Retail news

• Frasers Group: What does the retail giant own?

  20-06-2023 20:36 via retailgazette.co.uk
  
  Frasers Group snapped up a 9% stake in Currys and 5% in Boohoo this week as the Mike Ashley-controlled business solidifies its reputation as retail’s most acquisitive firm.
  This week’s deals come on top the £75m stake iit took in AO World and the additional shares it bought in Asos last week.
  Such is Ashley’s rampant deal-making that it can be difficult to keep track with what exactly he owns.
  Retail Gazette looks at the retailers and stakes he owns and the timeline of Fr
  
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• Inflation forces supermarkets to up £1 items to £1.25, data shows

  20-06-2023 20:16
  
  Kantar survey is released day before official figures expected to show a slight easing in UK inflation rateBusiness live – latest updatesSupermarkets are increasingly pricing budget items at £1.25 rather than £1 as retailers balance attempts to draw in shoppers through bargain deals with stubbornly high grocery inflation.The price point is now frequently the joint second-most popular price tag for a grocery item, alongside £2 and behind £1, according to the data fir
  
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• Why is inflation in the UK worse than in other major economies?

  20-06-2023 19:00
  
  While the rate has fallen from its October peak of 11.1%, the figure for May is expected to stay stubbornly highUK inflation is expected to have remained stubbornly high in May despite a string of forecasts earlier this year predicting a sharp fall in response to tumbling energy prices.Official figures are expected to show on Wednesday that the UK’s consumer prices index (CPI) eased slightly last month, to 8.4%, from 8.7% in April. Continue reading...
  
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• How UK inflation compares with other major economies

  20-06-2023 19:00
  
  While the rate has fallen from its October peak of 11.1%, the figure for May is still expected to be stubbornly highUK inflation is expected to have remained stubbornly high in May despite a string of forecasts earlier this year predicting a sharp fall in response to tumbling energy prices.Official figures are expected to show on Wednesday that the UK’s consumer prices index (CPI) eased slightly last month, to 8.4%, from 8.7% in April. Continue reading...
  
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• Grocery price inflation plummets to lowest level this year

  20-06-2023 16:03 via retailgazette.co.uk
  
  // Grocery price inflation has dipped to its lowest level this year, at 16.5% for the four weeks to 11 June 2023
  // However, this still puts the prices at their sixth highest monthly figure since 2008.Grocery price inflation has fallen to its lowest level this year, sitting at 16.5% for the four weeks to 11 June 2023 according to Kantar.
  Despite the drop, this still makes it the sixth highest monthly figure since 2008.
  British take-home grocery sales shot up 10.8% over the month, compared the sa
  
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• Kurt Geiger eyes international expansion following funding deal

  20-06-2023 15:06 via retailgazette.co.uk
  
  // Kurt Geiger bags £150m funding deal
  // The fashion retailer will use the capital to extend its international presenceKurt Geiger has set its sights on expanding into the US and Europe after securing a funding deal, estimated to be valued at £150m.
  The retailer has signed an agreement with Wells Fargo Capital Finance and Blazehill Capital to refinance its debt as it looks to bolster its international arm.
  Kurt Geiger, which is owned by private equity giant Cinven, has been exp
  
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• Kurt Geiger eyes international expansion following £150m funding deal

  20-06-2023 15:06 via retailgazette.co.uk
  
  // Kurt Geiger bags £150m funding deal
  // The fashion retailer will use the capital to extend its international presenceKurt Geiger has set its sights on expanding into the US and Europe after securing a £150m funding deal.
  The retailer has signed an agreement with Wells Fargo Capital Finance and Blazehill Capital to refinance its debt as it looks to bolster its international arm.
  Kurt Geiger, which is owned by private equity giant Cinven, has been expanding its presence oversea
  
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• Mike Ashley’s Frasers Group buys 5% Boohoo stake in online shopping spree

  20-06-2023 14:39
  
  Sale adds to flurry of investments by owner of Sports Direct, including in Currys, AO and AsosMike Ashley’s Frasers Group has bought a £22m stake in the fashion group Boohoo as the high street retail tycoon makes a flurry of investments in online retail.The group, which owns Sports Direct and the designer fashion retailer Flannels, added the 5% stake in Boohoo on Monday shortly after announcing it had built a 9% stake in the electrical goods retailer Currys in the past week. Ashley h
  
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• Revolution Beauty threatens to sue co-founder and former chief

  20-06-2023 14:05
  Cosmetics group alleges Adam Minto broke fiduciary and other duties and seeks to recover ‘material sums’
  
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• UK supermarket supplier’s chickens given antibiotics critical for humans

  20-06-2023 14:00
  
  Investigation of meat sourced by Polish firm that sells frozen poultry to Lidl, Asda and Iceland raises superbug concernsA major supplier of chicken to UK supermarkets is sourcing birds dosed with antibiotics “critical to human health”, according to a new investigation, as concerns grow about the spread of deadly superbugs.The Bureau of Investigative Journalism (BIJ) found that the Polish meat business SuperDrob, which sells frozen poultry products to Lidl, Asda and Iceland, is sourc
  
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• Amazon launches flexible financing programme for UK businesses

  20-06-2023 13:14 via retailgazette.co.uk
  
  // Amazon unveils flexible financing programme for small and medium businesses.
  // Businesses on the marketplace can apply for funding from £500 up to £2 millionAmazon has launched a flexible financing programme for small and medium businesses in the UK, in partnership with the London-based finance firm YouLend.
  Businesses that sell products through the marketplace can apply for funding from £500 up to £2m, depending on affordability through their existing busin
  
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• Frasers makes strategic investment in Boohoo and Currys

  20-06-2023 12:05 via retailgazette.co.uk
  
  // Frasers Group has revealed a strategic investment in Boohoo and Currys
  // It comes just a week after Frasers unveiled a “strategic partnership” with fellow electricals retailer and Currys’ rival AO WorldMike Ashley’s Frasers Group has unveiled “strategic investments” in both Boohoo and Currys as its acquisition spree continues.
  The group has snapped up a 9% stake in Currys and 5% in Boohoo over the past 24 hours, and said that “strategic investme
  
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• What’s actually happening with all the empty shelves in Waitrose?

  20-06-2023 11:56 via retailgazette.co.uk
  
  As Waitrose customers will be aware, the retailer has been plagued with availability issues as of late since an IT issue has affected stock replenishment.
  There were reports of shortages in the run up to the final May Bank Holiday weekend, and although the supermarket recently insisted that the problem had been fixed, a stream of social media complaints well into the month of June would suggest otherwise.
  It’s not the first time the upmarket supermarket has been hit with availability issue
  
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• UK grocery inflation eases for third month, Kantar data shows

  20-06-2023 11:34
  Pace of supermarket sales slowed slightly to 16.2%, suggesting rate may have peaked
  
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• Supermarkets raise price of budget items to £1.25 amid high inflation

  20-06-2023 10:29
  
  ‘Round-pound’ deals used to attract shoppers are falling out of favour with retailersBusiness live – latest updatesSupermarkets are increasingly pricing budget items at £1.25 rather than £1 as retailers balance attempts to draw in shoppers through bargain deals with stubbornly high grocery inflation.The price point is now frequently the joint second-most popular price tag for a grocery item, alongside £2 and behind £1, according to the data firm Kantar.
  
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• Grocery inflation falls to lowest rate this year in Great Britain but is still at 16.5%

  20-06-2023 10:29
  
  Supermarket price growth slows, although household budgets still under pressureBusiness live – latest updatesSupermarket inflation has eased to its lowest level this year but remains high, forcing people to change how they eat and cook as household budgets are strained, according to the data firm Kantar.Annual grocery inflation in Great Britain declined to 16.5% in the four weeks to 11 June, down from 17.2% last month and a record 17.5% in March. It remains at its sixth-highest level since
  
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• Revolution Beauty takes legal action against founder as Boohoo stages coup

  20-06-2023 09:47 via retailgazette.co.uk
  
  // The beauty group is taking legal action against its founder and former CEO Adam Minto
  // It comes as the retailer’s largest shareholder Boohoo is set to launch a coup at its next AGMRevolution Beauty is taking legal action against its founder and former chief executive Adam Minto after the group was forced to suspend its shares due to accounting irregularities.
  The group has written to Minto claiming he breached his statutory and contractual duties, which led to the delay of its 20
  
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• Peloton UK’s losses widen as lockdown cycling boom slows

  20-06-2023 09:16 via retailgazette.co.uk
  
  // Peloton UK’s losses have widened due to “slowing sales” and surging restructuring costs
  // The retailer posted an operating loss of £210.4m in the year to 20 June 2022The UK arm of Peloton has posted widening losses after sales dropped off following the end of the lockdown.
  The exercise bike specialist, which rose to popularity during the pandemic, reported an operating loss of £210.4m in the year to 20 June 2022, compared to a £81.4m loss the year bef
  
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• Grocery inflation in Great Britain eases to 16.5% but remains high

  20-06-2023 09:01
  
  Supermarket inflation at lowest level this year, although households still under pressureSupermarket inflation in Great Britain has eased to its lowest level this year but remains high, forcing people to change how they eat and cook as household budgets are strained, according to the data firm Kantar.Grocery inflation declined to 16.5% in the four weeks to 11 June, down from 17.2% last month and a record 17.5% in March. It remains at its sixth-highest level since the financial crisis in 2008, Ka
  
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• John Lewis writes down London headquarters by £15m

  20-06-2023 08:23 via retailgazette.co.uk
  
  // John Lewis writes down value of London HQ by £15.6m
  // The partnership said it was downsizing its office space due to the rising demand of hybrid workingJohn Lewis partnership has written down the value of its London Victoria headquarters by £15.6m as climbing interest rates depress commercial property valuations.
  The moves comes after the John Lewis and Waitrose owner closed seven floors of its office as it looked to downsize the space due to the spike in hybrid working, The
  
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• Alibaba replaces longtime chief in management shake-up

  20-06-2023 07:52
  Head of Taobao and Tmall shopping sites to fill top job while outgoing chair will focus on cloud business
  
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• Alibaba replaces longtime chief and chair in management shake-up

  20-06-2023 07:52
  Head of Taobao and Tmall shopping sites to succeed Daniel Zhang, who will focus on cloud business
  
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• Puma appoints new general manager of China

  20-06-2023 02:00 via theretailbulletin.com
  
  Sportswear brand Puma has appointed Shirley Li as its new general manager of China as part of plans to strengthen its presence in the country. Li... View Article
  
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• Next upgrades full year profit forecast

  20-06-2023 02:00 via theretailbulletin.com
  
  Next has upgraded its full year profit forecast after sales were boosted by the arrival of warm weather and continued salary increases for UK workers. In... View Article
  
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• Loop Generation opens Mini Loop store

  20-06-2023 02:00 via theretailbulletin.com
  
  Pre-loved designer fashion platform Loop Generation has opened a second store in London’s  Chelsea. While the first Loop Generation store launched in April 2022 with a... View Article
  
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• Kurt Geiger set for international expansion following new funding package

  20-06-2023 02:00 via theretailbulletin.com
  
  Premium footwear brand Kurt Geiger has secured a new funding package to refinance its existing debt and support international expansion. Owned by private equity firm Cinven,... View Article
  
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• Kurt Geiger looks ahead to international expansion with new funding package

  20-06-2023 02:00 via theretailbulletin.com
  
  Premium footwear brand Kurt Geiger has secured a new funding package to refinance its existing debt and support international expansion. Owned by private equity firm Cinven,... View Article
  
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• iCandy promotes Paul Walker to role of director of product and design

  20-06-2023 02:00 via theretailbulletin.com
  
  Pushchair brand iCandy has promoted Paul Walker to the position of director of product and design with immediate effect. In his new role, he will lead... View Article
  
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• Gear4music slips to full year loss

  20-06-2023 02:00 via theretailbulletin.com
  
  Online musical instruments retailer Gear4music has slipped to a full year loss of £0.4 million from a pre-tax profit of £5 million in the prior year.... View Article
  
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• Comment: taking stock of the valuation of Asos

  20-06-2023 02:00 via theretailbulletin.com
  
  It must have been around 2008 when I met with Asos co-founder & CEO Nick Robertson who insisted we sit outside a café near the company’s... View Article
  
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