Ted Baker turnaround slows, swallowing £278m revenue loss and sales dive June 14, 2021 Covid-19 restrictions curbed customer footfall and bag sizes, which has sent ripples through fashion brand Ted Baker over the last year as it invested in pandemic turnaround measures. The brand swallowed a revenue loss of £278.5m in the year to 30 January, down 44 per cent as it bagged £352m in total. Ted Baker also [...]
Will rapid delivery apps maintain post-pandemic momentum? June 12, 2021 Since the pandemic began, a slurry of quick delivery apps have emerged with the same promise to deliver food within 30 minutes, while the pandemic made supermarkets an even more costly chore. The pandemic pushed the pedal on rapid delivery apps like Weezy, Dija, Getir and Gorillas – a sector where a huge amount of [...]
Queen’s Birthday Honours: the full 2021 list June 12, 2021 Below the full list of names for this year ORDER OF THE BRITISH EMPIRE Knights Grand Cross of the Order of the British Empire (GBE) The Rt. Hon. Frederick Richard Penn Curzon, The Earl Howe. For political and parliamentary service. (Amersham, Buckinghamshire) ORDER OF THE BATH Knights Commander of the Order of the Bath (KCB) [...]
Morning Digest: What’s shaping today’s business agenda June 11, 2021 Here’s City A.M.’s look at what the business world is talking about this morning. The bounceback begins:Britain’s economy grew by 2.3 per cent in April as the country took the first tentative steps back to normality. Services unsurprisingly saw the biggest boost and the top-line number would have been higher had it not been for [...]
Cheers! Naked Wines sales surge 68 per cent on strong US performance June 11, 2021 Naked Wines has been one of the few winners during the pandemic, reporting a surge in both customers and sales off the back of a strong performance in the US. With pubs and bars shut for most of the year, the online wine retailer reported a 68 per cent increase in annual sales to £340.2m. [...]
John Lewis exclusive: ’40 per cent of our profits will come from non-retail by 2030′ June 11, 2021 High Street giant John Lewis looks back on a difficult year. In March, the 157-year old partnership announced it would not reopen eight stores after lockdown restrictions eased, putting almost 1,500 jobs at risk. The value of John Lewis stores dropped to almost half the value they were before this year’s and last year’s writedowns, due [...]
Selfridges put up for sale with £4bn price tag June 10, 2021 The billionaire owners of Selfridges are considering selling the iconic department store group, with bids expected to top £4bn. The Weston Family has lined up advisers at Credit Suisse to advise on a potential sale after receiving an unsolicited takeover approach, React News reported. It is understood offers in excess of £4bn are likely to [...]
Auto Trader doubles down on digital offering amid pandemic blow June 10, 2021 Car buyers using Auto Trader’s platform has hit record levels, the group said this morning, as it bolstered its online offering after the pandemic pushed the pedal on the digital sphere. Despite doubling down on its digital presence, the group was still knocked by the pandemic as its revenue sank 29 per cent to £262.8m [...]
Online sales at Zara owner Inditex see company profit despite lockdown June 9, 2021 Online sales at Inditex grew 67 per cent in the first quarter of 2021, helping the group swing from a loss in 2020 to an underlying profit. In the three months to 30 April sales stood at €4.9bn, up 56 per cent from last year, excluding the impact of currency changes, but 11.5 per cent [...]
Ofcom: Pandemic pushes UK to spend over £110bn online for the first time June 9, 2021 The UK’s adults, after spending more time online than other European countries, have racked up a digital shopping bill of more than £110bn for the first time since records began. With more time spent in front of desktops, smartphones or tablets in 2020 than in other European countries, more than 3.5 hours a day Ofcom [...]