Retail news

• LVMH’s Bernard Arnault emerges as personal stakeholder in Richemont

  25-06-2024 18:23
  Investment could revive speculation about takeover scenarios among world’s biggest luxury groups
  
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• Chappell must repay at least £50mn over BHS collapse

  25-06-2024 18:22
  High Court judge finds former head sought to ‘plunder’ the UK retailer
  
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• Benefit’s Rainbrows campaign returns for fourth season to celebrate LGBTQIA+ community

  25-06-2024 16:28 via theretailbulletin.com
  
  Benefit’s acclaimed Rainbrows campaign proudly returns this summer for its fourth sensational season, continuing its mission to support and celebrate the LGBTQIA+ community. Originating in 2021... View Article
  
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• Matalan full-year profits surge despite sales dip as it stamps out discounting

  25-06-2024 14:19 via retailgazette.co.uk
  
  Matalan has shown a “significant improvement” in underlying profitability for full year ending February 24, despite trading against what it called “challenging trading conditions”.
  The fashion and home retailer‘s total revenue fell 6% year-on-year to £1.08bn with like-for-likes down 6% to £1.05bn
  Despite this, adjusted EBITDA surged 92% to £53m, driven by an improved gross margin and operational efficiencies.
  Gross margin rose by 8%, thanks to bett
  
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• John Lewis and Argos kick off summer sales as Amazon confirms Prime Day dates

  25-06-2024 14:03 via retailgazette.co.uk
  
  Retail giants John Lewis, Argos and Amazon are among the big names kicking off summer sales in a bid to boost trading.
  John Lewis launched its sale today, offering up to 50% of selected lines and brands. The retailer has thousands of offers on tech, nursery, beauty and clothing and home, with big named brands such as Clarins available, though deals are running for a “limited time only”, until 21 July.
  John Lewis director of marketing Rosie Hanley said: “We know our cu
  
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• Morrisons sales and EBITDA jump as it reduces debt by 35%

  25-06-2024 13:10 via retailgazette.co.uk
  
  Morrisons like-for-likes excluding fuel and VAT rose 4.1% in its second quarter as the retailer cut down debt by 35% on peak levels.
  The supermarket flagged a “solid quarter of progress”. Total sales excluding fuel edged up 3.4% to £3.8bn as underlying EBITDA for Morrisons’ first half surged 16% to £321m.
  Following the £2.5bn sale of its petrol filling stations to MFG, Morrisons completed its debt reduction tender in June and has cut group debt by 35% to &poun
  
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• Sharps completes acquisition of Clever Closet

  25-06-2024 12:40 via theretailbulletin.com
  
  Fitted furniture retailer Sharps Bedrooms has completed its acquisition of Clever Closet. The move follows Sharps’ purchase of Fittingly in September 2023. Founded by Paul Jacob... View Article
  
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• Adidas to open first premium UK store format ‘The Pulse’

  25-06-2024 11:49 via retailgazette.co.uk
  
  Adidas is set to debut its first premium store format, dubbed ‘The Pulse,’ in the UK at Fort Kinnaird in Edinburgh this summer, with a second location to follow at Glasgow Fort.
  The sportswear giant has signed a nine-year lease for a new 11,000 sq ft unit at Fort Kinnaird, which will open on 28 June.
  Adidas said its ‘The Pulse’ premium retail space “offers increased capacity” for more of its most popular products, with both full-service and self-service areas.
  
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• Iceland boss Richard Walker reveals strained interactions with Rishi Sunak

  25-06-2024 11:01 via retailgazette.co.uk
  
  Richard Walker, the outspoken Iceland boss, has shared details of a contentious exchange with Prime Minister Rishi Sunak over food banks. 
  The Daily Mirror reports that the heated conversation took place in 2022, during a meeting discussing Walker’s aspirations to stand as a Conservative MP.
  Sunak accused Walker of making statements that were politically inconvenient when he spoke about the rising use of food banks. “Sunak told me he was shocked that I wanted to be a Tory candid
  
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• Gear4music hires new non-executive director as part of wider board changes

  25-06-2024 10:31 via theretailbulletin.com
  
  Gear4music has announced that Sharon Daly will become a non-executive director of the company on 5 July. Possessing more than 25 years’ business experience, Daly co-founded... View Article
  
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• THG’s Lookfantastic to open first physical store

  25-06-2024 09:58 via retailgazette.co.uk
  
  THG owned online beauty retailer Lookfantastic is set to open a phsyical store in the Greater Manchester town of Altrincham
  The store is set to occupy the George Street unit vacated by JD Sports.
  Lookfantastic, acquired by THG in 2010, was one of the UK’s first digital beauty retailers.
  The store opening comes after the group highlighted the success of its beauty division as a key driver of growth. Lookfantastic opened a pop-up shop in London in Christmas 2023, but the Altrincham branch wi
  
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• THG’s Lookfantastic to open concept store

  25-06-2024 09:58 via retailgazette.co.uk
  
  THG-owned online beauty retailer Lookfantastic is set to open a physical store in the Greater Manchester town of Altrincham
  The store is set to occupy the George Street unit vacated by JD Sports.
  Lookfantastic, acquired by THG in 2010, was one of the UK’s first digital beauty retailers.
  The store opening comes after the group highlighted the success of its beauty division as a key driver of growth. Lookfantastic opened a pop-up shop in London in Christmas 2023, but the Altrincham branch wi
  
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• Gear4music appoints new non-executive director as part of wider board changes

  25-06-2024 09:55 via theretailbulletin.com
  
  Gear4music has announced that Sharon Daly will become a non-executive director of the company on 5 July. Possessing more than 25 years’ business experience, Daly co-founded... View Article
  
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• Aspinal of London appoints Laura Brown as chief executive

  25-06-2024 09:55 via theretailbulletin.com
  
  Aspinal of London, the luxury leather goods brand, has appointed Laura Brown as its chief executive. With an extensive background in luxury retail, Brown was retail... View Article
  
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• Ocado axed almost 1,000 jobs last year

  25-06-2024 09:32 via retailgazette.co.uk
  
  Ocado cut close to 1,000 jobs in 2023 as it looked to reduce costs and boost profitability.
  The online grocer said it employed 18,869 people globally in its latest annual report, down from 19,744 the year prior.
  A significant amount of the staff cuts were in relation to headcount “rationalisation” within its head office and support functions, helping cut costs by around £17m, the Times reported.
  Other job cuts were the result of the closure of Ocado’s oldest warehouse in
  
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• Iceland releases supermarket ‘manifesto’ to give customers a voice ahead of General Election

  25-06-2024 08:32 via theretailbulletin.com
  
  Iceland has released its Frozen Out supermarket ‘manifesto’ as a means of giving customers a voice in the run-up to the General Election. The document includes... View Article
  
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• John Lewis launches new circular design collection

  25-06-2024 08:15 via theretailbulletin.com
  
  John Lewis has launched a new circular collection to cater to the needs of customers who are looking for more thoughtfully created and long lasting products.... View Article
  
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• Mattress specialist Emma lays off 18% of workforce

  25-06-2024 08:11 via retailgazette.co.uk
  
  Online mattress retailer Emma is set to lay off almost a fifth of its worldwide workforce after realigning its expectations for 2024.
  The firm will be axing 200 employees, 18% of its workforce, amid volatile global economic conditions hitting both the online and home sector.
  The company initially had ambitious plans for 2024, including business expansion and diversifying its product portfolio as it opened its first UK store earlier this year.
  To support this growth, Emma integrated new operation
  
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• Shein confidentially filed for London IPO in early June

  25-06-2024 07:58 via retailgazette.co.uk
  
  Shein has confidentially filed for a London listing in what could be one of the world’s biggest IPO’s of the year.
  The Chinese fast fashion giant filed for its London Stock Exchange IPO listing at the start of the June, Reuters reported.
  The firm began exploring a listing on the London Stock Exchange early this year after its original plan to list in New York collapsed following opposition from U.S. lawmakers. Related StoryJohn Lewis launches eco-friendly clothing overhaul with new c
  
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• John Lewis Partnership appoints interim executive director for finance

  25-06-2024 07:40 via theretailbulletin.com
  
  The John Lewis Partnership has announced that Andy Mounsey will become its interim executive director for finance on 6 September. Currently the partnership’s group finance and... View Article
  
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• John Lewis Partnership names interim finance boss

  25-06-2024 07:40 via retailgazette.co.uk
  
  John Lewis Partnership has appointed Andy Mounsey as its interim executive director for finance from 6 September.
  Currently the partnership’s group finance and strategy director, he has worked with the business for over a decade in a host of senior finance roles.
  Mounsey also previously worked at EY for 13 years, where he advised large listed clients globally across the consumer sector.
  The news follows an announcement back in April that the current John Lewis executive finance director, B
  
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