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- 2021 -28 July
Asda owners eye Fat Face head for George CEO role
Asda owners, brothers Mohsin and Zubba Issa are reportedly in talks to appoint the current CEO of Fat Face, Liz Evans, to head up the group’s fashion label, George, according to The Lancashire Times. Evans has been the CEO of Fat Face since 2018. If she moves over to George,…
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28 July
Morrisons’ largest shareholder ‘not inclined’ to back £6.3bn Fortress offer
Morrison’s largest shareholder Silcherster has said it is “not inclined” to support the £6.3bn takeover that has been accepted by the company’s board. The investment firm, which owns a 15.1% stake in the ‘Big Four’ Grocer, has said it believes more time should be given for a rival bid to…
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28 July
Music Magpie sees revenues up 2.3% following IPO float
Music Magpie, an e-commerce retail business, saw its group revenues grow by 2.3% to £72.8m for the six months ending 31 May 2021. The store, which sells refurbished electronics and second-hand video games, also reported a pre-tax profit of £4m over the six months period- up from £3.3m last year.…
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28 July
PMI closes entire IQOS high street portfolio
Global tobacco company Philip Morris International has reportedly closed the entire UK portfolio of its recently opened IQOS shops. According to The Times, some 16 IQOS sites had been launched across the UK, with Philip Morris, owner of the group, claiming in June 2019 that hundreds more would follow. The…
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28 July
Shop prices decline will ‘not last forever’, BRC warns
Shop prices have continued to decline in July, but the lowering of prices may “not last forever” in the wake of Brexit, according to the latest BRC-Nielsen Shop Price Index. Shop price deflation accelerated to 1.2% year-on-year over the month, compared to June’s decrease of 0.7%. According to the BRC,…
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27 July
LVMH reports 56% H1 revenue spike
Moët Hennessy Louis Vuitton (LVMH) has reported a 56% year-on-year revenue rise to €27.7bn (£23.7bn) in H1 FY21. Organic revenues at the luxury retailer also jumped 56% when compared to H1 FY20 and 11% in comparison to pre-pandemic 2019 levels. The group also saw profit from recurring operations jump 44%…
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27 July
LK Bennet launches rental clothing service
LK Bennett has announced a new rental clothing service for a flat monthly fee of £79, in which members can receive two items in their first box and can make unlimited box exchanges with free shipping both ways. Each month, the customer will be able to rent two RTW products…
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27 July
Footfall rises 3.3% but ‘pingdemic’ slows growth
Footfall across UK retail destinations rose by 3.3% last week from the week before, however the hot weather and cautiousness around the ‘pingdemic’ slowed growth throughout the week. According to the latest figures from Springboard, footfall rose in all three destination types, but it revealed that the 4.1% increase in…
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27 July
In The Style return to profit in FY21
In The Style has reported pre-tax profits of £125,000 for the 12 months ended 31 March 2021, up from a previous year’s loss of £2.1m. Revenue also witnessed a sharp increase, rising by 132% to £44.7m up from £19.3m in 2020, benefiting from a 30% growth in customer website visits.…
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27 July
Games Workshop FY21 revenues soar 31% to over £350m
Games Workshop Group, the creator of Warhammer, saw group revenues soar 31% year-on-year to £353.2m for the year ended 30 May 2021. The Nottingham-based miniature wargames provider also reported a 68.8% spike in FY21 profit before tax when compared to the previous year. The company’s trade operation consisted of 55%…
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