Retailers enjoy spring boost after first full month without Covid restrictions April 8, 2022 Good weather and an eagerness to refresh wardrobes for spring has fuelled boosted retail footfall and sales, data revealed today. The first full month without Covid restrictions in England and Northern Ireland saw consumers “able to shop with a greater sense of normality, spurred on by some spring sunshine,” the British Retail Consortium (BRC)’s chief [...]
Levi’s chief: Globalisation is dead and supply chains should look closer to home April 7, 2022 Levi’s boss has said companies should look to produce goods closer to their target market. Chip Bergh, the president and CEO of Levi Strauss, has said a trend of chasing the “lowest-cost manufacturing base around the world” is coming to an end. “The name of the game today is supply chain resilience and agility,” Bergh [...]
Primark launches ‘virtual shop window’ but shoppers still can’t buy clothes online April 7, 2022 Primark has launched a new website – but shoppers still can’t buy anything online. The budget fashion retailer said its new site is a “virtual shop window,” and will allow customers to look at product information and check whether an item is in stock at their local shop. The high street name has stood out [...]
Cazoo reports record year as company not impacted by inflationary pressures April 7, 2022 Ongoing inflationary pressures will not impact online car retailer Cazoo, its chief executive Alex Chesterman said yesterday. “Used cars have historically [pushed] in a recessionary environment, while new cars tend to be much more affected,” Chesterman told analysts during a call. “[New cars] are a luxury purchase whereas used cars are functional.” The company said [...]
‘Let people invest’: Matt Hancock makes case for liberal crypto rules April 7, 2022 Matt Hancock, the former health secretary, has come out in favour of permitting mass crypto adoption in the UK.
Fast fashion retailer Shein hits $100bn valuation with fresh funding round April 6, 2022 Fast-fashion giant Shein has hit a $100bn valuation this week after a fresh funding round, making it the third most valuable startup in the world after Elon Musk’s SpaceX and ByteDance.
Moss Bros to open new shops as sales climb up for suits retailer April 5, 2022 Suits retailer Moss Bros has revealed plans for new shops after the retailer said trade had been boosted after it launched a range of casual clothes. The men’s formalwear chain, which hosts an estate of around 100 stores, reported a £93.1m turnover for the year to January. This was compared to pre-pandemic turnover of £128.3m, [...]
Supermarket till sales down four per cent last month as online shopping and cost of living hit hard April 5, 2022 Supermarket till sales continue to feel the impact of online buying brought about by the pandemic, with a four per cent fall last month. A new study indicates that online sales also fell almost 20 per cent from last year, as the cost of living crisis continues to change consumer habits. The report by NielsenIQ [...]
Three out of four Brits consider new job or career change as cost of living crisis messes up their lives April 4, 2022 New research shared with City A.M. this morning suggests that a record three out of four workers are considering a new job because of the cost-of-living crisis. Jobs site CV-Library said its study indicated that pay was now the main driver for people thinking of finding different work. Its survey of more than 4,000 professional [...]
Fever pitch: Battle for Ted Baker intensifies as new owners set to face post-pandemic high street ‘challenges’ April 4, 2022 Fashion chain Ted Baker has seen its share price boom after kicking off a formal sale process, with a third US private equity proposal. Analysts said the proposal comes as valuations of British companies have fallen in the wake of the pandemic and Brexit. Ted Baker has received an improved proposal from Sycamore, in addition [...]