Today’s news in brief-17/2/25

Marks & Spencer has reinforced its international operations with three senior hires to drive its global growth strategy. Manish Kapoor, formerly of Pepe Jeans, joins as Managing Director for M&S India, while Victoria Jones, ex-Clarks executive, steps into the role of International Commercial Director. Richard Davies, previously Head of Category for Brands at M&S, has been promoted to International Partnerships Director. All three will report to International Managing Director Mark Lemming, appointed in 2023 as part of a broader “reset” of M&S’s global priorities.

Superdry has renewed its exclusive Australian licensing partnership with Brand Collective for 12 years, targeting a five-year revenue doubling to AUD 100m (£50.53m). Brand Collective, which operates 300 stores and manages brands like Reebok and Clarks, described Superdry as the “cornerstone” of its portfolio.

London’s West End retailers lost an estimated £640m in 2024 due to the absence of tax-free shopping for international visitors, according to the New West End Company (NWEC). The figure marks a 60% rise from 2023’s £400m loss, impacting 600 businesses. Domestic spending also dipped by 2.2% in late 2024, contrasting with European rivals like France and Italy, which saw double-digit growth in tourist sales. NWEC attributed the disparity to Europe’s tax-free shopping schemes, which allow visitors to claim up to 20% VAT refunds.

Crocs reported record annual revenues of $4.1bn for FY24, a 3.5% increase. Direct-to-consumer revenues rose 5.5%, while wholesale revenues saw slight growth. Adjusted earnings per share grew 9.5% to $13.17,and gross margin improved to 58.8%. For 2025, Crocs anticipates mid-single-digit revenue growth, focusing on revitalizing its HEYDUDE brand.

Capri Holdings has promoted Philippa Newman to chief brand and Product Officer for Michael Kors, consolidating product and marketing oversight under her leadership. Newman, a 16-year veteran of the brand, previously served as Chief Product Officer. CEO John D. Idol cited her “strategic mindset” as key to unifying brand vision and driving global consumer engagement. Newman emphasized her focus on leveraging Michael Kors’ heritage to deliver “exciting” fashion and core products. The move aligns with Capri’s broader strategy to streamline operations and enhance cross-functional synergy.

John Lewis has teamed up with iconic music retailer Rough Trade to introduce vinyl records in stores and online, capitalising on surging turntable sales. The curated collection spans classics from Nirvana and Marvin Gaye to modern acts like Lana Del Rey, reflecting a 17% rise in turntable sales over five years. John Lewis has expanded its turntable range by 46% in response.