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...
Morrisons has posted a drop in full year pre-tax profit although its EBITDA came in at the top end of guidance given in its third quarter. In the year to 30 October, adjusted EDBITDA was down 15% to £828 million, but grew by 26% in the supermarket’s fourth quarter. Morrisons increased its...
VIA Outlets has celebrated a “record-breaking” 2022 when total brand sales surpassed €1.2 billion across more than 1,100 stores in 11 destinations in nine European countries. The company grew its brand sales by 3% on pre-pandemic levels three years ago while increasing visitor expenditure by 27%. VIA Outlets said it benefited from...
Zara owner Inditex has announced that it is to double its number of employees with disabilities worldwide within two years. This will include boosting the inclusion of people with differing abilities across its stores, logistics platforms, warehouses and offices and could mean that 1,500 people with some form of disability will...
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