British retail giant Next has recently announced its acquisition of clothing brand Fatface for a substantial £115 million. In a strategic move, Next plans to allow Fatface to maintain its own management and creative independence. Fatface, known for its casual and outdoor clothing, currently operates 180 stores and will continue to be based in Hampshire.
This acquisition marks the latest addition to Next’s expanding portfolio of High Street brands. In the past year alone, the company has successfully purchased Cath Kidston and Joules. Additionally, Next made headlines in 2022 with its acquisition of furniture brand Made.com and a minority stake in the popular baby goods store chain, JoJo Maman Bébé.
The takeover of Fatface by a consortium of lenders in 2020 came at a time when many retail businesses were struggling due to the challenges posed by the Covid-19 pandemic. However, Next’s strong online presence, dating back to 2016, has allowed the company to thrive amidst the evolving retail landscape.
Meanwhile, the Office for National Statistics (ONS) in Britain has announced a delay in the publication of some of its upcoming labor market data. The ONS stated that the release of data from the Labour Force Survey (LFS), used to calculate the country’s unemployment rate, will be postponed until October 24. However, figures pertaining to workers’ earnings, vacancies, and real-time employment information from the tax office will still be released as originally scheduled on Tuesday.
The Bank of England closely monitors Britain’s labor market, particularly earnings data, as it assesses the need to resume increasing interest rates. After 14 consecutive hikes, the Bank of England opted to keep rates on hold in September. The ONS attributes the delay in publishing labor market data to declining response rates in the LFS survey. The survey is currently being updated to cover more respondents and will introduce questions with different formats starting in early 2024.
The ONS expressed its commitment to providing the most accurate and reliable estimates of the labor market by utilising the best available data sources. The additional time granted by the delay will ensure the production of high-quality statistics on the state of employment in the country.
