H&M appoints new CEO in boardroom reshuffle January 30, 2020 H&M has announced the appointment of a new chief executive following a boardroom reshuffle sparked by the exit of chairman Stefan Persson. Shares jumped more than nine per cent after the Swedish retailer said it has appointed Helena Helmersson as its new chief executive as the company’s current boss steps into the role of chairman. [...]
Retail property market misses out on ‘Boris bounce’ January 30, 2020 London’s retail property market has continued to struggle, despite a bounce in the wider commercial real estate sector driven by the General Election result. Occupier demand in the retail sector fell in the fourth quarter of last year, according to research published today that found 70 per cent of chartered surveyors in the capital had [...]
Fashion brand Ted Baker bolsters board after torrid year January 29, 2020 Embattled fashion brand Ted Baker has appointed a new chief customer officer as it attempts to bolster its management team following a torrid year for the retailer. Jennifer Roebuck, who was most recently chief marketing officer at online beauty platform Feel Unique, has taken on the newly created role at Ted Baker. Her brief will [...]
Coronavirus: Ikea shuts mainland China stores following outbreak January 29, 2020 Ikea is the latest company to announce it will temporarily close stores in China due to the outbreak of coronavirus. The Swedish retailer will shut around half of its 30 stores in mainland China until further notice to help halt the spread of the disease, the company’s owner Ingka Group said. Other global chains including [...]
Stubhub hit with legal threat over ‘misleading’ ticket sales January 29, 2020 Stubhub is facing legal action from the competition regulator over claims the ticket reseller misled customers. The Competition and Markets Authority (CMA) has launched a wider crackdown on the secondary ticket market amid concerns many websites are a hotbed for ticket touts. But the regulator said it was concerned that Stubhub was not complying with [...]
SCS boss to step down after 32 years at sofa retailer January 29, 2020 The chief executive of sofa retailer SCS Group has announced plans to step down at the end of the year, after 32 years with the business. The company will launch a search for a new boss after David Knight revealed he will retire from the role. Knight gave 12 months notice but will stay in [...]
DIY retailer Wickes builds sales ahead of Travis Perkins demerger January 29, 2020 DIY retailer Wickes announced strong sales growth in the fourth quarter of last year, ahead of its split from parent company Travis Perkins. The firm said like-for-like sales growth in the fourth quarter was 4.5 per cent, while year-to-date sales jumped 8.7 per cent. Trading in both its core division – which includes local trade [...]
Tech giants urged to pick up VAT bills in fraud crackdown January 29, 2020 Online marketplaces such as Amazon and Ebay have been urged to take responsibility for VAT collection and remittance in the UK. Trade body the Association of Accounting Technicians (AAT) today called on the government to make tech firms liable for the goods tax, citing concerns about growing fraud. HMRC has estimated that VAT fraud by [...]
Whisky trade bodies unite in call to end ‘punitive’ transatlantic tariffs January 28, 2020 Whisky trade associations from both sides of the Atlantic have called on the UK and US governments to end what they described as “punitive” tariffs on spirits. The chief executives of the Scotch Whisky Association (SWA) and the Distilled Spirits Council of the United States (DISCUS) said the countries should “urgently find a negotiated solution [...]
Luxury goods giant LVMH ‘cautiously confident’ about 2020 January 28, 2020 Luxury goods giant LVMH said it was “cautiously confident” about the year ahead despite the “uncertain geopolitical context”, as it reported a jump in profit and revenue for 2019. Revenue soared 15 per cent to €53.7bn (£45.5bn) in 2019 and profit from recurring operations also jumped 15 per cent to €11.5bn, despite disruption caused by [...]