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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Mar- 2023 -31 March
Toys R Us owner amongst potential bidders for Hunter
The owner of Toys R Us, WHP Global, is reportedly one of several potential buyers eyeing a takeover of iconic footwear brand, Hunter Boots. According to Sky News, Marquee Brands, the owner of Ben Sherman, and Baozun, a Chinese e-commerce group which owns Gap’s Greater China operations, have also expressed…
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31 March
UK economy avoids recession amid 0.1% growth
The UK economy narrowly avoided a recession during the fourth quarter (Oct-Dec) as UK GDP increased 0.1%, revised up from no growth, according to the latest data from the ONS. In output terms, the services sector grew by 0.1% and the construction sector grew by 1.3%, while the production sector…
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31 March
Planet Organic puts administrators on notice
Grocery chain Planet Organic has reportedly put administrators on standby as it attempts to find a backers to secure its future, according to Sky News. The company filed a notice of intention to appoint administrators on Thursday, to provide it with breathing space from creditors. According to City sources the…
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31 March
Roberto Cavalli appoints CEO
Italian fashion group Roberto Cavalli has announced the appointment of Sergio Azzolari as its new chief executive officer, who will take up the role on 2 April and report to the board of the luxury fashion brand. Prior to his appointment, Azzolari was CEO of Dsquared2 since 2017, having held…
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30 March
Primark boosts hourly pay for retail assistants
Primark is to increase the pay of its retail assistants in Great Britain, giving around 26,000 retail colleagues an average pay rise of 12%. The retailer is increasing the rates of pay for all hourly-paid store colleagues across England, Scotland and Wales to £11 an hour and £11.51 in London.…
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30 March
H&M Q1 profit boosted by second-hand Sellpy platform
H&M has seen operating profit hit SEK 725m (£56.4m) in its first quarter of trading, up from SEK 458m (£35.6m) the prior year, boosted by the earnings of second-hand platform Sellpy. Sellpy, which is one of Europe’s largest second-hand platforms, has been consolidated into the group in the first quarter,…
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30 March
Decathlon launches UK first rental scheme
Sports retailer Decathlon has launched a rental service across all of its UK stores, becoming the first sports retailer in the country to do so. The rental service has been rolled out across all UK stores following a successful trial at four stores, where customers found that the offering allowed…
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30 March
Lululemon revenues increase 30% in FY22
Lululemon’s full-year net revenues have increased by 30% to $8.1bn (£6.6bn), the athleisure company has revealed in its FY22 statement. Gross profit amounted to $4.4bn (£3.5bn) in 2022 compared to $3.6bn (£2.9bn) the previous year although adjusted net income resulted less than 2021, with $854m (£691m) compared to $975m (£789m).…
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30 March
Brunel shopping centre to focus less on retail
Swindon’s Brunel shopping centre has announced plans for redevelopment with less of a focus on retail. According to the BBC , when the shopping centre opened in 1973, it was among the “first” of a new era of shopping precincts. However, 50 years later, many of the shop units are…
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30 March
Moonpig revenues remain unchanged at £320m in FY22
Moonpig has revealed that the group’s annual revenues for the financial year ending 30 April remain unchanged at roughly £320m, with full-year adjusted EBITDA also remaining unchanged. The news comes as the online retailer’s performance has been resilient across the second half of the year to date, having recorded its…
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