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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May- 2023 -18 May
Ebay to acquire AI fashion authenticator Certilogo
Ebay has signed a definitive agreement to acquire Certilogo, a provider of AI-powered apparel and fashion goods digital IDs and authentication. Certilogo’s platform uses digital technology to allow brands and designers to manage the lifecycle of their garments, while providing consumers a way to confirm authenticity, access reliable information about…
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18 May
TK Maxx owner ups full-year guidance as Q1 margins rise
The TJX Companies, the company that owns TK Maxx, has raised its full-year guidance after its first quarter trading was better than expected. In the quarter ended 29 April 2023, sales rose by 3% to $11.8bn (£9.48bn), while net income was $891m (£716m) and diluted earnings per share were $.76…
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17 May
Tesco cuts price of pasta and cooking oil
Tesco has unveiled further price cuts for a number of store cupboard essentials in a bid to support customers during the cost-of-living crisis. The group’s own brand pasta has been reduced by 15p in stores and online, and vegetable and sunflower oil have been reduced by up to 15p. The…
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17 May
Selfridges launches circular experience pop-up
Department store Selfridges has recently launched The Stock Market at the Corner Shop, a month-long circular experience where customers can uncover the value of what they already own, exchange items and restore or upcycle clothes. Inspired by the London Stock Exchange, the Corner Shop has been transformed into a ‘trading…
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17 May
One4all partners with Asos and Secret Sales
Multi-store gift card, One4all, has announced two new partnerships with global fashion retailer Asos and premium ecommerce marketplace, Secret Sales. As a result, Asos and Secret Sales now accept the gift card for all online purchases. The online retailers join the group’s catalogue of popular fashion brands including New Look,…
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17 May
Nirvana Brands acquires Lovely Distribution Company
Nirvana Brands Limited, a distributor of luxury beauty products, has announced the acquisition of Lovely Distribution Company, the owner and distributor of luxury fragrance products. The firm said the acquisition will expand Nirvana Brands’ product line and provide greater opportunities for growth in the luxury beauty industry. The company added…
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17 May
Castore considers further expansion in Europe
Sportswear brands Castore is planning to expand in Europe following further sports partnerships, Retail Week has revealed. The brand backed by Andy Murray announced last month a multi-year partnership with Athletic Club, which made Castore become an ‘Official Kit Partner’ for the 2023-2024 season. In April, Castore also announced other…
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17 May
JD Sports profits set to top £1bn
JD Sports has announced that its profits for 2023-24 are expected to top £1bn after posting a profit before tax and adjusted items of £991m for the year ended 28 January 2023. The company believes that its profits for the next full year will fall in line with expectations which…
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17 May
John Lewis offers paid leave to foster carers
The John Lewis Partnership has announced that it will offer additional paid leave to all new foster carers within its businesses (John Lewis and Waitrose) – furthering its commitment to support care experienced people. The retailer stated that it has become the “largest” organisation to receive Fostering Friendly accreditation via…
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17 May
Harrods boss calls for return of VAT-free shopping for overseas visitors
The managing director of Harrods, Michael Ward, has called on the government to rethink its removal of VAT-free shopping for overseas visitors in a bid to boost luxury shopping in London. Ward, who is also the chairman of Knightsbridge Partnership, told The Times: “We’re in the middle of a difficult…
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