Retail news

• THG staff ordered to return to office five days a week

  05-12-2023 17:05 via retailgazette.co.uk
  THG has said all employees based at its Manchester head office must resume in-office work on a full-time basis for five days per week, starting 2 January 2024.
  According to Retail Week, no consultation took place with the online giant’s staff before the change was announced and there has been no communication as to whether or not employees will be compensated for any additional travel costs.
  With no official staff consultation, it is thought that the move could cause some backlash among w
  
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• China’s credit outlook cut to negative; Rupert Soames named CBI president; trading outages in London – as it happened

  05-12-2023 17:01
  Moody’s cuts its outlook on China’s credit rating, while trading in smaller stocks in London is hit by systems problemsRupert Soames named as next president of CBI as it tries to rebrandShoppers cut back on non-essential items to add to UK retail gloomBack in the UK, car sales have risen again… but registrations of battery-powered vehicles were lower than a year ago.There were 156,525 new car registrations last month, which is 9.5% more than in November 2022. It’s the st
  
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• TikTok nears deal with Indonesia’s GoTo to restart ecommerce business

  05-12-2023 13:56
  Chinese video app hopes investment in Jakarta-listed unit will revive its fortunes after ban in its biggest market
  
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• More US holiday shoppers turn to ‘buy now, pay later’ loans

  05-12-2023 11:00
  Rise of high-tech instalment plans raise concerns about consumer repayments
  
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• Shrinkflation to help push up UK Christmas spending by £105, as cautious customers hold back – business live

  05-12-2023 08:54
  
  Rolling coverage of the latest economic and financial newsShoppers cut back on non-essential items to add to UK retail gloomUK clothing retailer Quiz has issued a sales warning to the stock markets, after a disappointing Black Friday.Quiz told shareholders that sales in October and November had been below management expectations, which it blamed on the cost of living and inflationary pressures for hitting customer demand during the financial year.As a result, the near-term outlook is difficult t
  
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• Ikea staff receive pay rise in £35m investment

  05-12-2023 08:54 via retailgazette.co.uk
  
  Ikea has injected £35m into a pay rise and bonus scheme to support staff through the ongoing cost-of-living crisis.
  From January, hourly-paid workers will receive a 10% increase and salaried co-workers will see their pay jump by 5%, representing an investment of almost £10m.
  Eligible employees will also receive a share of a £25.6m bonus pot, taking home at least an additional month’s pay ahead of Christmas.
  Ikea has pledged to meet the new Real Living Wage, with hourly-pa
  
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• Farfetch seeks fresh funding to avoid collapse

  05-12-2023 08:34 via retailgazette.co.uk
  
  Farfetch is racing to secure fresh funding as it teeters on the brink of collapse.
  The luxury ecommerce platform is exploring several strategic options, including a possible take-private sale, to stay solvent, The Business of Fashion reported.
  Farfetch has £2.2m ($2.8bn) in financial obligations, which include £792m ($1bn) in loans and a £158m ($200m) credit facility it took out in September.
  The New York-listed business cancelled its quarterly earnings report last week and sai
  
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• Shoppers cut back on non-essential items to add to UK retail gloom

  05-12-2023 01:01
  
  Businesses bank on ‘last-minute flurry of festive frivolity’ after Black Friday fails to give November liftUK retailers are on course for a budget Christmas after shoppers cut back on the purchase of non-essential items in November to cope with rising food prices.Black Friday sales were unable to lift the gloom that has descended on the retail sector as many consumers struggled to cope with high borrowing costs coupled with high food and energy bills. Continue reading...
  
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• Watcho opens flagship store in Richmond

  05-12-2023 01:00 via theretailbulletin.com
  
  Watch retailer Watcho has opened a flagship store in London’s Richmond. The new space will offer brands such as Rado, Raymond Weil, Frederique Constant, Ball Watch... View Article
  
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• THG to acquire Biossance skincare brand

  05-12-2023 01:00 via theretailbulletin.com
  
  THG is to acquire prestige skincare brand Biossance from US biotechnology group Amyris, which has recently commenced voluntary Chapter 11 proceedings. At an auction on 30... View Article
  
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• Ted Baker operator secures new funding for the brand

  05-12-2023 01:00 via theretailbulletin.com
  
  The operator of Ted Baker’s UK and European retail and ecommerce business has secured new funding to help grow the brand. Specialist asset-based lender Secure Trust... View Article
  
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• PiRA24 Judge Interview: Martin Newman

  05-12-2023 01:00 via theretailbulletin.com
  
  Meet Martin Newman, respectfully known as the “Consumer Champion,” and a seasoned professional with a career spanning more than four decades in the world of consumer-facing... View Article
  
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• Cautious UK shoppers cut purchases in run-up to Christmas

  05-12-2023 01:00
  British Retail Consortium says sales growth was below inflation in November, ahead of busiest spending period
  
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