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.
-
Oct- 2024 -11 October
Quiz CFO to step down
Quiz has announced that Gerard Sweeney has informed the board of his intention to step down from his role as chief financial officer and company secretary. Sweeney will depart after more than eight years at the omnichannel fashion brand. According to Quiz, the recruitment process to find Sweeney’s successor has…
Read More » -
10 October
Today’s news in brief-10/10/24
Asos has finalised the sale of Topshop and Topman to Heartland, a joint venture led by Bestseller, with Heartland acquiring a 75% stake for £135m while Asos retains 25%. This move follows Asos’ September decision to divest these brands amidst a business refinancing. Asos will retain design and distribution rights…
Read More » -
10 October
Tesco to invest £4m of fruits and vegetables to 400 schools
Tesco is going to invest £4m in a new scheme that will give thousands of young people fruit and vegetables every day at school. Tesco Fruit and Veg for Schools, which has been developed in partnership with the British Nutrition Foundation, will provide funding for up to 140,000 pupils to…
Read More » -
10 October
Uniqlo owner sees profits jump 24% to £2.46bn in FY24
Uniqlo’s parent company, Fast Retailing, has revealed that full-year profits rose by 24.9% to ¥283.4bn (£2.46bn), while total group revenues rose 12.2% to surpass ¥3tn (£16.2bn). In the full year ended 31 August, operating profits also rose by 31.4% to ¥500bn (£2.7bn). It comes as Uniqlo in Japan and internationally…
Read More » -
10 October
Amazon launches new AI-powered tools for shoppers and drivers
Amazon has unveiled new AI-powered initiatives for both shoppers and delivery drivers, including the launch of AI Shopping Guides, product guides that will leverage AI for shopping guidance and product recommendations for customers.Alongside this, the retail giant has also unveiled new AI tech for Amazon delivery vans, with plans to…
Read More » -
10 October
Asos completes Topshop sale
Online fashion retailer Asos has completed the sale of Topshop and Topman brands to a joint venture led by Heartland for an undisclosed sum. The news comes after Asos announced its plans to offload the brands on 5 September 2024, amid a refinancing of the business. Following the sale, Heartland,…
Read More » -
10 October
N Brown returns to H1 profitability despite revenue fall
N Brown has posted a pre-tax profit of £200,000 for the half year ended 31 August 2024, up from a loss of £2.8m in the same period last year. This profit comes despite the fact that the company saw its revenues fall 6.7% down to £277.2m from £297m. The retailer…
Read More » -
10 October
Waitrose partners with Just Eat to expand delivery services
Waitrose has today (10 October) partnered with delivery network Just Eat on a multi-year deal to expand its presence in the on-demand grocery and convenience sectors. In the coming weeks, millions of Just Eat customers will be able to order groceries to be delivered in 30 minutes or less from…
Read More » -
9 October
Today’s news in brief-9/10/24
Shein’s UK arm reported robust financial results for 2023, with revenues climbing 38% to £1.55bn and pre-tax profits doubling to £24.4m. These figures surpass rival Boohoo’s latest annual revenues. The company also announced plans for an IPO in London, pending regulatory approval, to capitalise on its growth momentum and expand…
Read More » -
9 October
Charles Tyrwhitt to open new shop in Trafford Centre
Formal menswear brand Charles Tyrwhitt is set to open a new shop in Trafford Centre in November. The new 1,776 sq ft shop will be located on Upper Regent Crescent and will stock all the brand’s latest Autumn Winter 2024 collections. The collection features both formalwear and casualwear, including shirts,…
Read More »
