KPMG news and archive

KPMG fined for audit of N Brown’s FY22 statements

The Financial Reporting Council (FRC) has issued fines against KPMG and a former partner of the advisory firm in relation to their audit of financial statements for fashion retailer N Brown Group. Following an investigation, the FRC has imposed a fine of 1.25 million pounds on KPMG and a further 90,000 pound fine on Anthony Sykes, who resigned...

Retail

July retail sales rise yet fashion experiences bumpy ride

Total retail sales across the UK rose by 2.5 percent year-on-year in July, according to new data from the British Retail Consortium (BRC). While warm weather at the beginning of the month encouraged activity, the eventual return of rain impacted sales, particularly in fashion. “Fashion sold well early in the month, but deteriorated as weather...

Retail

Clothing welcomes modest growth as retail sales edge up in June

Total retail sales in the UK rose by 3.1 percent year-on-year in June, as soaring temperatures and sports events encouraged shoppers. This was against a decline of 0.2 percent reported in June 2024, according to data from the British Retail Consortium (BRC) and KPMG. While food sales were up 4.1 percent, non-food sales rose 2.2 percent YoY,...

Retail

Retail sales marginally increase in March despite shift in holidays

New figures by KPMG-British Retail Consortium (BRC) have shown a slight increase in UK retail sales for the month of March, despite a shift in date for Easter that distorts the year-on-year sales comparisons. With this in mind, retail sales for the month rose 1.1 percent YoY, against a growth of 3.5 percent in March 2024. This came below the...

Member

People

Designer Brands appoints John Atkinson to its board of directors

Designer Brands has appointed John Atkinson as a member of its board of directors, effective August 1, 2024. The company said Atkinson was also named a member of both the audit committee and the nominating and corporate governance committee. "John’s extensive expertise as a strategic financial counsellor will be fundamental to guiding our path...

Member

Business

Dune Group founder appoints KPMG to attract business investors

The Dune Group’s founder and chairman, Daniel Rubin, has appointed KPMG to find new investors in the business. Rubin, who established the footwear and accessories brand 30 years ago, said in a statement: “Having spent 47 years in the footwear industry the time is right to realise the investment I have made in Dune. The business is strong with a...

Member

Business

Study: 90 percent of consumers are “curious” about the metaverse

One innovation that brands, retailers and consumers can hardly ignore is the metaverse, a virtual reality space where users can interact with a computer-generated environment and each other. More and more brands and retailers have discovered the metaverse for themselves and are trying to attract their customers not only offline and online, but...

Featured

Retail

UK spending falls in April, but fashion shines as demand for occasionwear returns

Consumers in the UK cut down on their spending last month as the cost of living rose, but fashion continued to outperform other categories as Brits geared up for summer social events, new data shows. Overall sales dropped by 0.3 percent year-over-year in April, the first decline in the past 15 months, according to the latest BRC-KPMG retail...

Featured

Retail

UK retail sales growth slows in August, but formalwear performs well

UK retail sales began to slow in August as pent-up demand to shop post-lockdown started to fade, but fashion retailers reported a strong performance, especially in the formalwear segment, new data reveals. On a total basis, sales were up 3 percent last month against a growth of 3.9 percent in August last year, according to the latest BRC-KPMG...

Retail

400,000 jobs could be lost from English high streets post-Covid

Some 400,000 jobs could be lost across England’s high streets post-Covid as an acceleration of online shopping and new work-from-home habits are expected to drive down footfall, new research suggests. According to a report by KPMG, a drop in commuter flow in England could range from over a tenth to under a third of commuter footfall seen...

Retail

UK retail sales hit record low in 2020

UK retail sales hit a record 25-year low in 2020 during a year plagued by prolonged store closures. For the whole year, total sales fell 0.3 percent compared with 2019, a record low since records began in 1995, according to the latest BRC-KPMG retail sales monitor. That drop was driven by non-food items, as categories such as fashion were hit...

FeaturedMember

Business

Vanners bought out of administration

Sudbury-based textiles manufacturer, Silk Industries that trades as Vanners, has been bought out of administration by businessman Roger Gawn. Vanners, which develops and manufactures silk fabrics and products for the luxury menswear, fashion and furnishing markets, fell into administration on November 9, 2020. Silk Industries appointed James...