Boohoo

Boohoo added ‘Made in UK’ labels on clothes made in South Asia

Boohoo reportedly added “Made in the UK’ labels to some of its clothes that were actually made overseas, according to claims from BBC Panorama. The BBC investigative show said that Boohoo removed label from a selection of plain t-shirts and hoodies and had them replaced with the Made in the…

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Today’s news in brief-9/1/24

The UK saw record-breaking grocery sales of £4.8bn during the week ending December 23, 2023, representing a 4.3% increase compared to the previous year. Aldi and Lidl continued to outperform the market, with a combined market share increasing to 20.1%. Total spending on groceries increased by £657m over the four…

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Boohoo eyes closure of Leicester factory

Boohoo Group is looking to close its Thurmaston Lane factory in Leicester in favour of relocating its operations, Drapers has reported.  The news comes after the online fashion retailer entered a consultation last month, which revealed that “less than 100” employees will be impacted at the so-called “model factory” in…

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Revolution Beauty reaches settlement with co-founder amid CFO exit

Revolution Beauty has announced that it has reached a settlement with Tom Allsworth, the former executive chairman and co-founder of the company. The retailer has agreed to pay Allsworth an ex gratia payment of £270,000 net, £490,000 when grossed up for taxes. This is in respect of certain historical legal…

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Today’s news in brief-6/11/23

The future ownership of the iconic London department store, Selfridges, is reportedly in question as co-owner Signa grapples with a financial crisis. Restructuring experts have been enlisted to help Signa raise funds amidst rising borrowing costs and falling property valuations. The sale of Signa’s 50% stake in Selfridges is likely,…

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UK retailers join forces to sign Wrap’s Textiles 2030 initiative

More than 30 retailers have signed up to Wrap’s Textiles 2030 initiative to reduce the carbon impact of the textiles they produce.  Textiles 2030 was launched last year by climate action NGO Wrap, which stands for Waste & Resources Action Programme, in an effort to accelerate the UK fashion industry…

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Can Asos turn around its spiral into widening losses?

If Asos’ estimations are correct, the online fashion retailer will be facing its second year of falling sales as big as 5% to 15% in FY24. Business has looked bleak for the retailer, and as of 3 September, its loss-before-tax widened to £296.7m, UP from a loss of £31.9m in…

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Today’s news in brief-3/11/23

In October, footfall in the UK dropped by 5.7% year-on-year, with high streets experiencing a 4.6% decrease, compared to a -1.7% in September. Retail parks and shopping centres also saw declines of 4.3% and 7.3% respectively. England had the smallest drop at 5.3%, followed by Scotland at 1.4%, Wales at…

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Today’s news in brief-25/10/23

Asos has pushed back the release of its FY23 results to 1 November 2023, citing the need for its auditor, PwC, to complete planned testing. PwC has assured that the outstanding procedures are of limited scope. Asos confirmed its performance up to 3 September 2023 aligns with the post-close trading…

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Frasers Group ups Boohoo stake to 16.5%

Mike Ashley’s Frasers Group has once again increased its stake in online retailer Boohoo and now holds a 16.5% share in the business. It has upped its stake from 15.1% and now holds a total number of voting rights of 209,319,058. Frasers first purchased a 5% stake in the online…

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