Retail sales face growing competition as pent up demand for entertainment and services captures consumer spending in June.
FINANCE
Chanel (France) is on track to lift revenues by ‘double digits’ this year compared with pre-pandemic levels, in another sign of how luxury’s biggest players have shaken off the crisis.
Boohoo (UK) reported strong sales growth amid the online shopping boom seen during the pandemic; the fashion retailer says revenues grew 32% in three months to May even as Covid-19 lockdowns eased.
- Boohoo is preparing to bring a Debenhams store back to the high street in a bid to secure deals with major beauty brands.
Online shopping helped sales to rebound by almost two thirds at H&M in the last quarter, but revenues remain below pre-pandemic levels.
Seraphine (UK), the maternity brand which operates in more than 100 countries, said that it was looking to list at least 25% of its shares in an initial public offering.
Iconix Brands (USA) is being purchased by Lancer Capital, a private equity firm, for $585 million, including net debt, the company said in a statement.
- The deal will take the company (now listed on NASDAQ) private.
MARKETS
Fitch moved the UK economy’s economic outlook from ‘negative’ to ‘stable’, saying the country has handled the coronavirus pandemic better than previously predicted.
China’s May retail sales of consumer goods rose 12.4% year-on-year, according to National Bureau of Statistics data. Retail sales were up 9.3% from May 2019.
U.S. May retail sales fell 1.3%, dampened by weaker spending on autos. However consumer spending remains strong, as Americans have more savings and employment levels are rising, said analysts.
- Purchases continue to shift from goods to services such as entertainment and travel.
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RETAIL
Google opened its first retail store this week. The New York City outlet will sell the company’s devices including Chromebooks, Pixel phones, Fitbit wearables, Nest gadgets. The shop will offer repair and other support services for Google products.
- Google sees physical retail as an opportunity to gather that all-important ‘soft data’ from consumers.
Sports Direct (UK), once known for displaying bargain bins of cheap socks, has completed a £10m refurbishment of its Oxford Street shop in central London in its latest attempt to transform its image.
Primark (UK) opened its first Czech store. This is Primark’s 396th worldwide and its 14th market.
- Primark plans to open additional Polish and Czech stores, as well as debut in Slovakia in 2022 as it targets central and eastern Europe.
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