Today’s news in brief-6/11/23
The future ownership of the iconic London department store, Selfridges, is reportedly in question as co-owner Signa grapples with a financial crisis. Restructuring experts have been enlisted to help Signa raise funds amidst rising borrowing costs and falling property valuations. The sale of Signa’s 50% stake in Selfridges is likely, with Central Group emerging as a potential buyer. Selfridges assured that the situation won’t impact their operations, emphasising their independence from shareholder support.
Morrisons is investing over £4m to reduce prices on 58 popular festive items, with an average cut of nearly 20% from current prices. Products like stuffing, roast potatoes, cranberry sauce, and more will see lower prices until December 31st. The supermarket aims to help customers navigate the costs of holiday shopping, ensuring the basket of festive items is cheaper than in 2022, despite inflation.
Marks & Spencer (M&S) is set to open nine new stores in November, the highest monthly opening rate in its history. This move follows an £80m investment in sustainable brick-and-mortar retail. The strategy is part of M&S’s vision to become the UK’s leading omnichannel retailer, with a focus on high-quality, productive stores. The expansion is expected to create over 2,200 local jobs.
Over 30 retailers, including Primark, M&S, Boohoo, and Next, have joined Wrap’s Textiles 2030 initiative, aimed at reducing the carbon impact of textile production. The initiative, launched by climate action NGO Wrap, seeks to accelerate the UK fashion industry towards a circular economy. Signatories pledge to cut environmental impacts and promote sustainable practices, such as using recycled materials and designing for durability.
Fashion retailer White Stuff has seen a significant boost in its financial performance, with EBITDA rising by 141% to £7m. Total sales increased by 13.3% to £151.4m, with growth across various segments including retail, online, wholesale, and international sales. The company attributed online growth to collaborations with partners like Marks and Spencer, Next, and John Lewis. White Stuff also welcomed a surge in new customers and observed substantial growth in dress and menswear sales. CEO Jo Jenkins expressed satisfaction with the company’s transformation into a modern multi-channel brand.
