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 -15 November
UK economy stagnates in three months to September
UK gross domestic product (GDP) is estimated to have stagnated during the third quarter of the year as uncertainty ahead of the budget affected decision making, according to the latest figures from the Office For National Statistics. The ONS found that UK GDP increased by 0.1% in Quarter 3 (July…
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15 November
B&M revenues rise 3.7% to £2.6m in H1
B&M has reported that group revenues rose by 3.7% to £2.6m for the 26-week period to 28 September, as UK revenues also reached £2.1m during the period. It comes as the retailer’s total UK sales growth improved across the half by 6% in the second quarter, spelling an appreciable increase…
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15 November
LVMH unveils new leadership team appointments
LVMH chairman and chief executive officer Bernard Arnault has made a raft of appointments to the group’s leadership team after consulting with the Sustainability and Governance Committee of the board of directors. Maud Alvarez-Pereyre will be appointed executive vice president Human Resources of the LVMH Group and become a member…
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15 November
BRC warns chancellor Budget could cause inflation and job losses
The British Retail Consortium (BRC) has warned that the latest budget could cause inflation and job losses, in a draft letter seen by Sky News. In the draft, the BRC estimated that the National Insurance changes would increase retailers’ tax burden by £2.3bn annually. It also argued that the number…
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15 November
Textile firm Circulose appoints former H&M CEO as chair
Textile firm Circulose has announced the appointment of former H&M group CEO Helena Helmersson as its new chairman, whilst also naming Jonatan Janmark as new CEO. Helmersson joins the firm with extensive experience from the fashion industry and driver of sustainability leadership. Regarding her new role, she said: “I am…
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14 November
Today’s news in brief-14/11/24
The Range and Wilko owner, CDS Superstores, has acquired 70 Homebase stores after the DIY retailer entered administration. This move, intended to save about 1,600 jobs, will allow Homebase stores to continue operating under CDS while administrators from Teneo Financial Advisory manage the transition. Homebase’s decline, attributed to low consumer…
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14 November
Cambridge Satchel to open in Victoria Leeds
British leather bag brand Cambridge Satchel is set to join Victoria Leeds in December. Making a regional debut and accounting for the brand’s third boutique, the new 881 sq ft store will be located in the Victoria Quarter. The debut Leeds store will join the brand’s current sites in Covent…
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14 November
Burberry unveils turnaround plan as profits plummet
Burberry has unveiled a turnaround plan after it posted an adjusted operating loss of £41m for the six months ended 28 September. This is a large fall from the £223m profit it posted in the same period last year and comes alongside a revenue drop of 20%. Furthermore, comparable store…
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14 November
Boohoo raises £39m through fundraiser as half-year losses triple
Boohoo has raised £39.3m through a “significantly oversubscribed” fundraising launch with shareholders after its losses tripled in its half-year results. In the half-year ended 31 August 2024, adjusted pre-tax losses widened to £27.4m, up from a loss of £9.1m the prior year. Revenues also fell by 15% from £729.1m to £619.8m.…
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14 November
CDS Superstores acquires 70 Homebase stores out of administration
The Range and Wilko owner CDS Superstores has acquired 70 Homebase UK stores after the DIY retailer collapsed into administration. Gavin Park, Gavin Maher and Adele Macleod of Teneo Financial Advisory Limited were appointed as joint administrators of HHGL Limited and Hampden Group Limited, which trade under the Homebase name.…
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