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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Dec- 2023 -13 December
Revolution Beauty reaches settlement with co-founder amid CFO exit
Revolution Beauty has announced that it has reached a settlement with Tom Allsworth, the former executive chairman and co-founder of the company. The retailer has agreed to pay Allsworth an ex gratia payment of £270,000 net, £490,000 when grossed up for taxes. This is in respect of certain historical legal…
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13 December
Sosandar maintains FY guidance despite half-year loss
Sosandar has fallen to a pre-tax loss of £1.3m in its half-year results, down from a profit of £0.1m the prior year, but maintained its full-year outlook following strong autumn trading. The company saw revenues rise by 6% to £22.2m in the six months ended 30 September, with trading said…
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12 December
Under Armour opens store at The O2
Under Armour, the global sports apparel brand, has opened its London outlet debut store at Outlet Shopping at The O2, which is owned and operated by Waterfront Limited Partnership, a joint venture between AEG and Crosstree Real Estate Partners. The new Under Armour store occupies 3,949 sq ft on Outlet…
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12 December
Today’s news in brief-12/12/23
Fast-fashion giant Shein is reportedly exploring the possibility of an initial public offering (IPO) on the London Stock Exchange. Chairman Donald Tangmet reportedly met with LSE executives in London to discuss the potential move. The talks are said to have focused on a UK listing, with Shein also considering raising…
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12 December
Waitrose to expand exports amid 14% sales surge
Waitrose has announced that it is set to expand its exports business after it saw its export sales jump 14% compared with last year. The company stated that global demand for its products had jumped 92% in the last 10 years and is aiming for 10% growth in 2024. It…
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12 December
Total till sales slow as shoppers save to spend £5bn on Xmas week
Total Till sales at UK supermarkets slowed +6.8% in the last four weeks ending 2 December 2023, according to new data released today by NIQ. NIQ said the slowdown in growth is due to shoppers prioritising saving and delaying spending to take advantage of seasonal promotions during the week of…
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12 December
Shein mulls London IPO
Fast-fashion giant Shein is reportedly considering plans for a London Stock Exchange flotation, Sky News has reported. According to Sky, Shein chairman Donald Tang met with LSE executives and other stakeholders during a visit to London last week to discuss the move. Sources told the publication that ensuing talks were…
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12 December
Pepco Group revenues rise 17.7% to €5.6bn in FY23
Poundland owner Pepco Group has reported a 17.7% increase in revenues to €5.6bn (£4.8bn) for the 12 months ended on 30 September. The revenues were driven by Pepco growth of 24.8% and Poundland Group growth of 8.4%. Underlying EBITDA increased 3.1% to €753m (£646m). However, underlying pre-tax profit dropped 33.7%…
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11 December
Today’s news in brief-11/12/23
November proved to be a challenging month for UK retailers, with Black Friday discounts failing to uplift sales, according to figures from accountancy firm BDO. Despite a positive start with a 4.7% increase in week one, like-for-like sales in November declined by 0.3% compared to the previous year. The fashion…
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11 December
Tissot opens flagship boutique in Covent Garden
Tissot, the Swiss watch brand owned by the Swatch Group, has opened its debut flagship boutique in Covent Garden, representing the brand’s only standalone store in the UK. This new location marks a significant milestone for Tissot as it continues to expand its presence in one of London’s shopping destinations.…
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