American clothing retailer with four brands, large U.S. footprint
July retail activity across the UK shows mixed momentum. Food and hospitality have benefited from warm weather and England’s World Cup run, while non-food and big-ticket categories lag. Card spending is higher than a year ago, and consumer demand remains fragile as inflation and costs weigh on shoppers.
Harvey Nichols has been put up for sale and is undergoing a turnaround led by Frasers Group. The six-storefront estate, including Edinburgh’s flagship, will continue operating while a broader restructuring is pursued, with potential integration of Flannels and the wider Frasers luxury ecosystem.
Global markets have closed mixed as investors await Nvidia’s results and the Jackson Hole speeches, with oil pricing edging lower amid tensions over Iran and sanctions signals.
Gap has named Michael Francis as the new chief executive of Old Navy, with Haio Barbeito moving to an advisory role. The shift comes as Old Navy’s quarterly sales lag and the company pursues a path to restore momentum while maintaining its broader strategy.
Next has raised full-year profit guidance for the fourth time this year, citing strong half-year performance aided by unusually warm summers. Morrisons reports robust quarterly trading, while Jigsaw showcases momentum, with online growth and international expansion under a turnaround plan.
Meta has integrated its Muse AI assistant more deeply into glasses and wearables, unveiling new features at Connect 2026. The company is pushing Muse across hardware, including AI glasses, VR glasses, and a new Charm device, as it aims to embed AI into daily life while expanding hardware partnerships and services.
Oil markets are adjusting amid renewed attacks near the Strait of Hormuz and coordinated fuel releases by the G7 and IEA. While some shipments resume, the risk to global supply remains elevated as tensions persist and sanctions pressure grows.