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Co-op Bank has lost £2.6bn since the crisis – but can still bounce back | Nils Pratley
via theguardian.comHedge funds wouldn’t be stumping up hundreds of millions to rescue the bank if wasn’t potentially profitableHere come those dastardly hedge funds, up to their usual tricks: they’re rescuing the Co-operative Bank for a second time.The oddity here is worth noting. Ethical banking, Co-op Bank-style, would be at risk of death, or uncertain resolution at the hands of the Bank of England, if the hedge funds that own the bonds were not willing to find the extra £750m of funding. -
Victoria Beckham’s collaboration with Mango shows how far designer has come
via theguardian.comThe former Spice Girl’s collection with the high street chain is likely to be a fruitful new ventureAs a twentysomething Spice Girl, Victoria Beckham proclaimed that she wanted to be “as famous as Persil automatic”. Now, as she enters her sixth decade, the pop star turned designer has eclipsed her goal.On Tuesday, her debut designer collection for the high street chain Mango landed globally online and in select stores. By 8am in London a queue had formed outside the brand&rsquo -
In pictures: JD Sports unveils its biggest-ever store in Westfield Stratford City
JD Sports has unveiled its biggest store to date as it reopens its flagship in London’s Westfield Stratford City.
The sports retailer has given its unit in the shopping centre a “digital uplift” and extended its retail floor by 4,000sq ft, taking its total space to 27,915 sq ft.
JD Sports says the store, which now sits across two floors, promises to deliver “a seamless and immersive shopping experience”.
Consumers can get their hands on the latest collections from t -
B&Q launches energy saving hubs with the GMCA to boost energy efficiency
B&Q, the home improvement retailer, has launched two in-store Energy Saving Hubs in collaboration with the Greater Manchester Combined Authority (GMCA). The hubs, located at B&Q’s... View Article -
Clarks celebrates iconic style with inaugural Wallabee Day on April 26th
Clarks are excited to announce the first-ever Wallabee Day to take place every year on 26th April, encouraging its global community of wearers to share their... View Article -
John Lewis Partnership finance boss Bérangère Michel resigns
John Lewis executive finance director Bérangère Michel has resigned from the Partnership after 16 years.
Michel will step down from her post in the autumn after deciding “to pursue her future career options outside of the partnership”.
Her departure is the first major change to John Lewis Partnership’s executive team since former Tesco boss Jason Tarry was named as chair Dame Sharon White’s successor.
Michel joined the business in 2008 as its head of financi -
Data: Ocado named fastest growing supermarket for second month in a row
Ocado has maintained its title as the fastest growing supermarket for the second month as total online share reached 12% for the first time since July 2022.
According to the latest data from Kantar, sales for the online grocer surged 12.5% in the 12 weeks to 14 April, ahead of the online market which grew by 6.8%.
Ocado accounted for 1.9% of take-home grocery sales – an increase on the 1.7% share it held a year ago.
Across the rest of the sector, Tesco and Sainsbury’s both gained 0.4 -
The Cotswold Company launches home delivery in Northern Ireland
The Cotswold Company has expanded its premium delivery service to Northern Ireland as it looks to grow its presence across the UK.
The luxury furniture retailer said the online expansion will allow it to pursue new growth opportunities as it aims to become one of the nation’s leading lifestyle homeware brands.
It has “carefully selected” a local delivery company to service its Northern Ireland customers and ensure that large items are taken to the right room with all packaging -
B&Q launches energy saving hubs in Manchester stores
B&Q has opened two in-store Energy Saving Hubs in Manchester to provide support for customers looking to make their homes more energy efficient.
The DIY retailer has partnered with the Greater Manchester Combined Authority (GMCA) to launch the hubs inside its Trafford Park and Cheetham Hill stores.
Shoppers will be able to walk-in or pre-book appointments to use the free service where a specially trained B&Q employee will be able to take a home energy assessment to provide advice and tip -
Carpetright unable to trade after cyber attack
Carpetright has been unable to trade online or in-store for almost a week following a cyber attack.
Hackers targeted the flooring specialist’s head office in Purfleet, in Essex, last week by sending malware to gain unauthorised access.
Staff told The Times that customers had been unable to place orders on its website or at any of its 400 shops since last Thursday when systems were taken down.Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into y -
The Cotswold Company expands into Northern Ireland
The Cotswold Company has expanded its premium delivery service to customers in Northern Ireland as part of its strategy to strengthen its position in the UK.... View Article -
Primark owner’s profits soar as investments provide boost
via ft.comAssociated British Foods says ‘normality’ in supply chains helps lift half-year earnings by 37% -
Dobbies appoints Robert Cook as board advisor for its restaurant business
Garden centre retailer Dobbies has appointed Robert Cook as a board advisor to support the development of its restaurant business. A former chief executive of TGI... View Article -
Former Revolution Beauty investor pursues £45m claim as it accuses brand of ‘deceit’
Revolution Beauty is set for a legal battle as a former investment has filed a claim of over £45m as it accuses the business of “deceit”.
Chrysalis Investments bought a £45m stake in the company in July 2021, but sold its shares for £5.7m in 2022 after Revolution’s value collapsed.
It has since accused the beauty group of “deceit, negligent misstatement and/or misrepresentation” at the time of the share purchase.
The investor said on Monday it &ldq -
Asda seeks £2.6m refinancing to relieve debt as it dismisses sale talks
Asda chief financial officer Michael Gleeson has dismissed reports that its owners are looking to sell the supermarket.
Gleeson told The Times that the grocer’s billionaire owners the Issa brothers and private equity firm TDR Capital had a track record “of growth and investing for the long run”.
He said: “They don’t tend to be in and out of companies — they hold their positions in companies for significant periods of time. So ‘no’ is the answer to -
Grocery price rises in Great Britain slow as cost of toilet rolls, butter and milk falls
via theguardian.comShoppers spend more on promotions as Easter lifts sales of chocolate eggs and hot-cross bunsBusiness live – latest updatesGrocery price inflation in Great Britain has slowed to 3.2%, the lowest since November 2021, as the cost of toilet rolls, butter and milk fell and people spent more on store promotions.The decline in the four weeks to 14 April marked the 14th monthly drop in a row, and compares with an annual rate of 4.5% this time last month, according to the retail analysts Kantar. Th -
JD Sports to deepen US reach with $1bn bid for Hibbett
via ft.comAggressive acquisitions have pushed sportswear chain into more than 30 countries -
Primark posts strong growth in half year sales and profit
Primark has delivered 7.5% growth in half year sales to £4.5 billion as newly opened stores and last year’s selected price increases offset the impact of... View Article -
Examining the role of store events, Mobile POS in experiential retail
By Dave Bruno, Director of Retail Market Insights, Aptos Those ‘retail apocalypse’ and ‘the store is dead’ rumours have finally been put to rest. Whilst the... View Article -
Comment: Democratising personalisation
When entering the Salon de Parfums on the sixth floor of Harrods’ Knightsbridge flagship it not only looks pretty good with its polished marble flooring but... View Article -
JD Sports to acquire US rival Hibbett in £899m deal
JD Sports has agreed to acquire US sportswear brand Hibbett for £899m in a bid to speed up its US expansion.
The sporting retailer said the move will accelerate its growth plans in North America, strengthen its Complementary Concepts division and brand partner relationships, and increase the size of its platform to support the continued rollout of JD Sports in the US.
The business said it expects to fund the deal and refinance Hibbett’s existing debt through its US cash resource -
JD Sports to acquire US brand Hibbett in £899m deal
JD Sports has agreed to acquire US sportswear brand Hibbett for £899m in a bid to speed up its US expansion.
The sportwear retailer said the move will accelerate its growth plans in North America, strengthen its ‘Complementary Concepts’ division and brand partner relationships, and increase the size of its platform to support the continued rollout of JD Sports in the US.
The business said it expects to fund the deal and refinance Hibbett’s existing debt through its US cas -
Tesco faces scrutiny over ‘Amazon-style’ fee for online suppliers
The UK’s supermarket regulator is closely monitoring Tesco for implementing an “Amazon-style” fulfillment fee on its online suppliers.
The Grocery Code Adjudicator has been monitoring the UK grocery giant and put in place “assurance” processes after it said it would start charging suppliers extra to sell online last year.
According to the Times, Tesco faced criticism from brands and suppliers who expressed concerns that the fee, which covers order processing, produc -
UK grocery inflation falls to 30-month low
via ft.comGrocery price growth eases to 3.2% in four weeks to mid-April as retailers focus on special offers -
Primark rolls out click-and-collect as profits soar
Primark is expanding its click-and-collect service to all British stores by the end of 2025 as its first half profits surge.
The fashion retailer’s first half revenue rose 7.5% to £4.5bn with like-for-like sales up 2.1% and margin recovery to 11.3%, up from 8.3%.
It said the strong growth was driven by newly-opened stores and by last year’s “carefully selected price increases” to offset inflation.
In the UK, sales grew 4.3% against the same period last year, driven -
JD Sports to acquire US retailer Hibbett
JD Sports is to acquire the US sports fashion retailer Hibbett for $1.08 billion. With headquarters in Birmingham, Alabama, Hibbett has 1,169 stores in 36 states... View Article -
THG growth driven by ‘standout’ beauty arm performance
THG has posted strong revenue growth in the first quarter of 2024, which it said was led by a “standout performance” across its beauty divison.
In the first quarter of 2024, the Cult Beauty and LookFantastic owner saw a 4.5% jump in revenue compared to the previous year as total revenue rose by 0.3% on a continuing basis, reaching £459.9m for the first quarter.
THG Beauty, which delivered significant year-on-year growth, drove a revenue increase of 11.1%, while also posting a & -
John Lewis joins Canopy Pack4Good initiative
In a partnership with the environmental not-for-profit Canopy, John Lewis has become the largest UK retailer to sign up to the Pack4Good initiative Signatories to the... View Article -
Microsoft’s Olaf Akkerman joins People in Retail Awards judging panel
We’re thrilled to introduce our newest judge for the People in Retail Awards: Olaf, a dynamic leader at the forefront of the UK’s tech industry. Olaf... View Article -
Asda seeks to raise £2.6bn to refinance debt burden
via ft.comUK supermarket has carried heavy debt load since sale to billionaire Issa brothers and TDR Capital
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