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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Jul- 2024 -26 July
THG to axe 171 roles as staff ordered to return to office full-time
THG is reportedly set to axe 171 jobs across the business whilst “insisting” that staff return to the office five days a week, The Financial Times has reported. The company is said to have told employees this week that it expected to make a total of 171 redundancies across six divisions,…
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26 July
Deliveroo partners with The Perfume Shop to boost retail offering
Deliveroo is partnering with the UK’s fragrance retailer The Perfume Shop to expand its “Deliveroo Shopping” offering. The partnership will launch in the coming months and will initially be available from 21 stores covering London, Manchester, Bristol, Birmingham, Leeds, Glasgow and Edinburgh. This partnership comes as the UK fragrance sector…
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26 July
Apollo acquires Evri from Advent International
Private equity firm Apollo Global Management entered into a definitive agreement yesterday (25 July) with Advent International to acquire parcel delivery company, Evri, for an undisclosed amount. Since relaunching as Evri in 2022, the company has strengthened its national network that has been purpose-built for third-party ecommerce parcels and its…
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26 July
JD Sports eyes job cuts at Derby distribution centre
JD Sports has confirmed that it is considering the future of a number of jobs at its Derby distribution centre. The 514,000-square-foot warehouse can be found on Derby Commercial Park, off Raynesway, and opened around three years ago. A person familiar with the situation has stated that “no final decision”…
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25 July
Today’s news in brief-25/7/24
Burberry is on the lookout for a new chair to replace Gerry Murphy amidst challenging times in the luxury goods market. Following a profit warning and CEO change, Burberry aims to rejuvenate its struggling business, highlighting ongoing difficulties exacerbated by weakened demand from the Chinese market. Hammerson remains optimistic despite…
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25 July
Lidl to invest £1.5bn in beef industry over next five years
Lidl GB has committed to invest £1.5bn into the British beef industry over the next five years, as part of its wider commitment to sourcing 100% British beef. The supermarket is launching the Sustainable Beef Group to support farmers transitioning to sustainable practices. Those in the group will be rewarded…
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25 July
Howdens maintains full-year outlook as H1 sales and profits rise
Howdens has welcomed good revenue growth in the first half of the year despite a “challenging” marketplace, as sales rose by 4.3% to £966.3m, with the group maintaining its full-year outlook. Profit before tax was in line with last year at £112.3m, up from £111.9m, following a £16m investment in the…
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25 July
Hammerson upbeat despite £517m loss
Hammerson has hailed a “strong performance” in the first half of the year ended 30 June despite experiencing a £517m loss. It said the loss was due primarily to a reclassification of the Value Retail stake “from a carrying value of £1.1bn” that the company sold on 22 July for…
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25 July
Burberry begins hunt for chair’s successor
Burberry is reportedly seeking a new board member who could replace incumbent chair Gerry Murphy, according to reports from Sky News. The company is reportedly working with headhunters to identify two new non-executives who would be contenders to replace Murphy. A definitive timetable for his successor has not been laid…
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25 July
Virgin Wines EBITDA hits £2.8m
Online wine retailer Virgin Wines UK has reported a 260% increase in EBITDA to £2.8m, with its profit-before-tax also expected to be £1.95, up from a loss of £430k, for the year ended 30 June 2024. Meanwhile, its revenue was in line with the prior year at £59m (FY23: £59m).…
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