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 -19 November
Julian Bambridge: Driving MPM Products to Global Pet Food Leadership
Julian Bambridge, Global CEO of MPM Products, has led the company through an extraordinary journey of growth and innovation. From its humble beginnings as a niche cat food company, MPM now serves over 40 countries with premium pet food. In a candid interview, Bambridge reflects on his career path, MPM’s…
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19 November
Ikea to open Oxford Street pop-up ahead of 2025 flagship launch
Ikea has announced it is set to open a new ‘Hus of FRAKTA’ pop-up on London’s Oxford street on the 28th November, as it prepares for its flagship store launch next year. The pop-up is dedicated to “one of the most iconic symbols” of the IKEA brand, the blue FRAKTA…
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19 November
Asos CEO receives £300k pay boost despite widening losses
Asos CEO José Antonio Ramos Calamonte received a bumper pay rise of 44% following a £300k bonus despite the fashion retailer’s losses widening to £379.3m for the year to 1 September. The annual bonus of £361,585, which GMB Union called “rewarding spectacular failure” in The Guardian, comes as Asos saw…
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19 November
Retailers warn National Insurance increase could cause job losses
A number of large retailers have warned that the National Insurance increase could cause inflation and job losses, in a letter sent to chancellor Rachel Reeves. Over 70 businesses including Tesco, Sainsbury’s, Next, Amazon, and Boots have written to Reeves, in a letter organised by the British Retail Consortium. The…
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19 November
Revolution Beauty profits rise to £3.9m despite 20% drop in sales
Revolution Beauty has reported an 18% rise in adjusted EBITDA to £3.9m for the six months ended 31 August 2024, despite a 20% drop in sales from £90.4m to £72.4m. The decline in group revenues were driven by the planned simplification of the product portfolio and the discontinuation of unproductive…
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19 November
Morrisons slashes debt by £2.4bn following restructuring
Morrisons has announced a substantial reduction in its debt following a major restructuring process, lowering debt by £2.4bn. In an official announcement, the supermarket chain has confirmed that since the beginning of 2023 its debt fell from a peak of £6.2bn to £3.8bn. This includes a further repayment of an…
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19 November
Mulberry to ‘rebuild’ business after losses widen and sales plunge 19%
Mulberry has seen its losses widen to £15.3m in its half-year results, up from a previous loss of £13.5m, as sales plummeted amid a period of “significant uncertainty” for the business. In the half-year ended 28 September 2024, revenues fell by 19% to £6.1m, with UK sales down by 14% to…
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18 November
Gen Z market a ‘massive but time-sensitive opportunity’ for health and fitness brands, UNiDAYS finds
As we approach the new year, health and fitness brands have a compelling and urgent opportunity to engage the notoriously discerning Gen Z demographic. The latest Health and Fitness Report from UNiDAYS reveals that nearly one in five students are determined to get fit in January. Almost half (44%) intend…
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18 November
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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18 November
Aldi launches donation drive ahead of Christmas
Aldi has launched a donation drive ahead of the Christmas period and revealed a list of the most in-demand items at foodbanks to help guide shoppers. The items have been selected by foodbanks, charities and community groups across the UK and include store cupboard essentials, festive treats, toiletries and pet…
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