Luxury retail might be struggling globally, but it’s thriving in London October 4, 2024 It’s somewhat surprisingly that luxury retail in London is doing so well, particularly given eye-catching figures about a wider downturn in the luxury market, the effect of the tourist tax, and the potential exodus of high-net-worth non doms from the capital. But while these “handicaps” – particularly the tourist tax – have hampered demand somewhat, [...]
JD Sports: Revenue hits record as US expansion pays off October 2, 2024 JD Sports has reported record revenue in the first half of the year after a pick-up in sales and the acquisition of American retailer Hibbett. Revenue at the retailer reached just over £5bn in the 26 weeks to 3 August 2024, up by 5.2 per cent year on year. Profit before tax rose by two [...]
Mike Ashley’s Frasers Group tables £83m Mulberry takeover bid after capital raise snub September 30, 2024 Mike Ashley’s Frasers Group has tabled a £83m takeover of Mulberry and launched a tirade against its board after allegedly being shut out of discussions over a £10m fund raise. The retail giant, which owns a 37 per cent stake in Mulberry, offered £83m for the rest of the luxury fashion brand, valuing each share [...]
Can Asos fight back against Shein and Temu in the market it once dominated? September 30, 2024 To say that investors have lost confidence in Asos may be something of an understatement: its share price has plummeted since April 2021, to the tune of about 90 per cent. The stock resembles a playground slide, dotted with small cliffs that correspond to profit warnings, news of a slump in sales, or lowered guidance. [...]
‘Turbulent few months’ ahead for retailers as low consumer confidence lingers September 26, 2024 One of the UK’s largest retail bodies has warned that retailers could suffer in the next few months during the run-up to Christmas, due to a lack of consumer confidence in the economy. Confidence slumped in September, with an increasing number of Brits saying they expected the UK economy to get worse over the next [...]
Lower costs help Co-op return to profit September 25, 2024 The Co-op said this morning that lower costs had helped the company return to profit in the first half of its financial year. Profit before tax grew to £58m in the first half of 2024 from a loss of £33m in the same period last year. The company, which also operates a funeral service, legal services, [...]
Deliveroo partners with Not On The High Street in boost for small retailers September 24, 2024 Deliveroo has partnered with e-commerce distributor Not On The High Street to provide personalised gifts on demand in the latest expansion of the on-demand service’s shopping offering. The partnership, which Deliveroo has said could see gifts on customers’ doorsteps in as little as 25 minutes, will allow users to order from 15 independent small brands [...]
Luxury stocks ‘bask in the glow’ of a Chinese equity stimulus September 24, 2024 Luxury investors breathed a sigh of relief this morning after the People’s Bank of China announced an array of economy-boosting policies, including £84bn of liquidity support for equities. High-end European stocks were a sea of green, with French luxury fashion house LVMH up 4.2 per cent, Hermes up 4.3 per cent and Kering up 4.3 [...]
Two of Mike Ashley’s brands face audit problems after payroll data goes missing September 22, 2024 Two fast-fashion brands at Mike Ashley’s Fraser Group, I Saw it First and Choice, have been affected by audit issues after their payment data could not be verified. Auditors Cooper Parry were unable to verify £7m of wages and salary payments at I Saw It First, according to This Is Money. The fast-fashion brand said [...]
Retail sales smash expectations despite a drop in consumer confidence September 20, 2024 Retail sales in the UK blew past expectations in August, climbing to their highest level since July 2022, according to the Office for National Statistics (ONS). Sales were up one per cent compared to the previous month, beating analysts’ predictions of a 0.4 per cent rise. The increase builds on July’s return to growth, which [...]