Watches of Switzerland backs full-year guidance as luxury demand still buoyant December 14, 2022 Watches of Switzerland has said it is sticking to its full-year guidance for 2023 as there continues to be strong demand for luxury watches. In half-year results, the London-listed retailer said revenue from luxury watches made up 87 per cent of group revenue, with sales growth of 31 per cent versus the previous year. Group [...]
Profit surge for Zara owner Inditex despite shoppers’ fears of inflation December 14, 2022 Zara owner Inditex has seen sales and profit boosted, against a backdrop of a torrid consumer environment for fashion firms. The Spanish fashion giant posted a 24 per cent jump in net profit in the first nine months of its financial year, despite what CEO Óscar García Maceiras described as a “challenging context.” Sales online [...]
In a world first: New Zealand imposes lifetime tobacco ban on anybody born after 1 January 2009 December 13, 2022 New Zealand today passed into law a unique plan to phase out tobacco smoking by imposing a lifetime ban on young people buying cigarettes. The law says that tobacco cannot ever be sold to anybody born on or after January 1, 2009. It means the minimum age for buying cigarettes will keep going up and [...]
Poundland owner Pepco to accelerate plan for new stores as profit booms December 13, 2022 Poundland owner Pepco will accelerate its store rollout strategy as it looks to entice cash-strapped shoppers, after posting elevated profit. The discount retailer said it was taking an increased focus on new stores in Western Europe and a refit programme in Central and Eastern Europe. Pepco was upping its annual capex spend to between €350m [...]
Silverwood snags stake in shower gel maker Lush for £217m December 12, 2022 Silverwood has acquired a 19.8 per cent stake in shower gel seller Lush as the investment firm says it is well placed for “generating new ideas to invigorate and strengthen” the retailer. Silverwood said the total consideration for the purchase of Lush sale shares sat at around £216.8m. This would be satisfied via an issue [...]
Superdry founder debating potential take-private buyout December 11, 2022 Fashion tycoon Julian Dunkerton is mulling a potential buyout of Superdry, reportedly holding talks with private equity firms. It comes as the London-listed retailer has seen its share price plummet 60 per cent in the past year to date. Dunkerton founded the brand in 1985 and now owns 23.9 per cent of the £86m valued [...]
Saturday Spotlight: Cost of living crisis is giving Buy Now Pay Later shot in the arm December 10, 2022 Buy Now Pay Later offerings may be controversial and much-criticised, it seems the cost of living crisis is giving the format a major boost. In fact, it has emerged that nearly half of all Brits are more likely to or are already using Buy Now Pay Later (BNPL) services compared to a year ago, according [...]
World Cup fans flock to shops to buy TV screens and football Christmas decor December 9, 2022 Football fans have upgraded their screening set-ups ahead of England v France this weekend, with sales for televisions and projectors surging. The Three Lions are set to take on their rivals on Saturday evening, with shoppers rushing to upgrade their TV sets after England made it through to the showdown. High street stalwart John Lewis [...]
FTX collapse has no winners, unless you’re a news site or a hardware wallet December 9, 2022 David F Carr, Senior Insights Manager at Similarweb, crunches the numbers and discovers some surprising winners in the FTX debacle.
Morrisons inks £220m sale of warehouses as it aims to become ‘more popular’ December 9, 2022 Morrisons has inked a £220m sale and leaseback transaction of seven logistics properties, as it aims to become “more popular and more accessible.” The supermarket – which is owned by New-York private equity titan Clayton Dubilier & Rice – announced the completion of the deal with asset manager ICG on Friday. Morrisons has undertaken to [...]