Shein ‘steps up plan for London IPO’ amid US listing hurdles

Sources say Singapore-based online fashion retailer founded in China prefers a float in New York but faces tougher scrutiny than expected

The fast-fashion company Shein is stepping up preparations for a London listing after its attempt to float in New York faced regulatory hurdles and pushback from US lawmakers, sources have told Reuters.

The online clothing retailer plans to update China’s securities regulator on the change of the initial public offering (IPO) venue and file with the London Stock Exchange (LSE) as soon as this month, said one source.

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Luxury clothing brand Matchesfashion to enter administration

New owner Frasers Group decides it is unwilling to fund turnaround

The luxury clothing retailer Matchesfashion is to enter administration after its new owner, Mike Ashley’s Frasers Group, said it was not willing to fund a turnaround.

Matches was acquired by Frasers just three months ago for £52m in cash from private equity firm Apax Partners but the business has “consistently missed its business plan targets” and made losses, Frasers said.

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Thousands of HSBC customers in UK unable to access online banking services

Consumers report problems using bank’s app on one of the busiest shopping days of year, Black Friday

Thousands of HSBC customers reported they were unable to access its online and mobile banking services on one of the busiest online shopping days of the year – Black Friday.

More than 4,000 customers said they could not access their accounts via the HSBC app on Friday, according to Downdetector, which tracks and collates website outages and complaints.

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Small firms fear going bust as Amazon extends wait time for sale proceeds

Marketplace sellers in UK and rest of Europe say having to wait over a week means they will struggle to pay staff and loans

Amazon has told thousands of marketplace sellers in the UK and continental Europe it will hold on to sale proceeds for more than a week in a move that small businesses say could force them to go bust.

The company has written to sellers to inform them it will no longer credit their accounts as soon as a sale is made online but will do so a week after an item has been delivered.

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Investigation reveals UK’s freshest and least fresh online groceries

Shoppers for consumer group Which? ordered 1,800 items to test the average shelf life at six retailers

From out-of-date frankfurters to bashed brie, online food shopping can be a lottery, especially when it comes to the groceries’ shelf life, according to an investigation by the consumer group Which?.

Groceries delivered by Sainsbury’s were found to have the shortest average time left before their use-by dates, according to the items received by a team of 12 mystery shoppers located around the UK.

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UK high street faces post-Christmas ‘flurry of failure’

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.

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Two in five people experienced parcel delivery issues last Christmas

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.

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Amazon’s UK tax bill could rise by £29m amid business rates overhaul

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.

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Boohoo starts charging shoppers £1.99 to return items

Processing of unwanted items has become increasing problem for retailers since Covid online boom

The fast fashion website Boohoo has become the latest online retailer to start charging shoppers to return items.

Boohoo customers will now have to pay £1.99 when they send unwanted goods back, and the cost will be deducted from the amount they are refunded.

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Primark to trial UK click and collect in move into online sales

Customers will be able to order from about 2,000 items online, including children’s clothes

Primark will trial a click-and-collect service in the UK, in the budget fashion chain’s first significant move into online shopping.

The high street retailer will launch the trial at 25 stores in the north-west of England by the end of the year, but said it would only cover children’s clothing and accessories, as the company – owned by Associated British Foods (ABF) – tries to draw more families into its stores.

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UK shoppers face more identity checks when buying online

Two-factor authentication is designed to reduce the £376m lost to fraud in 2020

Online shoppers in the UK face more identification checks when paying for purchases on the internet from Monday, as new rules to clamp down on fraud come into force.

The new Strong Customer Authentication (SCA) requirements will change the way people confirm their identity when using their debit or credit cards to make online purchases, and are expected to lead to more card payments being declined. It is the biggest change to card payments since chip and pin was rolled out 16 years ago, and is designed to reduce the £376m lost to online fraud in 2020.

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‘They took my world’: fashion giant Shein accused of art theft

Artists say firm with murky ethical record is stealing their designs

Vanessa Bowman paints the world around her: the 19th-century village church, her back garden, the leaves on the trees in the fields where she walks her dog.

Once she has chosen a scene from her rural Dorset idyll, she puts brush to canvas, sometimes poring over the details for days in her studio.

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‘I thought buying things would make me feel better. It didn’t’: The rise of emotional spending

Many of us are living for the buzz of the doorbell – spending billions we can’t afford on stuff we don’t need. Here is how to recognise the problem and regain control

In the past fortnight, I have bought the following items online: a hideous cat tree that takes up most of my living room, a lavender pillow spray, two scarves, a pair of gloves, two candles, a sheet mask, a pair of fleece-lined jogging bottoms (so comfy!), a card-holder and an under-eye brightening cream. None of these purchases were essential. Many I haven’t even taken out of the packaging, leaving them in a pile by the front door.

Ten months into the pandemic, I know the rhythms of the courier networks better than I know my menstrual cycle. Royal Mail in the morning; DPD and Hermes in the afternoon. Amazon comes any time, including late at night. DPD couriers insist on taking a photo of you with the package, mortifyingly. I wonder where these photos go: me in a food-stained tracksuit, dirty-haired, holding an armful of packages I can’t remember ordering with an abashed smile. I pray they never see the light of day.

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Mastercard to raise fees by at least 400% for EU firms selling to UK customers

Change from October could lead to higher prices for those paying with UK-issued cards

Mastercard is to increase the fees EU firms face to take payments from online shoppers from the UK by at least 400%, in a move that could mean higher prices for consumers.

When a credit or debit card is used, a percentage of the purchase price is paid by the retailer to the bank that issued it as an interchange fee, which is set by a payments firm.

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The tactics retailers use to make us spend more – and how they harm the vulnerable

Online stores draw in shoppers but those with mental health issues are particularly susceptible

As a digital marketer, Emily Ware spends a lot of time online, yet this comes with a risk. Ware has borderline personality disorder, a mental health condition linked with impulsive behaviours. In her case, that’s spending money online.

“At the start of 2020 I was £4,250 in debt with nothing to show for it,” she says. “A good 95% of this was due to impulse spending, from clothes to pub trips to gig tickets. One of the worst was spending £300 on tickets to see Cher on a whim.”

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Amazon to suspend non-essential shipments to UK and US warehouses

The company is prioritising five categories of goods which it classifies as essential products

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  • Online retail giant Amazon is stopping sellers from sending non-essential items to its UK and US warehouses until 5 April, to make space for vital items needed by its customers during the coronavirus outbreak.

    Amazon wrote to its third-party sellers, some of whom use the company’s logistics to store and dispatch their products, to inform them that stocks of medical supplies and certain household items are running low due to increased demand from online shoppers.

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