on enhancing its presence both domestically and internationally.