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 -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…
Read More » -
23 October
LDO secures French Connection and Rituals stores
The outlet shopping destination in Wembley Park, London Designer Outlet (LDO), has announced the arrival of French Connection and Rituals. Having agreed a three-year lease, French Connection has opened a 1,919 sq ft store, while Rituals is set to open its latest 2,434 sq ft store at the end of…
Read More » -
23 October
Represent to open first UK store in Manchester
Fashion brand Represent is set to open the doors of its first ever UK store in Manchester on 26 October. Following a period of mass growth, the luxury menswear brand is now on track to deliver £100m in turnover by the end of the year. Founded in Manchester in 2011…
Read More » -
23 October
All Saints appoints new ecommerce director
All Saints has appointed Liam Pryce as its new ecommerce director. Pryce joins All Saints after working for four years with FatFace as a digital director. During his term at FatFace, Pryce supported the migration of its operations to Next Total Platform. Throughout his retail career, he also worked with…
Read More » -
23 October
Asda bolsters leadership team with new senior hires
Asda has appointed two new senior leaders to help drive its growth ambitions in 2025. The supermarket giant has named Lauren Lepley as vice president Central Operations and Mark Henry will join in January from M&S as vice president Retail South, with responsibility for Asda’s southern store operations. Both Lepley…
Read More » -
23 October
Virgin Wines returns to profitability in FY24
Virgin Wines has reported a return to profitability in the year to 28 June 2024, as profit before tax rose by £2.4m to £1.7m, up from a previous loss of £700k. While total revenues held steady at £59m, the wine retailer’s adjusted EBITDA rose 59% to £2.8m and gross profits…
Read More » -
23 October
Shein launches branded credit card with Mexican fintech Stori
Shein is set to launch its first branded credit card worldwide through a partnership with Mexican fintech company Stori, Reuters has reported. The credit card, which will be branded Mastercard, will offer points to use on Shein’s website with every purchase made as well as double points on clothes orders. …
Read More » -
23 October
M&S boss calls tax rises ‘the easy way out’ ahead of budget
M&S CEO Stuart Machin has accused chancellor Rachel Reeves of “taking the easy way out” amid reports she is considering a slew of tax increases in the budget. In an open letter written in The Times, Machin stated that he hoped reports of an increase in employer national insurance contributions…
Read More » -
23 October
Chancellor considers Amazon tax in bid to boost British high streets
Chancellor Rachel Reeves is reportedly mulling plans to impose higher taxes on Amazon as part of a shake up that aims to level the playing field between online giants and in-store retailers. According to The Telegraph, the chancellor is believed to be reviewing the business rates paid by companies like Amazon,…
Read More » -
22 October
Today’s news in brief-22/10/24
Mulberry’s board has backed Challice, the majority shareholder, in rejecting Frasers Group’s increased £111m takeover bid. Challice made it clear last week that it has no intention of selling its shares or offering any commitment to Frasers. Mulberry’s board emphasised its unanimous decision to reject the offer, focusing instead on…
Read More »
