Cut-back of cover for suppliers is latest in a series of headaches for founder of the troubled business
The troubled online beauty retailer THG faces more pain after a leading credit insurer reduced cover to its suppliers.
The Guardian can reveal that Allianz Trade, one of the UK’s largest credit insurers, cut back cover for suppliers to the beauty-to-nutrition retailer, formerly known as the Hut Group, in recent weeks.
Continue reading...Elon Musk says he will honour the results of a Twitter poll asking whether the should resign as head of the social media platform
Telsa investors seem to pleased with the way that Musk’s Twitter poll is leaning towards his potential resignation, with shares up 4% in pre-market trading:
Economic data interlude:
Continue reading...Footfall likely to increase less than in previous years as shoppers struggle with cost of living crisis, say analysts
The UK retail industry is braced for a muted end to the Christmas shopping period as poor weather and strikes weigh further on consumers whose spending is already under pressure from the increased cost of living.
Analysts at the data company Springboard said they expected the number of shoppers at retail destinations across the UK to rise by 4.5% in high streets, 5% in retail parks and 10% in shopping centres in December compared with November. However, those footfall increases would be smaller than previous years.
Continue reading...Anchorage Capital Partners will acquire the 185-year-old company from South African-based Woolworths Holdings Limited
Department store chain David Jones will be back under Australian ownership, after being bought by a private equity firm.
Anchorage Capital Partners on Monday announced it would acquire the 185-year-old brand after reaching an agreement with previous owners, South African-based Woolworths Holdings Limited.
Continue reading...Lacklustre festive sales leaving retailers low on funds needed to cope when shoppers traditionally tighten belts in new year
The high street could face a “flurry of business failures” in the new year, as a lacklustre Christmas sales period is leaving retailers low on the funds needed to cope when households tighten their belts after the festive season.
“We can expect more consolidation and high street casualties as we head into the new year. It will be yet another tough year for retail and a case of survival of the fittest,” said Paul Martin, UK head of retail at KPMG.
Continue reading...Former Superman star Henry Cavill linked to project, and agreement includes film and merchandise plans
Amazon has struck a deal with the high street games chain Games Workshop to create a series based on its hit franchise Warhammer, the science-fiction fantasy miniature war game, potentially featuring the former Superman star Henry Cavill.
The London-listed Games Workshop, which has a £2.7bn market value and runs about 530 stores, has struck a deal with Amazon to develop the company’s intellectual property into film and TV productions as well as sell merchandise.
Continue reading...Consumer group Which? said many packages were thrown in ponds, arrived late or were left in the rain
Parcels chucked over fences into ponds, packages hidden in bins and laptops left out in the pouring rain – these are just some of the Christmas parcel delivery failures reported by consumers.
A delivery of pet tarantulas delayed overnight in transit was one of the strangest parcel problems reported to consumer group Which? in a survey of festive delivery difficulties.
Continue reading...Retailer among companies listed by Leave Russia project but says it does not itself operate there
In its three decades in British retail, the lingerie brand Agent Provocateur, the 1990s brainchild of Dame Vivienne Westwood’s son, has rarely shied away from controversy.
Whether it be its daring window displays or that 2001 TV advert featuring Kylie Minogue riding a velvet bucking bronco, the brand has stirred up some strong emotions. But it had not, until now, been accused of inadvertently helping to finance a war in Europe.
Continue reading...John Lewis said sales are up sixfold on last year as people look to save on their heating bills
Hot water bottles are selling out around the UK amid the cold snap and efforts to save on soaring energy bills.
John Lewis said sales were up sixfold on last year with several popular models currently out of stock online including the department store’s own-label version with a fake fur protective cover.
Continue reading...Total sales rose by 4% but figures were helped by inflation masking lower volumes, says BRC
Britain’s retailers benefited from a November sales boost fuelled by Black Friday discounts and colder weather as consumers bought winter coats, hot water bottles and hooded blankets, according to industry data.
In its latest snapshot of high street and online spending, the British Retail Consortium (BRC) said sales growth picked up last month compared with October, despite mounting concern over the cost of living crisis.
Continue reading...Chinese fashion retailer responds after Channel 4 documentary alleged 18-hour days with one day off a month
The Chinese fashion retailer Shein has vowed to invest $15m (£12.2m) in improving standards at its supplier factories as it admitted working hours at two sites breached local regulations.
The online brand said an independent investigation, launched after allegations over labour abuse made in a recent UK documentary, had uncovered that employees at two of its Chinese sites were working hours that were longer than allowed.
Continue reading...Ministers urged to act as study shows average block of cheese or loaf of bread makes farmers less than a penny
UK farmers are receiving negligible profits for many items as food prices rise and supermarkets boast record takings.
An average block of cheese or loaf of bread produces less than a penny for farmers, and fruit producers do not fare much better, making just 3p from each kilo of apples.
Continue reading...Hikes set to hit warehouses and online retailers hardest in 2023 as UK government addresses ‘brick v clicks’ tax gap
Amazon’s UK tax bill jump could jump by £29m next year as a result of changes to business rates that are scheduled to hit warehouses and online retailers the hardest.
The online retailer is likely to be among firms facing big tax rises following the chancellor’s autumn statement, according to analysis from the real estate adviser Altus Group.
Continue reading...On one of firm’s biggest shopping days of year, employees demand better wages and conditions
Amazon warehouse workers in the UK and 40 other countries are to strike and stage protests timed to coincide with the Black Friday sales, one of the company’s biggest shopping days of the year.
Employees in dozens of countries, from Japan and Australia to India, the US and across Europe, are demanding better wages and conditions in a campaign called “Make Amazon Pay”.
Continue reading...Kingfisher says sales of loft insulation roll more than double while smart thermostats rose by nearly a third
The B&Q owner, Kingfisher, has reported higher sales as fears over higher gas and electricity costs boosted demand for energy-efficient products including insulation roll and smart thermostats.
The retail group, which also owns the hardware trade supplier Screwfix, said customers who invested in a raft of energy-saving DIY products helped increase group sales by 0.6% to £3.3bn in the three months to October. When stripping out the impact of the weaker pound, sales were up 1.7%.
Continue reading...Consumer body says one in three lone parents forced to miss meals or visit food banks to make ends meet
Close to a third of single parents have resorted to skipping meals to make ends meet because of rising food costs, according to research revealing the household types worst hit by the cost of living crisis.
Three in 10 single parent households surveyed said they had missed meals as a consequence of runaway food prices. That compared with one in seven parents in couples and an overall figure of 14% in the poll by the consumer group Which?
Continue reading...Airline launches campaign targeting ‘empty nesters’ or people looking for challenge later in life
The airline easyJet has launched a recruitment drive urging people over the age of 45 to join its cabin crews, as firms devise new strategies for hiring staff in the UK amid a shortage of workers.
The airline said it has seen a 27% increase in crew aged 45 and over in the past four years, including a 30% increase in over-60s in the past year.
Continue reading...More than 1,000 staff who deliver money to firms such as Barclays, Asda and Tesco to take action
More than 1,000 security workers who deliver cash and coins to some of the UK’s biggest banks and supermarkets have voted to strike in December, raising the prospect of potential cash shortages in the run-up to Christmas.
The 48-hour strike by 1,156 members of the GMB union who work for the security company G4S is due to take place from 3am on 5 December, after a 97% vote in favour of industrial action in a dispute over pay. However, only 665 workers voted in the ballot, a turnout of 58%.
Continue reading...Online electrical store is cutting costs but faces ‘tough environment’ and supply chain problems
The online electrical goods retailer AO World has reported bigger half year losses as it has been hammered by the cost of living crisis and supply chain problems.
AO, which sells kitchen appliances, mobile phones and laptops for home delivery, warned of tough times ahead, but raised its full-year earnings guidance after closing loss-making divisions and its German business. This drove its shares 15% higher, but they are down more than 40% so far this year.
Continue reading...Rich kids of Insta use strong dollar to fuel sales of high-end brands such as Burberry, Louis Vuitton and Gucci
They’re young, rich and mortgage-free, and the scions of the 1% are having a roaring twenties.
Despite the economic gloom currently shrouding the UK and many other western countries, sales of luxury brands have been booming and growing numbers of buyers are young adults.
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