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” [...]
Shein parks tanks on Boohoo’s lawn as UK sales pass £1.5bn ahead of IPO October 8, 2024 UK sales at Shein, the Chinese-founded online retailer on track for a bumper IPO on the London Stock Exchange, passed £1.5bn last year, the company has revealed. The division generated a revenue of £1.55bn for 2023, up from the £1.12bn it achieved in 2022. Shein also posted an annual profit of £18.7m, a significant rise [...]
Mcvitie’s white chocolate digestives help boost biscuit giant’s profit by £130m October 8, 2024 The introduction of white chocolate digestives helped boost the owner of biscuit giant Mcvitie’s by almost £130m during its latest financial year. Pladis Foods has reported a pre-tax profit of £131.3m for 2023, up from the £2.8m it posted for 2022. Newly-filed accounts with Companies House also show its revenue increased from £2.54bn to £2.75bn [...]
Mike Ashley’s Frasers bets big on brick-and-mortar with 1m sq ft of new shopping malls October 8, 2024 Mike Ashley-owned Frasers group has announced the acquisition of over one million square feet of retail space across three shopping centres in a huge new bet on physical retail. The shopping centres – in Exeter, Maistone and Gloucester – have a combined annual footfall of almost 17 million visitors and 1.015 million square feet. The [...]
Barbie blockbuster movie fails to boost sales at Mattel October 8, 2024 The huge success of the Barbie movie in 2023 failed to boost the sales of toy giant Mattel in the UK, it has been revealed. The Berkshire-headquartered division of the US group posted a turnover of £145.5m for the 12 months, down from £162.4m in 2022, according to newly-filed accounts with Companies House. However, its [...]
The ‘battle for value is on’ at UK grocers as supermarkets push discounts October 8, 2024 Higher spending at supermarkets over the last month has been driven by sales of discounted goods as grocers compete to bring financially-stretched customers through their doors, according to fresh data. Grocery price inflation increased slightly to two per cent during the four weeks to 29 September, up from 1.7 per cent last month, according to [...]
Meal deal maker Greencore hikes profit outlook October 8, 2024 Food manufacturer Greencore—which produces sandwiches for supermarket meal deals—has said it anticipates full year profit to be “ahead of current market expectations.” In a trading update issued today, the convenience food firm, which supplies all the UK’s major supermarkets with salads, sushi, sandwiches, snacks, ready meals, and soups, said like for like revenue growth for [...]
Selfridges: Saudi Arabia’s PIF invests in department store group October 8, 2024 Saudi Arabia’s Public Investment Fund (PIF) is now a joint owner of the business behind upmarket department store chain, Selfridges, it has been confirmed. Thai investor Central Group has announced a deal which will see it own 60 per cent of the group’s operating and property companies, with the PIF owning the rest. Central Group [...]
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 [...]
Mulberry founder suggests LVMH could be the right buyer for the brand October 7, 2024 Mulberry founder Roger Saul has suggested that French luxury behemoth LVMH could be the right company to step in and aid the struggling brand after it rejected an offer from Mike Ashley’s Frasers group last week. Saul, who launched the brand in the 70s before leaving in 2002, told This Is Money that Mulberry was [...]