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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Jun- 2022 -23 June
Matalan FY revenues surpass £1b
Matalan has revealed its revenues for the 52-week period ending 26 February 2022 reached just over £1bn, up 38% from the £744.1m it achieved during the prior 12 months. It also reported EBITDA post adoption of IFRS16 of £197.8m, compared with £80.5m from the previous year. Also during the period,…
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23 June
Gilly Hicks to open new store in Carnaby
Gilly Hicks, a brand in the Abercrombie and Fitch portfolio, has announced the opening of its new store located at 39 Carnaby Street, in the heart of London’s busiest shopping district. The new store opening is a part of the brand’s growth strategy, which includes an “expanded product assortment, digital…
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23 June
Naked Wines returns to profit as sales hit £350m
Naked Wines has welcomed a year of “strong execution” despite ongoing headwinds, with the group’s adjusted EBIT hitting £2m in FY22, up from a loss of £1.5m the prior year, as the group benefited from returning customers. Total sales were up by 5% YoY to £350.3m, while on a two-year…
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23 June
Amazon announces new global retail CEO
Amazon has announced the appointment of Doug Herrington as the new CEO of the company’s Worldwide Amazon Stores business. Herrington brings “substantial” retail, grocery, demand generation, product development, and Amazon experience to the role. He has been at Amazon for 17 years, having joined the company in 2005 to build…
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23 June
Boohoo appoints new CFO
Boohoo has announced the appointment of Shaun McCabe as the brand’s new Chief Financial Officer (CFO). McCabe will succeed Neil Catto whose role will reportedly transition to executive director as he remains on the group board. McCabe is expected to take up his new role later this year. Catto will…
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22 June
Gift Universe acquires Prezzybox
Gift Universe, parent company of the gifts and gadgets retailer Menkind, has acquired Prezzybox, a brand in the gifting industry. The acquisition, for an undisclosed sum, will enable the company to extend its reach into the female gifting market alongside Menkind’s male focused proposition. It follows on from the recent…
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22 June
1 in 3 SMEs struggle with cost of staffing, NatWest report reveals
New research conducted by NatWest Rapid Cash has revealed that 34% of SMEs are struggling with the cost of staffing, which has led to more vacancies across the job market. In addition, 85% of recruiters say businesses are struggling to employ the talent they need, with the challenge starkest in…
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22 June
M&S criticises gov decision on new Marble Arch store
Marks and Spencer has criticised the decision by Secretary of State Michael Gove to hold a public enquiry on the proposed redevelopment of its Marble Arch store on London’s Oxford Street. The retailer has been hoping to demolish the site and replace it with a larger 10-story retail and office…
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22 June
Frasers Group increases stake in Hugo Boss
Frasers Group, a British retail and intellectual property group, has increased its stake in German fashion brand Hugo Boss. Frasers announced it now has 3.4 million shares – a 4.9% stake – in Hugo Boss and holds buy options over another 26% shareholding. The group said its investment in the…
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22 June
Outgoing B&M boss awarded £5m payout
The outgoing boss of B&M Simon Arora has become one of the highest earning CEOs in retail after earning £5m last year, according to the company’s annual report. Arora was paid a base salary of £810,000 and also received an annual bonus of £1.5m and a long-time share bonus worth…
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