Made.com to call in administrators as furniture firm’s 700 staff left in lurch November 1, 2022 Made.com has announced the appointment of administrators after cash-strapped consumers have pulled back on big ticket spending. The London-listed furniture firm said on Tuesday that it’s board has resolved to file notice of an intention to appoint administrators at PricewaterhouseCoopers (PWC). The company had been seeking out rescue cash but interested suitors were unable to [...]
Retailers gear up to win battle for Christmas online shopping rush November 1, 2022 Retail giants are battling to entice cash-strapped consumers with a slew of online discounts and sales this year. Spending is expected to slip by up to half on Black Friday this year, against a backdrop of a cost of living crisis, Wunderman Thompson research has forecast. Online retailers are set to benefit from the crunch, [...]
Homeware retailers ‘draw short straw’ in economic crunch as Made.com nears collapse October 31, 2022 Homeware retailers are facing a turbulent 2023 as mounting operational costs and hesitant consumer sentiment piles the pressure on the sector. It comes as Made.com was still teetering on the brink of collapse on Monday after customers have pulled back from spending on pricier items like furniture. Last week, the ailing sofa seller said it [...]
The torrid week for tech continues as Amazon sheds £175bn October 28, 2022 The torrid week for tech continued last night, with Amazon leaving investors bewildered and Apple somehow defying the trend of its Silicon Valley cousins. Amazon shares tumbled as much as 18 per cent on Thursday night, wiping $202bn (£175bn) off its valuation. The major sell-off came after the e-commerce giant warned against weaker consumer spending [...]
Boom in UK retail drives Cazoo’s revenue up 103 per cent to £347m October 27, 2022 A boom in the UK retail market has driven Cazoo’s quarterly revenue to £347m, 103 per cent up on last year’s levels. In the three months ended 30 September, UK retail unit sales went up 100 per cent to 18,889 vehicles sold despite inflationary pressures biting into consumers’ spending. “This very strong performance shows that [...]
Purplebricks hires Pentland Brands director as new CFO October 27, 2022 Purplebricks has appointed Dominique Highfield as its chief financial officer, who joins from Pentland Brands.
Ben & Jerry’s owner Unilever warns of shoppers buying less as inflation bites budgets October 27, 2022 Dove maker Unilever has seen consumers buying less of products after price hikes, as the consumer goods titan has ushered in record price rises. Prices increased by 12.5 per cent in the period, the brand’s highest ever hike, as consumers battle cost increases in every corner of life. The London-listed consumer goods giant admitted price [...]
Exclusive: Getir teams up with Co-op as rapid delivery firm looks to grow UK presence October 26, 2022 Getir has joined forces with Co-op to deliver groceries from the retailer to consumers in a hurry. The rapid delivery firm will launch a pilot to offer app users hundreds of Co-op products across London from today. Nisa Retail, Co-op group’s wholesale division, will be working with Getir to supply the range of around 300 [...]
HSBC shares sink to bottom of FTSE 100 despite profits topping City forecasts October 25, 2022 HSBC’s profits slid over 40 per cent in the third quarter of the year as it was hit by rising loan losses and hefty charges relating to the sale of its French retail business.
THG shares swell after e-commerce retailer inks banking facility October 25, 2022 Shares in THG have surged after the group reported resilient sales of healthy and beauty products despite consumers tightening their belts. In third quarter results on Tuesday, the e-commerce retailer posted growth of 4.9 per cent in its beauty arm and 2.9 per cent in its nutrition division. Its share price surged by 19 per [...]