Louis Vuitton to make jewellery from the world’s second biggest diamond January 16, 2020 Louis Vuitton has entered into a partnership with Canadian corporation Lucara to make jewellery from the second largest rough diamond ever mined, in a sign of its growing ambitions in the high-end jewellery market. The Sewelô diamond, which was found in Botswana in April 2019, clocks in at 1,758 carats, second only to the legendary [...]
Moss Bros’ transformation plan progresses despite sales slump January 16, 2020 Suit retailer Moss Bros said this morning that it is making headway with its transformation plan, despite reporting a dip in sales. The menswear store said it has made “good progress overall” in its bid to elevate the brand and improve long-term performance. Moss Bros said it has improved its retail gross margin rates in [...]
Halfords hails Christmas bike sales as it sticks to profit target January 16, 2020 Strong Christmas bike sales helped Halfords stick to full-year profit guidance of between £50m and £55m today as it unveiled figures for the festive period. Group revenue rose 4.6 per cent in the 14 weeks to 3 January while like-for-like sales climbed 1.3 per cent as the repair shop reconfirmed its operating profit target. Cycling [...]
Primark UK store sales dip as retailer outlines expansion plans January 16, 2020 Primark’s like-for-like UK in-store sales dipped over the Christmas trading period, the budget retailer announced this morning. The high street chain’s owner Associated British Foods (ABF) said today that there was a “marginal decline” in like-for-like UK sales in the 16 weeks to 4 January. However, the impact of extra store space boosted total UK [...]
The Works CEO steps down following string of profit warnings January 16, 2020 The Works chief executive Kevin Keaney has stepped down after nine years, two months after the discount art retailer issued its second profit warning of 2019. The company’s share price jumped 11 per cent this morning after it announced that finance chief Gavin Peck will replace Keaney, as it issued an update on the Christamas [...]
Ostrich shops need to stop blaming the high street and step up January 16, 2020 Stories of failing retailers seem to be as regularly in the news as Brexit or Harry and Meghan. And when we read about them, it’s usually accompanied by lamentation that the state of the high street is to blame. Just this week, City A.M. reported that department store Beales is facing collapse. Its chief executive [...]
Ovo completes purchase of SSE’s retail business January 15, 2020 Ovo today completed the acquisition of SSE’s retail arm on a landmark day for the UK energy sector. The £500m deal will see Ovo take on roughly 3.5m households from the energy giant, meaning it will become the second largest supplier in the country with around 5m customers. Read more: Watchdog gives green light for [...]
Quiz Christmas sales drop after bumper Black Friday January 15, 2020 Fast fashion brand Quiz reported a “disappointing” drop in sales over the crucial Christmas trading period, as both online and in-store revenue declined despite a strong Black Friday performance. The retailer’s share price plunged 13.61 per cent this morning after it revealed that group revenue plunged 9.3 per cent, dragged down by a 14.8 per [...]
Boohoo hikes guidance after ‘record’ quarter January 14, 2020 Boohoo raised its full-year guidance this morning as it reported record trading during the final quarter of last year. The online fashion retailer’s shares jumped more than five per cent after it announced group revenue in the four months to 31 December was £473.7m, an increase of 44 per cent compared to the same period [...]
DFS sales slump but retailer reassures on profit January 14, 2020 Furniture retailer DFS reported a dip in sales in the second half of the year following “subdued” trading in August and September. The company said gross sales were down six per cent in the 26 weeks to 29 December, “reflecting a challenging consumer environment”. Read more: Sofa retailer warns fewer house sales will impact trading [...]