Shops’ tax bill 755 per cent higher than online rivals amid war of words over sales tax May 23, 2022 Traditional brick and mortar retailers pay 755 per cent more – almost eight times – than their online rivals in business rates tax. The figures come after Sainsbury’s and Marks and Spencer execs have voiced differing opinions over the prospect of an online sales tax. Fresh analysis by real estate advisor Altus Group has found [...]
Gymshark nets £45m profit as founder Ben Francis climbs up Sunday Times Rich List May 22, 2022 Sportswear brand Gymshark has pocketed a £45.4m pre-tax profit – a further jolt of good news for its young founder, who has risen in the Sunday Times Rich List. The e-commerce fashion retailer saw profit rocket in the year to July 2021, compared to 2020’s sum of £30.4m, according to accounts filed to Companies House [...]
Fat Face eyes hunt for new buyer after recruiting bankers May 22, 2022 Clothing and accessories retailer FatFace has recruited bankers to mull a sale of the company, it has been reported. The British retailer has hired Rothschild to explore the brand’s options, The Sunday Times reported. It comes two years after its private equity owner relinquished it to lenders after suffering unbearable debts during the pandemic. After [...]
Online sales boom: Barclay family resuscitate plans for Very Group £4bn public listing May 22, 2022 The family behind the Telegraph newspapers is thought to be reviving plans for a blockbuster IPO of online retail giant Very Group. The Barclay family are keen to get sidelined plans for a £4bn float back on track, according to a report in The Times. Very Group owns e-commerce brands including fashion retailer Very and [...]
The Works brings back dividend as demand for cheap books and Peppa Pig toys boosts sales May 20, 2022 Discount retailer The Works has reinstated its dividend after telling investors its sales are now significantly higher than at pre-pandemic levels, on the back of a record Christmas and booming demand for books. The firm said it had capitalised on the “BookTok” trend on social media platform TikTok to boost sales of its discount [...]
April retail volumes continue on downward trend amid cost of living crisis May 20, 2022 Retail sales volumes continue to go downward amid the cost of living crisis. According to the Office for National Statistics, volumes rose 1.4 per cent in April following a 1.2 per fall in March, while values went up by 1.9 per cent. But looking more broadly, in the three months to April, sales volumes fell [...]
Exclusive: Logistics warehouses expanded by 200 football pitches worth of space last year May 20, 2022 Distribution warehouses expanded to the tune of more than 200 football pitches last year, as pandemic momentum for e-commerce firms continues to swell. An additional 1.5 mm² space has been snapped up by e-commerce firms, according to an analysis of official data by law firm RPC, exclusively shared with CityA.M. E-commerce sales were worth £28bn [...]
Zegna boss: The suit is not dead – but the tie is May 19, 2022 “Let me be clear – the suit is not dead. But the tie is!” That’s the view of Ermenegildo Zegna, CEO and chairman of the Italian luxury fashion house Zegna. Speaking at the Financial Times’ business of luxury conference on Thursday, Zegna said knitwear was the “new tie” and demand for luxury leisurewear continues to [...]
Marks & Spencer’s CFO urges Chancellor Rishi Sunak to firmly reject online sales tax May 19, 2022 Marks and Spencer has reportedly warned the Government that an online sales tax would do more harm than good for the high street. In February, the Government launched a consultation into possibilities for an online sales tax to ease the business rates burden on high street stores. In a letter to Chancellor Rishi Sunak, reportedly [...]
The City View: Michael Hewson on problematic consumer spending growth May 17, 2022 Today Andy Silvester talks to Michael Hewson, Chief Market Analyst at CMC Markets. They unpick the latest wage and labour figures, analyse Bank of England governor Andrew Bailey’s comments at the Treasury select committee, go through inflation predictions for 2022, and discuss why current consumer spending growth in the US and UK will be problematic [...]