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 -15 July
Today’s news in brief-15/7/24
Luxury fashion brand Burberry has ousted CEO Jonathan Akeroyd following a sharp decline in sales during its first quarter. Sales plummeted by 21%, amounting to £458m, with the Americas and Asia Pacific regions experiencing a 23% drop, and Europe, the Middle East, India, and Africa (EMEIA) reporting a 16% fall.…
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15 July
Sephora to open at Birmingham’s Bullring centre
Sephora UK is continuing its retail expansion across the UK with the announcement of a new store at Hammerson’s destination in Birmingham city centre Bullring later this year. The success of the beauty retailer is largely due to the brand’s commitment to retail innovation by creating “unique and diverse” retail…
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15 July
Uniqlo owner ups FY guidance as revenues jump 10%
Fast Retailing, owner of Uniqlo and Theory, has upped its full-year operating profit estimate by 24.6% to ¥475bn (£2.3bn). In the nine months to 31 May, the company’s revenue increased by 10.4% year-on-year to ¥2.3trillion (£11bn), while operating profit rose 21.5% to ¥401.8bn (£1.9bn). In Japan, in the three months…
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15 July
Burberry ousts CEO amid profit warning
Burberry has announced that it has replaced its CEO Jonathan Akeroyd effective immediately after its Q1 sales dropped by a fifth. The fashion house has announced the appointment of former Michel Kors boss Joshua Schulman to replace Akeroyd. Burberry stated that Schulman joins the business with a track record of…
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15 July
Abuse of retail workers to become standalone offence
The government is expected to pass the Crime and Policing bill this week, which will make assaulting, threatening or abusing a retail worker a standalone offence, The Times has reported. It is understood that this new bill will be announced in the King’s Speech on Wednesday (17 July). The Crime…
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15 July
Decathlon launches investment subsidiary
Decathlon has announced the launch of Decathlon Pulse, a fully-owned subsidiary dedicated to investing in new business and “building new long-term growth engines”. An independent entity within the group, Decathlon Pulse will invest in “innovative people and businesses that share its values and commitment”. I It will look to build…
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12 July
Today’s news in brief-12/7/24
Carpetright, facing intensified competition and reduced demand, has enlisted PwC to explore a potential sale. This move, likely to proceed as a pre-pack deal or a company voluntary agreement, aims to stabilise the company amidst financial pressures exacerbated by recent cyberattacks and operational restructuring efforts. The retailer has already initiated…
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12 July
Retailers spend 300 hours a year fighting work admin, study finds
The average retail business is spending nearly 300 hours each year consumed with admin in their day-to-day jobs, according to new research. The study, from Brightpearl by Sage, who polled over 1,000 businesses, found that on average, retailers are spending an average of 5.7 hours weekly, 24 hours and 38.6…
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12 July
Carpetright drafts in advisers to explore sale
Carpetright has reportedly been put up for sale amid increased competition and a slowdown in demand, according to The Times. The company has drafted in advisers PwC to launch a formal sales process with a sale likely to be completed as a pre-pack deal. It could also come in the…
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12 July
GCA warns Amazon it must comply with Groceries Supply Code of Practice
The Groceries Code Adjudicator (GCA) has told Amazon that it must take “swift and comprehensive” action to demonstrably comply with the Groceries Supply Code of Practice in its new 2024 annual survey. According to the GCA’s 2024 annual survey, while the number of suppliers experiencing a code issue fell from…
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