Despite a significant increase in sales, Selfridges faces widening losses in its latest financial results.The company’s pre-tax losses more than doubled from £126 million to £340 million.Sales, however, rose by 95%, reaching a substantial £1.6 billion.The company reduced its workforce by 500, now employing around 7,300 individuals.Property values saw a significant decline, with a reduction of over £600 million.In the latest financial filings for the Cambridge Retail Group Holding, which controls Selfridges under the ownership of Central Group and Saudi Arabia’s Public Investment Fund, pre-tax losses surged to £340 million. This marks a significant increase from a previous £126 million.…
Author: Sam Allcock
Sam Allcock
Sam Allcock is a seasoned entrepreneur and passionate storyteller with a keen eye for emerging trends and viral phenomena. With over a decade of experience in the business world, Sam has successfully launched several startups that blend innovation with creativity. At 88com.net, he brings his expertise in curating compelling content that captures the zeitgeist of our digital age. When he's not exploring the latest trends, Sam enjoys connecting with his audience and sharing insights that inspire and inform. Join him on a journey through the stories that are shaping our world today!
Boohoo has selected Dan Finley, former Debenhams CEO, to lead the company, despite shareholder Mike Ashley’s aspirations for the role.Dan Finley’s appointment comes after his successful leadership at Debenhams, where he transformed the brand into a digital marketplace.Boohoo’s board unanimously supported Finley’s appointment, recognising his digital retail expertise.Finley promises to leverage Boohoo’s assets and infrastructure to enhance shareholder value.The decision mirrors Boohoo’s forward-thinking strategy to strengthen its position in the online fashion sector.Boohoo has announced a significant leadership change by appointing Dan Finley, previously at the helm of Debenhams, as its new Chief Executive Officer. This decision comes in the…
Recent data shows a decline in UK footfall for October, contrasting with a rise in September.High street footfall saw a 3.6% decrease, after a previous increase of 0.9%.Shopping centres experienced a 1.6% year-on-year drop, reversing September’s 2.3% rise.Retail parks were an exception, showing a 4.8% increase, although down from 7.3%.Northern towns like Leeds and Liverpool reported positive footfall figures.October’s footfall figures revealed a noticeable decline, both year-on-year and compared to September’s numbers. Overall, UK footfall decreased by 1.1% for October, indicating a shift in consumer behaviour.In the high street sector, there was a significant 3.6% drop in footfall, contrasting with…
Amazon announced record-breaking profits and sales in the third quarter, exceeding expectations.The company’s profit increased by an impressive 54% compared to the previous year.Sales growth reached 11%, demonstrating Amazon’s strong market presence.Successful Prime Big Deal Days contributed significantly to the financial uplift.Changes in leadership occurred as the grocery chief stepped down.Amazon recently disclosed its remarkable third-quarter financial outcomes, reporting a substantial increase in both profit and sales. This performance exceeded prior expectations, showcasing the company’s strong operational execution.The profit for the quarter surged by 54%, reaching £11.85 billion, a notable rise from the £7.67 billion recorded during the same period…
The European Union has initiated an investigation into Temu, a major online marketplace, for allegedly allowing the sale of illegal products. Concerns focus on Temu’s compliance with the Digital Services Act (DSA). The European Commission is scrutinising Temu’s measures to restrict previously banned sellers from returning. Aggressive sales tactics on the platform are under review. A consumer group’s complaints triggered these actions.The European Union has launched an investigation into the online marketplace Temu, concerned that the platform may be facilitating the sale of illegal goods. This move comes amidst fears that Temu’s operations are not in line with the Digital…
The European Commission has initiated an investigation into Temu, a significant online marketplace.Concerns have been raised over Temu’s ability to prevent the sale of illegal goods.The Digital Services Act (DSA) may have been breached by Temu’s practices.Suspended rogue traders allegedly reappeared quickly on Temu’s platform.Temu’s design includes aggressive sales tactics that might be manipulative.The European Commission has launched an investigation into Temu, an online retail giant, due to apprehensions that it may be selling illegal products. This move follows fears that Temu is not taking adequate measures to comply with the Digital Services Act (DSA).One pressing issue is that Temu…
Sainsbury’s sets the festive season in motion with a charming Christmas advert starring beloved Roald Dahl character, the BFG, and a real supermarket worker, Sophie.The advertisement opens with the BFG fantasising about delicious alternatives to the infamous snozzcumber.Sophie, a Sainsbury’s employee, joins the BFG on a quest for festive culinary delights.The advert highlights a dining spread featuring Sainsbury’s diverse range of offerings for the holiday season.Sainsbury’s partners with Comic Relief to donate meals, showcasing a commitment to community support this Christmas.Sainsbury’s has launched its eagerly anticipated Christmas advertisement for 2024, featuring the endearing character from Roald Dahl’s classic, the BFG.…
Me & Em reports a significant rise in revenue, driven by expansion in the US.The company’s revenue increased by 46% to £119.5m by January 2024.US sales experienced a 106% growth, contributing £29.4m to the revenue.Key products such as dresses, footwear, and accessories led the sales surge.The brand opened its flagship store in London’s Marylebone Village.Me & Em has reported a notable increase in its revenue, with a growth of 46% to reach £119.5 million for the year ending January 2024. This growth is largely attributed to the company’s strategic expansion into the US market, where sales saw a remarkable 106%…
Two renowned travel firms have united to form an £85m travel group.The merger, orchestrated by John Good Group, aims to propel growth in the travel industry.Offices are now established in London, Kent, and Yorkshire to enhance service delivery.This strategic alliance seeks to elevate market presence in business and leisure travel.Industry leaders express enthusiasm for innovations and sustainability efforts.In a significant industry development, Good Travel Management (GTM) and CT Travel Group (CTTG) have merged to create a formidable £85m travel entity. This merger is a strategic endeavour backed by John Good Group, the majority investor in both companies, signifying an ambitious…
The UK’s recent budget outlines a ‘technology-enabled’ strategy aimed at reshaping public services, signalling significant governmental focus on tech innovation.The budget allocates $2bn towards digital upgrades in the NHS, marking a substantial investment in healthcare technology.Despite modest changes, new capital gains tax rates could influence entrepreneurship and investment in the technology sector.High inflation and interest rates pose potential challenges to the tech investment landscape in the UK.The government announces substantial R&D expenditure aimed at sectors like aerospace, creative industries, and automotive.The UK government has prioritised technology as a core component of its strategy, evident in the recent budget that outlines…