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 -21 June
Debenhams’ unsecured creditors to lose out on £1.3bn
Debenhams’ unsecured creditors, including clothing suppliers, landlords and lenders, are set to lose out on the £1.3bn they were owed before the business collapsed in 2020. According to The Times, a new report from the department store’s liquidator, AlixPartners, revealed that no funds were available for distribution to the group’s…
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21 June
THG expects increased H1 profits following strong Q2
THG has welcomed a “strong” second quarter of trading that is set to increase its first half profitability, with adjusted EBITDA for the half-year now expected to be between £44m and £47m, compared with £32.3m in the same period last year. As a result, the group’s guidance for the financial…
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21 June
Alibaba CEO steps down to lead brand’s cloud business
Alibaba chief executive and chairman Daniel Zhang has announced that he will be stepping down from his role to lead the company’s computing service arm. Following this transition, Zhang will continue to lead Alibaba Cloud Intelligence Group as its chairman and chief executive officer. Zhang has been with the firm…
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21 June
WHSmith, M&S and Argos ordered to pay underpaid staff
WHSmith, M&S and Argos have been ordered to pay unpaid wages to thousands of staff following an investigation from the Department for Business and Trade (DBT). WHSmith have been ordered to pay over £1m to over 17,000 workers after a policy making staff supply their own uniform caused their wages…
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20 June
M&S to cut prices on over 200 items
M&S Food has invested in the price of over 200 products in a move that will see the retailer cut the price of over 70 family staples and extend its price lock on 150 customer favourites. The retailer said it was cutting the price on some of its most popular…
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20 June
Frasers acquires single-figure stakes in Boohoo and Currys
Mike Ashley’s Frasers Group has announced it has made a “strategic investment” in both Boohoo and Currys. In an announcement to shareholders it said driving growth through strategic investments is a “core part” of Frasers’ DNA and as such has acquired a 5% stake in Boohoo and 5% in Currys.…
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20 June
Kurt Geiger prepares for international expansion amid new funding
Kurt Geiger, the premium footwear and accessories brand owned by international private equity firm Cinven, has recently agreed a new funding package to refinance its existing debt and support its international growth strategy. The combined facilities were provided by Wells Fargo Capital Finance UK, a part of Wells Fargo &…
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20 June
Mango partners with marine biologist to protect the Mediterranean
Mango has announced a partnership with marine biologist and National Geographic explorer Manu San Félix to support the Declaration of the Mediterranean, an initiative promoted by San Félix to protect and restore the Mediterranean sea. Specifically, the Declaration for the Mediterranean will draft a manifesto highlighting the evolution and deterioration…
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20 June
Amazon launches flexible financing for SMEs
Amazon has launched a flexible financing programme that gives small and medium-sized businesses access to funding linked to their sales, allowing them to repay as they earn. A merchant cash advance, delivered in collaboration with leading financing provider YouLend, will provide a new flexible financing option for eligible UK-based businesses…
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20 June
Grocery price inflation falls to lowest level this year
Like-for-like grocery price inflation has dropped to its lowest level since 2022 and now sits at 16.5% for the four weeks to 11 June 2023, according to the latest data from Kantar. British take-home grocery sales rose by 10.8% over the month in comparison with the same period last year.…
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