News-In-Brief

Saint + Sofia opens first physical store in Covent Garden

Contemporary womenswear brand Saint + Sofia has opened its debut bricks and mortar store in Covent Garden’s Seven Dials. After building significant commercial success online, Saint + Sofia makes its entrance to physical retail in a 1,600 sq ft flagship store in the heart of Covent Garden’s Seven Dials, at…

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Retail sales dip by 0.7% in October

Retail sales have dipped in October by 0.7% following a rise of 0.1% in September, the ONS has revealed.  New figures released today (22 November) show that when compared with their pre-coronavirus pandemic level in February 2020, volumes were down by 1.5%. However, over the year to October 2024, sales…

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Today’s news in brief-21/11/24

Boohoo has appointed Tim Morris as its new independent Chair, effective immediately, marking another milestone in the company’s ongoing restructuring. Mahmud Kamani, the founder, transitions to the role of executive vice chair while waiving his salary for a year. This change aligns with Boohoo’s broader strategy to improve governance and…

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Today’s news in brief-20/11/24

Ted Baker has re-entered the online retail scene with a UK-exclusive ecommerce platform following its financial collapse earlier this year. The site is operated by United Apparel and Legwear (ULAC), appointed by Authentic Brands Group, which owns the brand. European versions are in development. This marks a strategic pivot after…

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Today’s news in brief-19/11/24

Morrisons has achieved a significant reduction in its debt, cutting it by £2.4bn as part of a major restructuring. Since the start of 2023, the supermarket’s debt has dropped from £6.2bn to £3.8bn, supported by a £370m ground rent deal with Song Capital. The restructuring extended Term Loan Facilities to…

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Today’s news in brief-18/11/24

Sephora is poised for an ambitious UK expansion, planning 20 new stores by 2027, doubling its physical footprint. CEO Guillaume Motte attributes renewed confidence in the UK market to an improved competitive landscape. The brand, which re-entered the UK in 2022 after a 17-year absence, currently operates six stores, with…

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Today’s news in brief-15/11/24

The UK economy stagnated in Q3 2024, with GDP rising just 0.1%, a sharp slowdown from 0.5% growth in Q2. The services and construction sectors saw modest gains, but production shrank. Nominal GDP increased by 0.8%, driven by rising employee compensation. Economic uncertainty, partly due to the upcoming budget, hindered…

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Today’s news in brief-14/11/24

The Range and Wilko owner, CDS Superstores, has acquired 70 Homebase stores after the DIY retailer entered administration. This move, intended to save about 1,600 jobs, will allow Homebase stores to continue operating under CDS while administrators from Teneo Financial Advisory manage the transition. Homebase’s decline, attributed to low consumer…

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Today’s news in brief

Asda announced plans to cut 475 head office roles and reduce hybrid work arrangements, requiring staff to be in the office at least three days per week from January 2025. This decision is part of a turnaround strategy aimed at streamlining the company’s structure amidst challenging market conditions. The layoffs,…

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Today’s news in brief-6/11/24

Marks & Spencer (M&S) reported a strong half-year performance, with profits rising 17.2% to £407.8m for the period ending 28 September 2024. Revenue increased by 5.7% to £6.48bn, attributed to the company’s “Reshape M&S for Growth” strategy. Food sales grew 8.1%, while Clothing and Home sales rose by 4.7%. Despite…

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