Asos prepares job cuts as sales slump July 7, 2019 Around 100 jobs are at risk at Asos’s London headquarters as the online retailer battles with slumping sales. The fast-fashion brand is consulting on a round of redundancies, which will mainly affect the marketing department, the Sunday Times reported. Read more: Eurozone retail sales see suprise fall in May Asos issued a warning in December, [...]
CMA puts brakes on Amazon’s Deliveroo investment July 5, 2019 The UK’s competitions watchdog will examine Amazon’s investment in Deliveroo, it said this morning, putting the brakes on the multi-million pound deal. The internet retail giant took a stake in Deliveroo in May, leading a $575m (£450m) funding round. It did not reveal the exact size of the stake. Read more: Amazon leads £450m Deliveroo [...]
Ofwat hits out at water suppliers’ business plans July 4, 2019 London’s water supplier was among four slated by Ofwat this morning as the regulator said it was “disappointed” by the firms’ request for more money to cover costs. Thames Water, Anglian Water, Yorkshire Water, and SES Water were told that their business plans do not live up to the regulator’s expectations. Read more: Regulator Ofwat [...]
Asda and Just Eat launch express grocery delivery service July 3, 2019 Asda is partnering with Just Eat to launch a grocery delivery service that will enable customers to order products to their door in just half an hour. The grocers is also planning to roll out a pizza delivery service to 50 stores by the end of the year following a successful trial in 2018. Read [...]
The Works shares rise as value arts retailer boosts revenues July 3, 2019 Discount UK retailer The Works saw its shares rise 10 per cent this morning after its full-year results showed increased underlying profit in the year to April 2019. Read more: Arts and crafts store The Works plummets after profits take a hit Investors were not put off by the heavy costs The Works incurred related [...]
Supermarkets prepare for bumper weekend during UK heatwave June 28, 2019 Supermarkets are preparing for bumper sales this weekend as shoppers stock up on rose wine, sun cream and barbecue food, with temperatures expected to soar during a UK heatwave. Londoners could bask in temperatures of up to 32 degrees tomorrow following a soggy start to the summer. Read more: Cold weather dampens May retail sales [...]
City Moves for 28 June – Who’s switching jobs? June 28, 2019 Today’s City Moves includes Nomura, KPMG and City A.M. Nomura Nomura Asset Management has announced Ben Sackitey has joined the Europe, Middle East and Africa (EMEA) distribution team as business development director, focusing on UK wholesale, having previously spent seven years at Jupiter Asset Management. He will be supporting Nomura UK’s strategy to develop its [...]
Europe heatwave 2019: Temperatures soar above 40C as Sahara bubble engulfs continent June 27, 2019 A heatwave currently engulfing Europe has seen temperatures reach record highs. Germany, Poland and the Czech Republic all experienced their highest-ever temperature recorded for June on Wednesday and there is little sign of the heat abating as the weekend approaches. Other countries, such as France and Switzerland, are expecting temperatures to surpass 40C (104F) on [...]
Is the financials sector priced for disruption? June 26, 2019 We think all industries are likely to be vulnerable to disruption in the coming years. We’ve seen it already in retail and media, for example, and this is likely to be a growing theme in markets for the long term. Financials, and banks in particular, are currently facing disruption to their business models. We can [...]
Oxford Street discounts signal a troubling start to the summer for retailers June 25, 2019 The crucial summer selling season is finally upon us, but for retailers on London’s most celebrated high street, all is not well. Big red discounts in shop windows line the parade on Oxford Street, where many of the country’s flagship fashion stores are offering major price reductions in a desperate bid to boost their sales. [...]