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-
Nike shares tumble 20% as sales warning rattles retailers
via ft.comSportswear maker says it is taking aggressive action to reorganise inventory after weaker than expected quarter -
Shein keeps option of Hong Kong IPO as back-up plan
via ft.comFast-fashion group’s ambition of listing in London is facing scrutiny in UK and China -
Asda returned to profit in 2023 despite market share losses
Asda returned to a pretax profit in its 2023 financial year, despite losing market share to its grocery rivals over the period.
The UK’s third largest supermarket’s results for the year to end-December 2023 showed a pretax profit of £180 million, contrasting with a pre-tax loss of £432 million in 2022.
The retailer said the outcome reflected an increase in operating profit and a partial reversal of previous impairment provisions, Reuters reported.
Back in April, the Asda& -
H&M will struggle to stand out from the crowd
via ft.comSwedish clothing group can no longer compete with Shein and Temu on price -
Next PM likely to inherit improved economy after UK growth revised up
via theguardian.comUpdated quarterly GDP confirms UK was fastest-growing economy in G7 with consumer confidence returningBusiness live – latest updatesThe UK economy grew at a faster rate than previously thought in the first quarter of 2024, handing the next prime minister an improved economic backdrop.Gross domestic product (GDP) rose by 0.7% in the first three months of 2024, revised upwards by the Office for National Statistics from a first estimate of 0.6%. Continue reading... -
A day in the life of …. Ebony Quow, Lead People Business Partner. JD Sports
Ebony Quow is an accomplished HR professional with a diverse background in talent acquisition, development, organisational development (OD), and a passion for DE&I (Diversity, Equity, and... View Article -
Marks & Spencer to launch repair service to give quality clothes another life
Marks & Spencer is to launch a new clothing repair service that customers can access online. The news comes as the retailer unveils its new circularity... View Article -
Next PM likely to inherit improved economic backdrop after UK growth revised up
via theguardian.comUpdated quarterly GDP confirms UK was fastest-growing economy in G7 with consumer confidence returningThe UK economy grew at a faster rate than previously thought in the first quarter of 2024, handing the next prime minister an improved economic backdrop.Gross domestic product (GDP) rose by 0.7% in the first three months of 2024, revised upwards by the Office for National Statistics from a first estimate of 0.6%. Continue reading... -
M&S doubles down on circularity with new clothing repair service
M&S has teamed up with clothing repair and alterations specialist Sojo to offer a dedicated clothing repair service for the first time.
From August, the retailer’s customers can book a repair service through its new dedicated online hub, ‘M&S Fixed by SOJO.’
They will be able to select and book a range of bespoke repair services – from zip replacements to invisible knitwear mending via an online form.
With repairs starting from £5, M&S clothing can be se -
Frasers eyes full ownership of Princesshay shopping centre
Frasers Group is engaging in talks to buy the Princesshay shopping centre in Exeter, the Times has reported.
The Mike Ashley-founded group is looking to purchase a 50% stake in the Exeter shopping centre from US-based asset manager, Nuveen.
It is also trying to secure the remaining 50% from Nuveen’s partner, the Crown Estate, which currently co-manages the mall.
Should both negotiations come to fruition, it’s thought that Frasers Group will invest approximately £80m to ga -
Superdrug opens biggest UK store to date at Westfield Stratford
Superdrug has opened its biggest UK store to date at London’s Westfield Stratford Shopping Centre. The move forms part of the health and beauty retailer’s plans... View Article -
Music Magpie revenue declines in increasingly competitive second-hand market
Music Magpie has reported a drop in revenue for the six months to 31 May as it faces an increasingly competitive second-hand market. Group revenue came... View Article -
Lanvin Group appoints new artistic director
The Lanvin fashion group has appointed Peter Copping as artistic director. He will join the business as creative lead for its womenswear and menswear collections in September.... View Article -
Shoe Zone hit by cyber attack, doesn’t expect ‘material’ impact
Shoe Zone has said it was hit with a cyber attack resulting in “unauthorised access to certain online systems and data”.
The footwear retailer said that on becoming aware of the incident, it “enacted its established IT security protocols and took immediate steps to stop the unauthorised access to its systems and data”.
The firm said specialist third-party consultants have been engaged to “investigate the nature and extent of the incident, and to implement the incide -
Nike slashes 2025 forecast as it posts weaker-than-expected sales
Nike shares dropped on Thursday after the company reported weaker than expected sales in its fourth quarter.
The sportswear giant’s fourth quarter revenues hit $12.6bn (£9.6bn) down 2% and its direct-to-consumer sales fell 8% to $5.1bn (£4.3bn). Revenues for the Converse brand were down 18%, due to declines in North America and Western Europe.
The announcement led to shares dropping more than 12%.
Nike president and CEO John Donahoe said the company was addressing these near-te -
Nike posts disappointing sales amid weak demand
Nike shares dropped on Thursday after the company reported weaker than expected sales for its fourth quarter.
The sportswear giant’s fourth quarter revenues hit$12.6bn (£9.6bn) down 2% and direct-to-consumer segment figures fell 8% to $5.1bn (£4.3bn). Revenues for the Converse brand were down 18%, due to declines in North America and Western Europe.
The announcement led to a sharp after-hours trading decline, with shares dropping more than 12%.
Nike president and CEO John Donah -
Tesco signs ‘landmark’ retail media partnership
Tesco has agreed a “landmark” partnership with the world’s biggest media-buying business GroupM to supercharge its retail media business.The partnership is expected to “drive best-in-class delivery of data-led solutions, education and innovation across all facets of retail media”.
It will cover on-site, off-site, and connected store offerings, including an agency-first in-store screen partnership, leveraging the supermarket giant’s 22 million Clubcard househo -
Walgreens shelves £7bn Boots sale
Boots’ US owner has shelved plans for a multibillion-pound sale for the second time.
Walgreens, which has owned the health and beauty giant since 2014, abandoned plans as it cut its profit outlook and announced a large number of stores, as its share price fell to its lowest level since 1997.
Boots however, was a standout performer for the business, as sales at retailer rose 6%, on top of a 13% increase in the prior year quarter. Related StoryBoots delivers 13th consecutive quarter of growt -
Boots £7bn sale shelved by owner Walgreens
Boots’ US owner has shelved plans for a multibillion-pound sale for the second time.
Walgreens, which has owned the health and beauty giant since 2014, abandoned plans as it cut its profit outlook and announced plans to close up to 700 US stores, as its share price fell to its lowest level since 1997.
Boots however, was a standout performer for the business, as sales at retailer rose 6%, on top of a 13% increase in the prior year quarter. Related StoryChief executive Tim Wentworth who came -
Boots hails positive momentum after increase in quarterly sales
Boots has said it delivered a strong set of results in the three months to 31 May when retail and pharmacy sales increased by 6% and... View Article -
Matches to close website and remaining stores following administration
Matches will close down its website on 30 June alongside its two remaining stores in Marylebone and Wimbledon over the coming weeks.
The move comes three months after owner Frasers Group placed the luxury fashion retailer into administration.
Matches emailed customers to say that the site will close at midnight on Sunday, with an extra 20% off available on selected discounted items for a minimum spend of £200, Drapers reported.
The business shuttered its Mayfair store on 5 Carlos Place las -
Look Fantastic announces Molly-Mae Hague as brand partner
Online beauty retailer Look Fantastic has extended its partnership with influencer and entrepreneur Molly-Mae Hague. The move builds on the retailer’s traditional influencer model by leveraging... View Article
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