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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Aug- 2022 -9 August
Neiman Marcus appoints new president
Neiman Marcus Group has announced the appointment of Ryan Ross as its president, effective Aug 15 2022. Ross will report to Geoffroy van Raemdonck, chief executive officer, NMG. Ross was previously president of Williams Sonoma, where he was responsible for driving integrated channel strategies, customer growth and evolving the relevancy…
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9 August
Amazon to expand offering with iRobot acquisition
Amazon has revealed its intention to acquire the consumer robot company, iRobot, after the two companies have reportedly entered into a definitive merger agreement. The retail giant will acquire iRobot for $61(£50.38) per share in an all-cash transaction valued at approximately $1.7bn (£1.4bn), including iRobot’s net debt. Completion of the…
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8 August
Women’s Euro and summer heatwave reduce online retail sales decline
Online retail sales growth dipped -2.3% year-on-year (YoY) in July 2022 as the Women’s Euro final and the summer heatwave helped reduce the decline, according to the latest IMRG Capgemini Online Retail Index. While this is a continuation of the negative growth that has been consistent across 2022, it was…
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8 August
Mike Ashley pursues legal claim against Morgan Stanley
Mike Ashley has reportedly launched a legal claim against Morgan Stanley, alleging the investment bank acted in “bad faith” over trades made by Ashley to build his stake in Hugo Boss. According to This is Money, court documents claim that Morgan Stanley “intended to harm” Frasers by indirectly forcing it…
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8 August
Amazon workers plan further strikes over 35p pay rise
Amazon workers are preparing for a further wave of strikes in British warehouses in the coming days as disagreement over pay and conditions escalate, according to the Telegraph. The announcement comes as workers at Amazon’s warehouse in Tilbury, Essex, walked out over what the GMB Union described as a “pathetic”…
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8 August
Joules confirms talks to sell minority stake to Next
Joules has confirmed in a statement that Next plc has been in negotiations for several weeks for the retail giant to acquire up to 25% of the smaller London-listed retailer. The statement confirmed Next’s plan to adopt its total platform services to support the group’s long term growth plans. Additionally,…
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8 August
Kontoor Brands revenue up 25% in Q2
Global lifestyle apparel company, Kontoor Brands, has seen revenue increase by 25% to $614m (£507m) in Q2, largely driven by strength in the U.S. in both its Digital and wholesale channels. The group’s strongest brands, Wrangler and Lee, also reported a revenue increase of 19% and 14% respectively in H1…
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8 August
Burberry appoints new non-executive director
Burberry Group has announced that Alan Stewart has been appointed to the board as a non-executive director and member of the Audit and nomination committees, with effect from 1 September 2022. The company has also announced that Matthew Key will be retiring as a non-executive director following completion of nine…
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5 August
Asda targets 30% female store managers by 2025
Asda has announced a new diversity target of increasing the proportion of female general store managers to 30% by 2025, as part of its second Environmental, Social and Governance (ESG) report. The report, which provides an annual update on the supermarket’s progress on the key issues which matter to its…
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5 August
Tax cuts won’t solve economic crisis, says Next CEO
Simon Wolfson, the chief executive of fashion retailer Next, has claimed that inflationary pressures can only be tackled by increasing the supply of goods and workers as tax cuts will not solve the challenges facing the British economy, according to The Telegraph. The Telegraph reported that Wolfson also predicted that…
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