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
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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30 June
Authentic Brands Group secures $500m investment to fuel growth
Authentic Brands Group, the owner of brands including Reebok and Ted Baker, has secured a $500m (£395m) primary follow-on investment from its current investor General Atlantic, a leading global growth equity firm. Authentic said it intends to leverage its continued partnership with General Atlantic to support its worldwide expansion and…
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29 June
Sainsbury’s launches Henry Holland partnership for Pride
Sainsbury’s has today announced a partnership with British designer Henry Holland to celebrate Pride Month. The new Henry Holland’s x Bags of Ethics exclusive collection will be available until September and it includes a reusable coffee cup, water bottle and tote bag, all made from 100% sustainable cotton and recycled…
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29 June
John Lewis becomes first retailer to set net-zero targets
The John Lewis Partnership has become the first retailer in the UK to have its “science-based” net-zero targets validated by the The Science Based Targets initiative. The SBTi, the gold standard for setting and monitoring corporate climate targets, has validated the partnership’s target to become net-zero across its own operations…
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29 June
Boohoo slams Revolution Beauty as it hands out £3m in shares
Revolution Beauty has handed its directors, including CEO Bob Holt and finance boss Elizabeth Lake, over 11 million shares valued at £3m. This move comes despite the fact that Holt, Lake and chairman Derek Zissman were fired and rehired yesterday after not being reelected at the company’s AGM. This has…
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