Virgin Wines: Revenue flat as it looks to weather bottleneck in market October 22, 2024 Online wine seller Virgin Wines has reported flat year-on-year revenue as it searches for ways to acquire loyal customers and increase efficiency in a tough trading environment. Total revenue remained at £59m in the year ended 28 June, while profit before tax increased by £2.4m to £1.7m, from a loss of £0.7m in 2023. Adjusted [...]
‘Silent crisis’ for retailers with record online returns – but can fees stop it? October 21, 2024 Online returns are set to top £27bn this year as the ‘silent crisis’ continues to squeeze retailers, with over a fifth of non-food purchases now returned, according to fresh data. With 10 per cent of shoppers accounting for a quarter of all returns, so-called ‘serial returners’ will make up £6.6bn of that figure – with [...]
N Brown slams AIM as company set for takeover October 17, 2024 Retailer N Brown is set to be acquired by a company owned by its non-executive director, Joshua Alliance, as it looks to move off AIM. Its share price rose more than 40 per cent after the announcement. N Brown, which owns the brands JD Williams and Simply Be, has said the reduced appetite for UK [...]
Live shopping platform backed by new Topshop owner expands into the UK October 9, 2024 Live shopping tech company Sprii, which is backed by the new owner of Topshop, has announced plans to expand into the UK, with over half of its marketing budget earmarked for Brits. The company, which currently works with around 100 UK retailers, said it is also currently in talks with a “number of major retailers” [...]
Oasis tickets and discounts ensure September spending doesn’t slide away October 8, 2024 Retail sales in the UK have held up despite a dip in confidence, driven by widespread discounts and a spike in entertainment spending after Oasis‘ tickets went on sale. Consumer card spending increased 1.2 per cent year on year in September, after returning to growth in August, according to data from Barclays. Discounting pushed spending [...]
Can Asos fight back against Shein and Temu in the market it once dominated? September 30, 2024 To say that investors have lost confidence in Asos may be something of an understatement: its share price has plummeted since April 2021, to the tune of about 90 per cent. The stock resembles a playground slide, dotted with small cliffs that correspond to profit warnings, news of a slump in sales, or lowered guidance. [...]
Deliveroo partners with Not On The High Street in boost for small retailers September 24, 2024 Deliveroo has partnered with e-commerce distributor Not On The High Street to provide personalised gifts on demand in the latest expansion of the on-demand service’s shopping offering. The partnership, which Deliveroo has said could see gifts on customers’ doorsteps in as little as 25 minutes, will allow users to order from 15 independent small brands [...]
Boohoo makes major US change in bid to broaden appeal September 11, 2024 Boohoo has announced significant changes to its operations in the US market as it looks to broaden its product offering across the Atlantic. The Manchester-headquartered group will stop supplying US customers from its distribution centre in Pennsylvania, as the company’s management look at ways to drive a more sustainable and profitable business. Orders will instead [...]
Asos slashes £500m debt pile as refinancing deals revealed September 11, 2024 Asos has announced the successful refinancing of the majority of its £500m debt due in 2026, with only just over £70m outstanding. The online fast-fashion retailer, which has struggled with post-pandemic shopping trends, had £500m in convertible bonds due 2026. The London-headquartered company has now exchanged £253m into convertible bonds due in 2028 rather than [...]