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.
-
Aug- 2023 -11 August
Ralph Lauren reaffirms guidance as revenues edge up to $1.5bn
Luxury retailer Ralph Lauren has revealed it expects FY revenues to meet expectations of low single digit growth as its Q1 revenues increased to $1.5bn (£1.18bn), up from $1.49bn (£1.17bn) the same time last year. Its revenue performance was boosted by an 8% increase in Europe to $450m (£354m) and…
Read More » -
11 August
Oxford Street crime wave driven by decline, says M&S chief
Sacha Berendji, operations director at M&S, has told the Telegraph that the recent surge in crime rates on London’s Oxford Street has been caused by its decline. In a letter written to the publication, Berendji stated that Oxford Street was once “the jewel in London’s shopping crown” but now consisted…
Read More » -
11 August
Aldi lowers prices on over 30 products
Aldi has cut prices of more than 30 household grocery staples, marking the latest of more than 130 prices that Aldi has cut in the past two months across its entire range. Aldi said its shoppers will now pay less for fresh produce including apples, oranges and peaches. Essentials including…
Read More » -
11 August
Tapestry acquires Versace owner for $8.5bn
The owner of Coach, Kate Spade and Stuart Weitzman, Tapestry Inc, has announced its acquisition of Capri Holdings, a global luxury fashion group that consists of Versace, Jimmy Choo and Michael Kors for approximately $8.5bn (£6.6bn). This acquisition brings together six “highly complementary” brands with global reach on Tapestry’s customer…
Read More » -
11 August
UK economy grows by 0.2% in Q2
The UK economy has grown faster than expected in the three months to June, new figures from the Office for National Statistics (ONS) show. According to the ONS, GDP rose by 0.2% in the second quarter of the year, up from a growth of 0.1% in the first quarter. In…
Read More » -
10 August
Bookshop.org hits £3m profit for indie bookshops
Bookshop.org, the self-described “ethical book-buying alternative to Amazon”, has revealed it has generated £3m in profit since its launch for the 570 independent bookshops using the platform. It has now set the goal to increase online sales for indies by five times in the next five years. The news comes…
Read More » -
10 August
Watches of Switzerland sees revenues drop to £382m
Watches of Switzerland has announced that its revenues dropped 1% to £382m, down from £391m in Q1 2023, for the 13 weeks ended 30 July 2023. The company stated that its revenue was in line with guidance, with its Q1 revenue primarily reflecting unwinding of the benefit of product intake…
Read More » -
10 August
M&S appoints all-women managers to run new M&S stores
M&S has appointed an all-women team of six managers to lead the openings of five brand-new M&S stores this year. Between them, the all-female team has more than 115 years of retail experience and will lead a combined team of over 1,000 colleagues. The appointments follow the launch of M&S…
Read More » -
10 August
Marks Electrical revenues surge 31% in Q1
Online electrical retailer, Marks Electrical Group, revealed that revenue grew by 30.7% to £36.2m during the first quarter of FY24. This comes as the company performed particularly well in televisions, washer-dryers, and cordless vacuum cleaners. During the first quarter to 30 July, the company also saw continued growth in next-day…
Read More » -
10 August
Farfetch to cut headcount amid restructure
Farfetch is reportedly making redundancies across both its London and New York teams amid a restructuring of the group, Drapers has reported. According to Drapers, the move has impacted an estimated 10 people from its London-based marketing team, as well as some workers in its New York-based tech team. In…
Read More »
