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 -17 May
Watches of Switzerland revenues hit £1.5bn in FY23
Watches of Switzerland has revealed that the group’s revenues reached £1.5bn for the year ending 30 April, as its UK and Europe revenue increased by 10% to £890m. This comes as its luxury watch revenue rose 28%, driven by increases in average selling price and volume, while luxury jewellery and…
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16 May
Mamas and Papas launches resale and repair initiative
High street nursery retailer, Mamas and Papas, has launched a new ‘Loved for Life’ initiative, which offers a range of sustainable services that ensures essential baby products can be reused, refreshed or recycled. This launch follows several other sustainability initiatives that the brand announced in the past year to accelerate…
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16 May
Angling Direct appoints new CFO
Angling Direct, the leading omni-channel specialist fishing tackle and equipment retailer, has recently announced the appointment of Sam Copeman as group chief financial officer. Copeman is an experienced CFO and most recently led the trade sale of Esportif, the global sports consultancy with a presence in the UK, France, South…
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16 May
CMA to investigate competition failure among supermarkets
The Competition and Markets Authority (CMA) has announced that it will be “stepping up” its work in the grocery sector to see whether any failure in competition is contributing to grocery prices being higher than they would be in a “well-functioning” market. This comes as cost-of-living pressures have grown, and…
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16 May
Unemployment rises to 3.9%
The unemployment rate for January to March 2023 increased by 0.1 percentage points during the first quarter to 3.9% amid a surge in those not working due to ill health, according to the latest statistics from the Office For National Statistics (ONS). The ONS also found that the UK employment…
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16 May
Boohoo profits halve in FY22
Boohoo has seen its profits fall by 49% to £63.3m in 2022, with revenues falling to £1.8bn, down by 11% against last year, though up by 3% on 2020. Over the year, UK revenues were down by 9% against the 2021 but were up by 61% against 2020, which the…
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16 May
ABG closes in on Hunter Boots acquisition
American-based brand management business Authentic Brands Group is reportedly closing in on the acquisition of royal warrant-holding footwear brand Hunter, according to Sky News. Sky News stated that Hunter has listed Authentic as the preferred bidder as a sale process nears a conclusion. It also said that one source suggested…
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16 May
Frasers Group considers sale of Pretty Green
Frasers Group is recently considering selling Liam Gallagher’s fashion brand Pretty Green, Drapers has revealed. The company was part of the brands acquired by Frasers from JD Sports in December 2022. The other brands part of the acquisition included Base Childrenswear, Choice, Clothingsites, Cricket, Giulio, Kids Cavern, Missy Empire, Nicholas…
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16 May
Shoe Zone H1 profits halve despite revenue increase
Shoe Zone has announced that its profit before tax halved to £1.5m, down from £3.1m, for the 26 weeks ended 1 April 2023. The company’s adjusted profit before tax was £2.5m after a £1.3m forex loss was offset by £0.3m profit on sale of freehold. Despite this the company saw…
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15 May
Sports Direct opens new store at Braehead Centre
Sports Direct is set to open a new store in the Braehead Centre. The brand will relocate and upsize from its existing store in the retail park to a new 20,000 sq. ft store on the upper level of the main centre. The new store will feature the “best brands”…
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