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
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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24 October
Frasers calls for Boohoo to appoint Mike Ashley as CEO
Frasers Group has called on Boohoo to appoint its founder Mike Ashley as director and CEO of the struggling online company, after slamming the “continued incompetence” of the current Boohoo board amid an “abysmal” trading performance. In an open letter to Boohoo, Frasers urged the company to remove outgoing CEO John…
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24 October
Dunelm sales hit £403m in Q1
Dunelm has posted a 3.5% rise in total sales to £403m for the 13-week period ended 28 September 2024. The homewares retailer said that growth was broad-based across its categories, with the sofa collections performing “especially well”. Digital sales growth in Q1 was strong, up 2 ppts as a proportion…
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24 October
Whistles owner in advanced talks to acquire White Stuff
The Foschini Group (TFG), which owns fashion retailers Whistles and Phase Eight, is reportedly in “advanced” talks to acquire high street clothing retailer White Stuff, according to Sky News. Once acquired, Foschini aims to invest in the future expansion of White Stuff, Sky reported. While it is understood that a…
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24 October
Amazon expands same-day delivery to 80 towns and cities
Amazon has announced the expansion of its same-day delivery service to 80 towns and cities, with Aberdeen, Middlesbrough, and Plymouth the most recent additions. Same-day is Amazon’s fastest delivery speed, allowing Prime members to shop millions of products and receive their order conveniently at home, or at a pickup location…
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23 October
Today’s news in brief-23/10/24
Chancellor Rachel Reeves is reportedly considering imposing higher taxes on Amazon as part of a broader effort to support British high streets, which have been struggling to compete with online giants. The proposed measures could come after her upcoming autumn budget, which is expected to introduce tax hikes and spending…
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