Nigel Oddy promoted to New Look CEO
New Look has promoted Nigel Oddy to chief executive, effective from 1 January. He joined the fashion retailer in April as its chief operating officer, after previously being the chief executive of House of Fraser and The Range.
Klarna CEO considers IPO, further investment
Klarna’s chief executive has not ruled out taking the company public, while also indicating more private investment is possible to fund US expansion plans. In August a $460 million funding round valued the payments company at $5.5 billion - making it the most highly valued privately held FinTech in Europe.
83% want PoS finance from SME retailers
As buy now, pay later payment options continue to increase in popularity, new research has revealed that the majority of customers (83 per cent) would use point of sale (PoS) finance when purchasing from smaller retailers. Duologi surveyed 500 small and medium-sized enterpristes (SMEs) across a range of retail sectors, finding that 28 per cent are now asking buy now, pay later options when shopping with such retailers.
Ocado Retail reports revenue growth
Ocado and Marks & Spencer’s joint venture has reported 10.8 per cent growth in retail revenue to £429 million for the 13 weeks to 1 December, broadly in line with previous guidance. There was also growth in average orders per week of 10.4 per cent to 350,000, with overall average order size staying stable during the period at just over £100. Sales did slow from 11.4 per cent growth in its first reported results in September.
Inditex profits driven by online integration
Zara owner Inditex has reported a 12 per cent rise in net profits, driven by greater emphasis on its online platforms.The Spanish retail giant - which also owns the Massimo Dutti, Pull & Bear and Bershka brands - reported a rise in net profit to €2.7 billion over the nine months to October, as the group continued to roll out its integrated store and online model.
Dixons Carphone profit falls by 60%
Dixons Carphone has reported a 60 per cent fall in first half profits to £24 million, compared with £60 million during the same period last year. Over the 26 weeks to 26 October, like-for-like revenue in UK and Ireland fell by one per cent, although wider group revenue was up by three per cent by the same measure.
Co-op opening 30 new food stores
The Co-op has announced it will be opening 30 new stores in the run-up to Christmas. The investment of more than £25 million will see stores open at transport hubs, key city locations and within residential apartments – creating up to 500 jobs.
Brex signs $200m fundraise
Brex has announced a $200 million debt capital raise to help continue the expansion of its e-commerce product. The capital comes in the form of a warehouse line of credit from Credit Suisse, backed by Brex’s corporate charge card receivables. This is the FinTech’s second warehouse line of credit – its first was a $100 million debt facility announced with Barclays Investment Bank in April.
Amazon’s Deliveroo investment ‘raises competition concerns’
Amazon’s investment in Deliveroo has raised “serious competition concerns” for UK customers that may require an in-depth investigation by the Competition and Markets Authority (CMA). Earlier this year, Amazon announced a substantial investment in Deliveroo, which would give it a minority shareholding along with certain other rights, allowing it to participate in the management of the company.
Homebase named ‘worst website’ for third year
For the third year in a row, Homebase came bottom in the Which? list of 100 online retailers, with shoppers bemoaning its poor customer service and stock availability. The consumer champion’s survey of over 7,604 customers found that at the other end of the scale, beauty retailer Liz Earle and tech businesses Richer Sounds and WexPhotoVideo were voted joint-best online retailers.
Majestic Wines completes £95m sale
Majestic Wine has been sold to Fortress Investment Group. The retailer confirmed that it would keep all of its 190 stores open following the acquisition. Under the company’s previous ownership there were plans to cut the store estate by almost two thirds, closing as many as 140 stores and move mostly online.