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 -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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25 October
UK consumer confidence falters ahead of budget
UK consumer confidence has dropped to -21 in October, according to GfK’s long-running index. The survey revealed that out of the five measures three declined and two rose compared with September’s announcement. The index measuring changes in personal finances during the last year was down one point at -10. Meanwhile,…
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25 October
Bestway Retail strengthens leadership team with three new hires
Bestway Retail, independent food and drink wholesaler which operates Best-one, Costcutter, Bargain Booze and Wine Rack, has announced three senior appointments to its retail team as part of the group’s commitment to continue to support independent retailers. Nick Russell has rejoined the business taking up the role of head of…
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25 October
Vinted eyes expansion beyond clothes amid €340m secondary share sale
Vinted has closed a secondary share sale of €340m (£283.5m) at a valuation of €5bn (£4.17bn) and is now looking to expand beyond clothes. In recent weeks, Vinted has begun the roll-out of a new category for electronics. The transaction, led by TPG, a leading global alternative asset manager, “validates…
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25 October
John Lewis to invest £800m in store renovations over next four years
John Lewis has announced an £800m investment to enhance the group’s stores over the next four years, with the makeovers to its flagship store on Oxford Street and its High Wycombe and Cheadle locations being the first to be completed. While each store so far has gained new and bigger…
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25 October
Boohoo refutes Frasers stone-walling claims over CEO proposal
Boohoo has responded to Frasers’ call to install Mike Ashley as CEO, rebutting claims it has “stone-walled” Frasers over discussions about the appointment, whilst also calling Frasers’ categorisation of its debt refinancing “inaccurate and unfair”.Earlier this week, Frasers Group called on Boohoo to appoint its founder Mike Ashley as director…
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24 October
Today’s news in brief-24/10/24
Frasers Group is pressuring Boohoo to appoint its founder Mike Ashley as CEO, criticising the current leadership’s handling of the business. In an open letter, Frasers, which holds a 27% stake in Boohoo, described the company’s recent performance as “abysmal,” following a 15% revenue decline to £620m for the six…
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24 October
Klarna enters UK gift card market with launch of Gift Card Store
Klarna, the AI powered global payments network and shopping destination, has partnered with Blackhawk Network (BHN), a leading global branded payments provider, to launch Klarna’s Gift Card Store in the UK. This gives customers the ability to buy gift cards from an extensive selection of brands and pay for them…
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24 October
Very Group profits jump 17% amid ‘careful cost management’
The Very Group has revealed that its pre-exceptional operating profit jumped 17.1% to £218.3m for the year ended 29 June 2024. Furthermore, the group’s EBITDA rose 8.4% to £267.6m, up from £246.9m in the previous year. Alongside this, Very UK revenue increased 0.7% to £1.84bn however its group revenue declined…
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