Author: Scott Dylan

Hugo Boss has witnessed a notable decline in its financial performance amid diminishing global consumer demand.Operating profits for Hugo Boss plunged by 42% to €70m in the second quarter, attributed to weakening consumer demand.Group sales saw a marginal 1% decrease, with significant impacts noted in China and the UK due to macroeconomic and geopolitical challenges.The company’s revised annual forecast now anticipates a more modest sales growth of 1% to 4%, down from the previously expected 3% to 6%.CEO Daniel Grieder emphasised the challenging global market environment but reaffirmed the company’s commitment to capturing market share and enhancing productivity.German fashion brand…

Next has increased its profit guidance for the full year by £20m, reaching £980m, indicating a 6.7% yearly growth. This decision comes in response to better-than-expected full-price sales during the first half of the year, surpassing initial forecasts.Full-price sales in the recent quarter rose by 3.2%, outperforming expectations by £42m, contrary to the 0.3% decline previously anticipated due to last year’s exceptional summer.UK’s second-quarter sales slightly increased by 0.4%, while overseas online sales impressively grew by 21.9%.The first half of the year saw a 4.4% rise in full-price sales year-on-year, exceeding initial expectations.Profit guidance was bolstered by £11m from sales…

Sales of tax-exempt gold and silver coins have surged by 14% from April to June this year, according to The Royal Mint. This development comes as investors brace for potential tax hikes under a Labour government, following the call for a general election by former Prime Minister Rishi Sunak.The Royal Mint has reported its largest bullion order to date, worth millions, received in May. This uptick in demand is attributed to wealthy investors seeking to capitalise on the tax-exempt status of gold and silver coins, which are classified as legal tender and thus remain free from capital gains tax. For…

This crucial decision, anticipated at midday on Thursday, will be determined by the nine-member Monetary Policy Committee (MPC). A cut in borrowing costs would offer relief to homeowners and families grappling with the high cost of living.City investors predict a tight vote among the MPC members, with Governor Andrew Bailey potentially casting the deciding vote if the committee is split. Current market sentiment suggests a more than 60 per cent chance of a rate cut this Thursday. However, persistent domestic inflation might compel the MPC to maintain the current rate for the eighth consecutive meeting.In June, services inflation held steady…

Adidas has reported a significant increase in its operating profit, nearly tripling year-on-year in the first half of 2024.The company’s operating profit reached €682m, reflecting a 189% growth compared to the previous year.Adidas updated its annual profit forecast, now expecting up to €1bn, double the initial projection of €500m.Revenue increased by 6%, with strong sales growth in Europe and Latin America, aided by major football events.The brand faced criticism over its campaign decisions involving model Bella Hadid, leading to an official apology.Adidas has announced a remarkable financial performance for the first six months of 2024, with its operating profit rising…

The Advertising Standards Authority (ASA) recently banned a Debenhams advert due to misleading claims about discounts.The advert, seen on Facebook, suggested products were available at a 60% discount, although not all items reflected this.A member of the public lodged a complaint after noticing discrepancies in the advertised discounts.Debenhams claimed third-party suppliers controlled pricing, limiting their ability to ensure discounts were applied.The ASA concluded the ad violated its code, emphasising the need for evidence-backed advertising claims.The recent ruling by the Advertising Standards Authority (ASA) on Debenhams highlights the regulatory body’s vigilance against misleading advertising practices. The advert in question, which appeared…

Asos has reopened its newly renovated showroom at its north London headquarters, providing a modern space for events and content creation.The 1,271 sq ft showroom features a sleek monochrome design with industrial-style elements, catering to the latest fashion and content trends.As part of its digital marketing strategy, Asos is hosting key influencers to preview its autumn/winter 2024 collection.Amy Norris, head of PR, highlights the revamped showroom’s role in uniting fashion, content, and talent.The showroom reopening coincides with leadership changes, as Hugh Williams steps in as interim executive vice president of technology.Asos has unveiled its newly renovated showroom at its headquarters…

The collapse of Carpetright, Britain’s largest flooring chain, has left a significant financial impact, with creditors facing losses amounting to £213 million. The list of affected creditors includes prominent names such as Royal Mail and Microsoft, highlighting the widespread repercussions of this financial disaster.Administrators’ proposals reveal the extensive debts owed to various stakeholders, with total liabilities estimated at £338 million. The fall of Carpetright not only disrupted its operations but also affected numerous employees and suppliers, shedding light on the broader implications of its downfall.Impact on Major CreditorsCarpetright’s unexpected collapse has left major creditors, including Royal Mail and Microsoft, in…

The UK government is grappling with nearly £45bn in losses from the Bank of England, driven by rising interest rates and bond sales. The financial pressures have led to calls for reforms in monetary policy.According to the Bank of England’s recent annual report, a substantial transfer of £44.5 billion from the Treasury was necessitated in the 2023-24 fiscal year to cover losses stemming from the central bank’s bond-buying programme. This transfer is part of an indemnity agreement linked to the Bank’s quantitative easing strategy.Over the last two years, the Bank of England has encountered unprecedented losses due to rising interest…

Asos confirms leadership changes within its technology department as Clifford Cohen departs and Hugh Williams steps in as interim executive vice president of technology.Clifford Cohen, a long-standing member of Asos’s team, has left after nine years, having significantly contributed to the company’s tech strategy.Hugh Williams, who has advised Asos for the past 18 months, is set to advance the company’s technological initiatives in his new role.Williams brings extensive experience from top tech firms, promising to enhance Asos’s customer online experiences, data platforms, and supply chain operations.The transition reflects Asos’s ongoing commitment to strengthening its technological framework through seasoned leadership.Clifford Cohen’s…