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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Nov- 2024 -26 November
Halfords CEO calls for apprenticeship levy reform as sales drop 1% in H1
Halfords has called on the Government to reform the apprenticeship levy amid a 1% drop in revenues for the 26 weeks to 27 September 2024. Revenues for the retailer dropped to £864.8m in H1 FY25, compared to £873.5m in 2024. Autocentres, which accounts for 40% of total sales, reported a…
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26 November
AO raises guidance as half-year profits hit £17m
Electrical retailer AO has raised its full-year forecast to between £39m and £44m, as profits before tax rose 30% year-on-year to £17m for the six months to 30 September. Group revenues are now expected to hit between £1.09bn and £1.13bn, as AO saw half-year revenue growth of 13% in its…
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26 November
Asda turnaround could take 3-5 years, says incoming chair
Former Asda CEO Allan Leighton has said that a turnaround of the business could be a three to five year process, as he is set to help lead turnaround efforts in his new role as chair of the group. Speaking to The Guardian shortly following his appointment, Leighton said that his…
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26 November
Secret Sales expands European presence with Afound acquisition
Secret Sales, the marketplace for off-price retail in fashion, sportswear and beauty, has acquired H&M Group’s digital fashion outlet, Afound. The company said the move solidifies its position in European off-price retail, establishing operations across 10 countries including Sweden, Denmark, Norway, Finland, Germany, The Netherlands, Belgium, Ireland, Spain and the…
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26 November
Represent sells minority stake to investment firm True
Luxury brand Represent has sold a minority stake to investment and innovation firm True to accelerate its growth and global expansion. To help continue the brand’s success, True is also leveraging its experience in the consumer and retail sectors to accelerate growth across the world, channels, and categories — starting…
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25 November
Today’s news in brief-25/11/24
Asda has announced the return of Allan Leighton as executive chair, succeeding Stuart Rose. Leighton, who served as CEO of Asda from 1996 to 2001, brings extensive leadership experience, including roles at The Co-op and Loblaw Companies. Rose will remain on the board temporarily to ensure a smooth transition. Under…
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25 November
Outdoor brand Sealskinz opens first store in London
British outdoor and premium apparel brand Sealskinz has announced the opening of its first ever store on 1 Hinde Street, Marylebone Village, London. After a competitive selection process, Sealskinz was selected as the occupant for The Howard de Walden Estate location, joining a number of premium brands. The permanent addition…
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25 November
BRC urges public to give retail workers gift of a ‘safe Christmas’
Ahead of Black Friday and the busy festive period, the British Retail Consortium (BRC) and its retail members are calling on the public to “stand together against violence and abuse towards retail workers this Christmas”. The BRC said Christmas is an “incredibly complex and challenging time of year” for the…
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25 November
Zara unveils 51,000sq ft flagship store at Bullring and Grand Central
Fashion retailer Zara has opened a new 51,000sq ft flagship store at Bullring and Grand Central in Birmingham. Part of Hammerson’s strategy to focus on the flight to quality, Zara is the latest global brand to invest in Bullring and Grand Central, joining Sephora, The Sidemen and PureSeoul in the…
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25 November
Ann Summers owners explore options amid widening losses
The owners of Ann Summers, the Gold family, are reportedly lining up Interpath Advisory to explore options for the high street retailer, which could include a partial or majority sale, according to Sky News. This comes after it was found last week (20 November) that the owners had stepped in…
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