High Street
The latest news, updates and analysis on the the British High Street and UK retail industry. Sign up to the Daily Briefing and let Retail Sector’s business journalists keep you in the picture.
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Aug- 2022 -22 August
Hargreaves enters new fight with lenders to secure Matalan’s future
John Hargreaves, the founder of Matalan, is preparing for a new fight with its lenders over its ownership ahead of a deadline for refinancing £350m in debt, according to Sky News. Hargreaves reinstated himself as chairman of Matalan last month, and has since injected tens of millions of pounds into…
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19 August
TK Maxx owner’s sales hit by ‘historical’ inflation
TK Maxx owner, The TJX Companies, has revealed net sales for the second quarter of Fiscal 2023 ended July 30 2022 decreased 2% to $11.8bn (£9.9bn). It comes as US sales fell by 3.2% to $9.1bn (£7.5bn), Europe and Australia net sales dropped 1.5% to $1.5bn (£1.24bn), while Canada net…
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17 August
Boohoo makes strategic investment into Revolution Beauty
Boohoo has announced that it has recently made a strategic investment into Revolution Beauty Group plc amounting to a direct interest of 7.1% of Revolution Beauty’s issued share capital. The investment builds upon the existing relationship between Boohoo and Revolution Beauty, under which Revolution Beauty products are sold through several…
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16 August
Body Shop owner sees revenues decline 8.6%
Natura & Co, the owner of The Body Shop, Avon and Aesop has seen its group revenue decline 8.6% in the second quarter to 30 June. Net revenue at The Body Shop fell by 25.3% despite store revenues being up compared to last year due to a rise in footfall.…
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15 August
Canada Goose profits soar amid retail expansion
Canada Goose has reported “better than expected” gross profits of $42.7m (£35.3m) for the first quarter fiscal 2023 ended July 3 2022, up 39.1% from $30.7m (£25.3m) over the same period last year. Revenues were also up 24.2% from $56.3m (£46.5m) to $69.9m ($57.8m). The company said its EMEA revenue…
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12 August
Superdrug and Savers to provide 25,000 UK jobs
A.S. Watson Group, the owner of Superdrug and Savers, has announced its commitment to create 200,000 job opportunities for 16-23 year olds globally, and of which 25,000 jobs will be provided across both retailers in the UK by 2030. The group will equip the young starters with “essential” skills to…
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11 August
Marks Electrical Group revenues up 13.7% to £27m
Marks Electrical Group has reported a strong trading period in the first four months of FY23, with revenue growth of 13.7% to £27.7m. The company said the performance was delivered despite a “challenging market backdrop”. It’s performance was driven across all categories but particularly in televisions, vacuum cleaners, washers and…
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10 August
PrettyLittleThing ad banned for portraying minor in ‘sexualised’ manner
The ASA has banned a PrettyLittleThing (PLT) advert for portraying someone under 18 in a ‘sexualised’ manner. The ad campaign in question featured Travis Barker’s daughter Alabama Barker, who was 16 at the time. The ASA ruled the retailer used “socially irresponsible” images of the model. In response to the…
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9 August
Neiman Marcus appoints new president
Neiman Marcus Group has announced the appointment of Ryan Ross as its president, effective Aug 15 2022. Ross will report to Geoffroy van Raemdonck, chief executive officer, NMG. Ross was previously president of Williams Sonoma, where he was responsible for driving integrated channel strategies, customer growth and evolving the relevancy…
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8 August
Burberry appoints new non-executive director
Burberry Group has announced that Alan Stewart has been appointed to the board as a non-executive director and member of the Audit and nomination committees, with effect from 1 September 2022. The company has also announced that Matthew Key will be retiring as a non-executive director following completion of nine…
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