Retail news

• Boohoo puts 200 jobs at risk as it trims costs

  12-12-2024 16:32 via retailgazette.co.uk
  
  Boohoo Group is set to cut more than a hundred jobs at its head office in Manchester as it looks to trim costs across the business.
  The fashion giant is understood to have entered a consultation with around 200 members of staff, Drapers reported.
  The affected employees are spread across brands such as Boohoo and PrettyLittleThing, as well as its buying, merchandise, design, marketing, analytics and tech teams. Related StoryBoohoo hits back at Frasers: ‘Desperate people do desperate things&
  
  Read more

• Jolly’s to close as Bath’s iconic department store ends an era

  12-12-2024 16:03 via theretailbulletin.com
  
  Signs in the windows of Jolly’s, one of Europe’s oldest department stores and a key part of Bath’s Milsom Street, have announced its impending closure with... View Article
  
  Read more

• In The Style cuts jobs amid losses ahead of stock exchange return

  12-12-2024 15:37 via theretailbulletin.com
  
  In The Style (ITS), the Manchester-based fast-fashion retailer, has reduced its workforce as it grapples with declining sales ahead of its return to the London Stock... View Article
  
  Read more

• Selfridges’ £4B gamble as Thai owner sets sights on “World’s best store”

  12-12-2024 15:23 via theretailbulletin.com
  
  The family-owned Thai conglomerate Central Group, which bought Selfridges and other European luxury department stores in 2021 for £4 billion, admits it may have overpaid for... View Article
  
  Read more

• Advertisement

• Boohoo hits back at Frasers: “Desperate people do desperate things”

  12-12-2024 13:43 via retailgazette.co.uk
  
  Boohoo has said “desperate people do desperate things” in response to Frasers’ latest open letter to shareholders as the Sports Direct owner shrugged off what it labelled as “grossly exaggerated” conflicts and governance concerns.
  Frasers said that the competition and corporate governance concerns from the fashion giant were used as a “thinly-veiled excuse” not to appoint Mike Ashley and Mike Lennon as directors.
  “Boohoo put forward an unreasonable
  
  Read more

• Q&A: Chris Timmer, CEO, Linnworks

  12-12-2024 12:22 via theretailbulletin.com
  
  A respected CEO and industry veteran, Chris Timmer brings three decades of leadership experience spanning sales, marketing and operations in supply chain management and software. He... View Article
  
  Read more

• Currys says price rises ‘inevitable’ as it faces £32m profits hit from budget

  12-12-2024 11:27
  
  Electronics retailer says national insurance increase will add costs and depress investment and hiringCurrys said price rises were “inevitable” as it told shareholders that it expected to face £32m in extra costs due to policies from the budget.The electronics retailer, which runs 715 stores, revealed that group revenues increased by 1% to £3.92bn for the half-year to 26 October, compared with the same period a year earlier. Continue reading...
  
  Read more

• Currys CEO: We won’t allow Budget to ‘interrupt’ our growth

  12-12-2024 11:16 via retailgazette.co.uk
  
  Currys boss Alex Baldock said he won’t allow the retailer’s growth to be “interrupted” as the electricals giant prepares for its tax bill to rise £32m from April next year.
  The chief executive said the retailer had plans to mitigate some of the “new and unwelcome” costs coming from changes to employers’ National Insurance contributions, National Living Wage increases and inflation-based increases in business rates.
  “We’ve already got pl
  
  Read more

• Advertisement

• Adidas HQ raided in tax evasion investigation

  12-12-2024 10:45 via retailgazette.co.uk
  
  Adidas’ German headquarters were raided by criminal prosecutors and customs investigators this week as part of a multi-year investigation into suspected tax evasion by the sports brand worth more than £906m (€1.1bn).
  The European Public Prosecutor’s Office (EPPO) said on Wednesday that it was pursuing a “criminal investigation” against a German “corporate group trading in sportswear” over “suspicions of tax evasion relating to customs duties a
  
  Read more

• Shein IPO delayed over supply chain checks

  12-12-2024 10:24 via retailgazette.co.uk
  
  Shein is still waiting for the UK’s financial regulator to approve its IPO after it received challenges about the fast fashion giant’s supply chain.
  The Financial Conduct Authority is understood to be checking the retailer’s supply chain oversight and assessing legal risks after an advocacy group for China’s Uyghur population challenged the listing that was filed in June, Reuters reported.
  Britain’s Independent Anti-Slavery Commissioner has also flagged concerns wit
  
  Read more

• Currys warns of “inevitable” price rises after Budget impact

  12-12-2024 09:40 via theretailbulletin.com
  
  Currys has warned that the Government’s recent Budget measures could impact its business by as much as £32 million from next year. In its half year... View Article
  
  Read more

• Selfridges Thai co-owner admits £4bn price tag was too high

  12-12-2024 09:13 via retailgazette.co.uk
  
  Selfridges co-owner Tos Chirathivat, the executive chairman and CEO of Thailand’s Central Group, has admitted that the £4bn acquisition of Selfridges and several other European luxury department stores was too high a price, especially in light of rising global interest rates.
  In his first interview since the 2021 purchase, Chirathivat told the Financial Times the price was “high” in hindsight.
  “You would want the lowest price possible to buy something… is &po
  
  Read more

• Boohoo wins proxy adviser backing in boardroom clash with Mike Ashley

  12-12-2024 09:03 via retailgazette.co.uk
  
  Boohoo has once again urged shareholders to vote against Frasers Group’s proposed board appointments ahead of its general meeting on 20 December.
  The recommendation, announced this morning (12 December) follows advice from proxy advisers Glass Lewis and ISS, both of which have recommended shareholders vote “AGAINST” the resolutions.
  Glass Lewis raised concerns over conflicts of interest, stating that appointing Mike Ashley to Boohoo’s board could undermine shareholder int
  
  Read more

• eBay UK rolls out tech trade-in offer in sustainability drive

  12-12-2024 08:38 via retailgazette.co.uk
  
  eBay UK has launched a new trade-in option, enabling customers to recycle their old tech while earning extra cash.
  The online giant’s new service covers popular devices across eight categories, including phones, tablets, smartwatches and consoles, with no upfront fee.
  Through a partnership with Fonehouse, eBay will inspect, repair, and refurbish the devices for resale on its marketplace.
  Customers can easily determine the trade-in value of their items by entering product details online, th
  
  Read more

• eBay rolls out trade-in option to UK offering cash for old devices

  12-12-2024 08:38 via retailgazette.co.uk
  
  eBay UK has launched a new trade-in option, enabling customers to recycle their old tech while earning extra cash.
  The online giant’s new service covers popular devices across eight categories, including phones, tablets, smartwatches, and consoles, with no upfront fee.
  Through a partnership with Fonehouse, eBay will inspect, repair, and refurbish the devices for resale on its marketplace.
  Customers can easily determine the trade-in value of their items by entering product details online, t
  
  Read more

• Currys sees profit growth in strong first half

  12-12-2024 08:28 via retailgazette.co.uk
  
  Currys has hailed a strong first half of the year as demand for AI-enabled laptops and a growing mobile business helped to drive profit growth.
  The electricals giant reported a 6% rise in UK and Ireland sales for the six months to 26 October, driven by strategic initiatives and market share gains. Across the group, total revenue reached £3,918m, a 1% increase year-on-year, with a 2% rise on a like-for-like basis, offsetting a 2% decline in its Nordic operations.
  Adjusted EBIT surged 52% to
  
  Read more

• Currys flags ‘inevitable’ price rises after £32m Budget tax hit

  12-12-2024 08:28 via retailgazette.co.uk
  
  Currys has hailed a strong first half of the year as demand for AI-enabled laptops and a growing mobile business helped to drive profit growth.
  But it also noted the impact of recent UK government policy changes, which are set to increase its costs by as much as £32m.
  This includes a £9m hit from higher National Living Wage increases, £12m from a rise in National Insurance contributions, £2m from inflation-driven business rate tax hikes, and up to £9m in additional
  
  Read more

• Zalando to acquire rival fashion retailer About You

  12-12-2024 07:48 via theretailbulletin.com
  
  Zalando is planning to acquire About You in a deal that values the German online fashion retailer at around €1.1 billion. The move forms part of... View Article
  
  Read more

• Liverpool ONE updates on new retail signings

  12-12-2024 07:35 via theretailbulletin.com
  
  Liverpool ONE has announced that Miniso, Bath & Body Works and Boux Avenue are to open new stores at the shopping destination in adjacent units in... View Article
  
  Read more

• Selfridges’ Thai co-owner says it overpaid for luxury store portfolio

  12-12-2024 06:00 via ft.com
  
  Head of Central Group family conglomerate says higher global interest rates make original £4bn price tag less attractive
  
  Read more

• Connecting Retail Payments and Bank Transfers: Elevating the Consumer Experience

  12-12-2024 06:00 via theretailbulletin.com
  
  In the rapidly evolving landscape of digital finance, the integration of retail payments and bank transfers stands as a pivotal advancement in enhancing consumer experiences. This... View Article
  
  Read more

Follow @retailuknws on Twitter!