Today’s news in brief-14/3/25
Shein, the fast-fashion giant, has confirmed its plans to go public, targeting a listing on the London Stock Exchange. Executive chairman Donald Tang emphasised the company’s commitment to transparency and accountability as it transitions to a public entity. However, no specific timeline or valuation was disclosed, with Tang stating the IPO would occur “whenever it is appropriate.” The company filed paperwork with the Financial Conduct Authority last summer and is awaiting regulatory approval. Shein has faced criticism over its labor practices and environmental impact, but Tang defended the company, stating it complies with local laws and maintains low product waste. Shein has also joined the Confederation of British Industry, underscoring its aim to integrate into the UK market.
The UK economy unexpectedly contracted by 0.1% in January 2025, driven by declines in manufacturing and construction sectors, according to the Office for National Statistics. Manufacturing output fell by 0.9%, while construction dropped by 0.2%. Services sector growth of 0.1% partially offset these declines, with strong performances in retail trade and administrative services. However, accommodation and food services saw significant declines, contributing to the overall economic contraction.
Deliveroo reported its first annual profit of £3m for 2024, a significant turnaround from a £32m loss the previous year. The food delivery platform attributed this success to a 6% increase in gross transaction value and a 3% rise in revenues, driven by a 2% growth in orders. Adjusted EBITDA surged by 52% to £130m, with the company expecting to hit the upper end of its £170-190m guidance. Deliveroo also expanded its subscription tiers and saw strong growth in its grocery segment, which accounted for 16% of gross transaction value in the second half of the year.
Tesco is trialing an initiative to offer expiring food items for free in select Express stores as part of its efforts to reduce food waste and achieve net zero targets. Shoppers visiting after 9:30 pm can access free “yellow sticker” items, following priority access for charities and staff. The trial aims to minimize end-of-day food waste, aligning with Tesco’s goal to halve food waste by 2025. The supermarket already donates millions of meals monthly to charities and community groups, with this new initiative further supporting its sustainability commitments.
Aldi has signed the Armed Forces Covenant, pledging support for ex-military personnel and their families. The supermarket will provide a dedicated community hub for veterans, flexible leave for military spouses, and attend Armed Forces recruitment fairs. Additionally, Aldi will share veterans’ stories internally to raise awareness and support their transition into civilian roles. The company also continues its annual participation in the Royal British Legion Poppy Appeal.