Retail news

• Matalan appoints former Primark exec as chief trading officer

  26-05-2023 17:59 via retailgazette.co.uk
  
  // Matalan promotes interim buying and merchandising director Ben Smith to the newly created role of chief trading officer
  // Smith has over 25 years of buying experience and has previously worked at Pep&Co, Primark and PeacocksMatalan has appointed former Primark executive Ben Smith to the new role of chief trading officer with immediate effect.
  Smith has been the retailer’s interim buying and merchandising director since March this year and will report into chief executive Jo Wh
  
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• Jeremy Hunt backs interest rate hikes even if they cause recession; UK retail sales jump – as it happened

  26-05-2023 17:55
  
  Chancellor says “only path to sustainable growth” is to bring down high prices behind cost of living crisis, as mortgage rates climbFull story: Hunt will back more interest rate rises even if it pushes UK to recessionUK homeowners and first-time buyers warned to brace for 5%-plus mortgage ratesRising interest rates could easily scupper the recovery in UK retail spending, which we saw in April (see opening post).AJ Bell investment director Russ Mould explains:“In the UK’s
  
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• Boots boss more than doubles pay to £3.8m as chain triples profits

  26-05-2023 17:34
  
  Chemist made a profit of £137m in year to 31 August, helped by closure of 44 underperforming storesThe Boots boss, Seb James, more than doubled his pay to £3.8m last year after the chemist chain tripled profits as pandemic restrictions eased.The beauty retail and pharmacy business made a pre-tax profit of £137m in the year to 31 August, across its three entities which file accounts at Companies House, up from £44.5m a year before, while sales rose just under 10% to nearly
  
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• Revolution Beauty co-founder resigns with immediate effect as losses widen

  26-05-2023 17:33 via retailgazette.co.uk
  
  // Revolution beauty boss exits as the business unveils results ‘significantly below’ forecasts
  // The delayed results follow a probe into the company’s finances which showed sales had been overstated for the purpose of meeting sales targetsRevolution Beauty’s co-founder has stepped down as the embattled online retailer posted results ‘significantly below’ forecasts after an auditing probe found it had inflated sales by £9 million to meet its annual
  
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• Mango eyes 13 new stores this year as it ramps up expansion drive

  26-05-2023 17:11 via retailgazette.co.uk
  
   // Mango reveals plans to open 13 new stores across the UK in 2023
  // The news comes as the fashion retailer opens the doors to a new 4,800 sq ft space in London’s Westfield Stratford CityMango has revealed plans to open 13 new stores across the UK this year as part of its retail expansion strategy.
  The announcement comes as the fashion retailer opened the doors today to its new 4,800 sq ft space in Westfield Stratford City in east London.
  This will be followed by new stores in
  
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• Nationals push for $10m fines and ability to break up Coles and Woolworths if they abuse market power

  26-05-2023 17:00
  
  Exclusive: David Littleproud says former Coalition government was ‘too slow’ on compulsory grocery code of conductGet our morning and afternoon news emails, free app or daily news podcastDavid Littleproud has offered to help Labor bolster competition law protections for farmers and suppliers in a bid to prevent potential abuses of market power by Australia’s big supermarkets.The Nationals leader proposes making the grocery code of conduct compulsory, boosting penalties to a &ld
  
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• ‘One customer said my colleague looked like a porn star’: my life as a makeup artist in badly behaved Britain

  26-05-2023 16:00
  
  Is the world more hostile than it used to be? In this series, workers reveal their daily struggles, fights and embarrassments. First: a makeup artistWhen I trained as a makeup artist 20 years ago, it felt like a glamorous, exciting career. My expertise was valued and I loved working with people to help them feel good about themselves. But all that has changed since the pandemic. I used to get a rude comment every few months; now, it’s at least once or twice a week.I work on the makeup coun
  
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• A marketer’s lookbook for social commerce success

  26-05-2023 15:03 via retailgazette.co.uk
  
  Sue Azari, Industry Lead, eCommerce, AppsFlyer, explains how marketer’s can achieve social commerce success with a vast, highly-engaged community
  Social media’s vast, highly-engaged community makes it a prime space for activating shopping experiences. With TikTok rolling out its in-app shopping feature in major global markets, and the social commerce market set to surpass $604 billion by 2027, the future looks promising for this sector.
  Nevertheless, other developments – such a
  
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• Asos raises funds as it seeks turnaround after £291m loss

  26-05-2023 14:34
  
  Analysts say still a risk firm could be forced to refinance again if recovery strategy is not successful Business live – latest updatesAsos is raising £80m from shareholders and borrowing £275m from Bantry Bay Capital, the specialist lender which recently bailed out troubled retailers Superdry and Matalan, as it struggles to secure a turnaround after falling nearly £300m into the red.The online fashion specialist said it had raised the funds to give it the “financia
  
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• Boohoo boss takes home £650,000 bonus despite making almost £91m loss

  26-05-2023 13:27 via retailgazette.co.uk
  
  // Boohoo chief exec John Lyttle took home £1.35m in the year to February despite the business diving into a £90m loss in its full-year results
  // Owner Mahmud Kamani also enjoyed an annual bonus worth 100% of his salaryBoohoo boss John Lyttle has been handed a £650,000 bonus despite the group racking up losses of over £90m.
  According to the annual report of the group, which owns brands including PrettyLittleThing, Nasty Gal, MissPap, Lyttle took home a £1.35m pay p
  
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• Hummel hopes to boost circular economy with new recycling programme

  26-05-2023 12:43 via retailgazette.co.uk
  // Sportswear brand Hummel is encouraging its customers to recycle more in an e-commerce partnership
  // The Danish company’s boss has described it is an “important step forward” but noted that recycling comes with “significant challenges”Danish sportswear brand Hummel has launched a new recycling initiative which aims to incentivise customers to “renew their used clothing and make a positive impact on the environment”.
  The programme is part of the brand&
  
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• Burberry names former Chanel diversity head as chief people officer

  26-05-2023 12:25 via retailgazette.co.uk
  
  // Burberry names Chanel exec Alexandra McCauley as its new chief people officer
  // She will become responsible for all aspects of the retailer’s people strategy on a global basisBurberry has appointed Alexandra McCauley as its new chief people officer, effective 15 November.
  McCauley will become responsible for all aspects of the brand’s people strategy on a global basis and will also join the luxury fashion retailer‘s executive committee, reporting directly to chief executive
  
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• Nike reshuffles senior leadership team

  26-05-2023 12:15 via retailgazette.co.uk
  
  // Nike reshuffles senior leadership team in a move to drive deeper integration across the business
  // CEO John Donahoe says the changes will drive greater focus and integration across the businessNike has reshuffled its senior leadership team in a move build on its recent growth momentum and drive deeper integration across the business.
  President of consumer and marketplace Heidi O’Neill is to look after the consumer, product and brand division, while Jordan Brand president Crai
  
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• Majestic relaunches price lock subscription offer

  26-05-2023 12:01 via retailgazette.co.uk
  
  // Majestic re-introduces ‘Lock It In’ subscription proposition to keep prices down during cost-of-living crisis
  // Customers can lock in prices on more than 100 of Majestic’s most popular winesMajestic has relaunched its Lock It In subscription proposition as it looks to reward its most loyal customers with the lowest possible prices on their favourite wines.
  The specialist wine retailer said prices offered through Lock It In will be lower than regular ‘Mix Any Six&rsquo
  
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• Sainsbury’s moves value ranges to its Stamford Street brand

  26-05-2023 10:33 via retailgazette.co.uk
  
  // Sainsbury’s rebrands all its own-label value ranges to its Stamford Street brand
  // The grocer said the move will make it easier for customers to find budget-friendly everyday staplesSainsbury’s is combining all its own-label value ranges to a single brand, Stamford Street, to make it easier for customers to find budget-friendly everyday staples.
  Stamford Street will now consist of over 200 products, with items rolling out between now and autumn.
  Products from original ranges
  
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• Sainsbury’s moves all value ranges to its Stamford Street label

  26-05-2023 10:33 via retailgazette.co.uk
  
  // Sainsbury’s rebrands all its own-label value ranges to its Stamford Street brand
  // The grocer said the move will make it easier for customers to find budget-friendly everyday staplesSainsbury’s is combining all its own-label value ranges to a single brand, Stamford Street, to make it easier for customers to find budget-friendly everyday staples.
  Stamford Street will now consist of over 200 products, with items rolling out between now and autumn.
  Products from original ranges
  
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• Jeremy Hunt backs interest rate hikes even if they cause recession; UK retail sales jump – business live

  26-05-2023 10:30
  
  Chancellor says “only path to sustainable growth” is to bring down high prices behind cost of living crisis, as mortgage rates climbUK homeowners and first-time buyers warned to brace for 5%-plus mortgage ratesRising interest rates could easily scupper the recovery in UK retail spending, which we saw in April (see opening post).AJ Bell investment director Russ Mould explains:“In the UK’s domestic economy retail sales held up better than feared but the continuing ructions
  
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• Jeremy Hunt backs interest rate hikes even if they cause recession; UK retail sales rise faster than expected – business live

  26-05-2023 09:10
  
  Chancellor says “only path to sustainable growth” is to bring down high prices behind cost of living crisis, as mortgage rates climbUK homeowners and first-time buyers warned to brace for 5%-plus mortgage ratesChancellor Jeremy Hunt has pledged to support the Bank of England’s decisions on interest rates, even if rising mortgage costs push the UK into a recession.Hunt told Sky News there could be no trade-off between cutting inflation and the risk of provoking a recession, argu
  
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• UK mortgage rates jump after inflation shock; retail sales rise faster than expected – business live

  26-05-2023 08:57
  
  Retail sales across Britain rose by 0.5% in April after sliding in March, as high inflation hits the mortgage marketsUK homeowners and first-time buyers warned to brace for 5%-plus mortgage rates
  Chancellor Jeremy Hunt has pledged to support the Bank of England’s decisions on interest rates, even if it triggers a recession.Hunt told Sky News there could be no trade-off between cutting inflation and the risk of provoking a recession.“Yes, because in the end, inflation is a source of i
  
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• Tesco John Allan defends

  26-05-2023 08:53 via retailgazette.co.uk
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• Ex-Tesco chair John Allan mulls legal action over inappropriate behaviour allegations

  26-05-2023 08:53 via retailgazette.co.uk
  
  // John Allan has hired lawyers at Schillings and is mulling taking legal action against The Guardian following allegations of inappropriate behaviour
  // Allan stood down as chair of Tesco last week as the allegations risked “becoming a distraction” to the supermarketEx-Tesco chair John Allan, who stepped down last week amid allegations of inappropriate behaviour, has hired a law firm as he looks to defend himself.
  Allan was asked to depart by both Tesco and Barratt, the housebuilder
  
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• Asos raises £75m as it strikes asset-based refinancing deal

  26-05-2023 08:51 via retailgazette.co.uk
  
  // Asos raises £75m from investors
  // It has inked a £275m refinancing with specialist lender Bantry BayAsos has raised £75m from shareholders and has struck an asset-based lending refinancing deal to strengthen its balance sheet.
  The retailer, which is currently amid a turnaround plan in the face of eye-watering losses, has inked a new long-term £275m asset-based financing facility with specialist lender Bantry Bay through to April 2026.It replaces its old £350m re
  
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• UK retail sales grew more than expected in April

  26-05-2023 08:20 via ft.com
  Quantity of goods bought rose 0.5% between March and April
  
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• Asda owners set to announce £10bn merger with petrol station giant EG Group

  26-05-2023 08:20 via retailgazette.co.uk
  
  // Asda is set to merge with petrol station giant EG Group in a £10bn deal
  // The pair already share the same owners, the Issa brothers and TDR CapitalThe owners of Asda are finalising a merger of the supermarket with their petrol station business EG Group, which will create a £10bn business.
  The Issa brothers and TDR Capital, the private equity firm that co-owns both firms, are set to announce the deal today (26 May), according to Sky News.
  Asda is expected to pay £1.25bn for
  
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• Reliance seeks retail dominance in India with comeback deal for Shein

  26-05-2023 06:00 via ft.com
  Subcontinent’s biggest company will help Chinese fast-fashion group return with online licensing agreement
  
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• Tommy Hilfiger and Calvin Klein to join line-up at Caledonia Park

  26-05-2023 02:00 via theretailbulletin.com
  
  Tommy Hilfiger and Calvin Klein are to join the line-up at Caledonia Park, Scotland’s premium designer outlet village. Lifestyle brand Tommy Hilfiger has taken a 5,000... View Article
  
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• Soccer Aid for UNICEF partner with AO 

  26-05-2023 02:00 via theretailbulletin.com
  
  AO, the electricals retailer, has been announced as the sponsors of Soccer Aid for UNICEF 2023, which takes place at Old Trafford on Sunday 11th June.... View Article
  
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• Shhh… Menopause Wellness and All Health Matters team up for department store pop-up 

  26-05-2023 02:00 via theretailbulletin.com
  
  Department store Morleys in Bexleyheath will hold its first pop-up menopause shop in collaboration with Shhh… Menopause Wellness and All Health Matters. The mission is to... View Article
  
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• Q&A: Jackson Versitano, Regional Manager, UK & RoEMEA for Lightspeed

  26-05-2023 02:00 via theretailbulletin.com
  
   Lightspeed Commerce are about a lot more than transactions. We talk to Jackson Versitano to find out more. Tell us about your background? I’m originally from... View Article
  
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• Nike announces raft of senior leadership changes

  26-05-2023 02:00 via theretailbulletin.com
  
  Nike has announced a raft of senior leadership changes as it looks to underscore its commitment to product innovation and drive  deeper integration across the business.... View Article
  
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• Manchester City set to open interactive store at Manchester Arndale

  26-05-2023 02:00 via theretailbulletin.com
  
  The Manchester City football club  is set to open a new store at the Manchester Arndale shopping centre today. The Premier League champions have taken a... View Article
  
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• Diversity in Retail launches its inaugural Women To Watch Index

  26-05-2023 02:00 via theretailbulletin.com
  
  Diversity in Retail (DiR), the Collaboration Community devoted to increasing diversity and inclusion in the retail industry, yesterday launched its inaugural Women To Watch Index and... View Article
  
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• Boohoo CEO takes £650,000 bonus despite fashion giant making £91m loss

  26-05-2023 02:00 via theretailbulletin.com
  
  The chief executive of Boohoo has been handed a £650,000 bonus despite fast-fashion giant slumping to a loss of over £90m. John Lyttle took home a... View Article
  
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• Asda set to announce £10bn merger with EG Group

  26-05-2023 02:00 via theretailbulletin.com
  
  The owners of the Asda supermarket chain and EG petrol forecourt group are finalising plans for a £10 billion merger of their operations in the UK.... View Article
  
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• Amazon Fresh announces price cuts

  26-05-2023 02:00 via theretailbulletin.com
  
  Amazon Fresh stores have announced a round of price cuts as the impact of the cost of living crisis continues to bite. From 25 May until... View Article
  
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