Fewer car sales and new drivers hits brakes on Direct Line growth May 5, 2021 Insurer Direct Line today said that low levels of new car sales and fewer new drivers led to deflationary market conditions during the first quarter. The firm’s total group premiums fell 4.7 per cent year-on-year to £752.3m, with motor premiums plummeting 10.6 per cent to £367.3m. Elsewhere, Direct Line continued to deliver growth in its [...]
Boohoo sales and profits surge after fast fashion retailer ups loungewear and activewear offering during pandemic May 5, 2021 Fast fashion retailer Boohoo reported a spike in sales and profit last year after refocusing its product offering on loungewear and activewear during the coronavirus pandemic. The e-commerce giant announced this morning that revenue surged 41 per cent in the year ended 28 February 2021, with sales jumping from £1.23bn to £1.75bn. Profit before tax [...]
Made.com doubles London warehouse space with new 350,000 sq ft site, creating 100 jobs May 4, 2021 Online retailer Made.com has announced it will more than double its London warehouse space to meet consumer demand for furniture and homewares. The 350,000 sq ft distribution centre at London Gateway Logistics Park in Tilbury is part of Made’s growth plans and will create up to 100 new jobs. The development, which will be completed [...]
High street recovery blown off course as footfall drops 6.1 per cent May 4, 2021 Wind and rain blew the high street recovery off course this week as footfall dropped 6.1 per cent, according to figures from retail insight company Springboard. The number of shoppers across all retail destinations fell by two per cent last week from the week before. Meanwhile, footfall rose by 2.8 per cent in shopping centres [...]
Blackstone asks CEOs to take ESG matters to their boards for the first time May 4, 2021 Investment group Blackstone has asked its top private equity staff to report environmental, social and governance (ESG) matters to their boards for the first time ever. Executives in companies controlled by the group’s private equity arm will up Blackstone’s sustainability, as investors are increasingly wary of the impacts companies have on the environment and workers, according [...]
Boom time for Boohoo: Online retail giant to unveil soaring lockdown sales April 30, 2021 Boohoo is expected to reveal a surge in sales as house-bound shoppers swapped dresses for jogging bottoms. The online retailer will also unveil the initial impact of its rescue deals for the Debenhams and three Arcadia brands – Dorothy Perkins, Burton and Wallis – which it snapped up earlier this year. Investors will be hopeful [...]
Boohoo mulls linking bonuses to ESG improvements April 24, 2021 Boohoo is considering linking top bosses’ bonuses to improvements in the fast fashion firm’s environmental, social and governance (ESG) issues, following a scandal surrounding factories used by the retailer’s suppliers. The Environmental Audit Committee (EAC) said that Boohoo had agreed to look into the idea of linking senior executive remuneration incentives to ESG improvements. In [...]
Mulberry ramps up sustainability pledges as retailers scramble to boost environmental reputations April 20, 2021 Mulberry has become the latest retailer to ramp up its sustainability measures as the spotlight on environmental and social issues has intensified in the wake of fast fashion scandals. The designer accessories brand today announced it will buy back, resell or repurpose any Mulberry bag when it becomes unusable. It has also pledged to achieve [...]
EU property giants make €1.6bn move for London’s Globalworth April 14, 2021 Czech CPI Property Group and German real estate company Aroundtown SA have confirmed a €1.57bn cash offer for London-listed Globalworth Real Estate Investments this morning. The offer will go through CPI-owned Zakiono, giving the Cyprus-incorporated company 2.8m shares – which represents around 1.28 per cent of the company. CPI and Aroundtown currently hold 113.8m Globalworth [...]
Boohoo coughs up £72 million for new Soho office April 13, 2021 Boohoo has bought a new office in Soho in London’s West End for £72m, which will house approximately 600 staff. The office, located at 10 Great Pulteney Street, will become home to all London-based product, marketing, technology and central support teams, and offer flexible working for Boohoo staff. In an update this morning, Boohoo said [...]