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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Nov- 2022 -17 November
Joules collapses into administration
Joules has officially appointed administrators and is set to be wound up after talks with potential investors collapsed, with up to 1,600 jobs at risk. Will Wright, Ryan Grant and Chris Pole from Interpath Advisory have been appointed joint administrators of Joules Group plc and Joules Limited. At the same…
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17 November
Lidl sees pre-tax profits quadruple to £41.1m
Budget supermarket chain Lidl has revealed its pre-tax profits quadrupled to £41.1m, up from £9.8m, during the year ending February 2022. Lidl also reported revenues of £7.8bn up from £7.7bn for FY20/21, a rise of 1.5%. This was also a 13% increase on its pre-pandemic revenue which was £6.9bn. The…
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17 November
Burberry targets 50% increase in sales with new strategy
Burberry has revealed a new long-term strategy to drive revenue growth and acceleration, which will aim to see the group’s sales of leather goods, shoes and women’s ready-to-wear, as well as outerwear and accessories grow by 50%. According to the luxury fashion label, it plans to convert all of its…
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16 November
Richemont sees sales surge but performance hampered by YNAP loss
Luxury jewellery retailer Richemont has reported strong sales and profit increase for the first half of the year but the performance was overshadowed by the impact of its disposal of Yoox-net-a-Porter (YNAP) The company, which owns brands such as Cartier and IWC Schaffhausen, made nearly €9.7bn (£8.5bn) this half year…
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16 November
Rising energy and food costs push inflation to 11.1%
Inflation has risen to a 41-year high of 11.1% in October, according to data from the Office for National Statistics (ONS). The inflation rate rose from 10.1% in September meaning it is now at its highest point since October 1981. The ONS has attributed this rise to increasing energy and…
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16 November
Estée Lauder to acquire Tom Ford in $2.8bn deal
The Estée Lauder Companies (ELC) has announced it is set to acquire luxury brand Tom Ford in a deal that values the company at $2.8bn (£2.35bn). The deal will establish its longstanding partner as the sole owner of the Tom Ford brand and all its intellectual property. Under the stewardship…
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16 November
Alpha Tauri enters UK market with London flagship
AlphaTauri, the fashion retailer owned by Red Bull, has continued its global expansion plans with the opening of a London flagship store in Knightsbridge. It is its first fully-owned store in Britain and marks the company’s entry into British brick-and-mortar retail. The 326m2 store on Brompton Road showcases the latest…
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16 November
Levi Strauss names new CEO and president
Clothing retailer Levi Strauss and Co has announced the appointment of Michelle Gass to the position of president, effective from 2 January 2023 when she is also expected to join the company’s board of directors. The news comes as Levi’s reportedly plans for Gass to succeed Chip Bergh as CEO…
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16 November
Card Factory ups guidance after ‘stronger than expected’ trading
Card Factory has upped its FY23 guidance after “stronger than expected” trading in the second half of the year, with full-year EBITDA now expected to be £96m, up from a previous guidance of £88.8m. According to the retailer, this EBITDA would approximate to profit-before-tax of £37.5m for the period. Its…
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15 November
Next announces new partnership with Fanatics
Next has announced a new connected inventory partnership with digital sportswear seller Fanatics which will allow it to sell officially licensed sports merchandise. For the first time in Europe, Fanatics will partner with a major retailer to give its customers access to thousands of products from the top leagues and…
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