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 -12 February
Hermes FY23 profits hit €4.3bn
Luxury fashion group Hermes has reported that net profits hit €4.3bn (£3.6bn) during 2023, an increase of 28% compared with the previous year, as sales rose 16% to €13.4bn (£11.4bn). The news comes as, in Q4, sales hit €3.3m (£2.8m), an increase of 18% despite the “particularly” high comparison base…
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12 February
Dobbies appoints Andy Hannan as commercial director
Dobbies, the garden centre retailer, has appointed Andy Hannan as commercial director to lead its new strategy. With “extensive experience” from across the retail sector, Hannan has previously held senior commercial roles at retailers such as Homebase, Halfords, Jessops and Argos, where he was part of the team that led…
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12 February
Tesco boss calls for youth employment reform
Tesco CEO Ken Murphy has called on the government to make youth employment a priority, claiming the apprenticeship levy is “restrictive and impractical”, and that reform is needed. Writing in This Is Money, Murphy also announced a new Tesco apprenticeship scheme for 16-18-year-olds, aimed at students that are “struggling and…
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9 February
Five lessons from the demise of The Body Shop
In the face of recent news that The Body Shop’s UK operations are preparing to enter administration, a reflection on the missteps leading to this situation offers valuable lessons for the broader retail industry. The iconic brand, founded on ethical principles and sustainability, now finds itself at a crossroads, underscoring…
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9 February
Today’s news in brief-9/2/24
Retail giant Tesco has finalised the sale of its banking arm to Barclays in a £600m deal. The partnership aims to leverage Tesco’s strong brand presence and extensive customer base with Barclays’ financial services expertise. This collaboration will enable Tesco to offer customers Tesco-branded banking products and services, leveraging the…
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9 February
Verte and Round Retail launch pop-up shop
The Sloane Stanley Estate has announced that Verte and Round Retail have launched a collaborative pop-up shop at 340 King’s Road, in support of local mental health charity, SMART. Verte, the pop-up swap shop for pre-loved fashion, and Round Retail, which aims to bridge the gap between fashion resale and…
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9 February
Lucy and Yak partners with True Fit on AI fit recommendations
British clothing brand, Lucy and Yak, has partnered with True Fit, an AI platform that decodes size and fit for consumers and fashion retailers, to connect its customers with the right sizes digitally. News of the partnership comes after the retailer expanded its fit options to include petite and tall…
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9 February
Under Armour sees dip in profits amid decline in sales
Under Armour has reported a 25% dip in operating income to $70m (£55m) for the three months to 31 December 2023, amid a 6% decline in revenues to $1.5 billion (£1.2bn). The group also reported an adjusted operating income of $92m (£72m). Under Armour stated that the drop in revenue…
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9 February
EE opens new Gateshead store amid £6m investment
EE has announced the opening of its latest Experience store in Gateshead, the fourth of 10 planned openings. The announcement comes as EE commits to investing £6m in the British high street in the next 12 months. The company has launched new store formats including its flagship Studio store in…
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9 February
Tesco sells banking arm to Barclays in £700m deal
Tesco has announced the sale of its banking arm to Barclays in a £700m deal. Initially for a 10-year period, the partnership will combine Tesco’s market-leading brand, physical and digital reach and relentless customer focus with Barclays’ financial services capabilities and expertise in commercial partnerships. The partnership will allow the…
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