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 -7 October
Weird Fish improves profitability in FY23
Weird Fish, the British lifestyle clothing and accessories brand, has revealed its EBITDA increased 80% to £2.6m as the business accelerated investment across both online and in store and reduced overall discounting in the year ending 31 December 2023. Weird Fish said the move to improve profitability led to a…
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7 October
Carpetright owner takes £11m hit from The Floor Room administration
Figures from Companies House show that Carpetright owner Nestware has taken a £10.8m hit as a result of the closure of The Floor Room. Nestware put the company into administration at the start of August, resulting in 201 job losses. The Floor Room was the sole provider of flooring and…
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7 October
Sainsbury’s to recruit 20,000 staff ahead of festive season
Sainsbury’s revealed it is recruiting 20,000 seasonal roles nationwide in the run up to the Christmas season, including 18,000 at Sainsbury’s and 2,000 at Argos, both in-store and through home deliveries. The new employees will be responsible for helping customers in-store, restock shelves, and pick and deliver online orders. They…
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7 October
Mulberry founder suggests LVMH may be best fit for bidder
Roger Saul, the founder of luxury handbag retailer Mulberry, has told This is Money that it would fit “more naturally” with a European luxury group like LVMH. It comes after the retailer rejected an £83m bid from Sports Direct CEO Mike Ashley last week, despite admitting that Mulberry has struggled…
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7 October
Footasylum secures £35m funding package for expansion
Footasylum is set to accelerate its growth plans across the UK and beyond after securing a £35m revolving credit facility (RCF) from HSBC UK. Footasylum was acquired by Aurelius, a global alternative investor, in August 2022. Since then, the company has embarked on a strategic store opening and upsizing programme,…
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7 October
Yoox Net-A-Porter to be acquired by Mytheresa in €555m deal
Mytheresa has signed a deal to acquire Yoox Net-A-Porter (YNAP) from Richemont for €555m (£464m).Following the deal, Richemont will acquire a 33% stake in Mytheresa, while Mytheresa will acquire 100% of the share capital of YNAP. Richemont will also provide a six-year revolving credit facility of €100m (£84m) to help…
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4 October
Today’s news in brief-4/10/24
Shein is moving ahead with plans for a highly anticipated London IPO, reportedly set to hold informal talks with investors across Europe. According to sources, Shein’s roadshows aim to assess investor interest ahead of regulatory approval from both UK and Chinese authorities. Having confidentially filed for a £50bn float in…
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4 October
Co-op to install solar panels on 700 sites
Co-op has announced its ambitions to install solar panels on a target of up to 700 sites across its food, funeralcare and logistic portfolio across the UK over the next three years. As part of its journey to increase the amount of renewable power that it directly procures, Co-op is…
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4 October
Frasers increases Mulberry stake after failed takeover bid
Mike Ashley’s Frasers Group has acquired more shares in Mulberry just days after it had a takeover bid for the company rejected. Frasers subscribed for 4.0 million shares at the 100p per share fundraising price, through clawback provisions available to major shareholders. Before this Frasers held 22.1 million shares in…
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4 October
M&S Clothing & Home MD joins Refined Networks as NED
M&S Clothing and Home managing director Richard Price has been appointed as a non-executive director at Refined Networks, the global platform for cross-border digital commerce. The non-executive appointment comes at a time of rapid expansion for Refined Networks. Since 2021, the company has partnered with over 40 international fashion brands…
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