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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Apr- 2023 -3 April
Boohoo appoints new non-executive director to board
Online fashion Retailer Boohoo has announced the appointment of Alistair McGeorge as an independent non-executive director of the board. McGeorge will succeed Brian Small as the group’s deputy chairman and will act as interim chair of the audit committee until the search for an additional non-executive director is complete. He…
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3 April
M&S denies reports of head office job cuts
Marks and Spencer has dismissed a recent report by The Sunday Times stating that the retailer is looking to dismiss staff at its headquarters as part of chairman Archie Norman’s reforms. A spokesperson from M&S said: “It is simply inaccurate that hundreds of roles are being cut. As previously reported…
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3 April
Esprit posts HK$664m FY22 loss
Esprit has reported a loss of HK$664m (£68.4m) as its 2022 revenues decreased to $7.1m (£856m), marking a 15% decline over 2021, according to its results for the period ending 31 December 2022. It said that “the unfavourable economic environment” in Germany and the rest of Europe resulted in a…
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3 April
The Fragrance Shop to open flagship store on London’s Oxford Street
The Fragrance Shop has confirmed it is to open a brand new flagship global experiential store on Oxford Street later this summer. The move will mark the first time the UK independent fragrance retailer will open a flagship shop in London. The 2,300 sq ft location will feature a prominent…
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3 April
John Lewis pension assets plunge £2.8bn
John Lewis Partnership saw the market value of its pension assets plunge by £2.8bn last year amid a set of poor financial results. As revealed in its recent annual results, the value of the fund fell from £7.23bn to £4.42bn, largely due to a fall in the value of liability-driven…
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Mar- 2023 -31 March
Prada recruits 400 staff to boost production
Prada Group has announced its plans to recruit over 400 people by the end of 2023, to strengthen its production capacity and craftsmanship expertise in Italy. Prada said that the new hires would further reinforce the company’s “strong industrial strategy”. It also stated that the investment would guarantee “greater agility…
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31 March
Morrisons sales rise in Q1 as it targets £700m cost-cutting drive
Morrisons has revealed that revenues rose by 3.4% to £4.7m in the first quarter of the year as it announced plans to cut costs by £700m over the next three years. The group said the cost-cutting drive would enable further investment in lowering prices, increasing service levels, investing in loyalty…
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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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