Today’s news in brief-16/2/24

In January 2024, the UK experienced a significant rebound in retail sales, rising by 3.4% following a 3.2% decline in December. This surge, the largest since April 2021, comes amidst continued inflation, with prices increasing by 4% in January. Despite the rise in prices, consumer spending increased by 3.9%, indicating a positive trend in consumer confidence. Food stores saw a recovery from December’s decline, while non-food stores also saw an expected uptick following a previous fall. The boost in sales is attributed to rising consumer confidence and post-holiday sales.

The New West End Company (NWEC) is advocating for the reintroduction of tax-free shopping to address the widening gap between international visitor numbers and spending in London. Despite a recovery in visitor numbers, spending remains significantly lower, particularly among affluent tourists from the Gulf and the USA. This trend contrasts with countries like Italy and France, which offer tax-free shopping and have seen substantial increases in tourist spending.

Following Farfetch’s acquisition by South Korean e-commerce company Coupang, CEO Jose Neves is reportedly stepping down from his position. This move comes as part of a broader restructuring at Farfetch, including layoffs and streamlining operations to ensure financial stability. Farfetch had faced financial troubles and was rescued by Coupang in a $500 million deal, leading to discontent among shareholders who believe the sale undervalued the company. Despite challenges, Farfetch aims to secure its future under Coupang’s management, albeit with significant changes in leadership and strategic direction.

John Lewis Partnership has announced the appointment of Clare Swindell to its board of directors and Jane Hanson CBE as an independent external member of the audit and risk committee. Swindell brings extensive experience from her previous roles, including co-chief executive at Camelot and group CFO at Tesco’s Dunnhumby. Hanson’s background in executive and non-executive roles adds valuable insights to the audit and risk committee. These appointments reflect John Lewis’s commitment to bolstering its leadership team and ensuring effective corporate governance. Additionally, the company expresses gratitude to outgoing board members for their contributions to the partnership.