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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Jul- 2023 -3 July
Salvatore Ferragamo CFO to depart
Luxury Italian retailer Salvatore Ferragamo has revealed that its CFO Alessandro Corsi is to step down from his role effective 30 September 2023. The company has announced that Corsi made the decision in order to “take on a new professional challenge”. Corsi joined Salvatore Ferragamo as head of business development…
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3 July
Tesco appoints Burberry chair to replace John Allan
Tesco has appointed the chair of Burberry, Dr Gerry Murphy, as its new chairman, who will replace John Allan in the role following misconduct allegations which led to Allan’s resignation. Joining on 1 September 2023, Murphy has extensive global leadership experience in both executive and non-executive roles, and is currently…
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3 July
Mulberry turns down Mike Ashley’s attempt to join board
Mulberry has reportedly rejected Mike Ashley’s efforts to join its board, according to The Times. It is understood that in recent weeks the Sports Direct founder has met the luxury handbag retailer’s executive team to attempt to join the boardroom. This comes as he “grew frustrated” about what he believes…
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3 July
JD Sports signs first franchise deal with GMG
JD Sports has signed its first franchise agreement in partnership with GMG, a Dubai-headquartered well-being company operating leading brands across sports, everyday goods, health and beauty, properties, and logistics sectors. The deal will see JD expand its presence in the Middle East and under the terms of the 10-year agreement,…
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3 July
Retail insolvencies rise by 56% to record high
The number of retail business insolvencies jumped 56% in the past year to hit 1,942, up from 1,243 in 2021/22, and the highest levels in at least a decade, new research from international law firm RPC shows. Despite the challenges faced by the sector, the insolvency of financially weaker retail…
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Jun- 2023 -30 June
Global Fashion Group unveils changes to executive team
Global Fashion Group has made several changes within its executive team for the next phase of its development. Helen Hickman will succeed Matthew Price as CFO and join the executive team from August 2023. Price is leaving GFG after a handover period at the end of August, to pursue new…
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30 June
Seasalt appoints CIO and strategic partnerships director
Seasalt Cornwall has announced the appointments of Mel Wilcox in the newly-created role of chief information officer and Duncan Tennent as the lifestyle brand’s director of strategic partnerships. In her new roles, Wilcox will report directly to chief executive Paul Hayes, while also leading the UK and international third-partyB2B B2C…
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30 June
Revolution Beauty defends AGM actions as Boohoo dispute continues
Revolution Beauty has defended its actions at its AGM earlier this week, including the firing and rehiring of three top executives, after Boohoo criticised the move. Revolution said it received “very positive reaction from all stakeholders” following its actions, adding that the move was “firmly validated” from the stock market…
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30 June
WH Smith to not open any more high street stores
WH Smith chief executive Carl Cowling has told the BBC that the retailer will not open any more UK high street stores, instead focusing on UK airports and train stations, as well as openings in the US and European markets. This comes as, over the past 20 years, the retailer…
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30 June
Nike revenues up 10% to $51bn in FY23
Nike has reported a 10% rise in revenues year-on-year to $51.2bn (£40.62bn) and a 16% rise on a currency-neutral basis for the 12 months to 31 May 2023. Its revenues for the Nike Brand were $48.8bn (£38.66bn) in the period, up 10% on a reported basis and up 16% on…
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