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
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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29 March
Asda profits fall 24% to £886m amid attempts to mitigate inflation
Asda has revealed its full-year profits declined 24% to £886m during the 52-week period ending 31 December due to its attempts to mitigate inflationary pressures for customers. It revealed total sales (excluding fuel) increased by 0.1% year-on-year to £20.45bn amid a “strong upturn” in performance in H2, with like-for-like sales…
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29 March
Aviva acquires Southampton retail park
Aviva Investors, the global asset manager of Aviva plc, has revealed it has acquired the Hedge End Retail Park in Southampton, alongside the separate purchase of an Asda superstore in Hayes, Middlesex. It said the two deals continue Aviva Investors’ desire to act as a strategic buyer of real estate…
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29 March
American Golf appoints new CEO
International Leisure Group in conjunction with Endless LLP has announced Nigel Oddy as its newly appointed CEO. Oddy will succeed Gary Favell from 11 April 2023 and assume responsibilities for ILG, including Europe’s leading golf retailer, American Golf. Before joining American Golf, Oddy most recently held the position of interim…
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