Retailers ramp up pressure on Reeves to scrap tax break for e-commerce rivals Retail Retailers have urged Rachel Reeves to “revitalise the high street” by speeding up plans to close a tax break which they say unfairly favours Chinese e-commerce rivals. High street giants like Next, M&S and Primark have urged the Chancellor to impose a £2.60 flat fee on small parcels to rebalance a system which they say [...]
Associated British Foods shares slide after Primark sales slump Retail Shares in Associated British Foods (ABF), the owner of Primark, tumbled in early trading on Thursday morning after the FTSE 100 giant warned of a “difficult trading environment” and downgraded the fashion retailer’s growth forecasts. ABF, which owns the chain alongside its wholesale food business, said like-for-like sales across continental Europe declined as much as [...]
ABF considers spinning off Primark Retail Consumer goods giant ABF is considering selling off fashion brand Primark as it undertakes a ‘comprehensive review’ of the business. ABF, which founded Primark – then known as Pennies – in Dublin in 1969, said that “no decision” has been taken yet. The strategic review will be carried out with the help of the advisory [...]
Asos shares sink after sales fall behind expectations September 30, 2025 Shares in e-commerce fashion firm Asos have tumbled after the company reported sales short of expectations and vowed to extend its cost-cutting programme in a bid to secure “even stronger profitability foundations”. The London-based business said it “had planned to shift gears” from rebuilding its commercial model towards “re-engaging with customers.” “Instead, more opportunity to [...]
Shein files for Hong Kong IPO as London listing prospects wane July 8, 2025 Shein has filed for an initial public offering in Hong Kong as the prospects for the firm’s London listing continue to wane. The Singapore-based business last week confidentially filed a draft prospectus for the Hong Kong Exchange and sought approval from the China Securities Regulatory Commission (CSRC), according to the Financial Times. The fast-fashion firm [...]
Shein eyes Hong Kong for IPO as London listing stalls May 28, 2025 Fast-fashion giant Shein is reportedly working towards a Hong Kong initial public offering (IPO) after failing to secure approval from Chinese regulators for its London listing. The Singapore-headquartered company aims to file a draft prospectus with Hong Kong’s stock exchange in the next few weeks, according to Reuters. The move comes as a blow to [...]
Zara boss calls for crackdown on fast-fashion tax loophole May 9, 2025 The head of Zara’s parent company has called for a US-style crackdown on shipments of small goods in Europe to “level the playing field” between Chinese and European firms. Chinese giants Shein and Temu have heavily disrupted the global fashion market in the last few years, putting pressure on older companies. Part of their meteoric [...]
Asos and Boohoo stick to US closures despite Trump tariffs April 8, 2025 Asos is to continue with its plan to close its distribution centre in Georgia, USA, and serve the country from Yorkshire despite the imposition of President Donald Trump’s tariffs. At the start of the year, the fast-fashion group announced plans to close its US base in another effort to boost profitability and streamline operations. The [...]
In The Style: Huge debts revealed after rescue deal saves jobs March 24, 2025 In The Style owed more than £20m when it was rescued after collapsing into administration, it has been revealed. The Manchester-based fast-fashion brand rescued by Alps Sourcing Limited last week in a deal which secured 87 jobs. The debts have been revealed in a new document filed with Companies House by administrator FTS Recovery. What’s the [...]
In The Style: Fast-fashion brand saved after administration collapse March 19, 2025 In The Style has been sold after collapsing into administration in a move which put hundreds of jobs at risk of being lost. FTS Recovery had been appointed to oversee the administration process at the Manchester-based company before a deal with Alps Sourcing Limited was agreed. It has now been confirmed that 87 jobs in [...]