Retail news

• Home Depot has bet $18bn on US housing market paralysis

  02-04-2024 18:45 via ft.com
  Acquisition of building products supplier SRS Distribution will greatly expand company’s reach among contractors and builders
  
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• Online retailer Mytheresa among suitors for Yoox Net-a-Porter

  02-04-2024 18:30 via ft.com
  Private equity firms Bain Capital and Permira also interested in lossmaking ecommerce business owned by Richemont
  
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• Next to launch in India as it signs franchise agreement

  02-04-2024 17:32 via retailgazette.co.uk
  
  Next is set to launch online and in-store in India as the retailer signs a new franchise agreement with local ecommerce giant Myntra.
  The Indian retail group has secured the distribution and management rights of the fashion retailer, allowing Next to scale its omnichannel presence across the region, The Economic Times reported.
  Myntra will be responsible for opening between eight and 10 Next-branded shops in the country’s major cities, including Bengaluru, Delhi and Mumbai.
  It will also en
  
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• Next to launch in India as it signs franchise agreeement

  02-04-2024 17:32 via retailgazette.co.uk
  
  Next is set to launch online and in-store in India as the retailer signs a new franchise agreement with local ecommerce giant Myntra.
  The Indian retail group has secured the distribution and management rights of the fashion retailer, allowing Next to scale its omnichannel presence across the region, The Economic Times reported.
  Myntra will be responsible for opening between eight and 10 Next-branded shops in the country’s major cities, including Bengaluru, Delhi and Mumbai.
  It will also en
  
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• German online retailer Mytheresa among suitors for Yoox Net-a-Porter

  02-04-2024 17:18 via ft.com
  Private equity firms Bain Capital and Permira also interested in lossmaking ecommerce business owned by Richemont
  
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• Retail giant takes ‘Mint’ approach to staff rewards in Sunderland

  02-04-2024 16:01 via theretailbulletin.com
  
  Online grocery retailer Ocado is taking a local first approach to its employee reward and recognition initiatives in Sunderland. The 200 plus employees at the Ocado... View Article
  
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• Superdry share price halves after Dunkerton abandons takeover deal

  02-04-2024 15:31 via retailgazette.co.uk
  
  Superdry shares have dropped by more than half after founder Julian Dunkerton walked away from a takeover bid.
  The chief executive revealed on Thursday that he would not be submitting a take-private deal after spending the last few months attempting to raise funds.
  Shares for the ailing fashion retailer opened at 15p on Tuesday morning – a 48% drop on Thursday’s closing price of 28.95p– and have continued to sink to 13.69p in the afternoon.
  Dunkerton, who owns a 20% stake, appr
  
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• Loss-making Smythson to shut New Bond Street store amid string of closures

  02-04-2024 15:23 via retailgazette.co.uk
  
  Smythson is closing its New Bond Street store to “further support its ability to continue as a going concern”.
  It follows a string of store closures including at the Royal Exchange and Westbourne Grove in London, Terminal 2 in Heathrow Airport, and Bicester Village in Oxfordshire, along with its Madison Avenue shop in New York, according to The Telegraph.
  The closures come as the leather goods and stationery retailer looks to cut costs as it warned that inflation, high interest rates
  
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• Best HR Software for Retail Industry

  02-04-2024 14:59 via theretailbulletin.com
  
  In the post-pandemic era, characterised by increased demand for flexibility, higher turnover rates and the need for digital transformation, the role of HR in retail becomes... View Article
  
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• The Original Factory Shop to introduce 10% discount for over 60s

  02-04-2024 14:01 via retailgazette.co.uk
  
  The Original Factory Shop is offering customers over 60 money off their shopping on the first Wednesday of every month.
  Eligible customers will be able to receive a 10% discount on their purchases when showing a valid photo ID, such as a senior bus pass, a driver’s licence, a Freedom Pass or Senior Railcard.
  The discount is available at the value retailer’s 190 stores across the UK until 1pm on the first Wednesday, with shoppers able to save across a range of FMCG, clothing, homeware
  
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• Pets at Home signs multi-year Heart Drive sponsorship deal

  02-04-2024 13:42 via retailgazette.co.uk
  
  Pets at Home has signed a new multi-year partnership with media and entertainment group Global as it bags a prime-time sponsorship slot on Heart Radio.
  The pet specialist will sponsor Heart Drive, which broadcasts every weekday from 4pm to 7pm with presenters JK & Kelly Brook, Vicky Pattison, and Rich Clarke.
  The retailer said the messaging will provide listeners with advice and inspiration “for all their pet needs”, as well as opportunities to share stories about their furry fri
  
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• Superdry shares fall after CEO rules out making takeover offer

  02-04-2024 11:10
  
  Struggling retailer announced decision by Julian Dunkerton after markets closed on ThursdaySuperdry’s share price has been almost cut in half after its chief executive decided against making an offer for the struggling fashion retailer.The company announced after markets closed on Thursday that Julian Dunkerton, the founder and current chief executive of Superdry, had opted against a takeover after a two-month pursuit. Continue reading...
  
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• Aldi CEO promises ‘to do whatever it takes’ to keep prices as low as possible

  02-04-2024 10:33 via retailgazette.co.uk
  
  Aldi has pledged “to cut more prices than ever before in 2024” as it doubles down on its commitment to never be beaten on price.
  The grocer said it will continue cutting prices “across a wide range of products wherever possible” throughout the rest of the year – beating the £380m invested in price cuts last year.
  Aldi UK and Ireland CEO Giles Hurley said: “We know that shoppers remain under pressure from the cost of living, which is why we remain laser f
  
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• Shein doubles profits as it awaits approval for IPO

  02-04-2024 10:04 via theretailbulletin.com
  
  Online fashion retailer Shein has more than doubled its annual profit as it awaits approval for a stock market listing in New York or London. According... View Article
  
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• Naked Wines confirms appointment of Rodrigo Maza as CEO

  02-04-2024 10:04 via theretailbulletin.com
  
  Naked Wines has confirmed that Rodrigo Maza has now started in his role of chief executive following his appointment as chief executive designate in February. The... View Article
  
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• Miniso launches New York pop-up in Times Square

  02-04-2024 10:04 via theretailbulletin.com
  
  Global lifestyle brand Miniso has opened a pop-up store in New York’s Times Square. Marking a second location for the brand in the shopping district, the... View Article
  
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• H&M proposes Helena Saxon as new board member

  02-04-2024 10:04 via theretailbulletin.com
  
  H&M has announced that its nomination committee has proposed that Helena Saxon be elected to its board. She will replace Skype founder Niklas Zennström who has... View Article
  
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• Shop price inflation hits two-year low driven by falling food costs

  02-04-2024 09:23 via retailgazette.co.uk
  
  UK shop price inflation in March fell to the lowest level since December 2021 as retailers battled to win shoppers, the latest BRC-NielsenIQ Shop Price Index found.Driven by falling food costs and competition between retailers amid the cost-of-living crisis, the rate eased to 1.3% last month – down from 2.5% in February, and below the three-month average of 2.2%, fresh figures showed.
  Non-food inflation fell to 0.2% in March, a drop from 1.3% in the preceding month while food inflation fe
  
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• Mike Ashley’s Frasers Group promotes daughter’s boyfriend to board

  02-04-2024 08:48 via retailgazette.co.uk
  
  Frasers Group has promoted David Al-Mudallal, the boyfriend of Mike Ashley’s youngest daughter, to the company’s board.
  The move means the 31-year old chief operating officer is now one of the youngest directors of a FTSE 100 business.
  Al-Mudallal is currently dating Matilda Ashley, whose father is the founder and majority shareholder in the £3.6bn company, The Sunday Times reported.
  His appointment means that two of the 11 members of the Frasers board are in relationships with
  
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• Shein profits double amid pending IPO approval

  02-04-2024 08:31 via retailgazette.co.uk
  
  Shein has seen its profits soar to over $2bn (£1.6bn), more than doubling its previous figures, as the fast fashion giant awaits approval for a stock market listing in either New York or London.
  The Chinese business reportedly posted sales of around $45bn last year, according to sources close to the company from a report in the Financial Times.
  Despite only launching in 2008, Shein is now one of the most profitable fashion companies in the world, with figures showing it makes more than fel
  
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• Shein profits double ahead of planned IPO

  02-04-2024 08:31 via retailgazette.co.uk
  
  Shein has seen its profits more than double to over $2bn (£1.6bn) as the fast fashion giant awaits approval for a stock market listing in either New York or London.
  The Chinese business posted sales of around $45bn last year, sources close told the Financial Times.
  Despite only launching in 2008, Shein is now one of the most profitable fashion companies in the world, making more than Swedish fashion giant H&M as well as Primark and Next.
  Although Spanish fashion titan Inditex, the owne
  
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• I’ve been taken for a ride by Halfords’s price-match promise

  02-04-2024 08:00
  
  It has made it practically impossible to make a claimHalfords’s price-match policy promises to refund the difference within seven days if you find the same item cheaper from elsewhere. Unfortunately, it makes it practically impossible to actually make a claim. I ordered a Xiaomi Mi Smart electric folding bike online at Halfords for £899.10. I then found it on scan.co.uk for £599.99. Halfords first told me I had to claim in store, and when I pointed out that this was not in the
  
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• Braehead appoints new centre director

  02-04-2024 07:43 via theretailbulletin.com
  
  The Braehead shopping destination in Glasgow has promoted Ashley Bisland to the position of centre director. The scheme is owned by property company SGS and managed... View Article
  
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