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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Aug- 2023 -18 August
Tapestry sales falter amid waning demand in North America
Tapestry, the parent company of Coach, Kate Spade and Stuart Weitzman has reported that net sales were down slightly from $6.68bn (£5.25bn) in 2022 to $6.66bn (£5.24bn) for the year ended 1 July. This comes as waning demand among North American consumers led to a 2% revenue decline for the…
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18 August
Farfetch profits and sales drop as its brand platform suffers
Farfetch has revealed its revenues decreased to $572.1m (£450.1m) from $579.3m (£455.7m) during Q2 2023, representing a year-over-year decrease of 1.3%, according to its trading update for the second quarter ending June 2023. The group said that the decline was primarily driven by a 42.2% decrease in Brand Platform Revenue…
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18 August
H&M to phase out Myanmar suppliers after labour abuses probe
H&M has announced that it is planning to “gradually phase out” its operations in Myanmar following a report from the Business and Human Rights Resource Centre (BHRRC). The company launched an investigation H&M into 20 alleged instances of labour abuse following the report. The BHRRC tracked 156 cases of alleged…
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17 August
Over 550,000 SMEs struggle to pay tax bills, study finds
More than 550,000 small and medium-sized businesses are currently struggling to pay tax bills, according to new research from Premium Credit. The study that was carried out by the provider of finance for companies found that the rising cost-of-living is adding to the pressure, yet issues with tax have been…
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17 August
Walmart International boss to step down
Walmart has announced its International president and CEO Judith McKenna is to step down from her role in order to retire after 27 years with the company. Walmart confirmed that Kath McLay will become the president and CEO of Walmart International and Chris Nicholas will become the president and CEO…
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17 August
Costco to open 14 new stores
Bargain retailer Costco is reportedly set to open 14 new stores across the UK, according to The Sun. The outlet revealed that the expansion plans are aiming to be completed in just two years but could take longer depending on how easily the company manages to acquire sites. The company…
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17 August
Birkenstock UK profits fall despite jump in revenues
Birkenstock has revealed that its profits fell 12% to £3.9m in the sandal brand’s UK division for the year to 30 September 2022, despite its revenue surging 49% to £34.5m. While the retailer’s wholesale revenues increased 40% from £21.2m to £30m in 2022 – representing 87% of the company’s total…
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17 August
Aldi to hire more than 1,700 employees amid expansion drive
Aldi is looking to hire more than 1,700 people in its warehouses by the end of the year as part of its nationwide expansion drive. The recruitment will include both full-time and part-time positions at its Regional Distribution Centres, with salaries of up to £53,000 per year. The supermarket plans…
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16 August
Harvey Nichols CEO to step down
The CEO of Harvey Nichols, Manju Malhotra, has quit after 25 years with the company, The Telegraph has reported. Prior to her departure, Malhotra reportedly wanted to make significant changes after many loss-making years at the group, which operates eight department stores in the UK and Ireland. According to the…
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16 August
Axing tourist tax would ease high street woes, says Pandora boss
Pandora UK&I general manager Rasmus Brix has said that in light of the cost-of-living crisis and ongoing train strikes, eliminating the tourist tax would create a “significant boost” for the high street. Brix told The Mail the firm was “missing out” due to the absence of VAT-free shopping for visitors…
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