Today’s news in brief-23/11/23
The British Retail Consortium (BRC) has criticised the chancellor, accusing him of neglecting larger businesses in his Autumn Statement. While the business rates multiplier for small businesses was frozen, larger ones received no relief. The decision to increase the business rates standard multiplier has drawn sharp criticism, with BRC’s CEO, Helen Dickinson, asserting that it will cost retailers hundreds of millions annually. She expressed disappointment in the absence of promised reforms and highlighted the justifiability of raising business rates when rental values are falling. Currys CEO Alex Baldock echoed these concerns, urging urgent attention to the outdated business rates system. On the contrary, the Confederation of British Industry (CBI) praised the Chancellor for introducing full expensing permanently, prioritising “game-changing” interventions.
Caroline Ross, Asos’ interim chief people officer, is reportedly set to step down after a year in the role. This follows the recent departure of the group’s brands director and an impending exit by the menswear product director. Asos reported a 10% YoY decline in revenues, amounting to £3.54bn, for the year ending September 3. Despite the decline, the e-tailer expects a return to revenue growth in fiscal year 2025. The current fiscal year, starting September 4, 2023, is anticipated to deliver a sales decline of 5% to 15%. Asos is actively searching for a new Chief People Officer.
Amazon founder Jeff Bezos is reportedly planning to sell £800m worth of shares in the online giant. This move follows a recent sale of £190m in shares marked as donations to nonprofit groups. Bezos, with an estimated net worth of £135bn, still owns almost 10% of Amazon, comprising about 988 million shares. Since stepping down as CEO in 2021, Bezos has been liquidating shares to fund his space venture, Blue Origin. His philanthropic efforts include plans to give away a significant portion of his fortune during his lifetime.
Katie Secretan has been appointed as the director of sales and retail at Nisa, joining from her role as retail transformation director at the Post Office. Secretan’s responsibilities include setting the strategic direction to achieve the 2030-year business plan and driving growth objectives through recruitment and retention across retail and wholesale partners. With experience in franchise, retail operations, and transformation, Secretan is set to start her new role in mid-January 2024. Peter Batt, Managing Director at Nisa, expressed excitement about Secretan’s role in delivering long-term ambitions for the wholesale partner.
