Today’s news in brief-9/4/25

Boots UK reported a 1.6% sales increase in Q2, with comparable retail sales up 5.1% year-on-year across all categories. Pharmacy sales rose 5%, while online sales surged 19.5%, now accounting for over 20% of total retail sales. Parent company Walgreens Boots Alliance saw global Q2 sales grow 4.1% to $38.6bn (£30bn), though International operating income dipped 4.7% due to cost inflation and tech investments. CEO Tim Wentworth acknowledged progress in cost management but warned that the turnaround plan requires further time and investment.

Chancellor Rachel Reeves dismissed calls for a “Buy British” campaign, arguing it could make the UK appear “inward-looking” amid potential trade tensions with Donald Trump. Liberal Democrat MP Daisy Cooper criticised the stance as out of touch with businesses affected by tariffs. Downing Street backed Reeves, emphasising support for British manufacturers while maintaining an open trade policy. Reeves had previously advocated for domestic sourcing initiatives in 2021.

Michael Kors UK saw revenues drop 20% to £70.8m in FY2024, citing weak consumer confidence and macroeconomic pressures, including the Ukraine war’s impact on living costs. Despite lower turnover, pre-tax profits rose to £66.1m. The brand closed several UK stores and plans price cuts to counter competition. Gross profit margins fell sharply due to reduced earnings from its Swiss division. Parent company Capri Holdings, acquired by Tapestry in 2023, is reportedly being eyed by Prada.

Victoria’s Secret has appointed Adam Selman, formerly Savage X Fenty’s chief designer, as its new SVP and executive creative director. Known for designing stagewear for Beyoncé and Rihanna, Selman will lead creative strategy under CEO Hillary Super. The hire coincides with the promotion of three new brand presidents: Anne Stephenson (Victoria’s Secret), Ali Dillon (Pink), and Amy Kocourek (Beauty). Super said the leadership reshuffle aims to drive innovation and attract younger consumers.