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 -5 February
Morrisons stores chief steps down
Morrisons stores chief has stepped down from his role at the company after four years, The Telegraph has reported. David Lepley, who was appointed group retail director in 2020, has worked for Morrisons for almost eight years. He has an extensive career in the retail industry, having started at Asda…
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5 February
Superdry founder in talks with investors over take-private deal
Superdry CEO and co-founder, Julian Dunkerton, is reportedly in talks with investors as he eyes a takeover deal that could see the London-listed fashion retailer become private, Sky News has reported. According to Sky, Dunkerton has held discussions with Gordon Brothers, which owns Laura Ashley, and Rcapital, which previously owned…
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5 February
Issa brother mulls sale of Asda stake
One of the Issa brothers is reportedly planning to offload his stake in Asda and instead focus on EG Group’s petrol station business, The Telegraph has reported. Reports said that Zuber Issa has approached buyout specialists and retailers to explore a sale of his 22.5% stake in Asda, only three…
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5 February
Jeremy Hunt to review tourist tax ahead of Budget
Chancellor Jeremy Hunt has reportedly asked the Office for Budget Responsibility to look at whether the scrapping of VAT-free shopping for tourists should be reversed, delivering a much-needed boost to Britain’s retail and leisure sectors, according to The Sunday Times. The Office for Budget Responsibility (OBR) has been asked to…
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5 February
Ted Baker owner mulls CVA amid UK operator split
Authentic Brands, the owner of Ted Baker, is reportedly considering a number of cost saving options after terminating its relationship with AARC, the firm that runs its UK operation. According to The Telegraph, Authentic Brands is close to appointing restructuring experts to implement measures which could include store closures, job…
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2 February
Today’s news in brief-2/2/24
The overall percentage of UK-listed companies issuing profit warnings reached 18.2%, surpassing the levels observed during the 2008 financial crisis. Particularly, the FTSE retail sector struggled, with two in every five retailers issuing profit warnings. The retail industry issued a total of 24 profit warnings in 2023, indicating a notable…
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2 February
Fig & Fox opens at Festival Place
Local homeware and gifts retailer Fig and Fox has opened at retail and leisure destination Festival Place. The launch of the Hampshire-based brand follows a successful pop-up at the end of 2023, also emphasising the destination’s commitment to supporting local brands and responding to consumer demand for a diverse range…
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2 February
Mamas and Papas names new CFO
Mamas and Papas has announced the appointment of Sarah Ashby, Asda’s former finance executive, as its new chief financial officer. The news comes as the retailer aims for a record year after reporting a successful Christmas trading period in 2023. Ashby, who officially joined the retailer on 19 January, most…
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2 February
Sainsbury’s boss to unveil new cost saving targets
Sainsbury’s boss Simon Roberts is reportedly set to unveil the next phase of its strategy next week which is thought to include a new set of cost saving targets, according to Reuters. The outlet reported that the chief executive will announce the new strategy on the 7 February in order…
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2 February
Norwegian hedge fund builds stake in Superdry
First Seagull, a Norwegian alternative investment fund, has built a 5.3% stake in Superdry as a result of its plummeting share price, fuelling rumours of a takeover. According to The Times, the hedge fund sees an opportunity to bid for Superdry after multiple profit warnings over the last few years.…
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