NEWS IN REVIEW SUMMER 2022
GYMSHARK UP 54 %
Gymshark Group has reported a 54 % increase in revenue in the year to 31 July 2021 . The sportswear
giant made net revenue of 401.9 million pounds , up from 260.7 million pounds a year earlier , according to filings at Companies House .
The Solihull-based group ’ s profit before tax increased to 45.4 million pounds from 30.4 million pounds a year earlier .
The group said its number of orders increased by 53 % in the year . International sales were up 47 % in the year to July .
As part of its ongoing international expansion , Gymshark confirmed plans to cut 120 jobs before July as part of a restructuring .
But the company said more than 100 new jobs will be created .
Tile retailer Topps Tiles has reported record first half revenue as ‘ robust ’ demand for home improvements continues . The Leicestershire-headquartered business – which wants to win £ 1 in every £ 5 spent on tiles by 2025 – recorded revenue of £ 119.2 million for the 26 weeks to 2 April 2022 , which is the highest the group has ever delivered in the first half of a financial year . Pre-tax profit for the period also increased to £ 5.6 million .
By comparison , Topps Tiles reported revenue of £ 103.2 million and pre-tax profit of £ 4 million for the same period in 2021 .
In its latest financial report , the company outlined its strategic and operational highlights for 2022 which includes the acquisition of Pro Tiler in March and the launch of its online-only brand Tile Warehouse .
Mamas & Papas is to create up to 200 new jobs as it looks to expand its UK concessions with Next over the coming year . The 19 new locations
will include places like Chelmsford , Cheltenham , Crawley , Ipswich , Oxford and Poole . Mamas & Papas already operates 14 concessions with Next and also has 22 stand-alone shops .
This latest move forms part of the retailer ’ s post-pandemic physical store expansion strategy which could include the opening of concessions with other retailers .
Boots has teamed up with ITV2 ’ s Love Island programme for a second year running . The partnership
will see Boots stock the villa with a range of beauty products , including fragrance , cosmetics , skincare , haircare , grooming products and items from sun protection brand Soltan . There will also be new product categories for 2022 including dental , nails , toiletries and travel health .
The exclusive beauty partnership will be supported with a new Boots marketing campaign entitled “ Better Be Ready to Find the Ones ” which will help customers discover the products seen on the show .
Boots will also be introducing its recently launched cosmetics brands 17 and MakeUp Revolution to the villa this year , as well as items from Sculpted by Aimee , Boots Glow Banana and Boots Ingredients Haircare . The new lines will be joined by popular ranges from last season , such as Fenty , Huda , Liz Earle , Mac , No7 and Soap & Glory .
Boots has revealed that many brands experienced the ‘ Love Island effect ’ last year with sales of Fenty , Liz Earle and Boots Glow products increasing by 61 %, 44 % and 34 % respectively .
McDonald ’ s is to exit the Russian market after more than 30 years of operations in the country . The fast
food retailer has also initiated a sales process for the business .
The news follows McDonald ’ s announcement back in March that it had temporarily closed its restaurants in Russia and paused operations due to Russia ’ s invasion of Ukraine .
Explaining the decision to exit the country , McDonald ’ s said continued ownership of the business was no longer tenable or consistent with its values .
McDonalds will be looking to sell its entire portfolio of McDonald ’ s restaurants in Russia to a local buyer . This will include the process of “ de-Arching ” those restaurants , which will entail no longer using the McDonald ’ s name , logo , branding and menu , although the company will continue to retain its trademarks in Russia .
Buy now , pay later company Klarna is to reduce its workforce by 10 % in a move which it has attributed to declining consumer confidence , inflationary pressures , a volatile stock market and likely recession . In a blog post , Klarna chief
executive Sebastian Siemiatkowski said the company had re-evaluated its organisational structure to ensure it can deliver on its ambitious targets and that it needed to have the “ right teams focusing on the right things ” and the “ right people in the right place .”
Siemiatkowski said the vast majority of employees will not be impacted by the decision , but those working in Europe will be asked to leave the business with associated compensation . Outside of Europe , the process will depend on where they work .
The company will be issuing a meeting invite to all workers affected by the announcement and has also asked all staff to work from home this week in consideration of the privacy of those impacted .