City Moves for 12 february – Who’s switching jobs at Matches Fashion, Bishop & Sewell and Bloomberg? February 12, 2020 Today’s City Moves includes Matches Fashion, Bishop & Sewell and Bloomberg Matches Fashion Matches Fashion has announced that Ajay Kavan will be appointed as the company’s new chief executive officer, effective 19 March. Ajay joins Matches from Amazon where he was a vice president for nine years and currently serves as vice president of international [...]
New Look narrows losses as turnaround plan pays off February 11, 2020 High street retailer New Look narrowed its losses in the third quarter, as a new leadership team pushed ahead with its transformation plan. New Look said it narrowed its losses from £63.2m to a statutory loss before tax of £1.2m, despite falling sales. Like-for-like sales in the UK and Ireland fell 7.1 per cent over [...]
JD Sports may have to sell off Footasylum, says CMA February 11, 2020 Shoppers could be worse off online and in store if JD Sports’ acquisition of Footasylum goes ahead, the UK’s competition watchdog found today. The Competition and Markets Authority (CMA) warned the merger could lead to fewer discounts and worse customer service, as well as less choice in its preliminary ruling. “We’re currently concerned that shoppers [...]
Ocado falls to £215m loss after Andover warehouse fire February 11, 2020 Online supermarket Ocado fell to a £214.5m loss last year, which the company blamed on a huge fire which burned down one of its warehouses in Andover last February. The figures Group revenue rose 9.9 per cent in the year, up from £1.6bn in 2018 to £1.8bn this year. This was largely driven by 10.3 [...]
Consumer spending bounces in January but high street woes continue February 11, 2020 Brits ramped up their spending in January after a thrifty December, according to new data, in the latest sign that the UK economy may have bounced back at the start of 2020. Consumer spending grew 3.9 per cent in January, data from payment provider Barclaycard showed today, up from the one per cent growth witnessed [...]
Angling Direct chief executive steps down after 17 years February 10, 2020 The boss of Angling Direct, the UK’s largest fishing supplies retailer has stood down with immediate effect, having led the company for 17 years. Darren Bailey, who joined the firm in 2003, will remain on the board as a non-executive director. He has been replaced by fellow board member Andy Torrance. “Both myself and the [...]
Asian currencies hit by coronavirus outbreak February 7, 2020 While concern over the economic impact of the coronavirus appears to be centred on China, Japan is not immune to the ramifications of the disease. SGD: Ahead of a statement from the Monetary Authority of Singapore (MAS), the Singapore dollar fell to a four-month low. This came after a period of strength when it has [...]
Jaguar Land Rover to reduce production at two British factories February 7, 2020 Jaguar Land Rover (JLR) is set to reduce or stop production on specific days at two of its British factories in the coming weeks. The British carmaker is looking to cut costs due to falling demand. JLR saw a 2.3 per cent fall in retail sales in the three months to the end of December. [...]
Burberry says coronavirus has had ‘more significant impact on sales than Hong Kong protests’ February 7, 2020 Burberry has said that the coronavirus outbreak in China has had a more significant impact on its sales than the last year’s Hong Kong protests. The luxury fashion group has had to close around 24 of its 64 stores in China, while the rest were operating on reduced hours. The Chinese market accounts for around [...]
High street toasts strong start to 2020 as sales jump to six-year high February 7, 2020 Retailers hailed the best in-store sales figures for six years last month, as the end of the Brexit deadlock sparked a surge in consumer confidence. Like-for-like sales at physical stores increased 5.7 per cent in January from a base of minus 0.2 in 2019, following the “worst year on record” for retailers. Bricks and mortar [...]