Today’s news in brief-27/3/24
Fashion giants ASOS, Boohoo, and George at Asda have pledged to overhaul their green marketing tactics following a Competition and Markets Authority (CMA) investigation. The CMA’s scrutiny was prompted by concerns of greenwashing in the fashion industry. The firms will now ensure that their green claims are clear, specific, and backed by transparent criteria. They’ve agreed to refrain from misleading imagery and provide accurate product filters. Moreover, they must support environmental claims with verifiable strategies and refrain from misleading statements about accreditation schemes.
H&M has posted a 7% increase in gross profit for the first quarter of 2024. Operating profit stood at SEK 2m, despite a decline in net sales,with a positive sales trend observed in March. The retailer remains focused on enhancing customer offerings, store experiences, and supply chain efficiencies to drive sales. H&M also released its sustainability report for FY23, highlighting reductions in greenhouse gas emissions, plastic packaging, and increased use of recycled materials. The company appointed Helena Saxon as a new board member. The CEO affirmed the company’s commitment to sustainability amidst global challenges and reaffirmed the target of a 10% operating margin for full-year 2024.
Nick Roberts will step down as CEO of Travis Perkins after five years in the role. The decision comes amidst underperformance of the business in recent periods, attributed to economic challenges and market weakness. The company’s board is actively searching for Roberts’ successor, with Roberts agreeing to remain in the role until a replacement is found. Travis Perkins aims to improve profitability, enhance cash generation, and streamline its operating model to emerge stronger in recovering markets.
Revolution Beauty anticipates higher adjusted EBITDA for FY24, exceeding previous guidance. The company’s revenue growth aligns with expectations, driven by a turnaround strategy focusing on core brands and geographies. While the exit of lower-margin products impacted short-term sales, it’s expected to enhance profitability in the long run. Progress on a £10m cost-saving program further strengthens the company’s position for future growth. CEO Lauren Brindley remains optimistic about growth prospects and the company’s ability to become a major player in the beauty industry.
Aldi plans to expand its UK footprint with the opening of 35 new stores, part of its long-term goal of reaching 1,500 stores in the UK. The supermarket’s investment of £550m demonstrates its commitment to growth. New store openings will create around 40 jobs on average, contributing to local employment opportunities. Aldi’s expansion reflects its dedication to making high-quality food accessible to all, maintaining its reputation for value and quality.
