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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Feb- 2023 -10 February
New Look closes more UK stores
New Look has confirmed that several stores across the UK have been closed by the retailer, which noted the closures were a “normal course of business”. Four of its sites stopped trading in January, with three further stores closing their doors this month. Last month, the retailer’s sites in Fort…
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10 February
Adidas lowers guidance amid Kanye West split
Adidas has announced that it expects its revenues to drop at least €1.2bn (£1.1bn) as a result of its split with Kayne West. The company also expects its operating profit to drop €500m (£442m) and is still reviewing its options for its existing Yeezy stock. Its current guidance already accounts…
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10 February
Watches of Switzerland falls short of expectations amid Christmas strikes
Watches of Switzerland has reported that its revenues increased 17% to £407m in the 13 weeks to January 29 this year, narrowly falling short of analysts’ consensus expectations of £425m. The company said its lower than expected sales growth was because of rail and postal strikes over Christmas and general…
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9 February
Boux Avenue and Ryman face ‘uncertainty’ over refinancing
Theo Paphitis Retail Group, the parent company of Boux Avenue, Ryman and Robert Dyas, has warned that some of its businesses face “material uncertainty” in the coming year, despite reporting a 5.5% growth in store sales in FY22. According to The Guardian, Ryman is struggling to refinance a £10m government-backed…
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9 February
Seasalt partners with Reskinned for new takeback and resale scheme
Seasalt has announced it has partnered with Reskinned, to launch a new takeback and resale scheme. As part of the scheme, Seasalt has committed to taking in old clothes from customers, repairing them, and reselling them on its website. Those that contribute to the scheme will be given up to…
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9 February
Under Armour unveils ambitious UK expansion plans
Under Armour will open three new brand-owned stores in key cities throughout the UK over the next couple of months, following what it called “significant growth and consumer demand in the market”. The stores are part of Under Armour’s overall strategy to strengthen its direct-to-consumer channel, a key element of…
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9 February
VF Corp Q3 revenues down as Vans underperforms
Vans owner VF Corporation has announced a 3% drop in revenue driven by a 13% fall in sales from the footwear brand, for the three months ended 31 December 2022. Vans revenue fell to $927m (£768m) in the quarter and is expected to drop by a high-single-digit percentage rate for…
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9 February
Very CFO appointed chief finance and transformation officer
Digital retailer Very has announced the appointment of its CFO Ben Fletcher to the newly-created role of chief finance and transformation officer with immediate effect. As part of his new role, Fletcher will continue to be part of the company’s executive team and board, reporting to group CEO Lionel Desclée.…
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8 February
Frasers completes acquisition of five JD Sports fashion brands
Frasers Group has revealed it has completed the acquisition of five premium fashion brands from JD Sports as part of a deal announced in December of last year. The £47.5m deal with its rival already saw Frasers agree to acquire a total of 15 fashion brands, with eight already having…
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8 February
Inflation to add £18.2bn to UK non-food sales
Inflation is set to add around £18.2bn to non-food sales in the UK according to the Ecommerce Delivery Benchmark Report 2023, commissioned by Auctane in partnership with Retail Economics. Sales values are expected to hit £249bn in 2023 with the additional £18.2bn, a 2.6% increase, driven entirely by rising consumer…
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