Retail news

• Clothing brand Gymshark becomes UK’s newest £1bn start-up

  14-08-2020 18:14
  Company founded by Ben Francis as a student nine years ago wins £200m investment
  
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• Debenhams staff to seek legal action after mass redundancies

  14-08-2020 17:58 via retailgazette.co.uk
  // Over 500 Debenhams staff plan to take legal action against the retailer
  // Law firm Simpson Millar has begun investigations and is seeking to secure a Protective Award on behalf of staffDebenhams staff have reportedly called for action against the company after hundreds were made redundant earlier this week.
  More than 500 staff who were made redundant are planning to take legal action against the retailer.
  Law firm Simpson Millar has begun investigations and is seeking to secure a Protective
  
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• Retail Gazette Loves: Cath Kidston supporting The Prince’s Trust

  14-08-2020 16:00 via retailgazette.co.uk
  Cath Kidston has released a new shopper bag featuring a collection of limited-edition, hand-drawn prints designed especially to raise funds for The Prince’s Trust.
  A 20 per cent donation from each bag will go towards supporting The Prince’s Trust’s Women Supporting Women Initiative which aims to change the lives of 10,000 young women within five years.
  “The Shopper” is a new range of reusable carrier bags with a twist, made from the recyclable material Tyveka, maki
  
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• Gymshark hits £1bn valuation after securing major investor

  14-08-2020 15:58 via retailgazette.co.uk
  // Gymshark secures investment from General Atlantic, valuing it at over £1bn
  // Deal will see General Atlantic will take a minority stake of 21%
  // Gymshark founder Ben Francis also increasing his stake to over 70%Gymshark has joined a list of fewer than 25 British firms achieving Unicorn status since 2001, after a major fundraise brought the online retailer’s valuation to over £1 billion.
  Gymshark announced it would enter a strategic partnership with global growth equity firm
  
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• Hobbs boss takes dual responsibility as Whistles MD departs

  14-08-2020 14:17 via retailgazette.co.uk
  // Hobbs MD Justin Hampshire to take responsibility at Whistles as Helen Williamson departs
  // Williamson was the MD of Whistles for the last two yearsHobbs managing director Justin Hampshire will reportedly now take dual responsibility of both Hobbs and Whistles as Helen Williamson steps down.
  Williamson has been with Whistles for the last six years and will now take early retirement.
  She joined Whistles as commercial director in 2015, before becoming brand director a year later.READ MORE:19 st
  
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• China retail sales fall fuels concern for global recovery from Covid-19

  14-08-2020 14:06
  
  Retail sales dropped 1.1% in July while industrial production remains subduedCoronavirus – latest updatesSee all our coronavirus coverageFears over the strength of China’s economic recovery from the coronavirus pandemic have been raised after retail sales slumped in July and industrial production remained subdued.Fuelling concerns for the world economy, retail sales in China dropped in July by 1.1% compared with the same month a year ago, missing predictions for a small increase in c
  
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• 19 stores at risk as Jigsaw launches CVA proposal

  14-08-2020 13:53 via retailgazette.co.uk
  // Jigsaw launches CVA proposals, with creditors due to vote on it on Sept 3
  // The proposals features 19 stores earmarked for closure
  // 16 stores will remain on full rent but the remaining 41 will switch to turnover-based rentJigsaw has reportedly earmarked 19 of its stores that could face closure after launching a CVA proposal this week.
  According to Drapers, some of the earmarked store locations facing closure include Westfield London, Bluewater in Kent, Manchester and Birmingham.
  The CVA al
  
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• Shoppers could face £3200 fine if they don’t wear face coverings

  14-08-2020 13:09 via retailgazette.co.uk
  // Fines for repeatedly refusing to wear face coverings in shops could soar to £3200
  // Fine is currently £100 but it will double for subsequent offences, up to a maximum of £3200Fines for repeatedly refusing to wear face coverings in shops could soar to £3200, Prime Minister Boris Johnson announced ahead of further easing of England’s lockdown.
  At present, people who refuse to wear a face covering where it is required face a £100 fine, which can be reduc
  
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• DfID scheme accused of 'putting UK aid in pockets of wealthy companies'

  14-08-2020 13:06
  
  £6.85m programme places emphasis on benefit to businesses rather than protecting workers in the developing world, say criticsA newly announced aid programme that promises to help workers in the developing world supplying goods to British high street chains like Marks & Spencer, Primark and Morrisons has been condemned for using taxpayers’ money to “pick up the bill” for improving workforce conditions.The £6.85m scheme, announced on Thursday by international deve
  
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• Online retail sales drop 10% in July as lockdown easing triggers “shift in spending patterns”

  14-08-2020 11:39 via chargedretail.co.uk
  
  Online retail sales dropped 10 per cent in July as pubs and restaurants opened triggering “a shift in spending patterns amongst consumers”.
  Online sales throughout July saw a “sharp decline” of 10 per cent compared to a month earlier, according to the latest figures from IMRG’s online sales index.
  Sales also dropped 10 per cent year-on-year in the week commencing July 5 as lockdown measures were eased, but this decline was short lived and online sales returned to a
  
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• Farfetch gains “significant” market share despite ongoing losses

  14-08-2020 11:16 via retailgazette.co.uk
  // Farfetch records 60% rise in traffic during lockdown thanks to store closures
  // Revenues and profits rose during the periodFarfetch has recorded over 500,000 new customers as well as “significant” market share gain during its second quarter.
  The online luxury retailer said it saw “strong momentum” in its business as traffic rose by 60 per cent thanks to the shift to digital during April, May and June – when lockdown was in full force in most countries.
  Farfetch
  
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• Travel shares plunge as France is added to UK Covid quarantine list

  14-08-2020 10:32
  
  The British Airways owner, IAG, and struggling tourism group Tui among the fallersUK travel firms say France quarantine move is ‘devastating blow’Q&A: what should I do if I have a holiday booked to France?Coronavirus – latest updatesShares in UK and French travel, hotel and airline companies have taken a hammering after the government’s decision to take France off the safe-country list and impose a two-week quarantine on travellers.With France, the second-most-popular
  
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• Travel firms drop £2bn in value after France added to UK Covid quarantine list

  14-08-2020 10:32
  
  The British Airways owner, IAG, and struggling tourism group Tui among the fallersUK travel firms say France quarantine move is ‘devastating blow’Q&A: what should I do if I have a holiday booked to France?Coronavirus – latest updatesAt least £2bn was wiped off the stock market value of Europe’s travel and leisure industry on Friday, in a wide ranging sell-off prompted by the UK government’s decision to take France off the safe-country list and impose a two
  
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• Quiz doubles banking facilities with HSBC

  14-08-2020 10:26 via retailgazette.co.uk
  // Quiz has extended banking facilities with HSBC until October
  // The facilities have been doubled from £1.75 million to £3.5 millionQuiz has doubled its banking facilities with HSBC, from £1.75 million to £3.5 million.
  It comprises of an overdraft of £2 million and a working capital facility of £1.5 million, which will remain in place until October.
  Meanwhile, there are no financial covenants applicable, as of August 13, the fashion retailer had net cash of
  
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• Primark and Tesco among retailers joining govt to support supply chains

  14-08-2020 10:03 via retailgazette.co.uk
  // UK retailers partner with government to launch £6.85m fund to support supply chains
  // The Department for International Development (DFID) launched the ‘vulnerable supply chains’ facilityPrimark and Tesco have become some of the retail businesses to team up with the UK government to launch a fund to protect supply chains and support international workers.
  The Department for International Development (DFID) has launched the ‘vulnerable supply chains’ facility in p
  
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• 350 job cuts at River Island amid store management shake-up

  14-08-2020 09:42 via retailgazette.co.uk
  // River Island to slash up to 350 store management & senior sales roles as part of a retail team restructure
  // It says the restructure will allow it to simplify store management structures & better deliver multichannel strategy
  // CEO Will Kernan confirmed the job cuts in an internal memo to staffRiver Island is set to undergo another round of job cuts in just over a month, this time targeting 350 jobs across its shops.
  The fashion retailer is looking to slash up to 350 store mana
  
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• Almost 300 test positive for Covid-19 at M&S’s Northampton sandwich supplier

  14-08-2020 09:24 via retailgazette.co.uk
  // 292 staff test positive for Covid-19 at M&S’s sandwich supplier in Northampton and are forced into self-isolation
  // 79 workers were tested positive via NHS tests
  // Private tests carried out by the suppler, Greencore, came back with 213 positive resultsNearly 300 workers at one of Marks & Spencer’s sandwich suppliers have tested positive for coronavirus amid a spike in local infections.
  According to The Guardian, Northampton-based supplier Greencore said 292 staff me
  
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• Sainsbury’s opens new central London convenience store

  14-08-2020 01:00 via theretailbulletin.com
  
  Sainsbury’s has opened a new 4,500 square foot convenience store in the heart of London’s West End. The new Sainsbury’s Local shop in Leicester Square will... View Article
  
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• Sadiq Khan urges shoppers to return to London’s West End

  14-08-2020 01:00 via theretailbulletin.com
  
  New figures have shown that footfall in London’s West End is still 63% down on the same time last year despite retail lockdown restrictions easing eight weeks... View Article
  
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• New Look announces major finance restructuring

  14-08-2020 01:00 via theretailbulletin.com
  
  Fashion retailer New Look has announced a major restructuring of its finances as it battles against the effects of the coronavirus pandemic The plans will involve the company launching a... View Article
  
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• Nearly 300 staff test positive for Covid-19 at M&S sandwich supplier

  14-08-2020 01:00 via theretailbulletin.com
  
  Almost 300 staff have tested positive for coronavirus at Mark & Spencer’s sandwich supplier, Greencore. In a statement, the food company said it had taken the decision... View Article
  
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• Boots expands baby products offering

  14-08-2020 01:00 via theretailbulletin.com
  
  Boots is working to expand its baby offering as part of plans to become one of the biggest baby product retailers in the UK. Now offering 250 baby brands,... View Article
  
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• Asda launches first fleet of sustainable delivery vans

  14-08-2020 01:00 via theretailbulletin.com
  
  Asda has launched a new fleet of sustainable home delivery vans to help the supermarket drive down carbon emissions and reduce the number of miles driven... View Article
  
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