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 -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…
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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…
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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…
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28 July
Gap appoints new CEO
Apparel company Gap Inc. has announced the appointment of Richard Dickson as the company’s president and chief executive officer, effective 22 August, 2023. Dickson will join Gap Inc. from his most recent role as president and chief operating officer of Mattel, where he was a lead architect in a global…
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28 July
B&M secures three-year Bobby Arora commitment
B&M has announced that it has agreed a deal with group trading director Bobby Arora which will see him committed to the company until March 2026 at least. As a result of the deal Arora can receive a maximum bonus payout of £16m across the three year period depending on…
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28 July
Superdry appoints new chief operating officer
Superdry has announced the appointment of Shaun Packe as the retailer’s new chief operating officer. His appointment follows the departure of Silvana Bonello from the role, as part of the company’s turnaround strategy to secure fresh funding. Bonello, who joined Superdry in March 2021, was responsible for strategic planning, deployment,…
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27 July
Authentic Brands acquires Rockport
Authentic Brands Group has acquired footwear brand Rockport, following the United States Bankruptcy Court for the District of Delaware approving the sale. According to the group, the addition of Rockport expands its footwear portfolio with a trusted brand that is “committed to comfort and technical product innovation”. Rockport has long…
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27 July
Ocado Solutions CEO to step down in September
Ocado Group has today (27 July) announced that Luke Jensen has notified the board of his intention to retire and will step down as executive director and CEO of Ocado Solutions with effect from 30 September 2023 to focus on external non-executive director positions. Jensen has been CEO of Ocado…
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27 July
Amazon offers to change Marketplace rules to address CMA concerns
Amazon has offered to change the way it treats third-party sellers using its Marketplace platform in the UK, by submitting proposed commitments to the Competition and Markets Authority (CMA) in response to competition concerns it raised with the technology giant. The CMA said it considers that these commitments – if…
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27 July
Westfield sees 8.2% rental income growth in H1
Unibail-Rodamco-Westfield has reported a net rental income of €1,152m (£987m), an 8.2% like-for-like increase, during H1 2023. Shopping centres accounted for the majority of the rental income with €1,059m (£907m), which represents an 8.5% like-for-like growth. Offices and other net rental income accounted for €41m (£35m), up 17.1% on a…
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