Checking out: CEO of travel giant TUI announces departure after more than 10 years in the job June 24, 2022 Fritz Joussen, the CEO of travel group Tui has announced his resignation after 10 years as boss of the firm and leading it through the pandemic. Joussen will step down from the German holiday giant at the end of September, when he will be replaced by the company’s chief financial officer, Sebastian Ebel. Mr Joussen [...]
Retail sales volumes fell last month as the cost of living crunch eats into April’s gains June 24, 2022 Retail sales volumes fell by 0.5 per cent last month, according to the latest figures, as the cost of living crisis eats away at gains made in April. While the figures suggest current inflation levels and concerns over a recession have Brits’ pinching their purse strings, sales volumes were 2.6 per cent above pre-pandemic levels, [...]
Bloom & Wild boss confident of blossoming growth despite cost of living crunch June 24, 2022 The co-founder of Bloom & Wild chats to CityA.M. about international acquisitions, venturing into physical retail and why, despite a cost of living crunch, demand for flowers is still growing. After launching in 2013, Aron Gelbard and Ben Stanway’s letter-box florist has reaped the rewards of an acceleration towards online amid the pandemic. Last year, [...]
Shares plunge for Naked Wines after bleak sales guidance warning June 23, 2022 Naked Wines’ shares tumbled by around 40 per cent on Thursday after the online wine retailer warned its sales would take a hit this year. The London-listed retailer cautioned its shareholders that sales could plunge by as much as four per cent in the year to the end of March. Naked Wines would “not pursue [...]
Amazon tells government online sales tax would wound small retailers using its platform June 23, 2022 An Amazon manager cautioned the government that a levy on internet heavyweights would cause serious damage to the UK’s small retailers, According to a report by Sky News, John Boumphrey, Amazon’s UK country manager, urged a Treasury minister against an online sales tax (OST) at a meeting with retail chiefs on Wednesday. A one per [...]
Chef and bartender shortages threaten to cost hospitality sector £21bn in lost sales June 23, 2022 A shortage of chefs and bartenders is set to wound the hospitality trade by some £21bn in lost sales. Nearly half of pub and restaurant operators (45 per cent) said they have been forced to slash trading hours or capacity, according to an industry-wide survey. Lost sales will cost an estimated £5bn loss in tax [...]
Stylish Stocks: Calvin and Tommy lead the way among best-performing fashion brands June 23, 2022 Even though people often associate the financial world with black suits, statistics, and little in the way of style, trading does have its fashionable side. Specifically, fashion stocks. From high-end brands such as Christian Dior and Ralph Lauren to high-street labels like Gap and Zara, retail shares are firmly on investors’ radar recently. Only yesterday, [...]
Ministry of Sound to convert House of Fraser store to lure Londoners to ‘fitness raves’ in Shepherd’s Bush June 23, 2022 Nightclub group Ministry of Sound said this morning it plans to convert a former House of Fraser store in west London to hold ‘fitness raves’ for Londoners. The building will also be turned into flexible offices, a gym as well as a rooftop bar. The group said it plans to start converting the 115,000 sq ft department [...]
Boohoo poaches Trainline CFO weeks after retailer saw first-ever sales drop June 23, 2022 Boohoo has poached Trainline’s former finance lead as its new chief financial officer (CFO), just weeks after the retailer posted its first-ever sales drop. It comes amid a turbulent period for fast fashion brands. Rival retailer Missguided collapsed in late May, after being hammered by spiralling supply chain costs. Shaun McCabe, who has sat on [...]
Klarna boss slams Barclays for ‘mind boggling’ and ‘irresponsible’ BNPL research June 23, 2022 Klarna’s UK boss has hit out at Barclays today for publishing what he called “mind-boggling” and “irresponsible” research exploring mounting buy-now pay-later debt levels in the UK. Barclays Partner Finance – a division of the bank which offers its own regulated buy-now pay-later-style financing product – issued research today alongside debt charity StepChange warning that [...]
