Next news and archive

US operator reportedly joins Ted Baker takeover race with Next and Frasers Group

OSL, the US operator of Ted Baker, has reportedly joined the line up of interested parties eyeing the struggling retailer’s European business after its UK arm collapsed into administration in March. According to Sky News, OSL is the “leading contender” to take over the brand’s British operations, a move that would come a year on from when the...

Business

Next to open stores in India through new Myntra deal

British retail giant Next is building on its existing relationship with fashion e-commerce company Myntra as it looks to expand on its presence in India. Through the deal, Next has handed over its distribution and management rights to Myntra Jabong Pvt. Ltd., which will be responsible for distributing the retailer’s range of products while...

BusinessFeatured

Next reports ‘record high’ revenue, prepares for overseas growth

British retailer Next issued its full year results for 2023, during which it saw “record high” pre-tax profits rising 5 percent to 918 million pounds, three million pounds above the guidance given in January. The uptick was largely led by online sales, which saw profits rise 11 percent compared to retail’s 4 percent growth. The company's...

People

Next Beauty CEO reportedly exits

The chief executive officer of Next Beauty, Amanda Scott, is understood to have stepped down from the role in pursuit of other opportunities. Her departure comes nearly five years on from her initial appointment at the British retail giant, during which time she was credited with overseeing the company’s first steps into the beauty realm. In...

Business

Next and HMV’s Doug Putman among interested parties for The Body Shop

British retailer Next and the owner of music retailer HMV are reportedly among those eyeing a possible takeover of struggling cosmetics chain The Body Shop. Next is understood to have approached administrators to the retailer, FRP Advisory, regarding a possible sale of assets, according to sources for Sky News. Meanwhile, though HMV’s Doug...

People

Next appoints Venetia Butterfield as independent non-executive director

Venetia Butterfield will be joining Next as an independent non-executive director with effect from April 2, 2024. Upon appointment, Butterfield will become a member of the nomination, audit and remuneration committees. Next said in a statement that Butterfield is managing director of Cornerstone, the largest adult division of Penguin Random...

BusinessFeatured

Retailers in race to secure inventory amid Red Sea attacks

While it may appear that the world could not have become any more tumultuous, retailers are now facing another challenge against their supply chain. Since mid-November 2023, the Yemen-based Houthi rebel group has been attacking commercial ships in the Red Sea, in what is yet another instance that possibly threatens to disrupt business operations...

Business

Next raises profit outlook after "better than expected" December quarter

Next plc full price sales during the months of November and December were better than anticipated. The company said in a statement that in the nine weeks to December 30, full price sales were up 5.7 percent versus last year, which was 38 million pounds ahead of the previous guidance of up 2 percent for the period. Next has increased its full...

Business

Next cleared by ETI over supply chain fallout

British retailer Next has been cleared by the Ethical Trade Initiative (ETI) after one of its suppliers was found to have left workers without due severance following the closure of the company. Turkish manufacturer Neo Trend came under fire in 2021 after it closed its factory and had left workers without their due severance, notice and other...

Business

Next Q3 sales ahead of guidance, raises profit outlook

Full price sales Next in the third quarter were up 4 percent on last year, 23 million pounds ahead of the company’s guidance which was to be up 2 percent. Next is increasing full year guidance for profit before tax by 10 million pounds to 885 million pounds. “Our revised guidance for full year full price sales growth is now 3.1 percent; this...

BusinessFeatured

FatFace acquired by Next in 115.2 million pound deal

British lifestyle brand FatFace has been snapped up by Next in a 115.2 million pound deal that will see the duo build on their long-standing relationship. In its own release, FatFace said the deal marked an important milestone amid the significant strategic and operational progress it has achieved over recent years. It added that through the...

Business

Fat Face will soon be under Next ownership

High Street retailer Next is reportedly close to completing an acquisition deal with fashion chain Fat Face. This purchase would involve Next taking over Fat Face's 200 stores, adding to Next's existing network of 500 High Street shops. The agreement is anticipated to be finalized this week, as per initial reports by Sky News. This acquisition...