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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Jul- 2022 -29 July
Amazon posts £1.6bn loss in Q2
Amazon has fallen to a net loss of $2.0bn (£1.6bn) in its second quarter, down from a profit of $7.8bn (£6.4bn) in the second quarter of 2021. This loss reportedly includes a pre-tax valuation loss of $3.9bn (£3.2bn) included in non-operating expenses from Amazon’s investment in Rivian Automotive, an electric…
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29 July
Asos, Boohoo and Asda investigated over sustainability claims
The Competition and Markets Authority (CMA) is launching investigations into Asos, Boohoo and George at Asda to scrutinise eco-friendly and sustainability claims made by the fashion brands about their products, including clothing, footwear, and accessories. The move forms part of the CMA’s ongoing investigation into potential greenwashing, and reportedly follows…
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29 July
Iceland warns of costs as energy bill set to double by 2023
Iceland has warned the global impact of energy prices is likely to have an impact on its performance next year. The news comes as it is set to be hit with a surge in energy costs from the running of its freezers, according to The Financial Times. Iceland’s energy bill…
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28 July
Frasers Group acquires online retailer I saw It First
Frasers Group has announced the acquisition of the online fashion retailer I Saw It First for an undisclosed sum. Frasers revealed it looks forward to integrating I Saw It First, which has over 5 million consumers, and has rapidly grown its digital presence since its launch in 2017. I Saw…
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28 July
Hammerson returns to profit
Hammerson has revealed a pre-tax profit of £50m for the six months ending June 28, contrasted with a £376m loss over the same period in 2021. However, the group also saw revenues fall to £62m from £65.3m. The company said this reflects a 48% increase in like-for-like net rental income,…
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28 July
Virgin Wines revenue up 63% on pre-Covid levels
Online wine retailer, Virgin Wines, has revealed that the company’s revenue is up 63% on a three-year, pre-Covid basis, compared to the FY19 result of £42.4m, highlighting that the business has retained much of the substantial growth achieved during the pandemic. However, it is reported that the company has a…
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28 July
Unbound confirms launch of new marketplace
Unbound Group plc has confirmed the initial launch of its new multi-brand platform, as scheduled, and the further Autumn Winter launch of the platform is on track to be completed in September. Alongside its Hotter brand, the group is initially launching with the first seven chosen partner brands, primarily focused…
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27 July
Music Magpie posts H1 loss amid revenue drop
Music Magpie has posted a first half loss of £0.7m, down from profits of £4m, in the six months to 21 May 2022 as its revenues declined amid a post-pandemic drop in trading. During the period, its group revenues declined marginally to £71.3m (H1 2021: £72.8m) with Music Magpie adding…
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27 July
Southern Co-Op faces legal complaint over facial recognition CCTV
Southern Co-Op is facing a legal challenge after a privacy rights group filed a complaint that its use of live facial recognition cameras is “unlawful”. Big Brother Watch claims that the group uses biometric cameras which are “infringing the data rights of a significant number of UK data subjects”. The…
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27 July
Amazon prime raises subscription price amid rising costs
Amazon has announced that it will increase the cost of its monthly Prime subscriptions from £7.99 to £8.99 from 15 September 2022, due to increased inflation and higher operating costs. The price of the annual Prime membership will increase from £79 to £95, and this marks the first time Amazon…
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