Author: Scott Dylan

Andrew Keith, the current CEO of Selfridges, is set to step down this autumn after leading the company for nearly four years.Keith was initially appointed as Selfridges’ managing director in November 2020, transitioning to CEO in June 2023 with a similar scope of responsibilities.Prior to his tenure at Selfridges, Keith served as president of Lane Crawford Joyce in Hong Kong for two decades, adding significant retail leadership experience to his profile.An internal memo reveals that André Maeder, CEO of Selfridges Group since May 2024, will succeed Keith in this role.Maeder brings prior experience as CEO of the German department store…

The British Retail Consortium (BRC) reported a continued decline in clothing and footwear prices for the seventh consecutive month in July.Shop price annual inflation remained at 0.2% in July, marking its lowest rate since October 2021, according to the BRC.Non-food prices experienced deflation, showing a slight change from -1% in June to -0.9% in July, the BRC-NielsenIQ Shop Price Index reveals.Helen Dickinson, the BRC Chief Executive, attributes the price fall to persistently weak consumer demand.Despite easing inflation, uncertainty looms due to climate change impacts and geopolitical tensions affecting commodity prices.The British Retail Consortium (BRC) has announced that clothing and footwear…

Chancellor Rachel Reeves has unveiled a controversial plan aimed at addressing a £22 billion shortfall in public finances by cutting winter fuel payments for nearly 10 million pensioners. The move is intended to save £5.5 billion, which will be redirected to fund a £9.4 billion pay settlement for public sector workers.The new measure will limit winter fuel payments to pensioners already receiving means-tested benefits, resulting in nearly 10 million pensioners losing this benefit for the first time. At present, all 11.4 million pensioners receive an extra £200 to help with winter heating costs, while those over 80 receive £300. By…

Rachel Reeves’ expanded tax raid on oil and gas companies could mark the end of the North Sea industry, risking jobs and investment, warn industry leaders.On Monday, the Chancellor followed through on Labour’s election pledge to impose harsher taxes on oil companies by increasing the energy profits levy. The levy, initially introduced by the Conservatives, will now extend for an additional two years, expiring at the end of March 2030.Increased Energy Profits LevyReeves announced that the headline rate of the energy profits levy, initially set by the Conservatives, will now rise from 75 per cent to 78 per cent. This…

New research by the independent Resolution Foundation, published today, reveals that while Britain is a nation of ‘booming wealth,’ its wealth taxes are ‘busted,’ presenting an opportunity for the Chancellor of the Exchequer to secure desperately needed funds by taxing the richest.The report highlights that wealth levels have surged from four times the national income when Labour was last in power to six times the national income today, despite recent interest rate hikes. However, the study notes that Britain suffers from significant ‘wealth gaps,’ where a family in the top 10% of the wealth distribution holds £1.3m more per adult…

Hoka’s impressive sales performance bolsters Deckers Brands’ first-quarter growth, showcasing its influence in the market.Deckers Brands reports a significant 22% increase in total net sales, amounting to $825.3 million.Hoka, the thriving running trainer brand, contributes two-thirds of Deckers’ quarterly sales, highlighting its market impact.Direct-to-consumer sales across Deckers Brands surge by 24%, affirming robust consumer demand.The strategic replacement of Dave Powers by Stefano Caroti marks a leadership transition at Deckers.In a remarkable display of market vitality, Hoka’s net sales soared by 29.7% year on year, reaching $545.2 million (£425.5 million), thereby powering a substantial 22% uplift in Deckers Brands’ total net…

Prada is set to open a new store in Hong Kong, marking the brand’s first major expansion in the region in years.The new 8,000 sq ft store will be located in Hong Kong’s renowned K11 Musea shopping mall.Prada’s expansion comes amidst a challenging market environment where luxury brands are experiencing varying success.The move follows a period of strategic downsizing, including the closure of Prada’s flagship store in Causeway Bay.Prada plans to significantly enhance its production capabilities in the coming years.Prada, a prestigious name in the fashion industry, has announced a significant expansion with the opening of a new store in…

The UK has slipped out of the top ten global manufacturing nations for the first time, according to Make UK. Key points include:The UK ranks 12th in global manufacturing, down from 8th last year.Mexico and Russia have overtaken the UK, ranking 7th and 8th, respectively.China and the US remain the leading manufacturing economies.The UK’s manufacturing sector is valued at £217 billion, employing 2.6 million people.Calls for a long-term industrial strategy to boost UK manufacturing have intensified.According to Make UK, the UK now ranks 12th among global manufacturing nations, a significant drop from its previous position of eighth. This shift has…

In a major speech, Rachel Reeves will outline plans to sell off empty public buildings and significantly reduce government spending on consultants, attributing the need for such measures to what she describes as Conservative economic mismanagement.Reeves, the Chancellor, is expected to highlight a £20 billion deficit in government spending, accusing the previous administration of failing to make tough economic decisions and overspending by billions. To address these issues, she will introduce the Office of Value for Money, a new government agency focused on eliminating waste.A key component of her strategy includes accelerating the sale of surplus public properties, a policy…

Ted Baker is reportedly facing significant transformations, raising concerns over its high street presence.Reports suggest an impending closure of all Ted Baker stores in a matter of three weeks.The company informed its staff of the potential closures, although final decisions are pending.Ted Baker has undergone administrative changes since its acquisition by Authentic Brands Group in 2022.The brand’s history traces back to its 1988 origin in Glasgow as a menswear label.Ted Baker is on the brink of a substantial operational shift, according to recent reports, which indicate that the fashion brand could soon vanish from high streets altogether. The Times reported…