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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Jun- 2023 -16 June
CEO of Frasers Fashion departs group
The CEO of Frasers Fashion, Greg Pateras, has departed the business this week. Before assuming his role at Frasers, Pateras was previously the CEO of ISawItFirst.com, where he is said to have turned around the loss-making business, and oversaw its eventual sale to Frasers Group. Following Frasers’ acquisition of the…
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16 June
Halfords shares dip after BDO delays audit results
Halfords, the UK’s leading retailer of motoring and cycling products, has announced there will be a delay to the publication of its annual report, which was set to be released on 15 June. The retailer has stated that the reason for the delay comes after BDO, the group’s auditor, requested…
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16 June
Currys commences strategic review of Greek arm
Currys has announced that it is commencing a strategic review of its Greek business, Kotsovolos, which could lead to a sale of the operations. This comes as the board is of the opinion that the strength of the Kotsovolos brand, its long-term track record of profitability and market position are…
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16 June
WHSmith partners with Retail Trust to boost staff wellbeing
WHSmith is introducing new measures to support its employees’ health and happiness after partnering with retail industry charity the Retail Trust to help boost staff wellbeing. The group’s 12,000 plus employees and their families now have access to a range of personalised resources including the Retail Trust’s wellbeing helpline, counselling…
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15 June
Hugo Boss ups 2025 sales target to €5bn
Luxury fashion giant Hugo Boss has announced it has increased its 2025 sales target to €5bn (£4.2bn) following the success of its ‘Claim 5’ strategy. Hugo Boss revealed it is increasing its sales and earnings targets for 202 after it said the previous medium-term sales target of €4bn (£3.4) should…
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15 June
H&M revenue growth stalls in Q1
H&M Group has revealed a 6% year-on-year rise in revenues to SEK 57.6bn (£4.2bn) for the first 12 weeks ended 31 May, meaning a stall in the fashion retailer’s growth. This comes as the increase in Q1 is only half of the previous quarter’s revenue growth rate. According to the…
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15 June
Co-op launches 9-point plan to increase social mobility
Co-op is taking action to break the ‘Class Ceiling’, as new research has found that a significant number of people believe that what they achieve in life is dictated by their background. The research, conducted by ICM on behalf of Co-op, looks at the experiences, life chances and impact of…
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15 June
Amazon Coventry workers to extend strikes for six months
Amazon strikers in Coventry have voted for six more months of industrial action as the biggest walk out of the dispute so far took place yesterday (14 June). According to GMB Union, almost 800 Amazon Coventry workers went on strike today, with nearly 500 joining the picket line on the…
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15 June
Lids hires new head of brand and collaborations
Sports retailer Lids has announced the appointment of Ariel Sandler as the company’s new head of brand and collaborations. Lids said Sandler has been a “powerful force” in brand enhancement, having previously assisted in leading brand and marketing initiatives for the NBA, New Era, and StockX. In his new role,…
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15 June
Asos returns to profitability despite revenue drop
Online retailer Asos has announced that it has returned to profitability after its EBIT rose more than £20m year on year for the three months ended 31 May. This earnings increase comes despite its revenue dropping 11% from £964m down to £859m in the same period. The company stated that…
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