Retail news

• Why the secrecy around financial terms of Covid-19 loan to Celsa Steel UK? Nils Pratley

  02-07-2020 20:59
  
  Rishi Sunak is right to help sector weather pandemic but needs to show Treasury is top of tree of creditorsCall it a small but significant step in the government’s Covid-19 business response: a loan has been granted to a company that does not meet the lending criteria for other support schemes.Celsa Steel UK, Spanish-owned but operating in south Wales, is the recipient. The sum is thought to be relatively small – about £30m – but 1,000 jobs were at risk. Chancellor Rishi
  
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• Primark/reopenings: bunny-hop Britain

  02-07-2020 18:00
  Returning to normality in everyday life and business is a stop-start process
  
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• Can Next or M&S turn Victoria’s Secret around?

  02-07-2020 16:33 via retailgazette.co.uk
  The retail industry was left wondering what the future holds for Victoria’s Secret when parent company L Brands placed its UK arm into administration on June 5, putting over 800 jobs and 25 stores at risk.
  Before its collapse, speculation was rife that Victoria’s Secret would have a change of hands when L Brands’ billionaire founder Lex Wexner sold the firm’s controlling stake to Sycamore Brands for about $525 million (£407 million) – a move that could’
  
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• Boohoo “forcing” Covid-19 positive workers to come into factory

  02-07-2020 16:30 via retailgazette.co.uk
  // Boohoo defends working practices in Leicester after claims that factory workers were forced to work despite having Covid-19
  // The PrettyLittleThing owner said it will immediately investigate the claimsBoohoo Group has responded to claims that garment workers at its factory in Leicester were “being forced to come into work while sick with Covid-19”.
  The group, which owns the likes of Boohoo, PrettyLittleThing and Nasty Gal, defended its position by pledging to immediately inv
  
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• Moss Bros chair Colin Porter exits as the retailer goes private

  02-07-2020 15:54 via retailgazette.co.uk
  // Moss Bros chair Colin Porter resigns along with several other directors
  // The resignations come as the menswear retailer transitions to a private company
  // Moss Bros is being bought for £22.6 million by Crew Clothing owner Menoshi ShinaMoss Bros non-executive chairman Colin Porter has reportedly stepped down, along with several other directors as the menswear retailer transitions to a private company.
  Senior independent non-executive director Alex Gersh, and non-executive directo
  
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• 150 office jobs at risk as WHSmith begins redundancy consultations

  02-07-2020 15:30 via retailgazette.co.uk
  // 150 WHSmith head office jobs in London & Swindon enter redundancy consultations
  // The affected roles represent around 18% of WHSmith’s head office staff count
  // Shop floor staff are not affected by the consultanciesWHSmith has kicked off a consultancy process with head office staff that could potentially lead to around 150 redundancies being made.
  The Retail Gazette understands the redundancy consultation affects the books and stationery retailer’s head offices in London and
  
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• Hugo Boss hires new chief sales officer as CEO steps aside

  02-07-2020 13:57 via retailgazette.co.uk
  // Hugo Boss appoints Oliver Timm as new chief sales officer
  // CEO Mark Langer will move to a consultative role on July 16, new CEO Daniel Grieder starts next year
  // Hugo Boss also expanded its online store to now trade in an additional 22 countriesHugo Boss has named Oliver Timm as its new chief sales officer and confirmed that its chief executive Mark Langer will step aside to a consultative role later this month.
  The news comes the same week the upmarket menswear retailer expanded its onlin
  
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• M&S announces major overhaul of Sparks as “digital first loyalty scheme” in huge digital push

  02-07-2020 13:00 via chargedretail.co.uk
  
  Marks & Spencer has announced a major overhaul of its iconic Sparks loyalty programme, relaunching it as a “Digital First loyalty scheme”.
  M&S’ Sparks loyalty scheme will now be entirely digital and will be hosted through an updated M&S App from Thursday July 9.
  Existing members can download their Sparks cards via the app straight to their phone or have it stored on their online shopping account. 
  Sparks’ 7 million members will no longer receive points on
  
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• Adidas HR boss exits after internal racism claims

  02-07-2020 11:37 via retailgazette.co.uk
  // Adidas global HR boss Karen Parkin resigns after employees called her out on internal racism
  // Parkin had been a member of the executive board since 2017Adidas HR chief Karen Parkin has resigned after employees called for her resignation over claims of racial discrimination.
  Parkin, who was also a member of the executive board, had been with the company for 23 years.
  She first joined in 1997 as a sales director for Adidas’ UK business.READ MORE:Adidas sales in China return to growth wh
  
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• Jeff Bezos is now richer than ever despite worst economic downturn since Great Depression

  02-07-2020 11:01 via chargedretail.co.uk
  
  Amazon’s chief executive Jeff Bezos’ personal wealth has hit an all time high of $171.6 billion as shares in the company surge.
  Amazon’s shares jumped over four per cent yesterday to hit a record high of $2878.7 per share, despite the US experience the worst economic downturn since the Great Depression.
  According to Bloomberg’s Billionaires Index, this means Bezos is now worth a $171.6 billion, comfortably surpassing his pre-divorce peak of $167.7 billion in 2018.
  READ MO
  
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• Primark loses £800m in Covid-19 lockdowns

  02-07-2020 10:39
  
  Retailer expects profits to dive by two-thirds as revenue falls 75% in three monthsCoronavirus – latest updatesSee all our coronavirus coverageCoronavirus lockdowns have cost Primark £800m, with the clothing retailer expecting profits to tumble by two-thirds this financial year. Revenues fell by 75% between 1 March to 20 June, to £582m, Primark’s owner, the FTSE 100 conglomerate Associated British Foods (ABF), reported on Thursday. Continue reading...
  
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• Tesco chair John Allan to help boost UK’s post-Covid economy

  02-07-2020 10:25 via retailgazette.co.uk
  // Tesco boss John Allan will lead new Covid Recovery Commission to revitalise UK economy
  // Chancellor Rishi Sunak agreed to endorse but will not have a formal government mandate
  // The panel will develop “bold” policy ideas for boosting UK productivity post-coronavirusTesco chairman John Allan is reportedly set to lead a committee of business leaders tasked with generating policy ideas for boosting the UK’s post-coronavirus economy.
  Allan will chair the new Covid Recovery Com
  
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• 20 retailers to cut carbon emissions ahead of government target

  02-07-2020 09:55 via retailgazette.co.uk
  // 20 retailers pledge to cut their carbon emissions
  // Amazon, Morrisons and Marks & Spencer are among the group of 20 businessesAt least 20 retailers have pledged to cut their carbon emissions, ahead of the government’s target of net-zero by 2050.
  The initiative, which is led by the BRC, means retailers could put carbon labels on their products declaring their environmental impact.
  Amazon, Morrisons and Marks & Spencer are among a group of 20 businesses who have teamed up to deve
  
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• Primark to lose two-thirds of profits because of coronavirus

  02-07-2020 09:46
  Discount retailer was on course to earn £1bn for the first time this year
  
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• Coronavirus to wipe out two-thirds of Primark profits

  02-07-2020 09:46
  Discount retailer was on course to earn £1bn for the first time this year
  
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• Primark loses £800m amid Covid-19 lockdowns

  02-07-2020 09:44
  
  Clothing retailer expects profits to plunge by two-thirds as revenue falls 75% in our monthsCoronavirus lockdowns have cost Primark £800m, with the clothing retailer expecting profits to tumble by two-thirds this financial year. Revenues at Primark fell by 75% between 1 March to 20 June, to £582m, its owner, the FTSE 100 conglomerate Associated British Foods (ABF), reported on Thursday. Continue reading...
  
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• Primark upbeat after positive early sales post-lockdown

  02-07-2020 09:37 via retailgazette.co.uk
  // Primark sales plunge 75% to £582 million in third quarter ending June 20
  // However, it was “encouraged” by trade vast majority of its shops have exited lockdown
  // The post-lockdown demand prompts Primark to place £1bn worth of orders for the autumn & winter seasonPrimark owner Associated British Foods (AB Foods) has said sales at the high street retailer have been “encouraging” after reopening sites, despite predicting a major hit to profits.
  AB Foods
  
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• 17.2m Brits plan to switch to online shopping permanently

  02-07-2020 09:19 via retailgazette.co.uk
  // 17.2 million UK consumers expected to make permanent changes to their shopping habits
  // Covid-19 pandemic forecast to generate an additional £4.5bn of UK online sales in 2020
  // 69% of Brits don’t think the govt’s response to the crisis has been positive, driving risk-aversion towards physical retailCovid-19 is expected to see one-quarter of the UK’s whole population make a permanent switch to online shopping as the pandemic accelerates the move from bricks to clicks,
  
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• Why UK supermarkets are not making super profits

  02-07-2020 06:00
  Despite booming food sales during lockdown, stores face extra costs from the pandemic
  
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• UK supermarkets not in line to deliver super profits

  02-07-2020 06:00
  Despite trading through lockdown, stores face extra costs from pandemic and it is less-profitable lines that are selling
  
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• Primark sales slumped during Covid-19 lockdown

  02-07-2020 01:00 via theretailbulletin.com
  
  Primark owner Associated British Foods has estimated that the fashion retailer was losing £650 million in sales per month during the Covid-19 lockdown after all 375 of its stores... View Article
  
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• Hugo Boss appoints chief sales officer

  02-07-2020 01:00 via theretailbulletin.com
  
  Fashion brand Hugo Boss has appointed Oliver Timm as its new chief sales officer. Due to take up his role on 1 January, Timm will be responsible for the... View Article
  
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• Harrods to shed nearly 700 jobs due to Covid-19 impact

  02-07-2020 01:00 via theretailbulletin.com
  
  The Harrods department store is to cut 672 jobs due to the impact of the coronavirus pandemic. This will amount to 14% of its 4,800 strong workforce. In memo... View Article
  
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• Arcadia to cut 500 head office roles

  02-07-2020 01:00 via theretailbulletin.com
  
  Arcadia is to carry out a restructuring of its head office function and cut 500 of its 2,500 job roles. The owner of Topshop and Dorothy Perkins... View Article
  
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