Retail news

• How Boohoo came to rule the roost in Leicester’s underground textile trade

  10-07-2020 21:30 via ft.com
  Online retailer is the biggest buyer from garment workshops in a city battling claims over poor working conditions
  
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• The billionaire Boohoo family who started with a market stall in Manchester

  10-07-2020 19:23
  
  Founders prepare for huge pandemic payout as booming online UK fashion empire snaps up established brandsBoohoo sells dresses for £5 and jeans for less than £10, but its founders are multimillionaires who are lining themselves up for a £100m payout as online sales soar during the Covid-19 pandemic.In less than 15 years, Boohoo has gone from a three-employee operation to a business with sales of £1.2bn and a 5,000-strong workforce that ships millions of parcels a week. Des
  
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• Retail Gazette Loves: Snag Tights enlists Sum Ting Wong to find global ambassador

  10-07-2020 18:38 via retailgazette.co.uk
  Size-inclusive hosiery retailer Snag Tights has launched a search for a “Snag Queen” who will act as the brand’s first global ambassador.
  The campaign has been launched in partnership with RuPaul’s Drag Race UK star Sum Ting Wong, who will be acting as a judge for the new social media competition.
  The campaign has been designed as a celebration of the art of drag and the competition is open to any member of the public, regardless of age, gender, dress size or ability.
  The
  
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• Influential shareholder offloads £80m worth of shares in Boohoo

  10-07-2020 18:30 via retailgazette.co.uk
  // Standard Life Aberdeen sells 27m shares in Boohoo this week – more than half of its original stake in the retailer
  // it said Boohoo’s response to slavery allegations at its Leicester factory was “inadequate”One of Boohoo’s biggest shareholders has dumped most of its stock in the online fashion retailer and criticised its response to allegations of slavery at its Leicester factory.
  According to the Financial Times, Standard Life Aberdeen said Boohoo’s respo
  
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• Ex-Oasis & Warehouse staff seek legal action over redundancy management

  10-07-2020 17:55 via retailgazette.co.uk
  // Former Oasis Warehouse employees seek redundancy compensation through legal action
  // At least three former staff allege that Deloitte did not carry out a consultation period as per law
  // Oasis & Warehouse Group collapsed in April 15, leading to 1083 job lossesFormer employees of Oasis and Warehouse Group are reportedly taking legal action with regard to their redundancy payouts after the retailer went into administration.
  According to Drapers, the former staff are demanding that ad
  
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• Clarks a step closer to securing minority stake sale with investors

  10-07-2020 17:30 via retailgazette.co.uk
  // Clarks reportedly closer to securing a deal to sell a minority stake in the business
  // Private equity firms OpCapita & Sycamore Partners were among the investors to have lodged an interest
  // Clarks also appointed a new managing director: Suzanne McKennaClarks is reportedly one step closer to securing a sale of a minority stake in the business to investors, almost two months after it announced it revealed 900 job cuts amid a turnaround strategy.
  According to Sky News, the footw
  
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• Boohoo shareholder sells off shares in firm worth nearly £80m

  10-07-2020 17:11
  
  Response to reports of poor working conditions criticised by Aberdeen Standard Investments
  One of Boohoo’s largest shareholders has sold off more than half its stake in the online fashion retailer, saying its response to reports of poor working conditions in its supply chain had been inadequate.Aberdeen Standard Investments sold off 27m shares this week, worth nearly £80m at Thursday’s closing price, as it said recent events had knocked its conviction that Boohoo was improving
  
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• West End landlord collects less than a third of rent in June

  10-07-2020 16:55
  
  Great Portland Estates says it has received 28% of quarterly payments from commercial tenants in central LondonGreat Portland Estates said it collected less than a third of the rent owed in June by its tenants running shops, restaurants and pubs in central London, as the impact of the coronavirus lockdown continued to bite.The West End landlord received only 28% of the quarterly rent due from its retail and leisure tenants last month. It resorted to cashing deposits as the troubled occupants of
  
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• The Restaurant Group: Rish dish dosh

  10-07-2020 16:34 via ft.com
  The slimmed down group is now well placed to benefit from recovery, when it comes
  
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• Eyes on Dixons Carphone ahead of its full year trading update next week

  10-07-2020 16:13 via retailgazette.co.uk
  // Dixons Carphone set to unveil its full year trading results for the 12 months ending May 1 next week
  // Investor worry the 166% growth Dixons Carphone had online might have slowed down since lockdownInvestors will already have a good idea of what to expect at the top of Dixons Carphone’s balance sheet next week when the retailer posts its results for the 12 months to the start of May.
  Despite early predictions before lockdown that the electronics chain would endure a “significant
  
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• Uniqlo owner Fast Retailing profits drop almost 50%

  10-07-2020 14:52 via retailgazette.co.uk
  // Fast retailing total sales at its Uniqlo stores rose 26.2% in June
  // The company saw “higher demand for summer ranges as the temperature rose”Uniqlo owner Fast Retailing said its nine-month results have reflected the negative impact of the pandemic and its third quarter was worse than expected.
  Total sales in June at its Uniqlo stores in Japan and its domestic website surged by 26.2 per cent.
  The company saw “higher demand for summer ranges as the temperature rose above the
  
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• Another administrator drafted in for Laura Ashley

  10-07-2020 14:35 via retailgazette.co.uk
  // Extra administrator appointed to scrutinise Laura Ashley’s pre-collapse finances
  // FRP Advisory has been appointed as joint administrators alongside PwC
  // The appointment was done at the request of the Pension Protection FundA second administrator has been appointed to scrutinise the state of Laura Ashley’s finances before the retailer filed for administration earlier this year.
  At the request of the Pension Protection Fund (PPF), FRP Advisory has been appointed as joint adminis
  
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• Superdrug will begin actively responding to social media trolls telling them they “won’t tolerate cyber bullying”

  10-07-2020 12:06 via chargedretail.co.uk
  
  Superdrug is taking a stand against cyberbullying with its new #BeKind campaign after seeing a spike in “unacceptable and negative” comments on its social media platforms.
  The beauty and makeup retailer has pledged to tackle a growing number of ‘trolls’ leaving offensive messages to emerging make-up artists and bloggers on its social media platforms.
  Working in conjunction with Ditch the Label and beauty influencers Imogenation, Simone Powderly and Georgia Rankin, Superd
  
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• Intu deputy chair John Whittaker resigns

  10-07-2020 10:17 via retailgazette.co.uk
  // Intu deputy chairman and non-executive director John Whittaker has resigned
  // Intu fell into administration in late June
  // The shopping centre landlord operates 17 shopping centresIntu deputy chairman and non-executive director John Whittaker has reportedly stepped down following the property giant’s administration.
  All of the company’s non-executive directors also resigned, except David Hargrave – who was hired as chief restructuring officer of the business in May.
  W
  
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• Boohoo shares recover 27% despite £2bn loss as investors see “buying opportunity”

  10-07-2020 10:09 via chargedretail.co.uk
  Boohoo has seen its shares recover by 27 per cent this morning as investors see its “share price fall as a buying opportunity”.
  The online fashion giant has endured a dismal week, seeing roughly £2 billion wiped off of its £5 billion market capitalisation, while big name brands including Zalando and Asos pulled its goods from their sites.
  It comes after the The Sunday Times published a report alleging that workers in a Leicester factory making clothes for Boohoo
  
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• Investors eye up £1bn Gymshark minority stake

  10-07-2020 10:00 via retailgazette.co.uk
  // Gymshark reportedly looking to sell a minority stake of up to 20%
  // The sale could value the business at £1bnGymshark has attracted the interest of private equity firms amid speculation that it was exploring a sale of a minority stake.
  According to Sky News, Inflexion Private Equity, General Atlantic, TSG Partners and L Cattertonare are among the investors eyeing up a bid for a stake of up to 20 per cent in the athleisure and sportswear brand and retailer.
  Gymshark also repor
  
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• Redundancies loom as Hotter submits CVA proposal

  10-07-2020 09:39 via retailgazette.co.uk
  // Hotter submits CVA proposals to creditors
  // The footwear retailer aims to avoid going into administration
  // The CVA aims to seek approval for the closure of 46 storesHotter Shoes has reportedly submitted its CVA proposal to creditors and shareholders in an effort to seek approval for the closure of 46 stores.
  The footwear retailer has said it is necessary “to avoid the likelihood of Hotter going into administration” following the high street’s recent collapses triggered by
  
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• Retail footfall plunges 62% in June as Brits remain cautious

  10-07-2020 09:00 via retailgazette.co.uk
  // Footfall in the UK dropped 62.6% year on year in June
  // Brits continued to be cautious after non-essential retail reopened on June 15The UK saw footfall levels plummet by 62.6 per cent year on year in June – a 19 per cent improvement on May, when non-essential retail was closed due to the coronavirus lockdown,
  In the first two weeks of June, there was a 77.1 per cent year-on-year drop which improved to 53.3 per cent once stores were allowed to open in Northern Ireland from June 12, and
  
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• No-deal Brexit to raise food and clothing prices, BRC says

  10-07-2020 08:32 via retailgazette.co.uk
  // BRC warns that food and clothing prices will increase if govt and EU cannot agree on a tariff-free Brexit
  // The trade association warned that “time was running out”Prices on food and clothing will increase if the government and the EU cannot agree on a tariff-free Brexit deal before the end of October, the BRC warned.
  The trade association warned that “time was running out” for a zero-tariff trade deal to be agreed.
  It said that failure to do so would lead to price in
  
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• Worldwide bike shortage slams brakes on cycling revolution

  10-07-2020 06:00 via ft.com
  Buyers left frustrated as manufacturers struggle to meet surge in demand during Covid-19 crisis
  
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• Pandora benefits from speedy return of shoppers to stores

  10-07-2020 01:00 via theretailbulletin.com
  
  Pandora has said it now has 86% of its stores open and trading following Covid-19 lockdowns across the world as it announced that its second quarter... View Article
  
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• No-deal Brexit will raise cost of UK household staples, say retailers

  10-07-2020 01:00
  
  Meat, cheese and oranges among items that will cost more if no trade deal reachedThe cost of household staples, ranging from meat and cheese to school uniforms and drinking glasses, will substantially increase if there is no Brexit trade deal, British retailers have warned.With just six months to go before the UK leaves the EU entirely by exiting the single market and the European customs union, retailers fear further damage to a sector already reeling from the coronavirus crisis, with 5,600 job
  
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• Digital Marketing Trends 2020: Marketing ‘Buzz’ Barometer Infographic

  10-07-2020 01:00 via theretailbulletin.com
  
  Redeye reviewed the most popular terms, phrases, concepts and tactics from the past seven years of marketing and analysed the coverage each has received in the... View Article
  
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• Boux Avenue unveils second raft of store reopenings

  10-07-2020 01:00 via theretailbulletin.com
  
  Lingerie retailer Boux Avenue has confirmed the reopening dates for the remainder of its 31 stores, with the exception of Oxford Street and Manchester Airport. The... View Article
  
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• A focus on: Latest economic trends and the impacts affecting the Retail industry

  10-07-2020 01:00 via theretailbulletin.com
  
  Experian’s webinars are designed to bring the latest economic insights. Led by Mohammed Chaudhri, Experian’s Chief Economist, they’ll be covering the latest economic trends, impacts on... View Article
  
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