Up-to-date coverage of the latest events in UK retail.

Watches of Switzerland joins stock market

Watches of Switzerland has launched its IPO this morning at 270p per share.

The price gave the business a market capitalisation of £647m when the London Stock Exchange opened this morning.

Watches of Switzerland boss Brian Duffy said: “Today marks the next phase in our growth story. I am delighted by the reaction we have received from the market to our business and the significant opportunities that lie ahead.

“I would like to thank our teams who have worked tirelessly to deliver our transformation and IPO. On behalf of all our colleagues, I look forward to welcoming our new shareholders to the business and to working with them as we continue to execute on our growth strategy.”

Retailers fail to pair fair wages, report claims

International retailers are failing to come good on pledges to pay fair wages to its poorest workers, according to a new report.

Academics at Sheffield University found businesses’ compliance with advertised standards was patchy and transparency about their progress on wages was limited.

The findings, first reported by the Financial Times, come six years after the collapse of the Rana Plaza factory in Bangladesh, which killed more than 1,000 workers and prompted calls for better working conditions.

Genevieve LeBaron, professor of politics at Sheffield University, said: “Brands made commitments about improving pay and conditions that were quite ambitious, but in many cases, they are failing to make good on those commitments.”

The study assessed 20 retailers and brands across the globe including H&M, Inditex, Primark, C&A, Adidas and Gucci.