Tourist tax; Frasers buys more Boohoo; John Lewis adds key exec; Superdry new COO

The removal of tax-free shopping for tourists is costing the UK £10.7 billion in lost GDP and two million extra foreign visitors a year spending money across the economy, new economic analysis has concluded.

The Centre for Economics and Business Research (Cebr) found if the traditional scheme offering VAT-free shopping for tourists was restored, there would be an overall benefit to the public finances. For every £1 refunded in sales tax to foreign tourists, “the exchequer would gain £1.56 in other taxes thanks to the dynamic economic effects of tourist expenditure”.

The additional revenues generated would outweigh the losses associated with sales tax refunds by £2.3 billion in 2023, the report concluded.

Frasers Group has added to its Boohoo Group holdings… again. The hugely inquisitive company now owns 7.8% of the online fashion, retail specialist, up from a 6.8% holding last week. The company only began building its stake in Boohoo in June.

Frasers is also to cut more than 100 roles at its Manchester office in a streamlining process around its acquired brands Missguided, I Saw It First and Studio Retail, according to a Drapers report. Several hundred roles have already been cut in the wider business.

John Lewis has made a “key appointment” to lead its new customer planning team. Andreas Nicolaides will join in October as Head of Customer Planning & Channels.

His remit will include “modernising and optimising John Lewis’s marketing across stores and online in a way which deepens relationships with its customers” and optimising “the use of marketing assets to deliver commercial value for the business”.

He had been Group Marketing Director and more recently General Manager role for Simply Be and JD Williams owner N Brown. He’s also worked for Monsoon. 

Superdry has promoted global sourcing and sustainability director, Shaun Packe to be its COO. He joined the firm in 2011 becoming sourcing director in 2018 and adding sustainability director in 2019. Before this he spent six years in sourcing roles at Asda’s George label. 

The move comes a few months after the retailer’s COO Silvana Bonello stepped down.