Retail news

• This time the insurance industry lost after reading the small print | Nils Pratley

  15-09-2020 20:13
  
  The FCA won a significant legal victory on insurance payouts to small firms hit by Covid-19When can one say a notifiable disease has occurred within a “vicinity” if the whole country is in lockdown? For fans of dense legal disputes, the high court’s judgment in the big Covid-19 business interruption insurance case offered hours of rhetorical fun. For non-fans, here’s a summary: the insurance industry quibbled over the small print in policies and thus reinforced every damn
  
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• This time the insurance industry lost after reading the small print

  15-09-2020 20:13
  
  The FCA won a significant legal victory on insurance payouts to small firms hit by Covid-19When can one say a notifiable disease has occurred within a “vicinity” if the whole country is in lockdown? For fans of dense legal disputes, the high court’s judgment in the big Covid-19 business interruption insurance case offered hours of rhetorical fun. For non-fans, here’s a summary: the insurance industry quibbled over the small print in policies and thus reinforced every damn
  
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• Ocado's market value closes in on Tesco's as online grocer hails M&S switch

  15-09-2020 20:08
  
  Online retailer now worth more than double the combined value of Sainsbury’s and Morrisons Ocado has moved to within 10% of the stock market valuation of Tesco, the UK’s biggest retailer, after a share price surge linked to the online specialist’s new tie-up with Marks & Spencer boosted its market value to a record £19.5bn.Tesco is valued at £21.5bn despite controlling nearly 27% of the UK grocery market. By comparison Ocado, which is already worth more than dou
  
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• Klarna becomes fourth largest private fintech firm in the world

  15-09-2020 19:18
  
  New $650m investment means the Swedish ‘buy now pay later’ company is valued at $10.6bn The value of “buy now pay later” finance group Klarna has soared past $10bn after investors pumped $650m into the Swedish payments company.The company said a new round of investor funding valued the company at $10.6bn (£8.1bn), a blockbuster figure that makes it the fourth largest private fintech in the world. Continue reading...
  
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• FCA proves it can be Fast, Competent and Adept in insurance test case

  15-09-2020 19:04
  Judges interrupt insurers’ objections; Short interest in Sainsbury escalates
  
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• Shock and sorrow as Canada's biggest co-op sold to US private equity firm

  15-09-2020 18:33
  
  Sale of Mountain Equipment Co-op, outdoor retailer with over 5m members, comes as bitter blow but follows dip in performance Canada’s best-known outdoor supplies retailer has been sold to a US private equity firm, in a move which has shocked members and former staff of the country’s largest co-operative. Related: Groundhogs to blame for scattered human bones in Canadian cemeteryContinue reading...
  
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• Shock and sorrow as Canada's best-known co-op sold to US private equity firm

  15-09-2020 18:33
  
  Sale of Mountain Equipment Co-op, outdoor retailer with over 5m members, comes as bitter blow but follows dip in performance Canada’s best-known outdoor supplies retailer has been sold to a US private equity firm, in a move which has shocked members and former staff of the country’s largest cooperative. Related: Groundhogs to blame for scattered human bones in Canadian cemeteryContinue reading...
  
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• Klarna: pay prize

  15-09-2020 18:06
  Swedish payments group has adeptly filled a gap in the market
  
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• Big Interview: Graham Stuart MP, Minister for Exports

  15-09-2020 17:52 via retailgazette.co.uk
  As Parliamentary Under-Secretary of State at the Department for International Trade, Graham Stuart’s responsibilities include promoting investment by trading partners in the UK, and overseeing the country’s policy of investment abroad. His portfolio also covers UK exports – helping to promote British businesses abroad.
  Last week, the MP for Beverley and Holderness announced a series of new measures to support retailers to export overseas as part of efforts to help the sector r
  
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• Landlords approve restructuring of fashion retailer New Look  

  15-09-2020 16:51
  Controversial proposal will put more than 400 stores on rents based on shop turnover
  
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• New Look strikes deal on rent cuts and payment holidays

  15-09-2020 16:38
  
  Landlords grant troubled retailer three-year rent breaks for 68 stores and rent cuts for hundreds of othersNew Look has won approval for a three-year rent holiday on 68 of its stores and big rent reductions on hundreds of others as it battles to stay afloat and save the jobs of its 11,200 employees.Landlords and other creditors voted in favour of an insolvency process known as a company voluntary arrangement (CVA) on Tuesday which will also let New Look reduce rent payments on hundreds of stores
  
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• New Look avoids collapse as creditors green light CVA

  15-09-2020 16:16 via retailgazette.co.uk
  // New Look creditors approve CVA proposal
  // New Look will now switch 400+ UK stores to a turnover-based rent model & a 3-year rent holiday on 68 remaining stores
  // The CVA also means New Look can complete its financial restructuringNew Look’s CVA has been given the official go-ahead after creditors met to today and approved the proposals with a majority vote in favour.
  The fashion retailer’s CVA entails switching more than 400 of its UK stores to a turnover-based rent model, a
  
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• Morrisons raids Sainsbury’s senior ranks to hire customer & marketing chief

  15-09-2020 13:54 via retailgazette.co.uk
  // Morrisons appoints Rachel Eyre as chief customer & marketing officer
  // She will replace Andy Atkinson, who has been appointed Morrisons’ group commercial director
  // Rachel Eyre has been with Sainsbury’s for the past five years, heading up its marketing communicationsMorrisons has raided the senior ranks of Big 4 rival Sainsbury’s to hire its new chief customer and marketing officer.
  Rachel Eyre, who has been with Sainsbury’s for the past give years, will step int
  
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• August grocery sales growth slows amid Eat Out to Help Out scheme

  15-09-2020 13:31 via retailgazette.co.uk
  // Overall grocery sales increased 10.8% over the past 12 weeks to September 6
  // However, it slowed to 8% in August as the Eat Out to Help Out scheme came into force
  // Morrisons was the winner among the Big 4, with sales rising 12.9%, while Ocado sales surged 41.2%Grocery sales growth slowed in August as shoppers spent £155 million less in supermarkets amid the Eat Out to Help Out scheme, according to new figures.
  The latest grocery market share figures from Kantar revealed that grocery
  
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• Ocado supermarket JV expects full-year profit increase as sales surge

  15-09-2020 12:46
  Delivery group posts 52% rise in quarterly revenue since tie-up with Marks and Spencer
  
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• Retail leaders brand loss of tax refunds for tourists a disaster

  15-09-2020 12:27 via retailgazette.co.uk
  // Retailers shocked by Treasury’s decision to make UK the only country in Europe to not offer tax-free shopping to tourists
  // It changes a potential £2.1bn tax free shopping bonus into a £3.5bn loss of tax-free sales
  // New West End Company is now seeking advice around the decisionRetail leaders across UK have expressed shock at the Treasury’s decision to remove the right of tourists to reclaim tax, and are now seeking legal advice in response to the move.
  The Treasury&
  
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• Britons spent less in supermarkets during eat out to help out scheme

  15-09-2020 11:57
  
  Alcohol sales in supermarkets fall as bars and restaurants gain from help during Covid crisisBritons spent £155m less in supermarkets in August than in the previous month as many returned to workplaces and the government’s eat out to help out scheme encouraged visiting restaurants and cafes.Alcohol sales in supermarkets dipped month on month, with wine down 5% and beer down 10%, as the scheme encouraged people to swap Zoom catch-ups for trips to bars and restaurants, according to mar
  
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• H&M to return to profit but expects more store closures

  15-09-2020 11:27 via retailgazette.co.uk
  // H&M expects to return to profitability
  // Thanks to fewer discounted sales and strong cost control, it was able to emerge from the impact of Covid-19H&M has said it expects to return to profitability as it recorded a stronger recovery from the Covid-19 pandemic than anticipated.
  The Swedish giant forecast a pre-tax profit of about SKr2 billion (£180 million) in its third quarter, which runs from June to August.
  H&M said that thanks to fewer discounted sales and str
  
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• Klarna valued at a whopping $10.65bn after latest funding round

  15-09-2020 10:53 via chargedretail.co.uk
  
  ‘Buy now, pay later’ specialist Klarna has been valued at $10.65 billion after its latest equity funding round.
  An announcement from the Swedish firm on Tuesday morning said the funding means Klarna is now the highest-valued private fintech in Europe, and the fourth highest worldwide.
  The global payments and shopping service, which works across the retail sector with the likes of ASOS, JD Sports, Superdry, Joules, Space NK, Nike and Samsung, said it raised $650m in its latest funding
  
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• Tesco relaunches Clubcard sale with 500 items included in Aldi Price Match

  15-09-2020 10:08 via retailgazette.co.uk
  // Tesco wades in on price war as it relaunches its Clubcard sale
  // The grocer has extended its Aldi Price Match campaign on a further 500 itemsTesco has relaunched its Clubcard sale in an effort to offer its customers lower prices through its Aldi Price Match campaign.
  The grocer said on Tuesday it would offer “hundreds of exclusive deals on familiar branded and own-brand products” for Clubcard members, as well as extending Aldi Price Match on a further 500 items.
  “With value
  
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• Eve Sleep partners with Boots for Christmas launch

  15-09-2020 09:47 via retailgazette.co.uk
  // Eve Sleep joins Boots for new Christmas launch
  // The partnership comes as Eve Sleep seeks to build on the “strong improvement” in tradingEve Sleep has teamed up with Boots to launch a range of Christmas gifting products in an effort to continue its sales momentum.
  The partnership comes as Eve Sleep seeks to build on the “strong improvement” in trading since April.
  The online mattress retailer will launch its Well Slept range with Boots in October.READ MORE:Eve Sleep r
  
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• H&M expects return to profit on stronger than expected recovery

  15-09-2020 09:22
  Revenue fall offset by tighter cost control and reduction in sales of discounted clothing
  
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• Ocado hails 'successful' switch to M&S despite cancelled orders

  15-09-2020 09:15
  
  Online retailer says shoppers have reacted positively to new range and booked delivery slotsOcado has trumpeted a “successful switchover” from Waitrose to Marks & Spencer as customers bought more M&S-branded groceries and booked slots for the weeks ahead.The launch of the service at the start of this month was marred by complaints after a surge in demand led to some customers having their orders cancelled, the company said. Related: Supermarket deliveries: how UK services sta
  
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• Next closes deal with Victoria’s Secret, saving 500 jobs

  15-09-2020 09:00 via retailgazette.co.uk
  // Next closes deal with Victoria’s Secret, acquiring the majority of assets
  // The UK division of Victoria’s Secret fell into administration on June 5Next has signed a joint venture deal for Victoria’s Secret’s UK business after months of speculation, saving over 500 jobs.
  The lingerie retailer’s US parent company L Brands said it has formed a joint venture with British chain Next, which will acquire the majority of the assets of Victoria’s Secret’
  
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• New Look lurches towards collapse as two landlords reject CVA

  15-09-2020 08:30 via retailgazette.co.uk
  // New Look’s CVA rejected by two property landlords
  // British Land owns 19 New Look stores, and Landsec owns 10
  // Hammerson is also considering voting against the CVATwo property giants have reportedly rejected New Look’s CVA proposal as the retailer’s future hangs in the balance.
  British Land, which owns 19 New Look stores, and Landsec, which owns 10, will oppose its planned CVA on Tuesday, Sky News reported.
  Meanwhile, Bullring centre owner Hammerson is also said to b
  
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• The Future of Retail: Accelerating the Shift to a Digital-first Business Design

  15-09-2020 01:00 via theretailbulletin.com
  
  The impact on commerce across the world due to COVID-19 has been nothing short of devastating. Retail sales are down close to 20% in the United... View Article
  
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• ScS creates hundreds of new jobs due to uplift in sales

  15-09-2020 01:00 via theretailbulletin.com
  
  Sofa and carpet retailer ScS is creating hundreds of new jobs around the UK to help it cope with an uplift in orders since the easing of Covid-19... View Article
  
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• Ocado sales up 52% in third quarter

  15-09-2020 01:00 via theretailbulletin.com
  
  Online grocer Ocado saw its retail revenue climb by 52% to £587.3 million in its third quarter. In the 13 weeks to 30 August, the retailer... View Article
  
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• Keynote Speakers and Agenda Announced for Licensing Leadership Summit

  15-09-2020 01:00 via theretailbulletin.com
  
  The global C-suite virtual conference will take place October 28 & 29. Licensing Leadership Summit, presented by the Global Licensing Group at Informa Markets and the... View Article
  
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• Kate Spade joins line-up at McArthurGlen Ashford

  15-09-2020 01:00 via theretailbulletin.com
  
  The McArthurGlen Designer Outlet at Ashford has expanded its premium retail offering with the signing of Kate Spade New York. The luxury brand has opened a... View Article
  
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• Bloom & Wild launches range in Sainsbury’s stores

  15-09-2020 01:00 via theretailbulletin.com
  
  Online florist Bloom & Wild has launched a range of bouquets in selected Sainsbury’s stores this month to enable it to sell its flowers in a physical location for... View Article
  
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