Retailers could soon be faced with a “returns tsunami” thanks to the emergence of new try-before-you-buy schemes for online consumers. With returns already costing UK retailers £60 billion a year, a new report released today highlights the hidden dangers of online and multichannel retailers introducing try-now-pay-later options for customers
Asos chief financial officer Helen Ashton has announced her surprise departure from the online retailer. Though Ashton will officially step down on April 30, she will remain at the retailer until August 31 to ensure a smooth transition. It is understood that chief executive Nick Beighton will act as interim CFO until a replacement is found
Asos has expanded its same-day delivery service to Leeds and Manchester. Known as Asos Instant, the service was first launched launched to customers in based in London’s 122 postcodes on October 11. READ MORE: Asos begins “try before you buy” service It is now available in select postcodes for the two northern England cities for orders placed before 10am Monday to Friday, for between £9.95 and £12.95
Director of labour market enforcement Sir David Metcalf has called on the government to embargo UK factories which fail to pay workers a minimum wage.
British retailers face being overtaken by European rivals on the high street by next year, according to investment service giant Moody’s. Moody’s said it expected staple high street retailers like Next and Marks & Spencer’s growth would slow to a crawl or enter decline in 2018. According to its study of European retailers, seen by The Daily Telegraph, UK brands are set to see their market share come under threat from the “combined onslaught of a broad range of competitors” like Primark, Superdry, H&M, Zara and online giants like Boohoo and Asos.
Asos is expected to reveal how increased global expansion has allowed it to record a spike in full year sales when it releases its annual results on Tuesday. The online giant is expected to post a 35 per cent surge in sales to £1.9 billion, according to a consensus of City analysts. READ MORE: Asos begins same-day delivery In addition, the fashion retailer’s profit is predicted to grow 24 per cent to £79.3 million
Asos and New Look are set to attend an anti-modern slavery event in Leicester today that focuses on the treatment of workers in its textile industry.
H&M is set to hold its first ever meeting between shareholders and management following growing criticism about lack of transparency over its adoption of online operations. Historically the fashion retailer has largely kept investors in the dark over its operations. However, in light of competitors such as Zolando and Asos eating into the retailer’s profits its chief executive Karl-Johan Persson has said that: “We have a responsibility now to be a bit more transparent.” Dwindling sales have seen share prices fall and H&M is set to miss its main financial goal for a second consecutive year
Asos and New Look’s chief executives have issued a warning over working conditions in UK textile factories, stating that workers are “exploited and paid far below minimum wage”. Two of the UK’s most prominent fast fashion retailers have spoken out against working conditions in some Leicester textile factories, which are reportedly preventing the return of overseas manufacturing.
Topshop has the biggest social media presence according to a new study listing the UK’s most popular fashion retailers. A report from Vouchercloud looking at the UK’s 70 most popular fashion retailers, has revealed that high street staples like M&S and Primark fared better than ecommerce driven brands like Boohoo, Missguided and Pretty Little Things when it came to social media. www.vouchercloud.com Instagram was found to be the biggest driver of social presence, with the biggest retailers showing huge inconsistencies between the number of Instagram followers in at the top and bottom of the spectrum