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 -3 May
Hotel Chocolat appoints new chair
Hotel Chocolat Group plc, a direct-to-consumer premium chocolate brand, has announced the appointment of Stephen Alexander as the company’s non-executive chair, effective on 5 May 2023. Alexander has held numerous chair roles of public and private equity-backed companies, predominantly in the consumer sector, for more than 20 years, including Dairy…
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3 May
Card Factory profits jump 368.5% to £52.4m
Card Factory has seen its profit before tax rise 368.5% to £52.4m, up from £11.1m, for the year ended 31 January 2023. The company also revealed that its revenues rose 27% to £463.4m, up from £364.4m last year, for the same period. Alongside this increase store revenue grew 7.6% on…
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3 May
Third of Ocado shareholders vote against CEO’s £2m pay packet
Around 30% of shareholders at Ocado have voted against a measure that would see CEO Tim Steiner receive a £2m pay packet. In its AGM held yesterday (2 May), 492,647,838, or 70% of votes were in favour of the remuneration package while 212,534,897 votes were against it. It comes as…
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3 May
Wickes sales hit by adverse weather in Q1
Wickes has revealed that for the first 16 weeks of the year to 22 April the group’s like-for-like sales were down by 0.6%, with core like-for-like sales down by 3.6%. The group has attributed this to its core sales having been affected by adverse weather at the start of the…
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3 May
Watches of Switzerland CFO steps down
Watches of Switzerland, one of the UK’s largest luxury watch retailers, has recently announced that Bill Floydd will step down as chief financial officer from 12 May 2023. He will be succeeded by Anders Romberg, who previously served as the group’s CFO for seven years from 2014 to 2021. Floydd…
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2 May
Apollo drafts in former retail CEOs to help with THG offer
Apollo Global Management has reportedly drafted in former Coty and Holland and Barrett CEOs, Camillo Pane and Tony Buffin, to help advise on its offer for THG. According to Sky News, it is unclear if either would have an ongoing role with the business if any offer were to be…
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2 May
Bank holiday sees footfall rise 12.9%
The bank holiday weekend saw footfall ramp up “significantly” from Friday onwards, with an increase in footfall over Saturday and Sunday of +12.9% from the week before last, according to mRI Springboard. The average week on week % change from Sunday to Thursday was only +0.9%, but averaged +10.3% over…
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2 May
UK retailers must find ways to attract customers amid boom in resale market, True Fit says
UK shoppers make twice as many apparel purchases on second-hand platforms than they make on social media, according to the latest data from True Fit, the leading data-driven platform that decodes fit and size for leading apparel and footwear retailers. With the global fashion resale market expected to grow 127%…
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2 May
Footasylum to open Oxford Street flagship
Fashion streetwear and sportswear retailer, Footasylum, has announced that it will be opening a flagship store at 73-89 Oxford Street, London, as it continues its nationwide plans for expansion. The new 20,000 sq ft store will officially open in the second half of 2023, with an exact launch date yet…
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2 May
Castore forecasts 100% revenue growth to $250m in 2023
British sportswear brand, Castore, has revealed it expects 2023 revenues to jump 30% to $250m (£200m), and a representative increase of 100% year on year. It said the performance is attributed to a number of key factors including new kit deals for new teams in Europe such as, Feyenoord Rotterdam…
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