Retail news

• Lululemon: growth story is not such a stretch

  01-09-2023 19:46 via ft.com
  Yoga-inspired brand’s tills have kept ringing, but strong sales in China have been particularly eye-catching
  
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• Walgreens Boots chief steps down after latest profit forecast downgrade

  01-09-2023 18:21 via ft.com
  Pharmacy chain struggling with weakening demand for Covid vaccines and rising competition
  
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• Superdry is still standing – but a turnaround from here would be a tall order | Nils Pratley

  01-09-2023 17:06
  
  Co-founder Julian Dunkerton’s faith is undimmed despite £148m loss and City view that ‘execution risk remains high’“This has been a difficult year for the business,” said Superdry’s Julian Dunkerton as the delayed full-year numbers finally appeared. He could say the same about every year since his against-the-odds coup in 2019 when he succeeded in getting himself reinstalled as boss of the company he co-founded in 2003 and brought to the stock market in
  
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• Next increases Reiss stake to 72% in £128m deal

  01-09-2023 16:45
  
  High street chain links up with Reiss family to buy 34% shareholding from private equity firm Warburg PincusThe high street chain Next has increased its stake in Reiss to 72% in a deal that values the fashion retailer at almost £400m.Next – which already controls Reiss, having built a 51% stake in the business since 2021 – and the Reiss family have struck a £128m deal to buy a 34% shareholding from the private equity firm Warburg Pincus. Continue reading...
  
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• Glossier joins forces with Sephora under first UK retail partnership

  01-09-2023 16:20 via retailgazette.co.uk
  
  Glossier has joined forces with Sephora under its first UK retail partnership.
  From 15 September, customers will be able to buy products from the beauty brand in the Westfield Shepherds Bush Sephora shop, and on the cosmetics retailer’s website and app.
  Glossier’s initial partnership with the beauty retailer began earlier this year across the US and Canada.
  According to Women’s Wear Daily, Glossier will have its own gondola at the London-based Sephora store.Subscribe to Retail
  
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• Walgreens chief Brewer steps down after latest profit forecast downgrade

  01-09-2023 15:46 via ft.com
  Pharmacy chain struggling with weakening demand for Covid vaccines and rising competition
  
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• Frasers/Boohoo: unloved British fashion group catches Ashley’s eye

  01-09-2023 15:33 via ft.com
  A subtler approach than consolidation could be key
  
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• Superdry reports £148m loss as cost of living crisis affects recovery plans

  01-09-2023 14:10
  
  Sales growth below hopes but co-founder Julian Dunkerton says fashion retailer is in ‘sound health’Superdry has swung to a near £150m loss and said it expected sluggish sales this year as the cost of living crisis hindered recovery plans at the struggling British fashion retailer.The company, which this week suspended trading of its shares as auditors completed the final “technical points” of its annual accounts, reported a £148m loss for the year to 29 April.
  
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• Lidl becomes highest paying supermarket after third pay rise in a year

  01-09-2023 13:03 via retailgazette.co.uk
  
  Lidl has become the highest paying supermarket in the sector, as staff members benefit from their third pay rise of the year from today.
  Hourly pay rates for 24,500 Lidl GB employees will rise up to 16% higher than wages for their counterparts at traditional and premium priced supermarkets.
  Store and warehouse staff working outside the M25 will get an hourly pay rise of £11.40 from £11.00, rising to £12.30 with length of service.
  Wages for workers inside the M25 will nudge
  
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• From packed lunches to uniforms, how the back-to-school UK costs stack up

  01-09-2023 13:00
  
  Trousers are £1.90 more than 2018, and trainers £6.57 more … add an item to our visual tool to see how prices have risen in the past five yearsParents braced for the back-to-school rush have an extra problem on their plate this year, with the cost of a packed lunch rising by almost three times the UK rate of headline inflation.A typical packed lunch, made up of a sandwich, an apple and a small yoghurt, costs £2.17 – 32p more a serving than a year ago and equivalent
  
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• Next ups Reiss stake as it buys out Warbus Pincus

  01-09-2023 12:26 via retailgazette.co.uk
  
  Next and the Reiss family have bought out private equity firm Warburg Pincus’ interest in Reiss for £128m.
  The Reiss family’s stake will rise to 22%, while Next will increase its current holding to 72% when the deal completes in mid-October.
  Next first bought a 25% stake in Reiss from Warburg Pincus in 2021, and increased its shareholding to 51% last year. 
  The Reiss management team, led by CEO Christos Angelides, will remain with the firm.Subscribe to Retail Gazette
  
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• Mamas & Papas expands pre-loved pushchair initiative

  01-09-2023 11:50 via retailgazette.co.uk
  
  Mamas & Papas has rolled out its pre-loved pushchair service to a further six stores following a successful launch at its outlet store in Huddersfield.
  The nursery retailer announced that proceeds made from the used prams will be donated to Oxfam for its second-hand September initiative.
  The pre-loved pushchairs, which have been restored, repaired where necessary and deep cleaned, are now available at its branches in Birmingham, Cardiff, Croydon, Gateshead, Leeds and Nottingham.Subscribe to
  
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• Data: Retail footfall drops due to ‘sunless summer’

  01-09-2023 10:43 via retailgazette.co.uk
  
  Total UK footfall dropped last month due to the “sunless summer”, the British Retail Consortium (BRC) has revealed.
  The trade association found high street footfall was down by 0.9% in August year-on-year, from +1.6% in July.
  Meanwhile, retail parks footfall stayed the same, while shopping centre footfall dipped 3.8% during the same period.
  England experienced a drop in footfall of 1.3%, followed by Wales at -1.7% and Northern Ireland at -4.7%.
  However, Scotland saw a rise in its foo
  
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• Frasers Group tops up stake in Boohoo and Asos

  01-09-2023 09:39 via retailgazette.co.uk
  
  Frasers has increased its stake in Boohoo once again as its builds on its “strategic investment” into the fashion retailer.
  Mike Ashley’s empire upped its shares in the retailer from 9.1% to 10.4% on Thursday.
  The growing retail giant widened its stake in Boohoo earlier this week, expanding its 7.8% holding.Subscribe to Retail Gazette for free
  Sign up here to get the latest news straight into your inbox each morning Frasers previously described the etailer as an
  
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• Frasers Group tops up Boohoo stake to 10%

  01-09-2023 09:39 via retailgazette.co.uk
  
  Frasers has increased its stake in Boohoo once again as its builds on its “strategic investment” into the fashion retailer.
  Mike Ashley’s empire upped its shares in the retailer from 9.1% to 10.4% on Thursday.
  The growing retail giant widened its stake in Boohoo earlier this week, expanding its 7.8% holding.Subscribe to Retail Gazette for free
  Sign up here to get the latest news straight into your inbox each morning Frasers previously described the etailer as an
  
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• Superdry warns on sales growth after profits plummet

  01-09-2023 09:21 via retailgazette.co.uk
  
  Superdry warned on Friday that it does not expect to see “significant sales growth” this financial year as it prioritises cutting costs and margin improvement under its turnaround programme.
  The comment comes as the fashion retailer revealed it had sunk to a pre-tax loss of £148.1m in the year to 29 April 2023, compared to a £22.4m pre-tax profit the year before.
  The falling profits included an accelerated non-cash impairment of store assets of £43.3m and a non-cash
  
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• Waitrose apologises after IT glitch cancels thousands online orders

  01-09-2023 08:42 via retailgazette.co.uk
  
  Waitrose has apologised to its customers after an IT glitch led to thousands of online orders cancelled minutes before they were scheduled to arrive.
  Many of the affected shoppers took to social media on Wednesday to complain that their deliveries would no longer be arriving.
  The upmarket grocer admitted on X – formerly Twitter – that a “large volume” of orders had been affected by a technical problem.Subscribe to Retail Gazette for free
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• Waitrose apologises after IT glitch cancels customers’ online orders

  01-09-2023 08:42 via retailgazette.co.uk
  
  Waitrose has apologised to its customers after an IT glitch led to thousands of online orders cancelled minutes before they were scheduled to arrive.
  Many of the affected shoppers took to social media on Wednesday to complain that their deliveries would no longer be arriving.
  The upmarket grocer admitted on X – formerly Twitter – that a “large volume” of orders had been affected by a technical problem.Subscribe to Retail Gazette for free
  Sign up here to get the
  
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• Whole Foods axes luxury lines amid widening losses

  01-09-2023 08:23 via retailgazette.co.uk
  
  Whole Foods is axing its line of luxury products in favour for an expanded range of discounted items at its London stores as it looks to recover from widening losses.
  The Amazon-owned supermarket has scrapped its ‘cheese vault’ – a designated room for fine cheeses inside its Kensington flagship – and line of eco-friendly, packaging-free grains and nuts, the Evening Standard reported.
  The retailer has also replaced much of its checkout staffing with self-service checkouts,
  
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• Training ticks up as watchmakers look to plug skills gap

  01-09-2023 05:00 via ft.com
  The industry’s drive towards high-priced mechanical models has left it short of artisanal expertise
  
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• Piaget prospers as buyers feel pull of 1970s flamboyance

  01-09-2023 05:00 via ft.com
  The brand is tapping into high demand for its watches from that era with new designs that pay homage to them
  
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• Wilko job cuts to begin next week after rescue deal falls through

  01-09-2023 02:00 via theretailbulletin.com
  
  Administrators for Wilko have announced that job cuts at the discount retailer’s support centre and warehouses are set to begin early next week after a last-minute... View Article
  
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• Superdry posts loss after difficult year

  01-09-2023 02:00 via theretailbulletin.com
  
  Superdry has posted an annual loss after being impacted by “extremely challenging” market conditions. In the 12 months to 29 April, the fashion brand reported an... View Article
  
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• Revolution Beauty appoints new chief executive

  01-09-2023 02:00 via theretailbulletin.com
  
  Revolution Beauty has appointed Lauren Brindley as the group’s chief executive. Due to take up her role and join the company’s board on 18 September, she... View Article
  
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• Next buys Warburg Pincus’ stake in Reiss for £128 million

  01-09-2023 02:00 via theretailbulletin.com
  
  Next has teamed up with the Reiss family to acquire Warburg Pincus’ 34% interest in the Reiss fashion brand for £128 million. After the deal’s expected... View Article
  
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• L’Occitane becomes B Corp certified

  01-09-2023 02:00 via theretailbulletin.com
  
  Beauty and wellness brand L’Occitane has now become a certified B Corporation. B Corp measures and verifies a company’s entire social and environmental performance, transparency and... View Article
  
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• Hugo Boss to enter equestrian apparel market

  01-09-2023 02:00 via theretailbulletin.com
  
  Hugo Boss is preparing to enter the equestrian apparel market. Due to be introduced on 15 September, the BOSS Equestrian collection will be designed, produced, and... View Article
  
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• Comment: Circular economy will be driven by consumers

  01-09-2023 02:00 via theretailbulletin.com
  
  The circular economy sounds great, with its focus on reuse, resale and the refurbishing of clothing as an alternative to the manufacturing of yet more new... View Article
  
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• Asda confirms new Chief Customer Officer appointment 

  01-09-2023 02:00 via theretailbulletin.com
  
  Asda has announced that David Hills has joined the supermarket today (1st September) as its new Chief Customer Officer. David joins from Aldi, where he was... View Article
  
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