Retail news

• Victoria’s Secret to close Birmingham flagship

  25-03-2024 17:08 via retailgazette.co.uk
  
  Victoria’s Secret is set to close its Birmingham flagship store in the Bullring shopping centre after almost a decade.
  A notice in the lingerie giant’s window said it would be “closing soon” but did not include a specific date.
  Customers were told they would still be able to shop the brand at its Milton Keynes store, Birmingham Mail reports.Looks like we’ll have quite a big vacant unit soon as Victoria’s Secrets looks to be leaving Bullring, love how they say
  
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• Boeing boss Dave Calhoun to step down; EU to investigate Alphabet, Apple and Meta – business live

  25-03-2024 13:23
  
  Live, rolling coverage of business, economics and financial markets as Boeing chief executive departs after safety incidents including mid-air door blow-outThe government’s shareholding in NatWest Group has fallen below 30% for the first time since 2008, the bank has confirmed.The public’s stake in the group was last reported at 30.98% on 15 March.We welcome the government’s continued commitment to returning NatWest Group to private ownership. With the government shareholding n
  
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• M&S names Hugo Boss exec as new head of menswear design

  25-03-2024 13:12 via retailgazette.co.uk
  M&S has appointed Hugo Boss executive Callum Briggs as its new head of menswear design.
  Briggs will start his new role at the high street staple in June, reporting to menswear director Mitch Hughes, Drapers reports.
  Briggs has a wealth of experience across fashion and joined Hugo Boss in 2021, holding various positions including head of design and senior menswear designer.
  Before his tenure at Hugo Boss, he served as a designer at Reiss from 2017 to 2020, Tom Ford from 2016 to 2017, and Bels
  
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• Frasers to relaunch Wiggle and Chain Reaction next week

  25-03-2024 12:31 via retailgazette.co.uk
  
  Frasers Group is preparing to relaunch Wiggle and Chain Reaction less than one month after it rescued the brands from administration.
  The retail group, which owns Evans Cycles, snapped up the brand rights and intellectual property to Wiggle and Chain Reaction in a deal understood to be worth less than £10m.
  The company will relaunch the etailer’s websites this week and is in the process of creating commercial partnerships to enhance and expand its in-house brand lines – Dhb, Nu
  
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• EU to investigate Apple, Meta and Alphabet under new ‘gatekeeper’ law – business live

  25-03-2024 12:01
  Live, rolling coverage of business, economics and financial markets as European Commission raises prospect of ‘heavy fines’ if big tech companies fail to comply with digital markets actThe EU designated six big tech companies – five American and one Chinese – as “gatekeepers” in its digital markets act. That means those companies have special responsibilities because of their dominance of key mobile technologies.Their “position can grant them the power t
  
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• B&Q owner Kingfisher warns of lower profits as DIY market slows

  25-03-2024 11:32
  
  Company’s shares fall as it says it is to reduce costs, which suggests it could cut staffBusiness live – latest updatesThe owner of B&Q and Screwfix has warned that profits will fall for the second year in a row as homeowners hold off on big projects including bathroom and kitchen refits amid a lacklustre housing market.Kingfisher, which also owns DIY stores in France, Poland, Spain and Portugal under the Castorama and Brico Dépôt brands, expects underlying pre-tax p
  
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• EU to investigate Apple, Meta and Alphabet over app stores – business live

  25-03-2024 11:28
  
  Live, rolling coverage of business, economics and financial markets as European Commission raises prospect of ‘heavy fines’ if big tech companies fail to comply with new lawThe EU has opened investigations into Apple, Facebook owner Meta and Google owner Alphabet over their app stores, in the latest sign of the growing regulatory scrutiny on the power of big tech companies.The European Commission will examine whether the big tech companies are preventing developers from steering cust
  
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• Selfridges loses second finance boss in four months

  25-03-2024 10:48 via retailgazette.co.uk
  
  Selfridges has lost its second finance chief in four months amid growing uncertainty over the luxury department store’s future ownership.
  Preetha McCann is understood to have quit as the retailer’s chief financial officer earlier this month to take up a role elsewhere, The Telegraph reported.
  McCann joined Selfridges from professional services group EY, and at the time of her appointment said she had been “tempted away by an offer that was too good to refuse”.Subscribe to
  
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• Shein to make London IPO decision as early as next week

  25-03-2024 10:28 via retailgazette.co.uk
  
  Shein could make its decision on whether it launches its blockbuster IPO on the London Stock Exchange as soon as next week.
  City sources said the fast fashion giant is close to deciding if it places its £71bn listing on the London market instead of in the US, This is Money reported.
  It follows reports that Chancellor Jeremy Hunt met with Shein chairman Donald Tang last month to persuade him to commit to what would be one of London’s biggest corporate flotations.Subscribe to
  
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• Asda pulls the plug on electric vehicle charging points

  25-03-2024 10:02 via retailgazette.co.uk
  
  Asda has significantly reduced the amount of electric vehicle (EV) charging points available at its stores, despite competitors heavily investing in the technology.
  Recent data from RAC found that the supermarket chain has deactivated over two-thirds of its EV chargers. At the start of 2023, Asda had 165 chargers but now only has 46 in operation.
  Following the termination of its partnership with EV charging company BP Pulse, Asda now only has functional chargers available at 2% of its stores, Th
  
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• Ryman owner Theo Paphitis urges government to plug tax loopholes used by fast fashion giants

  25-03-2024 09:34 via retailgazette.co.uk
  
  Ryman owner Theo Paphitis is the latest British retailer to call on the government for a clampdown on a tax loophole used by fast fashion giants such as Temu and Shein.
  The retail tycoon, who also owns Robert Dyas and Boux Avenue, said there was a “big slug” of companies avoiding customs bills in the UK by shipping individual orders directly from countries like China.
  “Worse than that, the companies benefiting from it are not British companies,” Paphitis told The Times. &
  
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• Ryman owner Paphitis urges government to plug tax loopholes used by fast fashion giants

  25-03-2024 09:34 via retailgazette.co.uk
  
  Ryman owner Theo Paphitis is the latest British retailer to call on the government for a clampdown on a tax loophole used by fast fashion giants such as Temu and Shein.
  The retail tycoon, who also owns Robert Dyas and Boux Avenue, said there was a “big slug” of companies avoiding customs bills in the UK by shipping individual orders directly from countries like China.
  “Worse than that, the companies benefiting from it are not British companies,” Paphitis told The Times. &
  
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• Kingfisher hit by weak performance in France

  25-03-2024 09:29 via theretailbulletin.com
  
  Kingfisher, the parent company of B&Q and Screwfix, has reported a decline in sales and profit following a weaker performance in its business in France. Sales... View Article
  
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• Former chancellor Nadhim Zahawi in talks to chair Very Group

  25-03-2024 09:29 via theretailbulletin.com
  
  Former Chancellor of the Exchequer Nadhim Zahawi is understood to be in talks to chair the Very Group. The news has given rise to speculation that... View Article
  
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• B&Q owner sales fall amid DIY slump; oil prices rise on supply concerns – business live

  25-03-2024 09:14
  
  Live, rolling coverage of business, economics and financial markets as weak housing markets hit home improvement spending at KingfisherIt is a fairly quiet open on European stock markets on Monday morning.On the FTSE 100 Kingfisher is one of the bigger fallers, but even so it is only down by 0.6%.EUROPE’S STOXX 600 FLATBRITAIN’S FTSE 100 FLATFRANCE’S CAC 40 FLAT, SPAIN’S IBEX DIPS 0.2%EURO STOXX INDEX AND EURO ZONE BLUE CHIPS FLATGERMANY’S DAX UP 0.1% Continue readi
  
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• B&Q owner Kingfisher profits dragged down by weak international performance

  25-03-2024 09:11 via retailgazette.co.uk
  
  B&Q owner Kingfisher has warned on profits for the third time in six months as it posted a 25% drop in full-year profits following weak performances across its French and Polish arm.
  Adjusted pre-tax profits for the DIY group plunged to £568m in the year to 31 January, down from £758m, weighed down by lower retail profit and higher central costs. On a statutory basis, profits fell 22% to £475m.
  The group said it remained cautious on the overall market outlook because of the
  
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• B&Q owner Kingfisher forecasts profits will fall this year

  25-03-2024 09:03 via ft.com
  London-listed group strikes cautious note on DIY market
  
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• B&Q owner Kingfisher forecasts profits to fall this year

  25-03-2024 09:03 via ft.com
  London-listed group strikes cautious note on DIY market
  
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• [Interview] A day in the life of… Rob Deacon, Liverpool ONE

  25-03-2024 09:00 via theretailbulletin.com
  
  Meet Rob Deacon, Asset Management Director at Liverpool ONE, under the stewardship of Grosvenor. His journey from a Liverpool John Moores University student to a pivotal... View Article
  
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• Virgin Wines posts uplift in sales and profit

  25-03-2024 08:38 via theretailbulletin.com
  
  Virgin Wines, the direct-to-consumer online wine retailer, has announced an uplift in half-year sales and profit. In the six months to 29 December, total revenue increased... View Article
  
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• Ocado faces shareholder revolt over potential £15m CEO bonus

  25-03-2024 08:31 via retailgazette.co.uk
  
  Ocado is facing a potential shareholder revolt over executive pay after an influential proxy adviser has encouraged investors to vote against the group’s new bonus scheme that could see CEO Tim Steiner receive as much as £14.8m.
  Institutional Shareholder Services (ISS) has recommended that shareholders vote against the online grocer’s new remuneration policy and performance share plan at next month’s annual meeting due to “material concerns” over the sum of mo
  
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• Crew Clothing extends partnership with Henley Regatta

  25-03-2024 07:45 via theretailbulletin.com
  
  Crew Clothing has extended its partnership with Henley Royal Regatta for a further three years. To celebrate,  the lifestyle fashion brand will return to the event... View Article
  
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• Crew Clothing extends its partnership with Henley Regatta

  25-03-2024 07:45 via theretailbulletin.com
  Crew Clothing has extended its partnership with Henley Royal Regatta for a further three years. To celebrate,  the lifestyle fashion brand will return to the event... View Article
  
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• Mattress Online to debut in Doncaster

  25-03-2024 07:33 via theretailbulletin.com
  
  Mattress Online is to open a first store in Doncaster this Good Friday. Situated on the town’s Sprotbrough Road Retail Park, the shop features a new design... View Article
  
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• Tech sector’s ambitions and AI cheer investors

  25-03-2024 06:00 via ft.com
  
  Backers are optimistic, but say founders must demonstrate resilience
  
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