London landlord GPE benefits from better investment conditions October 10, 2024 GPE, one of central London’s biggest listed landlords said that the capital’s favourable investment market, with improving economic conditions and falling interest rates, has allowed the firm to push ahead with its expansion plans. Great Portland Estate signed 15 new leases and renewals during the quarter to 30 September, generating annual rent of £6.1m, with market lettings on average 6.4 per [...]
Stefano Cantino: Who is Gucci’s new boss tasked with turning the luxury brand around? October 9, 2024 First Mulberry, then Burberry, and now Gucci – reshuffles at the very top of luxury businesses are definitely in vogue. Gucci, owned by Kering, has announced the appointment of Stefano Cantino as its new chief executive. He will take over from interim boss Jean-Francois Palus on 1 January 2025. Much like Mulberry and Burberry’s new [...]
Could Shein set its sights on Asos after putting Boohoo in the shade? October 9, 2024 The hierarchy of the UK’s fast fashion industry looks to have shifted after Shein’s UK sales eclipsed Boohoo’s for the first time. The Chinese-founded online retailer, which is on track for a bumper IPO on the London Stock Exchange, achieved a revenue of more than £1.5bn in 2023, it was revealed this week. Shein also [...]
1,500 Canada retailers set for surprise tax cut after ruling October 9, 2024 More than 1,500 retail shops in Canada could see their tax bill slashed after a tribunal ruled a Cheapside store was paying too much in business rates. The Valuation Tribunal for England ruled that the rateable value applied to the main space of a Canada shop by the Valuation Office [...]
New Balance doubles sales in two years as profit jumps October 9, 2024 The UK arm of New Balance has more than doubled its sales in the space of just two years as its profit jumped by more than £140m. The Cheshire-headquartered division has posted a turnover of £882.1m for 2023, up from £679.7m in 2022 and £413.5m in 2021. Newly-filed accounts with Companies House also show that [...]
Revolution Beauty eyes return to growth in early 2025 after sales tumble October 9, 2024 Revolution Beauty expects a return to sales growth early next year as the troubled makeup brand makes progress on a strategy to turnaround its fortunes.
Live shopping platform backed by new Topshop owner expands into the UK October 9, 2024 Live shopping tech company Sprii, which is backed by the new owner of Topshop, has announced plans to expand into the UK, with over half of its marketing budget earmarked for Brits. The company, which currently works with around 100 UK retailers, said it is also currently in talks with a “number of major retailers” [...]
Shein parks tanks on Boohoo’s lawn as UK sales pass £1.5bn ahead of IPO October 8, 2024 UK sales at Shein, the Chinese-founded online retailer on track for a bumper IPO on the London Stock Exchange, passed £1.5bn last year, the company has revealed. The division generated a revenue of £1.55bn for 2023, up from the £1.12bn it achieved in 2022. Shein also posted an annual profit of £18.7m, a significant rise [...]
Mcvitie’s white chocolate digestives help boost biscuit giant’s profit by £130m October 8, 2024 The introduction of white chocolate digestives helped boost the owner of biscuit giant Mcvitie’s by almost £130m during its latest financial year. Pladis Foods has reported a pre-tax profit of £131.3m for 2023, up from the £2.8m it posted for 2022. Newly-filed accounts with Companies House also show its revenue increased from £2.54bn to £2.75bn [...]
Mike Ashley’s Frasers bets big on brick-and-mortar with 1m sq ft of new shopping malls October 8, 2024 Mike Ashley-owned Frasers group has announced the acquisition of over one million square feet of retail space across three shopping centres in a huge new bet on physical retail. The shopping centres – in Exeter, Maistone and Gloucester – have a combined annual footfall of almost 17 million visitors and 1.015 million square feet. The [...]