News

UK inflation climbed to a six-month high in October, surpassing the Bank of England’s 2% target, driven primarily by increased household energy bills.

The Office for National Statistics (ONS) reported that the annual Consumer Price Index (CPI) rose to 2.3% last month, up from 1.7% in September—the highest rate since April. This figure exceeded both economists’ forecasts of 2.2% and the Bank of England’s projection of 2.1%.

The rise was widely anticipated following Ofgem’s decision to increase the energy price cap in October. The ONS noted that housing costs, reflecting higher gas and electricity prices, were the largest contributors to the inflation uptick. There were also smaller increases in transport, furniture costs, and restaurant prices. Conversely, the recreation and leisure sector saw declining inflation, making its smallest contribution to the price basket in two years.

Grant Fitzner, chief economist at the ONS, said: “Inflation rose this month as the increase in the energy price cap meant higher costs for gas and electricity compared with a fall at the same time last year. These were partially offset by falls in recreation and culture, including live music and theatre ticket prices.

“The cost of raw materials for businesses continued to fall, once again driven by lower crude oil prices.”

Key sub-components of inflation also saw increases. The services sector inflation, closely watched by the Bank of England, strengthened from 4.9% to 5%, aligning with the Bank’s forecasts. Core inflation, which excludes volatile food and energy prices, edged up from 3.2% to 3.3%, defying expectations of a drop to 3.1%.

Andrew Bailey, Governor of the Bank of England, warned that inflation in the services sector remains “incompatible” with the Bank’s 2% target over the medium term. Despite cutting interest rates for the second time this year to 4.75%, policymakers are divided on the future path of inflation. Four of the nine members of the Monetary Policy Committee expressed differing views during a parliamentary hearing on Tuesday.

Official figures due tomorrow are expected to show an uptick in the Consumer Price Index to 2.1% in October, driven by rising household energy bills. Traders currently do not anticipate another interest rate cut this year, with expectations of a maximum of four cuts in 2025, potentially lowering the base rate to 3.75%.

The UK’s 2.3% inflation rate in October compares with an average of 2% in the eurozone and 2.6% in the United States.

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UK inflation rises to 2.3% in October on higher energy costs

Sales of vintage teddy bears have surged dramatically as nostalgia grips the collectibles market ahead of the release of Paddington in Peru next month.

Vintage Cash Cow, the UK’s leading marketplace for pre-loved treasures, has reported a remarkable increase in demand for classic Paddington Bear memorabilia. The company notes that sales of these cherished toys have experienced an unprecedented rise, with collectors and fans eager to own a piece of Paddington history.

Mike Hinchcliffe, Head of Sales and Revenue at Vintage Cash Cow, commented: “It’s always fascinating to see how certain toys, particularly Paddington Bears, become such coveted items following the film’s release. Vintage toys hold emotional value that goes way beyond any monetary worth, and it’s clear that these classic items are finding their way into the hearts and homes of people once more.”

Experts suggest a clear connection between major cultural events and consumer behaviour, with new film releases often sparking increased interest in associated collectables. However, it’s not just Paddington capturing the imagination. Across the board, vintage teddy bear sales have risen by 100% over the past 12 months, highlighting a broader trend of nostalgia-driven purchases.

This surge extends beyond teddy bears. Vintage Cash Cow has also observed a notable uptick in sales of other retro toys, including vintage Barbie dolls, classic Lego sets, Tamagotchis, and action figures. These collectables, once tucked away in attics and cupboards, are now being celebrated as timeless treasures by both seasoned collectors and new generations alike.

The growing interest in retro and vintage toys reflects a wider desire among consumers to reconnect with cherished childhood memories. As excitement builds for Paddington in Peru, industry insiders expect the demand for vintage Paddington Bear collectables to continue increasing in the coming weeks.

Read more:
Vintage teddy bear sales soar amid Paddington Bear revival

Email marketing remains one of the most effective tools in the digital marketer’s arsenal. However, its success is no longer measured merely by how many emails are sent or received, but by how well those emails resonate with the audience.

Enter email segmentation—a powerful technique that ensures your message lands in the inbox of the right person at the right time. This article dives deep into email segmentation, its benefits, and actionable strategies for leveraging it to maximize your return on investment (ROI).

What is Email Segmentation?

Email segmentation involves dividing your email list into smaller, more targeted groups based on specific criteria such as demographics, behavior, purchase history, or engagement level. Rather than sending a one-size-fits-all message to your entire audience, segmentation allows you to tailor your content to meet the unique needs and preferences of each group.

For example, instead of sending the same promotional email to both first-time buyers and loyal customers, you can create two separate campaigns. One could introduce new customers to your brand, while the other rewards loyal customers with an exclusive discount.

Why is Email Segmentation Important?

Email segmentation is crucial for crafting campaigns that resonate with your audience. Unlike generic emails, segmented campaigns deliver personalized content tailored to the specific needs and preferences of each subscriber. This relevance leads to higher open rates, improved click-through rates, and stronger conversions.

One major benefit is increased engagement. A well-segmented list allows you to send targeted messages, such as product recommendations based on purchase history or exclusive offers for loyal customers. These tailored experiences build trust and foster deeper relationships with your audience.

Segmentation also reduces unsubscribe rates by ensuring your emails are meaningful and not overwhelming. Additionally, it boosts ROI by focusing your resources on the most promising segments. Leveraging advanced tools in email marketing platforms makes segmentation seamless, helping businesses optimize their campaigns for maximum impact.

Key Criteria for Email Segmentation

To create effective email segments, you need to base them on criteria that align with your business goals and audience behaviors. Here are some of the most popular segmentation strategies:

Demographics
Segment by age, gender, location, income, or occupation. This is particularly useful for businesses with products or services that appeal to specific groups.
Behavioral Data
Group users based on their actions, such as browsing history, purchase frequency, or interaction with past emails. For example, a customer who frequently views a specific product category may appreciate updates on new arrivals in that category.
Purchase History
Use past purchases to recommend similar or complementary products. Loyal customers might enjoy early access to sales, while first-time buyers may respond to a discount on their next purchase.
Engagement Level
Identify active users versus those who haven’t opened an email in months. You can send re-engagement campaigns to dormant subscribers or reward highly engaged ones.
Email Preferences
Let your subscribers choose the type of content they want to receive. For instance, some may prefer weekly updates, while others are only interested in sales promotions.
Lifecycle Stage
Segment based on where a subscriber is in their customer journey—lead, prospect, first-time buyer, or repeat customer.

Best Practices for Email Segmentation

While segmentation is a powerful tool, it needs to be executed strategically to yield results. Here are some best practices:

Start with Clear Goals
Determine the purpose of your segmentation. Are you looking to increase engagement, drive sales, or improve retention? Clear goals will guide your efforts.
Leverage Data Effectively
Use analytics tools to gather insights on your subscribers. The more data you have, the more precise your segments will be.
Use Dynamic Content
Dynamic content allows you to tailor parts of your email based on the recipient’s profile without creating multiple campaigns. For instance, you can display different product recommendations depending on user preferences.
Test and Optimize
Conduct A/B tests on segmented campaigns to determine which messages resonate most with each audience. Use the results to refine your strategy.
Keep Segments Updated
Regularly update your segments to reflect changes in customer behavior or preferences. A segment that worked six months ago may no longer be relevant.
Don’t Over-Segment
While segmentation is valuable, overdoing it can lead to management challenges. Focus on the most impactful criteria for your business.

Examples of Email Segmentation in Action

Retail Industry
A clothing brand can segment its audience by gender and season. Men receive emails about the latest men’s fashion trends, while women see promotions on women’s apparel.
E-Commerce
An online store can target customers who abandoned their shopping carts with a reminder email offering a discount.
Software as a Service (SaaS)
A SaaS company can segment users based on their subscription level (free trial, basic, premium) and send tailored onboarding emails.
Travel Industry
A travel agency can segment by location and past travel preferences. A frequent traveler to Europe may receive updates on discounted European tours, while a beach lover sees promotions for tropical destinations.

Measuring Success: Metrics to Track

The ultimate goal of email segmentation is to improve your campaign’s ROI. To gauge its effectiveness, monitor these metrics:

Open Rate
Indicates how many recipients opened your email.
Click-Through Rate (CTR)
Measures the percentage of recipients who clicked on a link within your email.
Conversion Rate
Tracks how many recipients completed a desired action, such as making a purchase.
Unsubscribe Rate
High unsubscribe rates may indicate that your segmentation needs refinement.
Revenue Per Email
Calculates the direct ROI of your email campaigns.

Email segmentation is no longer a luxury—it’s a necessity in today’s competitive digital landscape. By delivering personalized, relevant content to specific audience groups, you can enhance engagement, build stronger relationships, and ultimately maximize your ROI. Start by understanding your audience, defining clear goals, and leveraging the right tools. As you fine-tune your segmentation strategy, you’ll find that even small adjustments can lead to significant results.

In the end, email segmentation isn’t just about sending emails—it’s about creating meaningful connections with your audience.

Read more:
Understanding Email Segmentation: Targeting the Right Audience for Maximum ROI

Discovering the perfect Apple Watch wristband for your active lifestyle can make all the difference in your fitness journey.

As more fitness enthusiasts incorporate Apple Watches into their routines, finding a band that provides comfort, durability, and style is crucial. Whether you’re running, swimming, or hitting the gym, the right wristband ensures your watch stays secure while enhancing your workout experience.

Why Choosing the Right Apple Watch Wristband Matters

Selecting the right Apple Watch wristband is more than just a fashion statement. Here’s why it matters:

Comfort: A comfortable band makes wearing your watch pleasant throughout the day.
Durability: The right material ensures your band can withstand workouts and daily wear and tear.
Skin Protection: Wearing an ill-fitting or inappropriate band can cause skin irritation. It’s important to choose a band that minimizes these risks. Healthline discusses concerns like rashes and other skin issues related to improper bands.

Problems can occur if your band isn’t a good fit. Some common issues include:

Chafing and Irritation & Limited Mobility: A too-tight or loose band can cause discomfort or restrict your movement during workouts.

Using a well-fit band improves your experience, ensuring your focus remains on your activities, not wrist discomfort.

Types of Apple Watch Bands for Different Activities

When choosing the right Apple Watch band, it’s important to consider the activity you’ll be doing. Different materials and designs cater to various needs like comfort, flexibility, and moisture resistance. Here’s a rundown on some popular types:

Silicone Bands: These are perfect for those who engage in sweaty activities. They are durable and easy to clean, making them ideal for both gym and outdoor use. Silicone’s sweat resistance is a big plus, offering comfort during long workouts.
Nylon Bands: Nylon is lightweight and breathable, making it a great choice for running or hiking. Its woven material allows for airflow, keeping your wrist cool. Nylon bands also come in various colors, allowing for personal style.
Metal Bands: For individuals who have more laid-back activities but want a classy look, metal bands are a go-to. They’re stylish and durable for casual outings or work environments but might not be the best for intense workouts due to weight and less flexibility.

For specific activities, consider the following:

Swimming: Opt for silicone or fluoroelastomer, as these materials resist water and dry quickly.
Running: Choose lightweight and breathable options like nylon bands to keep your wrist comfortable and prevent skin irritation.

For more detailed information on the durability of these materials, such as nylon, check out this insightful resource by Britannica.

Exploring the Best Apple Watch Wristbands for Intense Workouts

Engaging in high-intensity workouts requires a band that can endure sweat and regular movement without compromising comfort. Here are some recommended bands designed to handle these challenges:

Nike Sport Band: Known for its breathable, perforated design, it limits sweat buildup, ensuring maximum comfort. The durable fluoroelastomer material maintains its condition even during the most intensive exercises.
Adidas Run Band: Tailored for runners, this band offers adjustable features for a snug fit and prevents slippage. Its water-resistant properties make it suitable for all weather conditions.
Under Armour Sport Strap: Designed with athletes in mind, this band features sweat-wicking channels to enhance comfort during workouts. The strap’s flexibility allows a full range of motion, ideal for dynamic exercises.
Nomad Active Strap: Constructed with hydrophobic leather, it’s perfect for a seamless transition from gym settings to social gatherings. This stylish band is both water and sweat-resistant.

For additional guidance on which Apple Watch band to opt for, refer to Men’s Health.

These wristbands are built to support rigorous physical activity while ensuring durability and style. Depending on your routine, selecting the right band can enhance your workout experience and keep your Apple Watch secure.

Apple Watch Bands for Women with Active Lifestyles

Finding the right Apple Watch bands is crucial for women who lead active lives. These bands need to be both functional and stylish to match various activities without compromising on looks.

Key Features of Functional and Stylish Bands:

Adjustable Straps: Ensure the band fits snugly but comfortably on the wrist. This prevents irritation and allows for ease in switching between different wrist sizes.
Breathable Materials: Opt for bands made from materials like silicone and sport-style nylon. These materials are sweat-resistant and perfect for activities that raise your heart rate.
Attractive Designs: Fashionable choices can accompany workout gear or elevate a casual look. Bands that strike the right balance are ideal.

Best Apple Watch Bands for the Outdoor Enthusiast

If you’re an outdoor enthusiast, you need a wristband that can endure what Mother Nature throws at you. This involves balancing durability with outdoor-specific features.

Features to Consider:

UV Protection: Prolonged sun exposure can damage materials; choose bands designed to resist UV rays.
Durable Construction: Look for robust bands, perhaps crafted from materials like leather or rugged nylon.

Choosing the right Apple Watch band for outdoor activities ensures comfort and reliability, so you can focus on enjoying the great outdoors.

Apple Watch Wrist Bands for Everyday Wear

Finding a wristband for your Apple Watch that suits both active and casual settings is key for those who like versatility. Here are some top picks that combine style with comfort, making them suitable for everyday wear:

Hybrid Designs: These bands pair style with functionality. Look for bands with a sleek design that doesn’t compromise on comfort.
Material Matters: Consider bands made from materials like leather or woven nylon, which are comfortable and durable for daily use.
Easy Transitions: Opt for bands that can easily shift from a gym session to a dinner date without looking out of place.
Color Choices: A range of colors allows you to personalize your look, matching the band with your outfit.

Using such wristbands ensures you’re ready for both workouts and social gatherings without needing to swap accessories.

Conclusion: Choosing the Perfect Band for Your Lifestyle

Selecting the right wristband for your Apple Watch is essential for maximizing both its functionality and your comfort throughout the day. A few reminders as you make your choice:

Consider Your Activities: Different bands suit different activities, such as running, swimming, or casual wear.
Functionality Meets Fashion: Ensure your choice doesn’t just look good but also provides the needed support for your active lifestyle.

Ultimately, the best band for your Apple Watch provides a balanced combination of material, style, and function to meet your everyday needs.

Read more:
Explore the Best Apple Watch Wristbands for Active Lifestyles

Advancements in digital technology have made it easy to pay bills, shop, and transfer money with a single tap of a button. This has evolved the way financial transactions are performed around the globe.

Businesses have also immensely benefited from the same as they can easily facilitate cross-border payments hence boosting the economic growth of developing economies. Click here to learn more about the best solution for your customers. Today we will take a look at some of the growing trends in the digital payment industry:

Digital Wallets

Digital wallets can add inertia to the payment speed by storing all debit and card information of the consumer on their device. Businesses can benefit massively from adding digital wallets to their payment mode. For starters, it enhances the conversion rate and reduces cart abandonment rates. When customers have to type in credit card numbers manually, this can be highly time-consuming. This isn’t the case with digital wallets as it fosters a fast checkout process resulting in higher sales.

IoT

Tap On Mobile is currently in vogue as a payment mode that is evolving the e-commerce experience. Nothing can match the ease of use when you simply have to tap your card after availing of a product or service. Gone are the days when you had to type in credit card details manually or even remember the passwords of your digital wallets. Businesses also prefer Tap On Mobile given its inherent simplicity. All they have to do is download an app after which an ordinary smartphone can function as a point-of-sale sans any specialized hardware.

Buy Now, Pay Later

This is another popular type of digital payment wherein online shoppers can get an extended time for honoring the payment without having to bear the brunt of interest. This trend is a hit among young shoppers who often buy on a whim but feel relaxed when the payment obligation is delayed considerably. Financially fragile households can also benefit massively from the Buy Now Pay Later scheme as this helps them with their small purchases.

Frictionless Cross-Border Payments

Financial institutions in different countries can easily connect through cross-border payments. A large number of consumers are increasingly looking for cross-border payment options wherein they can transfer funds across international borders on a real-time basis.

Account To Account Payments

Account-to-account payments are massively taking over the payment landscape in 2024. These are real-time electronic fund transfers that take place from one account to another. The best thing about this type of payment is that they can bypass traditional payment rails leading to instant settlement in the recipient’s account. Countries like Thailand and Brazil are global leaders in adopting Account-to-account payment.

‍Digital Invoicing

E-invoicing or digital invoicing is rapidly transforming Business-To-Business and Business-To-Consumer transactions. It banks on invoice automation and intelligent accounting systems alongside electronic signatures. As a result, businesses can digitize their accounts, bills, and receivables management procedures to minimize paperwork and lower the overall cost.

Voice Payments

Modern-day banks, financial companies, and e-commerce stores are trying to bring in greater personalization for their clients. Given the increasing popularity of virtual assistants such as Google Home, Alexa, and Siri among tech-savvy consumers, businesses are trying to offer a similar line of services. They are combining language processing with voice recognition and machine learning algorithms to offer voice-mediated payments alongside an additional authentication layer.

Conclusion

The modern payment landscape offers innovative solutions allowing businesses to optimize their sales. The digital payments market is all set to attain rhetoric heights in years to come and merchants need to adopt modern payment methods if they wish to lure in new customers and retain old ones.

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Innovative Payment Technology Rapidly Adopted By Modern Businesses

In the UK alone, unclaimed work expenses add up to around £140 million annually. This surprising loss stems from lengthy reimbursement processes that companies operating in the British market sometimes follow.

Many employees (around 38%) opt not to claim these expenses at all. Efficiently managing corporate expenses has become essential — for financial oversight and ensuring employee satisfaction. One increasingly popular tool among companies is the expense card, which simplifies expense management and offers a host of benefits.

What Are Business Expense Cards?

Also known as business expense cards or business credit cards, expense cards are issued to employees to cover business-related costs like travel, client entertainment, and office supplies. Un+like traditional reimbursement models, where employees pay out-of-pocket and then file expense reports, business expense cards allow companies to handle payments directly and in real-time.

Business expense cards come in various formats, including physical cards and virtual options, which can be easily used on mobile wallets like Google Pay or Apple Pay. Virtual cards can be quickly issued and access can be managed for multiple employees, offering companies the flexibility to adapt quickly to their teams’ needs.

Advantages of Business Expense Cards

Enhanced Financial Control

Expense cards allow companies to set clear spending limits on each card, helping keep expenditures within budget. With real-time tracking and detailed reporting, financial managers can oversee spending as it happens, making it easier to prevent overspending or unauthorized transactions.

Streamlined Expense Reporting

The traditional reimbursement process can be tedious, requiring employees to submit receipts, fill out forms, and await approval. Business expense cards streamline this by processing transaction details automatically, reducing paperwork and speeding up reimbursements. This approach also lightens the workload for finance teams, who benefit from quicker, more accurate records.

Increased Security

Business expense cards are often equipped with advanced security measures like multi-level authentication, customizable spending limits, and real-time transaction alerts. Integration with mobile wallets adds another layer of security and convenience, helping companies protect funds and ensure that only authorized purchases are made.

Improved Budget Management

Business expense cards provide businesses with real-time spending insights, allowing for better budget control. Companies can analyze spending data to identify trends and adjust budgets accordingly, leading to more strategic planning and effective resource allocation.

Convenience and Flexibility for Employees

For employees, business expense cards eliminate the need to cover work costs with personal funds, which is particularly helpful during travel or when unexpected expenses arise. These cards can be used on a variety of platforms for tasks such as booking travel, dining with clients, or purchasing office supplies.

Expenditure of business tourists worldwide: Source Statista: Business travel spending worldwide 2022 | Statista

Key Features of Modern Expense Card Solutions

Seamless Integration with Financial Systems

Modern business expense cards integrate with existing financial software, providing a unified view of spending without needing to juggle separate systems. This integration streamlines data entry, reduces errors, and simplifies auditing, giving finance teams a more comprehensive overview of expenses.

Real-Time Tracking

Real-time monitoring is crucial for expense management, allowing both employees and financial managers to track spending instantly. This feature provides transparency, ensuring that expenses align with company policies and allowing any discrepancies to be addressed immediately.

Customizable Spending Limits

Companies can tailor spending limits based on individual roles and needs, setting boundaries to ensure that employees can’t exceed designated budgets. This feature maintains financial discipline while offering flexibility for different team members’ spending requirements.

Mobile Access for On-the-Go Management

Business expense cards often support mobile access, allowing employees to use digital wallets like Apple Pay and Google Pay for seamless transactions. Many card solutions also include mobile apps for tracking expenses, capturing digital receipts, and receiving instant alerts, making expense management more efficient.

Detailed Analytics and Reporting

Comprehensive reporting tools provide valuable insights into spending patterns, helping companies make informed financial decisions. Business expense cards allow for customizable reports that focus on specific metrics, such as departmental expenditures or vendor-specific spending.

Conclusion

Business expense cards are transforming business management by enhancing financial oversight, simplifying reporting, strengthening security, and optimizing budget control. As these tools continue to gain popularity, more companies are expected to adopt them, optimizing their expense management processes and supporting both operational transparency and employee satisfaction.

Read more:
The Advantages of Business Expense Cards in Contemporary Corporate Management

If you invest in or otherwise use cryptocurrency then you’ll probably need a crypto wallet at some point

A crypto wallet is essential for storing and using your tokens and every investor should get their hands on one. As many industry experts have rightfully pointed out, you should never use crypto exchanges as your defacto storage solution. Instead, you should have a dedicated wallet that only you have the keys to.

In this article, we’ll go through the many things that you need to keep in mind when choosing a crypto wallet:

Reviews and Recommendations

When you’re buying something as important as a crypto wallet, you want to make sure you get the best. That means reading reviews from others who have used these wallets and making your decision based on this. There is no shortage of reviews and you can even filter them by location and features. As Kane Pepi explains, you can seek out the best crypto wallet in the UK if that is where you live. You can also look for the best crypto wallet specifically for Bitcoin, Ether, or any other token you use. By doing this, you’re more likely to get one that meets your exact needs.

Price

While you want to protect your money, you also don’t want to spend it all buying a wallet. That is why you have to consider the price of your potential crypto wallet. Paper wallets, for example, are practically free to set up and use and could be a good option for those on a budget. There are also several free hot wallets you can install on your computer or phone. If you choose a cold wallet, you can expect to spend anything from tens to hundreds of dollars. Ultimately, you have to decide how much money you want to spend on your crypto wallet and have this guide your decision-making.

Security Requirements

The point of a crypto wallet is to not only store your crypto but to keep it safe as well. This is why you have to consider the level of security you want out of your crypto wallet. While a paper wallet is free to get and use, there is the risk of the paper going missing and your funds becoming inaccessible. A hot wallet might be convenient to set up and use but they are more prone to being hacked or exploited by criminals on the internet. A cold wallet might be more expensive to buy and cumbersome to use but it is the safest of all the options. Depending on what level of security you want, any of these might be the right choice.

Token Compatability

The term ‘crypto wallet’ is quite broad and includes storage solutions of all types. But it is worth noting that not every wallet is compatible with every token. Some wallets are built to store Bitcoin and nothing else while some only support Ethereum-based tokens. Before you choose any wallet, look into the types of tokens it supports. If the tokens you plan to use are listed, then it might be a good idea to opt for them. Some crypto users are comfortable having multiple wallets for different tokens and some prefer having one, so decide which applies to you.

Planned Use

While you’ll be storing your tokens in your wallet, you’re probably going to need it to complete certain transactions. For example, you might connect it to a decentralized exchange, asset marketplace, game, and whatnot. Some of these platforms are only compatible with certain types of wallets and some go as far as specifying the wallet providers they will work with. To avoid getting locked out of these activities, you’ll need to look into what wallet types they accept and use this to guide your decision. Alternatively, you can create multiple wallets for different functions.

Conclusion

The crypto wallet you choose can set the tone for the rest of your crypto experience. Before you commit to any wallet, you need to consider certain factors. Think of the types of tokens you plan to hold and what you want to do with them, making sure you choose a wallet that will help with this. You’ll also need to consider the level of security you need and the price you’re willing to pay for this. Finally, look at the reviews from others to make sure you’re buying the best wallet possible.

Read more:
5 Things to Consider When Choosing a Crypto Wallet

Luxury fashion brand Mulberry has announced a significant restructuring plan after reporting a 19% drop in group revenues to £56.1 million for the six months ending 28 September.

Newly appointed CEO Andrea Baldo revealed that 85 roles—approximately a quarter of the company’s 350-strong workforce—have been cut as part of efforts to “rebuild the business” amid challenging market conditions.

The job cuts predominantly affect staff at Mulberry’s London design headquarters and some office workers in Somerset. The company cited a “difficult trading environment and uncertain macroeconomic trends” impacting sales, with revenues from its wholesale and franchise business plummeting by 46% to £5.4 million due to reduced orders from partners in Italy and Denmark.

UK revenues also declined by 14% to £31.3 million, attributed to “low consumer confidence“. Pre-tax losses widened to £15.7 million for the period, compared with a £12.8 million loss a year earlier.

Mulberry is among several luxury retailers hit hard by a global decrease in luxury spending. The company’s restructuring comes a month after Mike Ashley’s Frasers Group—holding a 37% stake in Mulberry—abandoned plans for a £111 million takeover bid.

In a statement to shareholders, Baldo acknowledged the significant challenges facing the industry: “There is no question that our industry is facing a period of significant uncertainty, driven by a challenging and volatile macroeconomic environment that is impacting consumer confidence in several markets, particularly in our home country.”

Despite the setbacks, Baldo expressed confidence in the company’s future: “With the teams’ efforts on cost-cutting, a strengthened balance sheet, a renewed brand-first approach and a refreshed business strategy—details of which I’ll share in due course—I am confident we are making the right moves to bring Mulberry back to profitability.”

Read more:
Mulberry cuts 85 jobs as sales fall 19% amid global luxury downturn

The Governor of the Bank of England, Andrew Bailey, has cautioned that the recent increase in employers’ National Insurance contributions could create uncertainty over future interest rate cuts.

Addressing MPs on the Treasury Select Committee, Bailey noted that while inflation has been falling faster than anticipated—prompting the Monetary Policy Committee (MPC) to reduce interest rates to 4.75% earlier this month—the hike in employer taxes announced in last month’s Budget represents “one of the biggest uncertainties ahead”.

Bailey explained that if higher employment costs lead to job cuts, it could soften the labour market, necessitating a more gradual approach to lowering interest rates. “There are different ways in which the increase in employers’ National Insurance contributions announced in the Autumn Budget could play out in the economy,” he said. “A gradual approach to removing monetary policy restraint will help us to observe how this plays out, along with other risks to the inflation outlook.”

His comments come amid mounting concern from the business community. Over 70 major retailers—including Tesco, Marks & Spencer, Sainsbury’s, Asda, and Next—have written to Chancellor Rachel Reeves, warning that the “sheer scale” of new costs will make job losses “inevitable”. Economists predict that up to 100,000 jobs could be lost over the next five years due to the increased financial burden on businesses.

Bailey also highlighted that inflation within the UK’s services sector remains excessively high and is “incompatible” with the Bank’s target of bringing overall inflation back to 2%. Official figures due to be released tomorrow are expected to show a rise in the Consumer Price Index (CPI) to 2.1% in October, driven by increasing household energy bills.

Market traders are now adjusting their expectations, with many not anticipating another reduction in interest rates until early next year.

Read more:
Bailey warns employer tax hikes may delay interest rate cuts

Trust is an invaluable asset in business. It is the foundation upon which relationships are built, and it significantly influences customers’ decisions about whether or not to engage with your company.

How to build trust signals

Become trusted by Google

The role of the media in gaining third-party trust signals

Be a Thoughtful Leader

Embrace customer and influencer feedback

Manage your online reputation

AI increases the value of human trust signals

Use trust signals to set your brand apart

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Build trust signals for your brand to unlock next-level trust and loyalty