Today’s news in brief- 3/1/24
Asda has appointed Matt Kelleher, former Chief Information Officer at Morrisons, as its first Chief Digital Officer. Kelleher will be responsible for data and ecommerce functions, leading all technology functions after completing the ongoing technology transformation project ‘Future.’ This move is part of Asda’s long-term ambition to become the UK’s second-largest grocery retailer. Atheeq Akbar has also been appointed as VP of commercial finance, further enhancing Asda’s executive leadership team.
THG’s board has expressed support for non-executive director Iain McDonald, whose re-election faced opposition from over a fifth of shareholders at the AGM last June. Despite a significant number of votes against him, McDonald will retain his position, having stepped down from the remuneration committee. The company emphasises open dialogue with shareholders and considers McDonald a valuable member of the board. Helen Jones has been appointed as a new independent non-executive director as part of THG’s commitment to corporate governance and shareholder engagement.
In the four weeks leading up to December 24, Britons made 488 million trips to supermarkets, marking the largest Christmas shopping turnout since 2019. Kantar reports a record £13.7bn in transactions during this period, with the average household spending hitting an all-time high of £477, a £28bn increase from 2022. Total take-home grocery sales increased by 7.0%, while the number of items purchased rose by 2%. Grocery price inflation decreased to 6.7%, the lowest since April 2022. Traditional retailers, especially Tesco and Sainsbury’s, performed well, with Sainsbury’s achieving its highest market share since December 2020.
Morrisons has invested £15m to cut prices on over 1000 popular products for the next eight weeks starting from December 27. The price reductions, averaging 20%, include essential items, breakfast options, fresh produce, and health and beauty products. This initiative is part of Morrisons’ ongoing commitment to offering affordable prices, especially during the post-Christmas period. It follows the supermarket’s strategy from the previous year, continuing its program of eight-week price locks on thousands of products.
The Entertainment District and Outlet Shopping at The O2 achieved a record-breaking year in 2023, reporting a 31% increase in sales compared to 2022. The year saw over 8.9 million visitors, a 17% increase from 2022, with Outlet Shopping sales up 25% and the Entertainment District up 34%. The success was attributed to consistent trading results, strong footfall, and the addition of 18 new brands. Notable highlights included a record-breaking Christmas period with a 14% sales uplift compared to December 2022.
The Body Shop has become the first global beauty brand to attain 100% vegan product formulations across its skincare, body care, haircare, makeup, and fragrance ranges. Certified by the Vegan Society, the process involved validating over 4,000 ingredients for more than 1,000 products. The Vegan Society, considered the global gold standard in vegan certification, predicts the vegan cosmetics industry to grow at a 6.31% compound annual rate between 2023-2028, reaching $24 billion (£18.9 billion) by 2028. The Body Shop’s achievement reflects its dedication to vegan beauty and sets a global standard for the industry, according to Chantelle Adkins, Director of Business Development at The Vegan Society.
