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 -4 August
Hugo Boss reaches near-pre-pandemic sales levels
Hugo Boss has reported a near-return to pre-pandemic sales of €629m (£536m) in Q2 FY21, falling 4% when compared to the same quarter in 2019. The currency-adjusted figure represents a 133% year-on-year rise, with sales in group currency also climbing 129% from €275m (£235m) in Q2 FY20. The luxury fashion…
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4 August
DMR expands presence in Liverpool with Omega boutique
David M Robinson (DMR) has expanded its presence in Liverpool One shopping district with the opening of a mono-brand Omega boutique later this year. This latest expansion is DMR’s first opening of a mono-brand boutique, combining the watchmaking heritage of Omega with customer service experience. The new boutique spanning 2000…
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4 August
Mike Ashley set to step down as CEO of Frasers Group
Mike Ashley is reportedly planning to step down from his role as the CEO of Frasers Group and hand over control to his prospective son-in-law, according to The Telegraph. The Sports Direct boss is reportedly expected to assume the role of deputy chairman following the move, which could be confirmed…
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4 August
Alibaba revenues fail to meet analysts’ expectations
Alibaba has reported revenues of ¥180.24bn (£20bn) for the three months to June 30, an increase of 34% from the previous year, however falling short of analysts forecasts of ¥184bn (£20.4bn). It revealed that total revenue also missed expectations at ¥205.74bn (£22.8bn), despite this marking an increase of 34%. In…
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4 August
New Look posts Q1 profits of £15m
New Look has swung to a £15m adjusted EBITDA profit in the first quarter of FY22, compared with losses of £16m in Q1 FY21. The group reported that total revenue increased 181.7% year-on-year to £194.4m during the 13 week period ended 26 June 2021. However, the fashion retailer also announced…
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4 August
THG to acquire Cult Beauty for £275m
THG has announced it has agreed to acquire Cult Beauty, the UK based online beauty retailer, for a total consideration of £275m. Cult Beauty is the authorised online retailer of over 300 third party brands across skincare, haircare and cosmetics, including Charlotte Tilbury, Drunk Elephant and Huda Beauty. Currently less…
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4 August
Ted Baker appoints two new non-executive directors
Ted Baker has announced the appointment of Fumbi Chima and Meg Lustman as independent non-executive directors of the company. Fumbi Chima is currently executive vice-president and chief information officer at BECU, the US-based credit union. She has also previously served similar roles at Adidas, Fox Network Group, Burberry, Walmart Asia’s…
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3 August
Wolverine World Wide acquires Sweaty Betty for £295m
Wolverine World Wide has announced that it has acquired UK retailer Sweaty Betty in an all-cash transaction valued at approximately $410m (£295m). Founded in 1998 in Notting Hill, Sweaty Betty offers a wide array of tops, bottoms, swimwear, outerwear, and accessories. Julia Straus, CEO, Sweaty Betty, said: “From the moment…
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3 August
VF Corp H1 revenues soar 104% to $2.2bn
VF Corporation, the apparel and footwear group, saw revenues increase 104% year-on-year to $2.2bn (£1.58bn) in H1 FY22. The owner of Vans, The North Face, and Dickies also reported a swing to $324m (£232m) net income for the period, up from net losses of $286m (£205m) in FY21. In turn,…
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3 August
Mike Ashley’s Frasers Group pens letter urging MPs for Debenhams probe
Mike Ashley’s Frasers Group has reportedly sent a letter to parliament urging them to launch an independent investigation into Debenhams’ collapse in 2019. According to Sky News, which reports it has seen the letter from Frasers CFO Chris Wootton, the letter claims that the Debenhams board was culpable for its…
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