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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Dec- 2022 -15 December
Asos appoints new non-executive director
Online retailer Asos has announced the appointment of Wei Gao as a non-executive director. Gao was previously COO at Hopin and brings over 16 years of ecommerce and data experience. He held senior roles at Amazon, including roles as vice president for Grocery Tech, Product and Supply Chain, and as…
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15 December
H&M full-year sales up 12% to £17.7bn
H&M has announced its provisional sales increased by 12% to £17.7bn, for the full-year period from 1 December 2021 to 30 November 2022. Excluding Russia, Belarus and Ukraine the increase was 15% in SEK and 8% in local currencies. Net sales in the fourth quarter period from 1 September 2022…
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15 December
M&S appoints former Boohoo Group MD as head of menswear
Marks and Spencer has appointed the former managing director of Boohoo Group, Mitch Hughes, as director of menswear, Drapers has reported. Hughes replaces Wes Taylor, who steps down from his role at M&S this month after almost five years as director of menswear and kidswear. Hughes stepped down from Boohoo…
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14 December
Inflation falls to 10.7%
UK Inflation fell to 10.7% in November, down from 11.1% in October, but still remains close to a 40-year high as the cost of living continues to rise. According to the latest data from the Office for National Statistics, the decrease was mainly driven by a fall in petrol prices…
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14 December
Watches of Switzerland sees H1 results surge 31% to £765m
Watches of Switzerland has revealed its revenues increased 31% to £765m during the first half of the year ended 30 October 2022. The company has seen a “continued strong demand” for luxury watches and jewellery and has attributed revenue growth to increased prices. UK revenues increased 8% to £454m, which…
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14 December
Shein considers becoming online marketplace
Shein is reportedly considering becoming an online marketplace platform, in a move that would enable third-party merchants to sell directly to customers, according to a memo seen by The Wall Street Journal. The move would see the online retailer expand its business beyond selling its own brand apparel. According to…
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14 December
Footfall rises marginally as cold snap impacts performance
Footfall across UK retail destinations rose marginally last week (Dec 5-12) by +0.3% from the week before, with a varied performance across the three key destination types, according to Springboard. It found that shopping centres were boosted by their ability to offer shelter from the elements, as footfall rose by…
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14 December
Zara owner sales rise 19% in Q3
Inditex, the parent company of Pull and Bear, Zara and Bershka, saw its sales reach €23.1bn (£19.8bn) in the third quarter this year. This was a 19% increase on the same period last year, while sales in constant currency grew 20%. This comes as traffic and store sales increased over…
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13 December
Shopper spend rises 7.6% at UK supermarkets despite squeeze on incomes
Total Till sales grew +7.6% in the last four weeks ending 3 December 2022, up from +5.6% last month, according to the latest data from NielsenIQ. Nielsen said the acceleration in Total Till sales is largely a result of double-digit food inflation, as UK shoppers remain cautious regarding the contents…
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13 December
Frasers Group snapped up I Saw It First for £1
Frasers Group has revealed that it acquired online retailer I Saw It First for a cash sum of only £1 earlier this year. In its latest interim results for H1, Frasers said the brand owed £13m to shareholders at the time of its takeover. As part of the transaction, which…
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