Retail & Consumer
Asos and Boohoo to press on with US warehouse closures despite Trump tariffs
Despite the imposition of President Donald Trump's tariffs, Asos has confirmed its plans to proceed with the closure of its distribution centre in Georgia, USA. The fast-fashion group had announced at the beginning of the year that it would be shutting down its US base as part of a strategy to enhance profitability and streamline operations, as reported by City AM. Consequently, US customers will now be served from Asos' automated UK fulfilment centre in Barnsley, alongside a "smaller, more flexible local US site." These plans were formulated prior to Trump introducing a 10 per cent tariff on UK exports to the US last week. In response to City AM, Asos affirmed that the Atlanta warehouse closure would continue in the second half of the year. Asos had projected a £10m to £20m boost to pre-tax earnings from 2026 in January, despite anticipating a £190m impairment this year. Following Trump's tariff announcement, Asos shares fell from 293p to 248p, but have begun to recover modestly today, gaining around two per cent. Boohoo has also decided not to reverse its US closures, having confirmed in September last year that it would cease supplying US customers from its Pennsylvania distribution centre. Orders will now be fulfilled from the fast-fashion retailer's automated distribution centre in Sheffield, significantly reducing costs and enabling the firm to market a broader range of products in the US. Boohoo has confirmed to City AM that it will not reverse its decision.
Retail & Consumer
Historic tea firm Ringtons brews up solid sales despite inflation and rising costs
Retail & Consumer
Watches of Switzerland share price dips as Peel Hunt slashes target amid economic uncertainty
Retail & Consumer
Lush to open first ever UK hotel as it passes Trump's tariffs onto US customers
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Retail & Consumer
Co-op Live reveals new expansion plans
Co-op Live has proposed a new canalside development as part of the expanding Etihad Campus. The proposed space, located on the venue's south terrace, will feature a café, bar and kitchen, as well as a merchandise store. The plans unveiled today reveal that the area could also host around 600 people and function as an independent event space. Co-op Live's proposal includes daily access to the café and bar for residents and visitors, community and private hire use, and pre-event access for ticket holders. In line with the venue's commitment to accessibility, dedicated toilets, accessible and baby change areas, and an accessible lift are all included in the plans. Before submitting the planning application to Manchester City Council, Co-op Live is hosting an open exhibition on Thursday, 10 April 2025, to provide more information about the proposal. Visitors can access the venue's Co-op Backstage Club through Entrance G from 5pm until 8pm. The 23,500 capacity arena, located on the Etihad Campus in Manchester, represents a partnership between Oak View Group (OVG), City Football Group (CFG), Harry Styles, and Co-op. It opened to the public last May following several delays, reports the Manchester Evening News. Peter Kay was initially set to inaugurate the venue on April 23 of the previous year, but persistent issues with the space led to its opening being postponed until the next month. The venue's opening was further delayed due to an incident at a scheduled A Boogie Wit Da Hoodie concert when a part of the heating, ventilation and air conditioning (HVAC) system fell from the ceiling. The venue was eventually opened by Bury band Elbow on May 14, and has since hosted a series of high-profile gigs featuring artists such as Liam Gallagher, Eagles, Charli xcx, The Killers, and Sabrina Carpenter, among others. Currently, the venue hosts over 120 nights of entertainment annually in its arena space, which boasts an innovative 'Smart Bowl' design equipped with cutting-edge technology and top-notch acoustics.
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Retail & Consumer
Unilever snaps up eco-friendly deodorant brand as it seeks to boost beauty business
Unilever has officially announced its acquisition of refillable deodorant brand Wild, as part of its strategy to expand its footprint in the premium beauty and self-care market. The financial details of the transaction were not disclosed, but it is estimated that the deal values Wild at £230m, as reported by City AM. Wild was launched in 2019 by business partners Charlie Bowes-Lyon and Freddy Ward and experienced significant growth during the Covid-19 pandemic, achieving its first profitable year in 2023. "Joining Unilever marks an exciting new chapter for Wild," said co-founder Charlie Bowes-Lyon. He added: "Our mission to remove single-use plastic from the bathroom with desirable, innovative personal care products will be hugely strengthened by leveraging Unilever's expertise, scale and reach to further grow the brand and bring our vision to more consumers." Bowes-Lyon told The Times that he hopes Unilever can assist Wild in moving some production, particularly its aluminium casings, from China to Unilever-owned factories in America. The purchase of Wild aligns with Unilever's Growth Action Plan 2030, which aims to optimise its portfolio towards "premium and high growth spaces," according to the company. In March, new CEO Fernando Fernandez identified approximately €1bn (£840m) worth of brands in its Foods Europe division that "don't fit well" with the company's portfolio. "[Wild is] a perfect complement to our Personal Care portfolio," stated Fabian Garcia, president of Unilever Personal Care. Wild has primarily utilised digital advertising channels such as Instagram and TikTok to market its products. However, the news of Wild's acquisition has elicited mixed reactions from creators on these platforms. For instance, some Instagram creators have begun suggesting alternatives to Wild for consumers who prefer supporting smaller-scale brands. There are also apprehensions that Wild's environmental credentials may diminish, with many citing Unilever's history of plastic production. Dove, one of Unilever's brands, was criticised by Greenpeace last year for its use of plastic sachets, leading activists to blockade the entrance to Unilever's headquarters on 5th September.
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Retail & Consumer
Popular Japanese restaurant in Bristol to reopen
A Bristol sushi restaurant is set to open a new branch in the city this weekend. Niji, which previously had a site in the Galleries in Broadmead, has moved to the ground floor of Union Gate, at the corner of Union Street. The restaurant plans to open with a soft launch on Saturday (March 29), while upgrades are still underway at the new site. The eatery will operate for four days a week on limited hours, although later than its previous location at the top of the Galleries. The restaurant will be open from Thursday to Sunday, between 12pm and 9pm, except on Sundays when it will close an hour earlier. Due to the restricted operating hours initially, the owners advise customers to reserve tables in advance. A spokesperson from Niji said: "We are opening this Saturday. It will be a soft opening and limited business hours for now as upgrades are still in progress." On its Instagram page, Niji further urged: "Please make a reservation via our website as far as possible." They also expressed gratitude for the patience and support received over the past few months. The restaurant has unveiled its new menu, which will be available from the soft launch onwards. It offers a variety of sushi and fish options, poke bowls, curry rice, noodles and gyozas. The location has previously housed The Mana House, Atomic Diner, Steam and Bella Pizza. The Japanese eatery had garnered positive reviews, boasting a 4.9 out of five-star rating on Google prior to its closure from the shopping centre due to the impending demolition of the Galleries.