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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Sep- 2024 -6 September
Today’s news in brief-6/9/24
Burberry, a fixture in the FTSE 100 for the past 15 years, has been demoted to the FTSE 250 following a steep decline in its share price, which has plummeted by around 50% over the last six months. The luxury fashion house has been hit hard by a slowdown in…
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6 September
La Redoute appoints new CEO
La Redoute has announced the appointment of Fabien Versavau as chief executive officer, effective from 9 September. In his new role, he will be responsible for defining the company’s strategic roadmap and overseeing its operations, particularly supporting growth in France and internationally, strengthening the home segment, and optimising performance. Versavau…
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6 September
New Body Shop owner lines up working capital amid rescue deal
The new owners of The Body Shop are in advanced talks to secure more than £30m in working capital from Hilco Capital as they finalise a deal to buy the chain out of administration, according to Sky News. The news comes after businessman Mike Jatania’s consortium, Auréa Group, officially entered…
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6 September
H&M revives Cheap Monday with new collection
H&M has announced the relaunch of Cheap Monday with a new denim collection featuring American artist Nessa Barrett. As a result of this, Asos has become one of the exclusive retailers of the brand originally established in 2004. The new Cheap Monday collection will feature an assortment of denim, from…
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6 September
Tesco backs 16 new brands as part of accelerator programme
Tesco has stepped up its commitment to championing diverse new brands by adding 16 new brands to its 2024 accelerator programme. Building on the success of previous intakes, 16 brands will join the Tesco initiative, which aims to introduce small and trend-led brands into Tesco. The programme provides a comprehensive…
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6 September
CBI boss calls for gov to fix ‘antiquated’ rates system
CBI CEO Rain Newton-Smith has called on the government to fix the “antiquated” business rates rules in England to boost investment and grow the economy. Ahead of the Autumn Budget, the CBI convened firms from 12 sectors, including retail and manufacturing, to develop cross-economy solutions for a competitive and transparent…
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6 September
Burberry relegated from FTSE 100 as share price falls
Burberry has been relegated from the FTSE 100, having been in the tier for 15 years, after its share price plummeted this year following weaker sales. According to the latest FTSE Russell quarterly review, the luxury clothing brand now joins the FTSE 250, with insurer Hiscox taking its place in the…
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6 September
Gear4music on track for FY25 revenues of £154.7m
Gear4music expects that revenues for the year ending 31 March 2025 will be on track to hit a total of £154.7m, with EBITDA of £11.7m and profit before tax of £2.8m. The musical instruments and music equipment retailer will be holding its Annual General Meeting today (6 September) at 10.30am. …
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5 September
Today’s news in brief-5/9/24
Asos has sold a majority stake in Topshop and Topman to Heartland, a move valued at £135m. Heartland, owned by Bestseller, will acquire a 75% stake while Asos retains 25%. The deal includes rights for Asos to continue marketing the brands online under a new joint venture, aiming to streamline…
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5 September
Asda becomes first supermarket to sell refurbished TVs
Asda has announced that customers in six locations will now be able to purchase refurbished TVs in a first for a UK supermarket. The retailer has refurbished three models of returned HD LED Smart Sharp and Polaroid TVs at its ERC (electrical returns centre) using recycled materials and they will…
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