Men-u’s mission to fix the cosmetic industry’s plastic problem July 31, 2019 There are no two ways about it: the cosmetic industry has a problem with plastic. Most households are plugged with rows of cosmetics, largely contained in single-use plastic pots. Globally, the beauty industry produces more than 120bn units of packaging every year, the majority of which is not recyclable, according to Zero Waste Week. This [...]
Co-op follows in footsteps of Amazon Go with ‘pay-in-aisle’ service July 31, 2019 The Co-op is trialling a new ‘pay-in-aisle’ plan that will allow customers to scan and buy for their products as they shop. The supermarket chain has teamed up with payment software firm ACI Worldwide to bring in the new system across 30 Co-op food stores in England, Scotland and Wales by early next month. Customers [...]
Shop prices fall as retailers tempt customers with discounts July 31, 2019 Shop prices fell this month as retailers attempted to attract reluctant customers with heavy discounting. Prices deflated by 0.1 per cent in July, driven by a 1.2 per cent drop in the price of non-food items such as electricals and clothing and footwear. Read more: Shop price inflation gathers pace in May The fall in [...]
Ralph Lauren revenue rises after social media marketing boost July 30, 2019 Ralph Lauren today posted a modest rise in revenue in the first quarter, after bumper marketing campaigns helped drive trading among younger shoppers. The luxury retailer reported a three per cent rise in revenue to $1.4bn (£1.2bn) in the three months to the end of June, while net profit rose to $117m from $109m in [...]
Number of UK firms in ‘significant distress’ rises July 30, 2019 The number of UK businesses facing “significant distress” has increased as consumer spending slumps due to ongoing uncertainty. In total, 14 per cent of all UK businesses – 484,000 – said they were experiencing significant distress at the end of June, with the leisure and retail industries hit the hardest. Read more: Consumer spending to [...]
Cafe Coffee Day founder VG Siddhartha goes missing July 30, 2019 The founder of Indian Starbucks rival Cafe Coffee Day has gone missing after reportedly facing pressure from activist shareholders. Local media outlets reported that VG Siddhartha was on his way to the port city of Mangaluru when he asked his driver to wait for him on a bridge and never returned. Shares in coffee day [...]
Grant Thornton due to quit Sports Direct after €674m Belgian tax bill July 30, 2019 Grant Thornton is reportedly set to quit as Sports Direct’s auditor following unprecedented delays to the publication of the retailer’s annual results on Friday. The auditor will abandon billionaire Mike Ashley after only learning shortly before it was set to sign off on his company’s accounts that Sports Direct owed Belgian tax authorities €674m (£605m), [...]
Investors digest Beyond Meat’s share offer as stock dives July 29, 2019 The shine came off Beyond Meat’s blockbuster summer debut on Wall Street this evening, as its stock plunged after the plant-based burger group revealed plans to sell more shares. The food group’s stock dived more than 10 per cent in after-hours trading as investors digested the announcement of a secondary share offering which will dilute the value of current shareholders’ [...]
Shareholders ‘run for the hills’ after Sports Direct’s gloomy delayed results July 29, 2019 Sports Direct’s share price today felt the backlash of investors who had waited until after markets closed last week to learn of the retailer’s dire set of annual results. Mike Ashley’s company saw shares dive as much as 16 per cent to 193.2p in early morning trading after he admitted it owes £605m in an [...]
Hammerson makes £423m sale but retail troubles take a chunk out of income July 29, 2019 Hammerson this morning announced it has sold a 75 per cent stake in Parisian shopping centre Italie Deux for £423m. The retail property giant said the deal with Axa Investment Managers brought it to more than 90 per cent of its annual £500m disposal target. Hammerson also released its half-year results this morning. It reported [...]