Today’s news in brief-26/7/24

Boohoo has introduced “Boohoo Brands” a new marketplace featuring over 200 labels including luxury brands like Alexander McQueen and Gucci. This move aims to consolidate its position as a leading fashion and lifestyle destination, leveraging partnerships to enhance customer choices.

THG plans to cut 171 jobs across multiple divisions while mandating a full-time return to office for employees. The decision follows a series of workforce reductions and aims to streamline operations amidst ongoing restructuring efforts.

Wayfair UK saw a 3% decline in profit-before-tax to £2.64m for FY23, despite cutting its workforce by 31%. Sales also dropped 17% to £69m due to administrative expenses. The workforce reduction reduced employee numbers to 587 from 847. Earlier, Wayfair announced plans to cut 1,650 global roles, about 13% of its workforce.

JD Sports is considering job cuts at its Derby distribution centre as part of a review. Despite a decline in profit-before-tax, the company has reported strategic progress with organic sales growth in premium sports fashion and plans to support affected employees.

Apollo Global Management has entered an agreement to acquire Evri, a parcel delivery company, from Advent International. This acquisition is set to strengthen Evri’s position in the e-commerce delivery market with plans for expansion and innovation.

Deliveroo is collaborating with The Perfume Shop to offer fragrance products through its “Deliveroo Shopping” service. This partnership aims to capitalise on the growing demand for on-demand retail options, enhancing convenience and accessibility for customers.