The private equity backer of Matchesfashion, the online upmarket fashion retailer, is pumping tens of millions of pounds of new funding into the business as it seeks a revival under its new management team. Apax Partners, the London-based buyout firm, has agreed to inject £60m into Matchesfashion, which sells brands including...
Paperchase is close to collapsing into administration as hopes of a rescue deal fade. It was reported two weeks ago that the struggling stationery retailer may go into administration less than six months after a previous buy-out. According To Sky News, the retailer’s parent company could appoint insolvency practitioners from Begbies Traynor...
Pets at Home has upped its full-year profit guidance after announcing record third quarter results. In the 12 weeks to 5 January, the retailer’s group revenue increased by 8.8% to £347.5 million due to every part of the business “firing on all cylinders”. Pets at Home attributed the performance to volume...
Luxury goods giant LVMH has reported record revenue and profits for the second year in a row. Revenue for 2022 reached €79bn (£69.4bn), while profit from recurring operations hit €21bn (£18.5bn), both up 23% compared to 2021. Sales rose 9% in the final three months of the year alone. According to a...
Discount retailers Poundstretcher has announced a 10 per cent pay rise for its workers following a similar rise just over a year ago. The business – which recently came out of a Compulsory Voluntary Arrangement (CVA) – said it would give almost 4,000 employees the pay increase from April 1. It...
Kering has appointed Sabato De Sarno as the new creative director of Gucci. He will present his first runway collection for the brand at September’s Milan Women’s Fashion Week. Reporting to Gucci president and chief executive Marco Bizzarri, De Sarno will lead Gucci’s design studio which creates styles across the brand’s womenswear,...
Lidl GB is to invest £4 billion in British food businesses in its current financial year as it looks to provide further support for its suppliers. In 2019, the supermarket committed to a five-year £15 billion investment but this figure is now expected to rise to £17 billion. Sourcing two-thirds of its...
Asda’s owners have revealed a planned shake-up that places hundreds of jobs at risk and will see thousands moved to lower-paid roles. The company has proposed that some overnight restocking shifts at 184 stores are moved to the daytime, putting 211 night shift manager roles at risk. Asda said the changes would...
Harvey Nichols has announced that it is planning to stop selling fur by the end of 2023. The decision comes after an investigation into Chinese fur farms by animal protection organisation Humane Society International (HSI) UK in 2021 found “sickening” evidence of inhumane environments the animals were being kept in. HSI/UK wrote...
Superdry has downgraded its full year profit outlook to breakeven despite a stronger Christmas performance. The fashion retailer posted a 4.5% uplift in group revenue in the nine weeks to 31 December as it benefited from a recovery in in-store trading and increased demand for winter outerwear. Store revenue growth was...
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