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 -27 March
Easter chocolate launches rise by 23%
There has been a 23% rise in Easter chocolate product launches between March 2017 and February 2018. According to Mintel Global New Products Database (GNPD), Brazil accounted for 11% of global Easter chocolate product launches in 2017. Germany is also host to plenty of Easter chocolate innovation, sharing second place…
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27 March
Halfords CFO moves to Dixons Carphone
Dixons Carphone has appointed Jonny Mason to its board as group finance director after a year as interim CEO at Halfords. Mason’s early career included roles as CFO at Odeon and UCI Cinemas, finance director of Sainsbury’s supermarkets and finance roles at Shell and Hanson. Ian Livingston, chairman of Dixons…
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27 March
H&M’s pre-tax profits plunge 61%
H&M’s pre-tax profits dropped by 61% the three-month period ending 28 February 2018 compared with the same period the previous year. The Swedish retailer’s profits fell by 1.26bn Swedish crowns (£108.24m), slightly short of the 1.29bn analysts expected. Shares fell by 5% in early trading, putting it at its lowest…
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27 March
Select seeks CVA putting 2,000 jobs at risk
Genus UK, the parent company of fashion retailer Select, is seeking a Company Voluntary Arrangement (CVA) that would allow it to slash rents in its 183 stores. While the group said it currently has no plans to close any stores, the CVA proposal includes an option for landlords to “take…
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27 March
Over 80% of national retailers snub new Instagram tech
A new selling feature on photo-sharing social media app, Instagram, has been ignored by more than 80% of retailers in its first week, according to Cybertill. Instagram rolled out a new ‘Shopping’ feature to business accounts in the United Kingdom, as well as Germany France, Italy Brazil, Canada, Spain and…
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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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