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 -20 December
Alibaba chief to head e-commerce arm
Alibaba Group has announced that chief executive Eddie Wu will now serve as chief executive of the group’s ecommerce arm, Taobao and Tmall Group. He is currently chairman of Taobao and Tmall Group, and will take on the role of CEO with effect from today (20 December, 2023). In addition,…
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20 December
UK inflation falls to two-year low of 3.9%
UK inflation has fallen to 3.9% in the year to November, the lowest level seen in two years, according to new figures from the Office for National Statistics. The rate of inflation was lower than expected after falling from a rate of 4.6% in October, though the ONS said prices…
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20 December
Asda’s interest bill to exceed £400m
Asda is set to see its debt interest bill exceed £400m by early next year as a result of rising interest rates. The company’s chief financial officer Michael Gleeson told the Business and Trade Committee that its debt bill would rise by up to £30m by February. This is because…
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20 December
Lidl becomes first grocer to double paid maternity leave
Lidl GB will be introducing 28 weeks full pay for staff on maternity or adoption leave starting from 1 January 2024, making it the first supermarket to do so. The announcement is part of the retailer’s new employment benefits, which will also be introducing paid leave for those undergoing fertility…
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19 December
Today’s news in brief
South Korean e-commerce giant Coupang has reportedly reached an agreement to acquire Farfetch in a $500m rescue deal. The transaction involves a bridge loan to Farfetch and negotiations with a group of debtholders holding a significant portion of Farfetch’s term loan. The London-based luxury retailer is expected to undergo acquisition…
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19 December
Zalando launches invite-only shopping experience for hyped items
Zalando is introducing an exclusive shopping experience for hyped products – items with limited quantities, such as special editions, but high demand, that usually sell out within minutes. All customers can now request an invitation in the Zalando app to buy a hyped article, taking away the time pressure and…
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19 December
Whirli launches customer refund programme
Toy subscription service, Whirli, has launched a customer refund programme in a bid to “underline its commitment to customer satisfaction”. The news comes one year after the company relaunched under new family ownership. The newly-launched programme, which has been designed to provide credit for previously lost subscription fees, will invite…
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19 December
Superdry issues FY24 profit warning amid mild weather
Superdry has warned on profits for the 26-week period ended 28 October, attributing a 13% year-on-year drop in sales to “abnormally mild” weather. While the retailer expected wholesale to be down 41.1% year-on-year due to its decision to exit its US wholesale operation, it was also driven by “timing differences…
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19 December
Revolution Beauty appoints North American chief
Revolution Beauty has announced the appointment of Erin Cast as president of North America. Based in New York, she will build upon the group’s foundations in the US and Canadian markets. Cast brings over 25 years of experience across sales, marketing, general management and board roles in beauty, food &…
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19 December
Farfetch acquired by Coupang in $500m rescue deal
South Korean ecommerce group Coupang has agreed to acquire Farfetch, which had been seeking a rescue deal in recent weeks, The Financial Times has reported. The rescue deal, which also involves Greenoaks Capital Partners, will see Farfetch receive a $500m (£394m) bridge loan to help it continue operating. Coupang negotiated…
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