Today’s news in brief-9/10/24
Shein’s UK arm reported robust financial results for 2023, with revenues climbing 38% to £1.55bn and pre-tax profits doubling to £24.4m. These figures surpass rival Boohoo’s latest annual revenues. The company also announced plans for an IPO in London, pending regulatory approval, to capitalise on its growth momentum and expand investor interest across Europe.
Revolution Beauty faced a challenging first half in FY24, with a 20% decline in sales due to a portfolio simplification strategy and stock clearance efforts. Despite this, strategic initiatives aim to revive growth by the fourth quarter, focusing on new product launches and operational efficiencies.
Primark is set to open its flagship store in Manhattan’s Herald Square, marking its entry into New York City’s bustling retail scene. This move aligns with Primark’s broader US expansion strategy, highlighting its commitment to affordable fashion accessibility.
Gucci has appointed Stefano Cantino as its new CEO, effective January 2025, succeeding Jean-François Palus. Cantino, previously at Louis Vuitton, brings extensive marketing and commercial expertise to lead Gucci’s resurgence and regain market leadership under Kering’s strategic vision.
Angling Direct reported a 5.6% increase in revenues to £45.8m for H1 FY25, driven by strong UK sales and operational efficiencies. The company’s strategic acquisitions and expansion into Europe position it well for continued growth in the fishing equipment retail sector.
Aldi announced a £30m investment in British dairy farming, expanding its partnership with Arla to support sustainability and animal welfare practices. This initiative underscores Aldi’s commitment to responsible sourcing and quality dairy products, enhancing its support for over 150 British farms through the Aldi Dairy Farm Partnership programme.
