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.
-
Nov- 2024 -21 November
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…
Read More » -
21 November
Superdry warns of sales decline following stock exchange departure
Superdry has warned that its sales for the current financial year will continue to fall, following its departure from the London Stock Exchange to focus on its new restructuring plan. In documents filed with Companies House for the 52 week period ended 27 April 2024, the group reported a 22%…
Read More » -
21 November
Frasers calls on Boohoo to oust founder Kamani as row continues
Frasers has openly called for Boohoo shareholders to oust Mahmud Kamani from the company and instead appoint Mike Ashley to the board, citing that “urgent change is needed” at Boohoo following its latest “dismal” results.In its latest open letter to shareholders, the Mike Ashley-owned group, which is a majority shareholder…
Read More » -
21 November
Boohoo appoints new independent chair
Boohoo has announced the appointment of Tim Morris as the company’s independent chair with immediate effect. In his role as chair, Morris will be responsible among other things for overseeing the Group’s recently announced Business Review. Alongside this, Mahmud Kamani will become executive vice chair with immediate effect. Kamani has…
Read More » -
21 November
Morrisons set to close Rathbones bakery, 400 jobs at risk
Morrisons is preparing to close down its Rathbones bakery in a move that could put almost 400 jobs at risk, according to the BBC. The supermarket initially acquired the bakery in 2005 but said it has struggled to make it profitable “for a number of years”. Morrisons has now reportedly…
Read More » -
21 November
JD Sports to hit low end of guidance amid ‘volatile’ October
JD Sports has said it expects its full-year profits to hit the lower end of its £955m to £1.035bn guidance, as the retailer’s sales fell by 2.4% in the third quarter to 2 November. While the group saw “increased trading volatility” in October, particularly in the UK and North America,…
Read More » -
20 November
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…
Read More » -
20 November
Deliveroo partners with Hurr to deliver rental designer dresses
Deliveroo has announced a new partnership with resale fashion marketplace Hurr to bring rental designer dresses to customers. The new collaboration will allow Deliveroo customers to rent pre-loved high-end fashion pieces from Hurr’s selection directly through the Deliveroo app. Customers within central London will be able to browse through a…
Read More » -
20 November
Ted Baker relaunches UK website
Ted Baker has relaunched its ecommerce website under its new operator in the UK following its collapse earlier this year. The new website currently only ships exclusively to the UK but states that European versions are coming soon. It is the first move from United Apparel and Legwear (ULAC), the…
Read More » -
20 November
Energy bills push inflation to 2.3% in October
The rising cost of energy has pushed inflation up to 2.3% in October, above consensus forecasts of 2.2%, according to the latest figures from the Office for National Statistics (ONS). The figure is up from the 1.7% posted in September and is also above the desired level of 2% set…
Read More »
