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 -9 August
Hirestreet launches first ever shoe rental collection with Schuh
UK rental platform Hirestreet has launched its first ever shoe rental offering as part of a new partnership with footwear retailer Schuh. It comes as Hirestreet said it is experiencing a record Summer for occasion wear rental, leading to a 300% increase in site traffic vs Summer 2022. In July…
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9 August
Allbirds revenues drop 10% in Q2
Footwear group Allbirds has revealed that revenues fell by 9.8% to $70.5m (£55.3m) in the second quarter of the year, as it reported a net loss of $28.9m (£22.7m). The group attributed these results to a fall in the average selling price, driven by promotional activity over the period, as…
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9 August
Under Armour revenues dip 2% in Q1
Under Armour revenues were down 2% to $1.3bn (£1.02bn) for the first quarter of FY24, despite the sportswear brand’s international business growing its revenue by a total of 12% to $485m (£380m). This comes as the company’s North America revenues decreased by 9% to $827m (£648m). Within the international business,…
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9 August
John Lewis agrees £100m Google Cloud partnership
The John Lewis Partnership has announced that it has entered into an agreement with Google Cloud worth £100m across the next five years. Under the agreement, more of the organisation’s technology will migrate to Google Cloud, harnessing the latest technologies, including artificial intelligence (AI) and machine learning (ML). John Lewis…
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9 August
JD Sports to become sole owner of MIG
JD Sports has announced that it has acquired the remaining 40% minority stake of Marketing Investment Group S.A. (MIG) from its minority shareholders. The news comes after JD acquired a 60% stake in Poland-based MIG in April 2021, and since then has established the JD fascia in five countries across…
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8 August
Gordon Brothers mulls potential Wilko rescue deal
The investment company, Gordon Brothers, which has backed high street retailer Laura Ashley, is in talks with Wilko’s advisers at PwC about structuring a potential deal, Sky News has learned. An offer could involve Gordon Brothers providing funding to the discount retailer to implement a restructuring that would involve “significant”…
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8 August
Neptune appoints Will Kernan as chairman
British interiors and lifestyle brand Neptune has appointed Will Kernan as its chairman. Kernan joins Neptune’s senior leadership team to closely support CEO Aalish Yorke-Long in executing exciting plans to lead the brand into its next stage of growth. It said Kernan has “extensive” retail experience, and will continue in…
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8 August
Frasers ups stake in Asos to nearly 17%
Mike Ashley’s Frasers Group has announced that it has once again upped its stake in Asos to nearly 17%. The news comes after the group upped its stake in the online retail company to over 10% in June. Additionally, Frasers also acquired 7.8% stake in Boohoo last month. Prior to…
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8 August
Superdry agrees £25m secondary lending facility
Superdry has announced that it has agreed a deal with Hilco Capital Limited for a secondary lending facility worth £25m. The facility with Hilco is a 12 month term with the option to extend and is at an interest rate of 10.5% plus the Bank of England base rate on…
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8 August
Retail sales slow in July amid heavy rain
The UK’s total retail sales increased by 1.5% in the four weeks to 29 July, against the 2.3% growth experienced in the same month last year. This was below the three-month average growth of 3.5% and the 12-month average growth of 3.9%, according to BRC data. This lacklustre growth in…
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