The Hut Group has signed an agreement to supercharge its borrowing capacity as it prepares for more acquisitions. According to Sky News, the retail company has struck a £515 million debt deal, up from £345 million, by adding Citibank, JP Morgan and Alberta Investment Management Corporation
What is it? Lightspeed is a cloud-based electronic point-of-sale software for retailers that encompasses all aspects of their retail operation. The software allows users to make sales, track and order inventory, analyse your sales figures and create and manage your ecommerce platform from any device connected to the internet
Alibaba has launched its 11.11 Global Shopping Festival, announcing a raft of pre-sale activities today for the lead up to its signature Singles’ Day event. READ MORE: Alibaba’s Singles Day revenue surges by 32% to $17.8bn Part of the pre-sale activities includes spreading out promotions to lighten the load for the half a billion online shoppers expected during the traditional 24-hour sales period on November 11. Alibaba said over 140,000 brands will participate in this year’s 11.11 festival, offering promotions for more than 15 million product listings
A parliamentary report has revealed that online marketplaces – including Amazon and Ebay – are profiting from online VAT fraud while the HMRC fails to use the full extent of its powers for a crackdown. The Public Accounts Committee found that online marketplaces allow overseas sellers or businesses o to sell goods while dodging the 20 per cent VAT – a move which is being seen as undermining UK-based traders
Indian online fashion retailer Koovs has penned a deal with N Brown in hopes of breaking into the UK market amid a deepening financial crisis. Koovs, which is already listed in London, will now sell its range through N Brown’s plus size Simply Be label. READ MORE: Koovs losses deepen despite sales uptick The deal comes after Koovs saw pre-tax losses for the year ending March drop to £19.3 per cent from £16.7 per cent in 2016 as India’s demonetisation programme continued to eat into margins
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
Amazon is set to open its third fulfilment centre in north west England, creating thousands of jobs and bringing the online retailer’s investment in the UK to £6.4 billion since 2010. 1200 jobs will be created at a new fulfilment centre in Bolton, bringing the total jobs created in the region to 3500. READ MORE: Amazon to create 1000 jobs with new Bristol fulfilment centre The warehouse will reportedly be equipped with advanced Amazon Robotics technology, allowing for increased automation capabilities at the site
Online retail giant Asos has announced it will begin same-day deliveries for shoppers from tomorrow. Known as Asos Instant, the service will initially be available to customers in based in London’s 122 postcodes on orders placed before 10am Sunday to Friday.
Ebay has revealed its 18 top online shopping search trends in the UK to coincide with its 18th anniversary since it launched here. The online retail giant’s second annual UK Retail Report provides an insight into how UK consumers shop online, surveyed from the 23 million visitors to the website. This is the top 18 search trends of the 12 months: READ MORE: Shoppers feel same high as Formula 1 driver: Ebay 1) Retro items and vinyl.
Shop Direct chief executive Alex Baldock is stepping down from the helm of the online retailer next summer after five years. Baldock, who joined the online retail group in 2012, has been credited for the Shop Direct’s five consecutive years of rising sales and profits, including the underlying pre-tax profits jump of 10.2 per cent to £160.4 million and revenues increase of 14.6 per cent to £1.26 billion in the fiscal year ending July 1.