‘Challenges and difficulties’ remain for Boohoo in fight against unethical supply chain measures March 8, 2022 “Challenges and difficulties” remain at Boohoo, according to Sir Brian Leveson’s final report after the fast fashion firm’s supply chain scandal. The retailer launched a review programme after reports of neglect and underpayment of warehouse workers in Leicester during the Covid lockdown in 2020. Leveson was brought on board to oversee Boohoo’s Agenda For Change [...]
Greggs full-year sales surpass pre-Covid levels as analysts caution price rises March 8, 2022 Greggs full-year sales have surpassed pre-pandemic levels, as the bakery chain restarts its colleague profit-sharing scheme, which will see £16.6m shared with staff. Total sales rose 5.3 per cent to £1.2bn, in comparison with 2019’s figure of £1.1bn, preliminary results for the year to 1 January revealed this morning. It comes as the bakery chain rewards [...]
Michael Kors CEO exits after six months at fashion giant March 8, 2022 The chief executive of Michael Kors is set to step down after just six months in the role. Joshua Schulman was anticipated to succeed John Idol as chief executive of the fashion brand’s parent company Capri Holdings next autumn. A reason was not provided for the exit but Capri Holdings have said Idol will stay [...]
Value of mortgage advances tops £70bn as real estate experts say market is cooling off March 8, 2022 Real estate experts have said the latest mortgage lenders statistics show a market cooling off from its earlier frenzy. In figures published by the Bank of England on Tuesday, the outstanding value of all residential mortgage loans was £1,613.4bn at the end of the fourth quarter of 2021. This was 4.7 per cent higher than [...]
Wheat price rallies could hurt hospitality and cause food prices to spike warn industry leaders March 8, 2022 Hospitality and supermarkets could bear the brunt of rocketing record prices following Russia's invasion of Ukraine.
MADE.com confirms Nicola Thompson as permanent CEO as retailer sees results beaten by freight inflation March 8, 2022 Retail giant MADE.com has confirmed this morning that Nicola Thompson, the current interim CEO, is set to become the permanent CEO with immediate effect. It comes after former chief Philippe Chainieux left the post last month because of family reasons. Susanne Given, Chair of MADE, commented on Thompson’s appointment: “The Board is delighted to confirm [...]
Pandemic spending habits settle to ‘new normal’ after online shopping boom March 8, 2022 Pandemic spending habits have “settled into a new normal” with people returning to bricks and mortar stores to ‘try before you buy’ last month. Total retail sales were up 4.9 per cent in February, compared to the same month in 2020, according to the British Retail Consortium (BRC) and KPMG retail sales monitor. Sales continued [...]
Next to wind down Russian operations after invasion of Ukraine March 7, 2022 Fashion retailer Next will close its Russian operations following the invasion of Ukraine, as British brands move to condemn the country. The clothing retailer informed staff at its Russian distribution hub that it will be winding down the operation in an orderly way. It told staff its website will be closed for Russian customers too, [...]
Missguided mulls HQ job losses after rescue deal March 7, 2022 Fast fashion retailer Missguided has made a move to slash “a number of roles” at its head office in Manchester. The beleaguered firm had secured a rescue deal at the end of last year, with Alteri Investors snapping up a 50 per cent stake in the firm and acquiring its debt. Missguided then began a [...]
Itsu hopeful of return to pre-pandemic sales growth this year March 7, 2022 East-Asian inspired fast food chain Itsu has said it is confident it will return to like-for-like sales growth this year. In documents filed to Companies House last week, the high street chain posted its financial accounts for the period ended 31 December 2020. Group revenue hit £61.7m for the period, which was marred by Covid [...]