Retail news round-up: Rise in toy prices amid falling pound and Moss Bros appoints new buying director.
Toy prices to rise amid falling pound
UK’s toy makers including Lego and Peppa Pig have revealed that prices of some toys could rise 15% owing to the decrease in the value of pound, The Guardian reported.
A British Toy and Hobby Association’s (BTHA) spokesperson said most of the UK toy makers design products in Britain but are manufactured and imported from east Asia. They were trying to maintain the price rises until now.
Lego confirmed it is increasing the prices of its playsets, bricks and mini-figures.
Ty UK increased the prices 11% at the end of 2016.
BigJigs operations manager Sam Ireland said the company is increasing prices 10%.
Moss Bros names new buying director
Moss Bros has appointed Nick Reed as its new buying director, Drapers reported.
He will focus on sales growth, particularly on the online business.
Reed was previously working at Charles Tyrwhitt since 2009 as buying director, before being promoted to creative and design director in 2013.
Thom Browne to open first store in the UK
Thom Browne is set to open its first store in the UK at Mayfair’s Albemarle Street during the spring, Drapers reported.
The 1,200 store will be located at 3 Albemarle Street.
The brand comprises menswear and womenswear and is available in the UK via Net-a-Porter and as a concession in Selfridges.
Sir Philip Hampton warns MPs about domineering executives
GlaxoSmithKline’s chairman Sir Philip Hampton has warned MPs that it is important for independent directors to control domineering executives, The Telegraph reported.
Hampton told the Business, Energy and Industrial Strategy (BEIS) select committee that the UK structure for corporate governance is good but we will always have the Sports Directs or the Philip Greens and it is difficult to eliminate them.
He suggests that business bosses should not routinely be given gongs and to create diversity in business, it is important to set targets and deadlines.
Hampton’s concerns are owing to the recent scandals around BHS and Sports Direct.