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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Jun- 2024 -18 June
Superdry appoints global technology director
Superdry has appointed Dafydd Moore, a former IT boss at Halfords, as its new global technology director. Moore joins the group from the cycling chain, where he was group director of IT Strategy and Architecture, and before that, he was the global director of IT strategy, architecture and innovation at…
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18 June
Frasers launches £80m share buyback scheme
Frasers Group has announced the launch of a new share buyback programme of up to £80m to reduce the share capital of the company. The group has entered into a non-discretionary arrangement with Barclays Bank PLC, acting through its investment bank, for a new share buyback programme. The programme will…
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17 June
Today’s news in brief-17/6/24
Superdry’s shareholders have approved a restructuring plan to rescue the company from financial difficulties. This plan, following the approval of creditors, includes a £10m equity raise and delisting from the stock market. Founder Julian Dunkerton will underwrite the equity raise, which the company believes will provide sufficient liquidity for its…
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17 June
Sainsbury’s completes Cobham superstore renovation
Sainsbury’s has recently completed the renovation project of its Cobham supermarket to upgrade the entire store. Over the past few months, employees in Sainsbury’s Cobham have been working to give the store a whole new look. The supermarket has been reimagined to showcase Sainsbury’s latest product offer and state-of-the-art format…
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17 June
Morrisons exec steps down after three months
The interim chief customer officer at Morrisons has stepped down from the role after only three months in the position. Darren Blackhurst’s appointment as interim chief customer and marketing officer was expected to lead to a permanent position, The Times has reported. However, Blackhurst stepped down from the supermarket’s board…
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17 June
Kingfisher names Bhavesh Mistry as new CFO
B&Q owner Kingfisher has announced the appointment of Bhavesh Mistry to the role of chief financial officer, with his exact start date to be announced in due course. The news comes as current CFO Bernard Bot will be retiring to “further pursue his non-executive career”. While Bot’s leaving date is…
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17 June
M&S appoints new stores director of West division
M&S has appointed Ikea’s UK&I country deputy retail manager Marsha Smith as the new stores director of the West division. Smith, who will take up the new role in September, has worked for Ikea since 2004 in various roles, including becoming president of the Canadian arm. She was also responsible…
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17 June
Peak international spending returns to pre-pandemic levels, ONS finds
Spending by international visitors in August, the traditional UK high season, has largely recovered since the Covid-19 pandemic, according to the latest figures from the Office for National Statistics (ONS) and Visa. The ONS found that places in the UK with the highest concentration of seasonal spend by international tourists…
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17 June
YNAP closes China operations
Yoox-Net-A-Porter has shut down its operations in China as it looks to focus on more profitable markets according to reports from The Financial Times. The company’s ecommerce platforms, which are run as a joint venture with Alibaba, will be liquidated. Owner Richemont stated that the decision was made as a…
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17 June
Superdry shareholders vote in favour of restructuring plan
Superdry has announced that its shareholders have voted in favour of its restructuring plan. The news comes after the group’s creditors also approved its proposed equity raise of £10m and delisting last week. The plan will involve rent reductions at 39 stores, delisting from the stock market and an equity…
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