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- 2021 -19 August
Global Fashion Group sees profits soar to €183.7m
Global Fashion Group (GFG), the owner of ecommerce platforms such as The Iconic and Zalora has reported gross profits of €183.7m (£156.5m) in the second quarter of 2021, due to easing of Covid-19 restrictions. Revenues at the group rose to 18% year on year to €397.3m (£338.5m) compared to €336.1m…
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19 August
John Lewis to launch ISA accounts for customers
John Lewis has announced that it is set to launch savings accounts for customers through a new partnership with digital wealth manager Nutmeg. The three new ISA products reportedly aim to “help those who otherwise would not consider investing”, and mark the latest products to be introduced to the group’s…
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18 August
Angling Direct sees 19.5% H1 revenue rise
Angling Direct, the fishing tackle and equipment retailer, saw revenues rise 19.5% year-on-year to £38.4m in H1 FY22. The figure for the six months ended 31 July 2021 represents a 44.8% spike when compared to H1 FY20’s £26.5m revenues. Physical retail sales comprised 51.8% of total group sales during the…
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18 August
Lees bolster senior management team
Lees of Scotland, the confectionary company, has bolstered its senior management team following a series of internal promotions and strategic appointments. Martin Ruck will join as development and technical director, having worked within the food industry for over 30 years. He will be “focusing on driving forward new and…
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18 August
Inflation slows to 2% in July
Inflation slowed to 2% in July down from 2.5% the previous month, according to the latest figures from the Office of National Statistics (ONS). It found that clothing and footwear, and a variety of recreational goods and services made the largest downward contributions to the change, with inflation now hitting…
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18 August
Monsoon Accessorize to continue trust support in Afghanistan
Monsoon Accessorize has confirmed that the Monsoon Accessorize Trust will continue to support education projects and communities in Afghanistan following the Taliban’s takeover of the country this past week. The trust has been supporting women and children’s education projects in Kabul for over 20 years, most recently committing to fund…
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18 August
Tesco head joins Co-op in newly created role
Co-op has announced that Nick Meagher, head of insight at Tesco, will join the group to take on a similar position. Meagher will join Co-op as head of insight and research, a newly created role, which forms part of the groceries store’s “ongoing growth” to its data, digital and loyalty…
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18 August
Bravissimo FY20 revenues plummet 30.5%
Lingerie retailer Bravissimo has reported a 30.5% year-on-year decline in group revenues to £41.9m in FY20. The group also saw losses before tax widen to £4.4m for the year to 31 October 2021, up from losses of £628,000 the previous year. Net assets also decreased from £14.7m to £10m in…
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17 August
RSC to tackle sustainably amongst retailers with new initiative
The UK’s Retail Sector Council (RSC) has announced the launch of a national online initiative to help small independent retailers cut their carbon footprint and become more environmentally friendly. Led by RSC member Victoria Robertshaw and receiving ministerial support, Green Street is an informative and accessible hub, built by retailers…
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17 August
The Body Shop owner sees revenue rise 36.2% in Q2
Natura and Co, the Brazilian owner of The Body Shop, saw consolidated net revenues grow 36.2% year-on-year to R$9.5bn (£1.3bn) in Q2 FY21. The group also reported an adjusted EBITDA of R$811.2m (£111.8m) in the quarter at a margin of 8.5%, as “inflationary pressures in the quarter were largely offset…
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