Up-to-date coverage of the latest events in UK retail.
John Lewis bonus to be scrapped?
Staff at the John Lewis Partnership will discover this morning whether their bonuses for the 2018/19 financial year have been scrapped.
JLP chair Sir Charlie Mayfield has already warned profits would be hammered this year, raising the prospect that it could pay no bonus for the first time since 1953.
Last year, the partnership bonus paid to its 83,000 workers fell to 5% – the lowest in decades. Ten years ago, it stood at 15%.
JLP’s full-year results are due to be unveiled at 9.30am today.
Koovs signs £1m deal with Future Lifestyle Fashions
Indian etailer Koovs is to develop, host and maintain an ecommerce platform for Future Lifestyle Fashions’ Brand Factory format after striking a $1.4m (£1.06m) deal.
As well as the upfront fee, Koovs will also receive a “maintenance fee” for running the website for two years.
Koovs expects both the initial payment and the maintenance fee to be profitable for the business.
Koovs boss Mary Turner said: “We believe that Koovs’ technology platform is both market-leading and a proven success in India’s rapidly expanding ecommerce market. This contract underlines the significant additional potential for growth that can be achieved by licencing our technology to third parties.”