BUSINESS LIVE: Cost-of-living crisis drives record Aldi UK sales

Marks & Spencer has teamed up with Adidas and Sweaty Betty as it extends its ‘brands’ strategy.

More than 150 products across the two sportswear brands will launch on M&S’ dedicated Sports Edit platform in early October.

M&S is hoping to drive online growth by selling third party brands, with upcoming additions including Columbia, Regatta and Sorel.

Aldi UK delivered record sales of £15.5billion last year, reflecting growth of 17.1 per cent, as the German discounter benefited from the ongoing cost-of-living crisis.

The business said it would invest £1.4billion in the two-year period to the end of 2024.

Giles Hurley, chief executive of Aldi UK and Ireland, said:

‘Although inflation is easing, households are still under real pressure from higher living costs. As a result, Britain is shopping very differently to how it did 18 months ago – fewer trips, more own label products, and switching supermarkets in search of better value.

‘What we’re seeing is a new generation of savvy shoppers who’ve turned their back on traditional, full-price supermarkets in favour of transparent, low prices, which is what we’re famous for. That’s why we’re still welcoming more and more customers through our doors – people who come to us for our low prices but stay for the award-winning quality of our exclusive brands.

‘Shoppers know they’ll always get more for their money at Aldi. That’s a promise we’ve kept for more than 30 years.’