Dune chair Daniel Rubin: ‘The UK is not an exciting place to do business’

The chair of the business told Retail Week that the footwear brand was prioritising its overseas expansion and is targeting that more than half its revenue will come from its international business over the next five years.

“The UK is just not an exciting place to do business as a fashion footwear retailer,” Rubin said.

“How, on one hand, can you have a government committed to growth and then put up national insurance, put up the minimum wage?

“What are [companies] doing? They’re shedding staff. They’re not going ahead with investment because they can’t see a return.” 

“The UK economy is pretty stagnant,” Rubin added. The Budget last year added “about £2m” to Dune’s cost base related to the national insurance and minimum wage changes.

“In a market that is reasonably subdued, you’ve got to find that extra sale not only to grow, but to pay for those extra costs,” he said.

The retailer plans to grow its ecommerce presence in parts of Europe and Southeast Asia in 2026, as well as partnerships with department stores in the regions. International currently makes up 35% of the business.

Rubin’s comments come as Dune is in the midst of a turnaround after the company dropped to a pre-tax loss of £7m in 2024. 

The retailer has narrowed its range by 20% and closed several unprofitable stores during the year. Rubin said the brand had earmarked “six to seven” more shops to close.

Rubin said the government’s decision to deliver the autumn Budget at the end of November, instead of late October, has been “really damaging” to consumer sentiment.

He said: “A lot of people are holding off on buying. They’re worried about the Budget. I think the government has made huge mistakes in terms of the timing of everything.

“I don’t have any confidence that [the government is] going to do anything that’s going to be beneficial to us. It’s just how bad it’s going to be is really all I’m expecting.”