Today’s news in brief-26/3/25
John Lewis is close to securing approval for its housing project in Reading, transforming a former customer collection facility into 215 homes, including 49% family-sized units and 10% affordable rentals. The development, featuring shared workspaces, a gym, and communal areas, is part of an £80m investment in rental housing. A council decision is expected by early April, with construction slated to begin in 2026. This comes as John Lewis Partnership reported tripled annual profits to £126m but confirmed staff bonuses would be withheld for the third consecutive year.
UK inflation fell unexpectedly to 2.8% in February, driven by declining clothing prices, particularly women’s garments. The Office for National Statistics noted this as the first negative annual rate for clothing since 2021. Alcohol and tobacco prices rose 5.7%, partly due to tax hikes.
Frasers Group has increased its stake in AO World to 25%, following a 30% profit rise for the electronics retailer. Simultaneously, Frasers upped its ASOS holding to 25.1%, positioning it as the second-largest shareholder amid speculation of a takeover bid by ASOS’s largest investor, Bestseller. Frasers is also pursuing a mandatory offer for Norway’s XXL ASA after acquiring a 32.9% stake, triggering local takeover rules.
Uniqlo’s European arm saw profits surge to €221.7m (£185.4m) in FY2024, fueled by Gen-Z demand for its LifeWear range, including viral items like mini shoulder bags and pleated trousers. Revenue grew 30%, with seven new stores opening across Europe. The brand credits its focus on sustainability and Japanese design principles for its expanding appeal.
Frasers Group is extending its Sports Direct brand into Indonesia, India, the Philippines, Thailand, Vietnam, and Cambodia through a partnership with MAP Active. The move leverages MAP’s local retail expertise to establish Sports Direct as a regional leader. CEO Michael Murray highlighted the growth potential, while MAP’s CEO emphasized shared ambitions for premium sports retail experiences.
Virgin Wines aims to hit £100m annual revenue within five years by boosting customer acquisition, commercial partnerships, and tech-driven engagement. The plan follows a resilient H1, with pre-tax profits up 20% to £1.3m. Its Warehouse Wines subsidiary, launched last year, has already attracted 17,600 customers. CEO Jay Wright cited low-cost recruitment and premium offerings as key to navigating market challenges.