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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Jan- 2025 -23 January
Revolution Beauty warns FY sales may fall by quarter
Revolution Beauty has warned of a 25% decline in sales for the financial year ending 28 February 2025 due to experiencing some “sales softness” in December 2024. The beauty retailer has defined FY25 a “transformational year” during which it has discontinued over 6,000 unproductive SKUs – around 75% of its…
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23 January
CMA appoints Doug Gurr as interim chair
Former Amazon boss Doug Gurr has been appointed as interim chair of the Competition and Markets Authority (CMA), in a bid to boost growth and support the economy. Gurr, currently the director of the Natural History Museum, will bring a wealth of experience in the technology sector as the former…
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22 January
Today’s news in brief-22/1/25
River Island has engaged AlixPartners to manage cost reductions ahead of impending tax hikes in April. Despite a £33.2m pre-tax loss and a 19% drop in turnover to £578.1m for 2023, the retailer plans no formal restructuring affecting its 250+ stores. Waterstones reported a substantial rise in pre-tax profits to…
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22 January
Flying Tiger Copenhagen to open new store at Trafford Centre
Danish variety store Flying Tiger Copenhagen will open a new store at Trafford Centre on 14 February. The new 1,500 sq ft store, located on Upper Peel Avenue, will feature the brand’s core ranges alongside its seasonal love-themed products range to celebrate Valentine’s Day. The shop will mark the brand’s…
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22 January
Waterstones profits quadruple to £43m as office workers return
Waterstones has seen pre-tax profits rise from £11.2m to £42.9m in the year to 27 April 2024, whilst reporting a 16% sales rise to £528.4m. It comes as Waterstones experienced “encouraging” growth in London and other metropolitan city centres, as tourist numbers increased and workers returned to offices. The retailer’s…
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22 January
Asda appoints David Lepley as new chief supply chain officer
Asda has announced that David Lepley will join its executive team as chief supply chain officer, to lead its food and general merchandise supply operations. Lepley joins from Morrison’s where he was the executive group operations director. The move is a return ‘home’ for Lepley, having previously spent 15 years…
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22 January
Mytheresa nominates Richemont CFO to board
Mytheresa has nominated Burkhart Grund, the chief financial officer of Richemont, as its new supervisory board member, subject to the completion of its Yoox Net-A-Porter (YNAP) takeover.The proposal is set to be voted on by shareholders at an extraordinary general meeting on 6 March, 2025. Last October, Mytheresa and Richemont…
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22 January
Boohoo shareholders reject Frasers’ bid to remove co-founder
Boohoo shareholders have “overwhelmingly” voted against the resolution proposed by Frasers Group that would see founder and group executive vice chair Mahmud Kamani removed as director from the company. At a general meeting held yesterday (21 January), 63.17% of shareholders voted against the resolution compared to 36.8% who voted in…
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22 January
River Island drafts in AlixPartners to tighten costs
River Island has brought in AlixPartners to work on a cost reduction and profit improvement exercise ahead of the planned tax rises in April, according to reports from Sky News. Precise details of the exercise were not clear but is not believed to encompass formal restructuring work that could lead…
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22 January
Adidas sees revenues surge 24% to €5.97bn in Q4
Adidas has reported “better than expected” Q4 results as its revenues grew 24% to €5.97bn (£5.17bn) compared with €4.81bn (£4.17bn) in 2023. Excluding Yeezy sales in both years, currency-neutral revenues increased 18%. The company’s gross margin also increased 5.2 percentage points to 49.8%, while its operating profit reached €57m (£49.4m),…
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