Retail news

• Nike to axe 1,600 jobs as it looks to trim costs

  16-02-2024 17:21 via retailgazette.co.uk
  
  Nike is set to cut nearly 2% of its total workforce in an effort to reduce costs after reporting “softer” sales in the second half of the year.
  The move will see the sports giant axe 1,600 roles and is part of its wider plan of achieving £1.6bn in cost savings over the next three years.
  Chief executive John Donahoe told employees in an internal email seen by The Business of Fashion: ”We are not currently performing at our best, and I ultimately hold myself and my lea
  
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• UK retail sales rebound after Christmas slump; company insolvencies rise – as it happened

  16-02-2024 16:12
  
  Rolling coverage of the latest economic and financial news, as retail sales in Great Britain rebound by 3.4% in JanuaryNatWest reports biggest annual profit since 2007 financial crisisRetail sales in Great Britain rebound strongly after Christmas slumpUK tips into recession in blow to Rishi Sunak
  Although retail sales volumes jumped last month, online spending fell by 4.1%.The proportion of sales made online fell from 26.8% in December 2023 to 24.8% in January 2024.“There was promising new
  
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• Farfetch to axe up to 30% of workforce

  16-02-2024 16:07 via retailgazette.co.uk
  
  Farfetch is understood to be looking to lay off between 25% and 30% of its workforce as new owner Coupang works to “streamline the business”.
  Staff at the online luxury retailer were told on Friday that it “will begin the process of saying goodbye to colleagues and friends who have been important parts of Farfetch’s journey thus far”, Drapers reported.
  The company wrote in an internal memo: “We have decided to streamline the business to allow us to operate fro
  
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• [Responsible Business] HFSS Regulations: Navigating the impact on retailers

  16-02-2024 14:46 via theretailbulletin.com
  
  Amy Au from Irwin Mitchell’s Intellectual Property team explores the impact of High Fat Sugar Salt (HFSS), highlighting which restrictions are currently in place and what... View Article
  
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• How a failed retailer and a tax shield can create an accidental Spac

  16-02-2024 14:37 via ft.com
  Wish’s strategy can be thought of as a free call option on an M&A punt
  
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• The Body Shop’s German arm falls into administration

  16-02-2024 13:35
  
  Belgian arm will be put into insolvency, with more than 460 jobs at risk across two countries The Body Shop’s European businesses have begun shutting down, with the German stores put into administration and its Belgian staff told they will be next, placing more than 460 jobs at risk across the two countries.The closures come after Aurelius, the German restructuring specialist that bought The Body Shop last year, put the ethical beauty chain’s main UK business into administration this
  
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• Digested week: John Lewis selling vibrators – is nothing safe from All That? | Lucy Mangan

  16-02-2024 13:14
  
  After a week in introvert’s heaven at William Gladstone’s Library, the modern world in all its awfulness floods backWhat’s that? I have a particular glow about me, you say? A profound serenity emanating from every pore? An unprecedentedly content expression replacing my customarily surly mien? Why, thank you, and yes I do indeed. For I have just come back from fulfilling my greatest lifetime ambition: spending a week at Gladstone’s Library. This is, really, just as it sou
  
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• Convenience stores should make more of themselves

  16-02-2024 13:00 via ft.com
  Japan is a pioneer of combining retail outlets with pharmacies and support services for ageing shoppers
  
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• Former House of Fraser Oxford Street flagship set for £132m refurb

  16-02-2024 12:58 via retailgazette.co.uk
  
  House of Fraser’s former Oxford Street flagship store is set to undergo a £132m refurbishment, which will bring offices, restaurants and a swimming pool to the site.
  The refurbishment and extension of 318 Oxford Street will transform the former department store into a 365,975sq ft mixed-use development.
  The new building will include ground-floor retail, office space, two restaurants and a gym with a swimming pool to help “bring greater diversity to Oxford Street and [&hell
  
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• Joe Browns poaches La Redoute exec as new CEO

  16-02-2024 12:36 via retailgazette.co.uk
  
  Joe Browns has poached La Redoute’s chief commercial officer Dawn Bannerman as its new chief executive.
  Bannerman, who joined the retailer this week, will be responsible for elevating the brand’s presence through growing its store estate, strengthening its online proposition and leading an international expansion.
  She replaces Peter Alecock, who left the business earlier this month after less than two years in the role.
  Bannerman joins from the UK subsidiary of French business La Red
  
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• Joe Browns appoints Dawn Bannerman as chief executive

  16-02-2024 12:02 via theretailbulletin.com
  
  Joe Browns has appointed Dawn Bannerman as its chief executive. She has joined the fashion and homeware retailer from La Redoute (UK) where she has worked... View Article
  
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• UK retail sales rebound after Christmas slump; company insolvencies rise – business live

  16-02-2024 11:24
  
  Rolling coverage of the latest economic and financial news, as retail sales in Great Britain rebound by 3.4% in JanuaryNatWest reports biggest annual profit since 2007 financial crisisRetail sales in Great Britain rebound strongly after Christmas slumpUK tips into recession in blow to Rishi Sunak
  Although retail sales volumes jumped last month, online spending fell by 4.1%.The proportion of sales made online fell from 26.8% in December 2023 to 24.8% in January 2024.“There was promising new
  
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• The Body Shop’s German arm files for bankruptcy

  16-02-2024 09:53 via retailgazette.co.uk
  
  The Body Shop’s German arm has filed for bankruptcy at the Düsseldorf District Court, following the brand lining up administrators for its UK business.
  The company’s German operation, The Body Shop Germany GmbH, employs over 350 staff members and runs 66 branches across the country, according to German publication Retail News. 
  The Düsseldorf lawyer Dr. Biner Bähr was appointed as the provisional insolvency administrator, German newspaper Bild reported.
  The Body S
  
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• John Lewis Partnership appoints Clare Swindell to board

  16-02-2024 09:38 via theretailbulletin.com
  
  The John Lewis Partnership has appointed former Tesco director Clare Swindell to its board as a non-executive director. She has also become chair of the board’s... View Article
  
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• British retail sales rebound in January after Christmas slump

  16-02-2024 09:26 via ft.com
  Increase in January volumes suggests economy has picked up momentum after weak end to 2023
  
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• Retail sales in Great Britain rebound strongly after Christmas slump

  16-02-2024 09:23
  
  Rise of 3.4% in January is biggest monthly increase since April 2021 as shoppers return to storesBusiness live – latest updatesRetailers in Great Britain enjoyed the strongest rebound in monthly sales in almost three years in January as people returned to the shops after a slump in Christmas shopping.Sales rose by 3.4% last month, the biggest monthly rise since April 2021, as all retail sectors except clothing stores experienced an increase, providing welcome relief after dire Christmas tr
  
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• Retail sales rebound offers hope UK can escape deep recession

  16-02-2024 09:21 via retailgazette.co.uk
  
  Retail sales rebounded in January with volumes boosted 3.4%, following a difficult December.
  The figures, which have beaten economist expectations, come after December sales dropped 3.2%.
  Prices continued to climb, with the amount spent by shoppers up 3.9% as volumes edged up 3.4%.
  The sales figures are the biggest rise since April 2021 when stores reopened following the third Covid lockdown, and offer hope the UK can quickly break out of recession.Subscribe to Retail Gazette for free
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• Farfetch founder steps down following Coupang takeover

  16-02-2024 09:04 via retailgazette.co.uk
  
  Farfetch founder José Neves has stepped down from the business following its £400m rescue by Korean ecommerce company Coupang.
  Neves exited the retailer with immediate effect, a memo to workers explained on Thursday, according to the Telegraph. 
  The founder led Farfetch to a £4.92bn US listing back in 2018. However, the business’s shares collapsed following its flotation, with investors wiped out under the rescue deal.
  Neves’ key lieutenants are also leaving t
  
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• Sainsbury’s celebrates launch of new flagship store in Wales

  16-02-2024 08:43 via theretailbulletin.com
  
  Sainsbury’s has opened a new 53,000 square foot supermarket in Talbot Green in Wales. The retailer described the move as a game-changer for customers in the... View Article
  
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• UK retail sales rebound after Christmas slump; NatWest profits jump 20% – business live

  16-02-2024 08:22
  
  Rolling coverage of the latest economic and financial newsUK tips into recession in blow to Rishi Sunak
  NatWest, the bank partly owned by the UK government, has reported a jump in profits this morning – and named its permanent CEO.The taxpayer-backed lender grew its operating profits by 20% year-on-year in 2023, its latest financial results show. Continue reading...
  
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• Marks & Spencer welcomes Puma and Reebok to ‘The Sports Edit on M&S’ platform

  16-02-2024 08:18 via theretailbulletin.com
  
  Marks & Spencer is adding sportswear brands Puma and Reebok to the ‘The Sports Edit on M&S’ platform. The move will enable the retailer to boost... View Article
  
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• White Stuff founders consider sale after unsolicited takeover approach

  16-02-2024 07:57 via theretailbulletin.com
  
  The White Stuff fashion chain is reportedly exploring a sale of the business following an unsolicited takeover approach. According to Sky News, the retailer’s founders George... View Article
  
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• CMO Group launches Landscaping Superstore

  16-02-2024 07:35 via theretailbulletin.com
  
  CMO Group, the online retailer of building materials and products, has launched a new Landscaping Superstore for DIY customers and the trade sector. The group said... View Article
  
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• How The Body Shop unravelled in 3 months

  16-02-2024 06:00 via ft.com
  Private equity firm Aurelius stunned the high street by placing UK retailer into administration soon after buying it
  
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• [ RESEARCH ] UK Retail Review: Navigating the Challenges of 2023 and Anticipating 2024

  16-02-2024 01:26 via theretailbulletin.com
  
  As we reflect on the events of the past year, it is evident that 2023 presented numerous challenges both on a global scale and within the... View Article
  
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• VISIT – kbb Birmingham 2024

  16-02-2024 01:01 via theretailbulletin.com
  
  It’s here – kbb Birmingham 2024. Taking place at the NEC from 3-6 March, visitors will have the opportunity to see a huge range of exciting... View Article
  
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• The final countdown is on for kbb Birmingham 2024

  16-02-2024 01:01 via theretailbulletin.com
  
  There are just a few weeks left until 320 exhibitors showcase the very latest products in the kitchens, bedrooms, and bathrooms sector at kbb Birmingham 2024.... View Article
  
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