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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Feb- 2024 -19 February
Mytheresa outperforms market despite falling profits
Luxury clothing retailer Mytheresa has hailed its Q2 performance as it said it “outperformed almost all competitors” despite posting an operating loss of €4.4m (£3.7m). For the second quarter ended 31 December 2024, Mytheresa said it saw solid growth with Net Sales increasing +8.3% on a constant currency basis despite…
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19 February
Lush settles dispute with former boss over blocked share transfer
Bath bomb specialist Lush has settled a legal dispute with its former chief executive Andrew Gerrie’s investment firm, Silverwood Brands, over a blocked transfer of shares, the Times has reported. Last year, Lush had a run-in with Silverwood Brands after the business sought to acquire a 19.8% stake in Lush,…
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19 February
Nike to cut 1,600 jobs in cost trimming measure
Nike is set to cut 1,600 jobs, around 2% of its workforce, in an attempt to trim its costs after worse than expected sales in the second half of 2023. In an internal email seen by The Wall Street Journal the company stated it would use its resources to increase…
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19 February
Joe Browns appoints new CEO
Joe Browns, the fashion and homes retailer, has announced that Dawn Bannerman has joined as chief executive officer with immediate effect. Bannerman joins from laredoute.co.uk, where she held the position of chief commercial officer and prior to that, chief marketing officer for the UK subsidiary of the French business La…
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19 February
Currys rejects takeover offer from Waterstones owner
Currys has confirmed it has received and rejected an “unsolicited, preliminary and conditional” proposal from Waterstones owner Elliott. The rejection of said possible cash offer comes as Currys’ board and financial advisers believe the proposal “significantly undervalued the company and its future prospects”. Elliott had offered 62p per share, while…
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19 February
Aurelius MD behind Body Shop buyout exits group
A dealmaker from Aurelius who helped lead its private equity takeover of The Body Shop has abruptly left the group only three months after the deal, The Telegraph has reported. Peter Wood, who had held the position of managing director at the asset management company, reportedly faced criticism over the…
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16 February
Today’s news in brief-16/2/24
In January 2024, the UK experienced a significant rebound in retail sales, rising by 3.4% following a 3.2% decline in December. This surge, the largest since April 2021, comes amidst continued inflation, with prices increasing by 4% in January. Despite the rise in prices, consumer spending increased by 3.9%, indicating…
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16 February
The Watches of Switzerland opens Tag Heuer in London Gatwick
The Watches of Switzerland Group has announced the opening of a new Tag Heuer boutique in London Gatwick, South Terminal. The single floor boutique, which has been designed to “the highest luxury specification” in conjunction with the brand’s interior design team, will stock a range of men’s and women’s luxury…
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16 February
NWEC calls for return to tax-free shopping as tourist spending gap widens
The New West End Company (NWEC) has called for the return of tax-free shopping as the gap between the number of international visitors in London and the spending associated with them widened in the final quarter of last year. According to the latest figures released by NWEC, despite a recovery…
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16 February
Farfetch CEO to step down following Coupang rescue deal
Farfetch founder and CEO Jose Neves is reportedly stepping down from the company following the sale of the business to South-Korean e-commerce company Coupang, according to The Telegraph. According to an internal memo sent to the staff on Thursday, Neves will remain at the company in a consultancy role and…
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