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.
-
Jul- 2023 -31 July
Prada H1 net revenues up 22%
Prada has announced that its net revenues for the six months ended 30 June were €2.23bn (£1.92bn), up 22% compared with the same period last year. Alongside this the company posted an EBIT of €491m (£421m), an increase of 22% from the €304m (£261m) it posted last year. The company’s…
Read More » -
31 July
Richemont acquires stake in Gianvito Rossi
Richemont has announced that it has acquired a controlling stake in Gianvito Rossi, the renowned Italian shoemaking maison, in a private transaction. Gianvito Rossi, founder, CEO and creative director of the eponymous brand, will retain a stake in the company and continue to nurture and develop the maison in partnership…
Read More » -
31 July
Adidas to sell second batch of Yeezys in August
Adidas has announced a further release of the sale of a second batch of unsold Yeezy trainers in phases throughout the month of August across the world. Since terminating the Yeezy partnership in October, Adidas has been exploring multiple scenarios for the potential use of the existing Yeezy inventory. In…
Read More » -
31 July
Lush pays bosses £5m in bonuses after claiming same amount in support
Lush reportedly paid its managers £5m in bonuses last year despite taking £5.1m in government support and posting a 90% fall in profits, The Guardian has reported. It reported that these bonuses were paid on top of salaries in 2022 to directors, including the co-founder, Mark Constantine, and his wife,…
Read More » -
31 July
Frasers Group to axe 100 roles in Manchester
Frasers Group is reportedly set to axe more than 100 roles in its head office in Manchester in a bid to streamline the business, Drapers has reported. It is understood that the retail group has entered into a consultation period with staff from Missguided, I saw It First and Studio…
Read More » -
28 July
John Lewis appoints head of customer planning and channels
John Lewis has announced the appointment of Andreas Nicolaides as the head of customer planning and channels, effective from October, as the retailer looks to deepen relationships with customers. Nicolaides’ remit will include modernising and optimising the retailer’s marketing across stores and online, while the role will also optimise the…
Read More » -
28 July
Tesco to sell food bank donation bags in 300 stores
Small donation bags pre-filled with items most needed by food banks are to go on sale in 300 Tesco stores this summer to help food banks meet increased demand. The donation bags, which customers can pick up as they enter the store, will contain the items most needed by food…
Read More » -
28 July
Kering acquires 30% stake in Valentino
Luxury fashion house Kering has entered into a binding agreement for the acquisition of a 30% shareholding in Valentino, for a cash consideration of €1.7bn (£1.4bn). The agreement comprises an option for Kering to acquire 100% of the share capital of Valentino no later than 2028. The transaction is part…
Read More » -
28 July
Large House of Fraser stores to be kept ‘under review’
Frasers could reportedly close larger House of Fraser stores in the future as the group continues to reassess its department store portfolio, The Guardian has reported. The group has already seen a net decrease of eight House of Fraser stores in the past year, as revealed in its full-year results…
Read More » -
28 July
UK loses 6,000 storefronts in five years
The UK high street has lost over 6,000 storefronts in the past five years as the vacancy rate increased to 13.9% in Q2 2023, according to the latest figures from the BRC-LDC Vacancy Monitor. The Q2 performance was 0.1 percentage points worse than Q1, however it is 0.1 percentage point…
Read More »
