PrettyLittleThing is making 50 job cuts at its Manchester head office, potentially adding to the 200 roles that Boohoo Group had announced in December. Meanwhile, it is understood that further losses are likely at InTheStyle which has already significantly reduced headcount under its new ownership. The mood in the fast-fashion market is subdued with a number of businesses, including Dancing Leopard close to administration.
Demand has been dropping as consumers face pressure to meet day-to-day expenses leading to them buying less and making fewer purchases. Shein and TEMU are still taking significant market share, with TEMU in particular significant gains at the expense of UK & European retailers.
Further full-time and part-time job losses are expected across the retail sector ahead of the increases in employers’ national insurance contributions, and the dropping of the business rates discount due on April 1st is expected to further decimate the retail and hospitality sectors.
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