News
The latest news, updates and analysis on the the UK retail industry. Covering every segment of the market, Retail Sector’s business journalists keep you in the picture.
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Mar- 2018 -26 March
Gucci owner Kering faces tax investigations
Swiss prosecutors have opened an investigation into luxury fashion giant Kerring over alleged tax evasion after a request for assistance from Italian authorities. According to reports, an Italian inquiry which began in November 2017 looked into whether profits Kerring made on Gucci sales in Italy had actually been declared in…
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26 March
JD Sports Fashion to acquire US brand Finish Line
Fashion retailer JD Sports Fashion is set to acquire US retailer The Finish Line for $558m (£396m). Finish Line is one of the largest retailers of athletic footwear, apparel and accessories in the US and trades from 556 branded stores across 44 US states. It is also the exclusive retailer…
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26 March
No-deal Brexit ‘could add £7.8bn’ to retail costs
New research launched from Retail Economics and Squire Patton Boggs shows that £7.8bn could be added to the cost of retail goods if the UK fails to agree a favourable trade deal with the EU before departure. The research features in the first edition of the UK Retail Brexit and…
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26 March
House of Fraser holds emergency refinancing talks
Department store group House of Fraser has held refinancing talks with Alteri Investors as fears grow over its financial condition. According to The Sunday Times, House of Fraser executives met with Alteri, an investor firm that specialises in turnarounds for struggling retailers, with the aim of securing around £40m of…
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23 March
‘Beast from the East’ drives online retail sales
UK online retail sales were up +13.1% year-on-year (YoY) in February, according to the latest figures from the IMRG Capgemini e-Retail Sales Index. A cold snap named the ‘Beast from the East’ hit the UK in the last week of February which Capgemini said meant shoppers make more online purchases,…
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23 March
Retail sales see first increase in two months
Retail sales increased by 0.8% in February this year compared with the previous month, with increases seen across all main sectors except non-food stores. The latest data from the Office for National Statistics (ONS) showed the first uptick after two monthly declines in December and January, resulting in an overall…
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23 March
Next admits 2017 was ‘the most challenging year’ as annual profits drop
Next has seen its annual profits drop by 8% after what the retailer described as its most challenging year for 25 years. The fashion retailer’s pre-tax profits dropped to £726.1m down from £790.2m, although this was in line with expectations. Next attributed the decline to “a weak clothing market” as…
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23 March
Toys R Us founder dies aged 94
The founder of Toys R Us, Charles Lazarus, has died aged 94, after a period of declining health. He founded the company and began selling toys 1957, after he returned from military service in the Second World War. The toy retail firm has issued the following statement: “There have been…
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22 March
Conviviality launches £125m fundraising bid to avert bankruptcy
Conviviality has announced it urgently needs to raise £125m to avert bankruptcy as it issued its third profit warning in a single month. In a statement the off-licence retail group confirmed that through its broker, Investec Bank, meetings with institutional investors have been arranged for the coming days to effect…
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22 March
PerfectHome to refund £2.1m to customers issued unaffordable loans
Rent-to-own firm PerfectHome has been ordered to refund a total of £2.1m to customers issued with loans they could not afford, in an agreement with the Financial Conduct Authority (FCA). The FCA identified that the firm’s affordability assessments did not adequately take into account customer circumstances. Additionally, the regulator said…
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