Asos revenues tumble but chief remains ‘hopeful’ despite £87.4m loss May 10, 2023 Asos has posted a half year loss as the fashion retailer continues to be beaten by a tough economic climate and a slowdown in consumer spending, with its share price down over five per cent when markets opened this morning. The FTSE 250 retailer, which sells its goods exclusively online, said it had made an [...]
JD Sports: Why Peter Cowgill’s scandal-stricken exit was only a temporary blip in the brand’s race to the top May 9, 2023 JD Sports has no problem showing rivals how it’s done. This morning the ‘king of trainers’ kicked off its five year growth strategy, with a proposed acquisition of a leading French sports brand Courir, costing the brand a weighty £425m. As share price for JD Sports soared over three per cent this morning, it’s clear [...]
Regulator probes Deloitte over audit of fashion firm Joules May 9, 2023 The Financial Reporting Council has opened an investigation into the audit of embattled retailer Joules today after Deloitte signed off its accounts prior to the firm’s collapse last year.
Bring me sunshine! Retailers hit by grim April weather as economy held back by the rain May 9, 2023 Retailers continued to be bruised by soaring inflation and poor weather conditions in April, as the sector holds out hope for summer to give a much needed boost in sales. Data by the British Retail Consortium (BRC) showed that while retail sales rose slightly over five per cent during the month, overall inflation meant that [...]
UP THE JUNCTION: Why Clapham’s pubs seem to be recession-proof May 8, 2023 Few London neighbourhoods can stir up conversation like Clapham does. Known for its cringey nightclubs and spawning array of trendy coffee shops, the region has long served as a first home for junior account execs and recruiters arriving in the capital to begin their careers and get a taste of city life. It’s also got [...]
Butcher saved by former Asda boss resumes trade May 8, 2023 Farmison & Co will once again begin selling its upmarket meats this week as a consortium led by the former chief of Asda look to bring the embattled brand back to life, following its collapse and subsequent rescue deal last month. The luxury butcher, which trades to the likes of Harrods and Fortnum & Mason, [...]
How the City is celebrating King Charles III’s Coronation: An ancient sceptre, velvet robe and glowing Tower Bridge May 5, 2023 The Square Mile is set to play a crucial role in His Majesty King Charles III’s Coronation weekend, with 700-year-old traditions including an ancient crystal sceptre given to the City by Henry V and regal robe from Queen Elizabeth’s crowning in 1953. City of London Corporation head, Lord Mayor Nicholas Lyons, will be participating in [...]
Splashing the cash on cardboard cut outs of King Charles, mugs and quiche: The Coronation top sellers May 5, 2023 Celebrations for King Charles III’s Coronation appear to have already started with Brits stocking up on nostalgic and whimsical goods to prepare them for the extra Bank holiday weekend. Discount supermarket Lidl said sales of quiche and champagne have increased 33 per cent and 50 per cent respectively, as shoppers look to pay homage to [...]
Holiday Inn chief steps down as group sees bookings hike despite ‘economic tailwinds’ May 5, 2023 The chief of Holiday Inn owner International Continental Hotels (IHG) is to step down from the helm after nearly six years. Keith Barr, group chief executive officer of the global hotel chain will be succeeded by Elie Maalouf, who currently heads up its American operations. Barr has worked within the brand for almost 14 years, [...]
Boohoo settles £156m court case over fake discount claims May 4, 2023 Boohoo has settled a staggering $197m (£156m) US court case in which the fast fashion giant was accused of faking discounts for customers. The pure-play online retailer, which also owns Pretty Little Thing and Nasty Gal, was accused of engaging in a “deceptive pricing scheme”, with the court filing claiming Boohoo would falsely raise the [...]