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 -17 March
Brunello Cucinelli revenues rise 29.1% to €919.7m
Brunello Cucinelli has reported that its 2022 revenues increased to €919.7m (£807.2m), marking a 29.1% rise over 2021, according to its FY results for the period ending 31 December 2022. It said that its two retail and wholesale channels, which increased sales by 62% and 38% respectively, were cited as…
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17 March
Aldi gives additional pay rise for store staff
Aldi has announced it is raising its starting pay for store assistants to a minimum of £11.40 per hour nationally, and £12.85 within the M25. The new £11.40 per hour starting rate, which is effective from 1 July 2023, is more than 13% higher than it was a year ago,…
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17 March
Mango invests in party clothing rental start-up La Más Mona
Mango has announced that its StartUp Studio will be investing in party dress and accessories rental platform, La Más Mona by offering financial support to the company through a convertible participation loan. The retailer’s investment in the rental platform represents its entry into an ‘acceleration’ programme through which the entrepreneurs…
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17 March
Sosandar appoints interim non-executive chairman
Sosandar has announced the appointment of Nick Mustoe as its interim non-executive chairman. The move comes after its former non-executive chairman Bill Murray suddenly passed away in February 2023. Mustoe was formerly a non-executive director and will take the role of NE chairman until a permanent replacement can be found.…
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16 March
Retailers welcome budget but ‘missed opportunity’ for rates reform
Retail has welcomed the support for households in the face of the cost of living crisis in the chancellor’s Spring Budget but some have criticised it as a “missed opportunity” for business rates reform. Headline measures announced by the chancellor included an increase in corporation tax to 25% for businesses…
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16 March
DFS profits dip in H1 amid rising costs
Furniture specialist DFS has revealed a decline in profits in H1 due to rising costs and a weak market environment despite record market share, with profit before tax falling to £7.1m, down from £23.3m the year before. According to its latest interim report, its profit before tax and PBT margin…
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16 March
Strikes cause 11.1% decrease in retail footfall, reports Springboard
Footfall declined 11% yesterday as a result of the UK-wide strike action, according to a new report by MRI Springboard. Springboard said that this decline is even “more significant” than usual as it comes on the back of reduced footfall last Wednesday (8 March 2023), when customer activity declined by…
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16 March
John Lewis Partnership appoints new CEO
The John Lewis Partnership has announced the appointment of Nish Kankiwala as its new CEO. Kankiwala has been a non-executive director of the John Lewis Partnership since April 2021 and he is also the former CEO of Hovis and has held senior roles at Burger King and PepsiCo. He will…
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16 March
Superdrug raises pay for newly-qualified pharmacists
Superdrug has announced a pay increase for newly-qualified pharmacists that will see their wages rise to £50k. The news comes as the high street drugstore is actively recruiting for 200 roles, while also introducing a new ‘financial wellbeing’ package. There are currently 155 pharmacists working for Superdrug, with an average…
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16 March
John Lewis axes bonus as losses surge to £234m
John Lewis has seen losses plummet to £234m in its full-year results, down from a loss of £27m the prior year, with the group axing its staff bonus for a second time and warning of future job losses. It comes as the impact of inflation was “felt across the business”,…
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