Retail chiefs to meet with Treasury amid fears of fading interest in online sales tax June 20, 2022 Top retail bosses will meet with a Treasury minister later this week with the hopes of reigniting government interest in launching an online sales tax and reforming the current rates system. According to a report by Sky News, executives from retail powerhouses including Amazon, Asda, ASOS, Currys and JustEat Takeaway, are to meet with the [...]
Investors ditch London shares after fifth successive Bank of England rate rise June 16, 2022 Investors ditched London-listed stocks today after the Bank of England raised interest rates for the fifth successive meeting. The capital’s premier FTSE 100 index dropped 3.14 per cent to 7,044.98 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 3.05 per cent to below [...]
Boohoo posts first ever UK sales drop as fast fashion struggles to keep shoppers spending June 16, 2022 Boohoo has posted its first UK sales drop in the fast fashion retailer’s history, pointing to supply chain disruption and a struggle to be competitive with international players. In a trading update on Thursday, the Manchester-based retailer posted a one per cent drop in UK revenue while overall sales plunged eight per cent in the [...]
Asos warns profit will be hit as shoppers return more clothes amid cost of living crunch June 16, 2022 Asos has warned it is expecting lower profit this year after an increase in customers returning clothes due to the pressures of higher living costs. Asos lowered forecasts for the year, with sales anticipated to be in the range of four per cent and seven per cent, which it put down to “market volatility and [...]
The FTSE reshuffle teaches us how successful businesses navigate turbulent waters June 7, 2022 As we have come to learn, disruption is the new normal. And every quarter, the FTSE reshuffle serves as a reminder of the increasingly choppy factors that weigh on a company’s fortunes. Having narrowly avoided relegation in March, Royal Mail slid out of the FTSE 100 last week largely because of its failure to adapt. [...]
JD Sports attempts to calm investors about Cowgill exit as shares slump May 27, 2022 JD Sports made attempts to reassure investors yesterday after red flags were raised by the sudden departure of Peter Cowgill.
JD Sports’ chair steps down after City watchdog fine for covert car park meeting May 25, 2022 JD Sports’ executive chairman Peter Cowgill is to step down from his role with immediate effect, the sportswear brand has announced. The London-listed retailer said it had opted to accelerate a separation of the roles of chair and chief executive. Cowgill’s departure follows JD Sports and its rival Footasylum being slapped with fine worth almost [...]
Cineworld, ASOS and Boohoo: The 10 most shorted LSE stocks and the City fund managers that go after them May 25, 2022 Cineworld Group, the world’s second-largest cinema chain, is currently the most shorted UK listed company, according to the most up-to-date London Stock Exchange data. Some 8.2 per cent of its stock was held short by five investment firms, with New Holland Capital LLC holding the largest short position with 2.4 per cent of the company’s [...]
Zegna boss: The suit is not dead – but the tie is May 19, 2022 “Let me be clear – the suit is not dead. But the tie is!” That’s the view of Ermenegildo Zegna, CEO and chairman of the Italian luxury fashion house Zegna. Speaking at the Financial Times’ business of luxury conference on Thursday, Zegna said knitwear was the “new tie” and demand for luxury leisurewear continues to [...]
Asos chair Ian Dyson to take on role as Currys chair May 19, 2022 Currys has announced Asos chair Ian Dyson will join the company as chair of the electronics retailer. Dyson will succeed Ian Livingston by joining the board as chair on 8 September, when Livingston will step down from the board. The Asos chair has decades of experience of retail and leisure, including a five-year stint as [...]