Today’s news in brief-24/2/25
Shein, the global online fashion retailer, saw its profits plummet by 40% to $1bn in 2024. The company faced a challenging final quarter and intensified competition from rival Temu. Shein’s declining profitability complicates its efforts to secure regulatory approval for a London listing, with some investors urging a valuation reduction to around $30 billion to facilitate an IPO. The company’s plans for a public offering, initially slated for April, may now be delayed until the second half of the year due to geopolitical shifts and U.S. tariff changes.
Asda has avoided financial penalties after its former owner, Walmart, agreed to extend the deadline for the supermarket’s £800m IT upgrade. The project, aimed at separating Asda’s systems from Walmart’s, was initially due for completion in February. Asda has been working to disentangle thousands of programs related to checkouts, administration, and payroll. While the supermarket missed the original deadline, Walmart has revised the agreement, removing the February cutoff.
B&M’s CEO, Alex Russo, is set to retire on 30 April as the company lowers its profit guidance for FY25 to between £605m and £625m. The adjustment reflects current trading performance, economic uncertainty, and exchange rate volatility. Russo, who joined B&M in 2020, will remain eligible for an annual bonus and retain his share plan awards. The company is in advanced stages of recruiting his successor. Chair Tiffany Hall praised Russo for expanding B&M’s store footprint and maintaining operational excellence, while Russo highlighted the company’s growth and strong cash returns during his tenure.
DFS Furniture has appointed Tony Buffin, former CEO of Holland and Barrett, as an independent non-executive director. Buffin, who also chairs Nobia AB and serves on the board of Applied Nutrition, will join DFS’s audit, remuneration, and nomination committees. His retail expertise aligns with DFS’s growth strategy, which saw a 10.1% increase in group order intake in the first half of FY25. DFS expects full-year profit growth, though it anticipates higher operational costs in the second half due to rising wages and interest rates.
Mango Home is set to open its first standalone store in Barcelona, marking a significant milestone in its growth strategy. Since its launch in 2021, Mango Home has expanded its presence to 34 online markets and doubled in size. The new 400 m² store, opening in April, will showcase a range of home products, including fragrances, lighting, and textiles. The opening aligns with Mango Home’s 2024-2026 Strategic Plan, aimed at strengthening its position in the home sector and enhancing the customer experience.
Eldon Square in Newcastle has appointed Helen Cowie as its new centre director. With over 30 years of retail experience, including senior roles at Marks and Spencer, Cowie will lead the shopping and leisure destination through its ongoing transformation. Eldon Square is set to welcome new tenants, including Next and Flight Club, as part of its investment program. Cowie’s appointment reflects the centre’s commitment to innovation and enhancing the customer experience. She expressed excitement about contributing to Eldon Square’s evolution as a premier retail and leisure destination in the North East.
