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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Apr- 2024 -17 April
Gucci appoints new deputy CEO
Gucci has announced the appointment of Stefano Cantino as the brand’s new deputy chief executive officer, reporting to Jean-François Palus, president and CEO, from 2 May. In this newly created position, Cantino will share with Palus the responsibility to define and implement the brand strategy. He joins Gucci after spending…
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17 April
Asos losses widen to £120m in H1 as sales fall 18%
Asos has seen its losses deepen to £120m in the first half of the year, a 32.6% increase compared to the same period last year, as sales fell by 18% to £1.5bn over the period. The dip in sales was attributed to planned discounting to clear old stock, a move…
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17 April
Inflation falls to lowest level since 2021
Inflation slowed to 3.2% in March, down from 3.4% the prior month, as inflation fell to its lowest annual rate since September 2021. According to the Office for National Statistics, food prices were the main reason for the fall, with prices across most categories rising by less against last year. However,…
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17 April
Getir mulls asset sales amid restructuring talks
Grocery delivery app, Getir, is reportedly considering a number of asset sales as part of restructuring talks, according to Sky News. It is understood that the Turkish Group, which has expanded its presence in the UK, is in talks to offload FreshDirect, a US-based online grocer that it acquired late…
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17 April
BRC calls on PCC candidates to ‘get tough’ on retail crime
The British Retail Consortium (BRC) has called on Police and Crime Commissioner (PCC) candidates to commit to three pledges that would support the fight against “spiralling” retail crime ahead of local elections on 2 May. As part of its #GetToughOnRetailCrime campaign, the three pledges are as follows: Make retail crime…
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16 April
Today’s news in brief-16/4/24
Superdry has announced a restructuring plan targeting rent reductions across 39 UK stores. The company, seeking to secure its future amidst financial challenges, will undergo a delisting from the stock exchange. Founder Julian Dunkerton is underwriting an equity raise of up to £10m to support the initiative. While store closures…
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16 April
Primark lowers prices on hundreds of kidswear items
Primark is lowering prices on hundreds of its essential kids clothing and accessories as the retailer reaffirms its commitment to keeping prices low on kidswear. The move applies to the price points of selected summer essentials and aims to help families make their money go further as they start planning…
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16 April
Bath and Body Works opens first London store in Westfield
US retailer Bath and Body Works opened its first London location in Westfield this April, following the success of its opening in Manchester. In partnership with Next, the new Westfield store features almost 2,000 sq ft of sales floor space with “a new immersive shopping experience”. As part of the…
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16 April
Marks Electrical FY sales hit record £114.3m
Online white goods retailer Marks Electrical has reported record full-year revenues of £114.3m for the 12 months ended 31 March 2024. Marks said thanks to the 16.9% increase in sales, it managed to improve market share in the Major Domestic Appliances and Consumer Electronics markets. It also revealed that its…
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16 April
Superdry seeks rent reductions as part of restructuring plan
Superdry has revealed its restructuring plan as it seeks reductions in rent across 39 of its UK stores. Furthermore, the company is set to delist itself from the stock exchange and receive an equity raise underwritten by founder Julian Dunkerton. Restructuring is a formal procedure under the Companies Act for…
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