Today’s news in brief-20/2/25

Fashion retailer Quiz has appointed administrators to its subsidiary Zandra Retail, resulting in the closure of 23 loss-making stores and the loss of around 200 jobs. Advisory firm Teneo will oversee the administration process, while Orion Retail Limited, owned by Quiz’s founding family, will acquire certain assets, including 42 stores, to preserve most retail jobs. Quiz’s online and international operations remain unaffected.

UK consumer confidence hit a new low in February, dropping to -37, according to the BRC-Opinium Consumer Sentiment Monitor. The economy worsened for the fifth consecutive month, with Gen Z optimism declining and women feeling more pessimistic than men. While retail spending expectations improved slightly, concerns over rising prices and higher costs for businesses, including employer NICs and packaging levies, have dampened economic outlooks.

The Very Group reported a return to profitability in the first half of the year, with a pre-tax profit of £6.1m despite a 4.5% drop in sales to £1.17bn. The company attributed the decline to a challenging market for electricals and fashion but highlighted growth in home and sports categories. Very Group expects continued profitability through cost discipline and higher-margin sales. The retailer also transitioned its customer loan portfolio from HSBC to NatWest, as around 90% of its sales rely on customer financing.

Luxury retail group Tapestry has agreed to sell its Stuart Weitzman brand to Caleres for $105m. The deal, expected to close this summer, allows Tapestry to focus on its core brands, Coach and Kate Spade. Caleres CEO Jay Schmidt expressed commitment to preserving Stuart Weitzman’s legacy while driving future growth. The acquisition aligns with Caleres’ strategy to expand its global and direct-to-consumer footprint.

Asda has narrowed its median gender pay gap from 5% in 2023 to 4% in 2024, with women now comprising 37% of its senior leadership team. The supermarket’s mean hourly pay gap increased slightly to 7%, but it remains below the UK average. Asda has introduced initiatives like the Intentional Allyship programme and a Neonatal Care Leave policy to support diversity and inclusion.