Author: Scott Dylan

Revolut has secured a UK banking licence after a protracted application process, positioning itself to offer enhanced financial services.Revolut’s licence application process took three years due to various hurdles.With the new licence, Revolut plans to offer loans, overdrafts, and other lending products.Revolut’s services will now be protected by the UK’s Financial Services Compensation Scheme (FSCS).The company has resolved previous concerns around its accounting practices and ownership structure.Revolut is now in a ‘mobilisation’ period to implement the necessary systems for full banking operations.Revolut’s journey to obtaining a UK banking licence has spanned three years, significantly longer than usual for such applications.…

Rihanna’s Savage X Fenty appoints Vanessa Wallace as its new Chief Marketing Officer (CMO).Wallace brings nearly two decades of experience from her tenure at Nike.Her extensive expertise will oversee marketing, media, and communication strategies at Savage X Fenty.Reporting to CEO Hillary Super, Wallace aims to steer the brand towards global expansion.She looks forward to influencing Savage X Fenty’s growth with innovative storytelling.The lingerie brand Savage X Fenty, co-founded by Rihanna in 2018, has announced the appointment of Vanessa Wallace as its new Chief Marketing Officer (CMO). This move signals a strategic enhancement in the company’s marketing efforts as it continues…

Boohoo has debuted an extensive online marketplace offering over 200 brands spanning fashion, lifestyle, and beauty categories, aiming to centralise consumer choice on a single platform.The marketplace features renowned brands such as Alexander McQueen, Balenciaga, and Gucci, providing a premium shopping experience.Strategically launched via the advanced ecommerce platform Mirakl, Boohoo seeks to streamline product offerings across its newly acquired marketplace.Boohoo’s platform is set to expand, onboarding additional brands weekly, reinforcing its standing as a leading retailer.Chief Product Officer James Blacklock emphasised Boohoo’s commitment to diverse and high-quality offerings, enhancing the consumer shopping journey.Boohoo’s recent venture into the online marketplace sector…

The Office for National Statistics (ONS) reveals a significant rise in shoplifting offences, reaching a 20-year high.In the year ending March 2024, shoplifting offences increased by an alarming 30% from the previous year.The average number of shoplifting incidents per day now stands at 1,216, a significant jump from prior statistics.Retailers express frustration and exhaustion over the growing rate of theft and the impact on their businesses.Recent surveys show a notable rise in crimes against retail sectors, marking them as vulnerable targets.The Office for National Statistics has published figures indicating that shoplifting has surged to its highest level in two decades,…

Heathrow Airport has experienced a remarkable resurgence, recording an unparalleled 39.8 million passengers in the first half of this year.This marks a significant recovery, surpassing pre-pandemic levels and underscoring the airport’s pivotal role in international travel.Record-Breaking Passenger NumbersThe airport, positioned on the western fringes of London, witnessed its busiest day in history on June 30, with over 268,000 travellers on more than 1,300 flights. This record eclipses the 38.8 million passengers recorded in the first half of 2019, before the coronavirus pandemic brought travel to a near halt.Despite this surge in passenger numbers, revenues for the six-month period saw a…

UK car production has seen a notable decline in early 2024, with overall output falling by 7.6%.This drop comes amidst a significant transition period, as manufacturers increasingly shift their focus towards electric vehicle (EV) production.Significant Reduction in Car ProductionThe Society of Motor Manufacturers and Traders (SMMT) reported that a total of 416,074 new cars were produced, marking a decrease of 34,094 units compared to the same period in 2023. The primary factor driving this overall decline in production was a considerable reduction in exports, while the domestic market actually saw an increase.Cars produced for the UK market rose by 17.7%…

Rachel Reeves may use a financial review to launch £25bn in tax rises, as former Bank of England ratesetter Michael Saunders indicates, in a significant move to address the economic challenges inherited by Labour.In her inaugural speech as Chancellor, Reeves announced an exhaustive evaluation of government spending and public finances, with the results to be disclosed before Parliament’s summer recess. Saunders anticipates that this review will present a bleak fiscal outlook, allowing Reeves to employ a ‘kitchen sink’ approach by front-loading fiscal setbacks to facilitate future corrective measures. Reeves asserted that Labour inherited the most challenging economic conditions since the…

Bershka has unveiled its revamped flagship store on Oxford Street, London, aiming to merge architecture with fashion.The three-floor store spans 13,401 sq ft and houses Bershka’s main collections.Barcelona-based Castel Estudio teamed up with Bershka’s in-house designers for the refresh.Neutral tones and modular displays highlight the clothing at the revitalised store.An art installation by Ezra Miller connects two floors, enriching the architectural experience.Bershka, a well-known brand under the Inditex umbrella, has reopened its flagship store on Oxford Street in London, presenting a reimagined space designed to enhance the shopping experience by integrating architectural elements with fashion. This ambitious project spans three…

Ed Miliband has announced a major state-backed initiative aimed at boosting the UK’s offshore wind capacity and fostering economic growth.The initiative will see the public energy company, Great British Energy (GBE), partner with the Crown Estate to develop extensive offshore wind farms.The project is designed to meet the UK’s net-zero targets and increase the country’s energy security.Legislative measures have been proposed to solidify this initiative, including significant funding for GBE and borrowing powers for the Crown Estate.This comprehensive energy strategy also includes plans for mini nuclear power plants to further augment the UK’s clean energy potential.In a significant move towards…

Kering has reported an 11% decline in sales for the first half of 2024, impacting all its major brands.Gucci experienced a significant 18% drop in revenue during the same period, with a 19% decrease noted in the second quarter alone.Challenges in the Asia-Pacific market and reduced store traffic have further compounded Kering’s financial performance.Despite the downturns, select brands like Bottega Veneta showed positive retail growth, highlighting varied brand performances within Kering.Kering remains committed to strategic investments aimed at long-term value amid the current market challenges.The luxury conglomerate Kering announced an 11% sales decline in the first half of 2024, a…