Today’s news in brief-13/5/24

The Very Group has named Nadhim Zahawi, former government minister and MP, as its new non-executive chair. Zahawi, who will succeed Aidan Barclay, brings significant experience in digital growth and innovation. He aims to guide the company’s strategic development and explore new business expansion opportunities, potentially involving fresh equity investment.

Shein is shifting its focus towards a London IPO after facing regulatory obstacles in the US. The company plans to file with the London Stock Exchange this month, potentially marking a significant move in its global expansion strategy. Shein’s approach to London follows concerns over its ties to China affecting its US IPO prospects.

Asda has revealed plans to transform its Park Royal site in North West London into a mixed-use development featuring a new flagship superstore, housing, and retail units. The project aims to revitalise the local community and aligns with major regeneration initiatives. Asda’s collaboration with Barratt London signals a strategic move to maximise its property portfolio and support long-term growth.

John Lewis has appointed Rachel Morgans, an industry veteran with extensive fashion leadership experience, as its new fashion director. Morgans will enhance the retailer’s fashion offerings, building on recent initiatives that introduced new brands and personalized styling services. Her appointment underscores John Lewis’ commitment to evolving its fashion segment.

Major retailers like John Lewis, Tesco, and M&S are urging reforms to the apprenticeship levy, criticising its restrictive nature and inefficiencies. They argue that the levy, designed to fund training initiatives, is not effectively utilised due to regulatory constraints. This stance highlights industry concerns about workforce development and government policies.

Lidl GB has raised hourly pay for its colleagues across the UK, reflecting the company’s ongoing investment in employee compensation. The pay increase underscores Lidl’s commitment to competitive wages and recognizes the crucial role of its workforce in driving business growth. Lidl’s sustained investment in staff compensation aligns with its expansion strategy and market performance.