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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Oct- 2024 -28 October
Today’s news in brief-28/10/24
Mike Ashley, founder of Frasers Group, has indicated readiness to step into the CEO role at Boohoo to initiate a turnaround strategy, following Frasers’ acquisition of a 27% stake in the fast fashion retailer. He criticised Boohoo’s management and recent refinancing, which he termed unsatisfactory for shareholders. Boohoo’s refinancing agreement…
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28 October
John Lewis Partnership to recruit ‘record’ 12,500 seasonal roles
The John Lewis Partnership (JLP) has revealed it is recruiting a record 12,500 temporary roles across the country – 4,100 more jobs compared with last year – as customer numbers hit record levels and it doubles down on its commitment to customer experience. The roles, comprising those in Waitrose and…
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28 October
FatFace falls to £3.2m loss following Next takeover
FatFace has fallen to a pre-tax loss of £3.2m in the 35 weeks ended 27 January 2024, down from a profit of £19.5m the prior year, after exceptional costs rose over the period.It comes as the group faced exceptional costs of £7.9m related to integrations following its takeover by Next,…
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28 October
Amazon grocery boss to step down
Amazon grocery boss Tony Hoggett has revealed that he is set to step down from his position at the company to “pursue the next chapter of his career”. Hoggett joined Amazon back in 2022 as senior vice president of worldwide grocery stores. Previous to this he was Tesco group chief…
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28 October
Lidl to open 10 new stores before Christmas
Lidl is accelerating its national expansion with the opening of 10 new stores before Christmas. From Berwick Green in Bristol to Bovey Tracey in Devon and Stirchley in Birmingham, the discounter will create around 400 new jobs. In London alone, it is opening three new stores, including Hoxton, Forest Gate…
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28 October
Mike Ashley ‘ready’ to assume CEO role at Boohoo
Mike Ashley, the founder of Frasers Group, is reportedly “all in” to take up the post of CEO at Boohoo and begin a turnaround plan, according to The Sunday Times. It comes after Frasers Group began acquiring Boohoo shares in June 2023. The group currently holds a 27% stake in…
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28 October
M&S adds self checkouts to changing rooms
Marks and Spencer is set to add self checkouts to its changing rooms across 180 clothing stores in order to prevent customers from having to queue twice, The Telegraph reported. The retailer reportedly already installed the new technology in 28 stores and it’s now planning to complete the roll out…
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25 October
Today’s news in brief-25/10/24
Boohoo has countered Frasers Group’s claims of “stone-walling” regarding the latter’s push to install Mike Ashley as Boohoo’s CEO. In response to an open letter from Frasers, which accused Boohoo’s board of hindering its proposals and expressed dissatisfaction with Boohoo’s recent debt refinancing, Boohoo stated that Frasers’ preference for Ashley…
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25 October
Strathberry relocates store to Covent Garden
Strathberry, the Edinburgh-based brand specialising in luxury leather goods, has relocated its store within Covent Garden’s historic Market Building. Capitalising on the success of its debut store, Strathberry has doubled the size of its Covent Garden Market Building boutique. The upsized unit, measuring 1,200 sq ft, will enable the brand…
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25 October
Frasers Group opens 70,000 sq. ft Flannels Leeds flagship
Frasers has opened a new store in Leeds marking its sixth ‘flagship’ store with additional locations in London, Leicester, Liverpool, Sheffield and Newcastle. The store, which stretches across six floors and over 70,000 sq.ft, offers luxury and contemporary designer fashion brands, beauty retail concepts, a luxury resale space, full-scale homeware…
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