Fast fashion, Tesco, KFC, Monzo: your commercial news round-up

As the Tory leadership contest sees the four candidates whittled down to the final two today, and tensions between the US and Iran escalate, there really is never a dull moment on Planet Earth. Draw your focus for five minutes to the business world and you’ll see that there are many places that politics, economics and the law intersect. Here’s this week’s commercial news round-up:

• Online clothes retailer Missguided came under fire this week as its £1 bikini was described as “disgusting, exploitative fast fashion”. Meanwhile competitor Boohoo launched its first recycled clothing range made from reclaimed plastics that had been destined for landfill. It comes as a report by MPs urged the government to put an end to the era of throwaway clothes and poor working conditions in the fashion industry.
• Tesco is considering new plans to launch a chain of high-end convenience stores based on the supermarket’s Finest food range. Chief executive Dave Lewis, revealing the plans to analysts and investors this week said that there was opportunity to serve upmarket customers in this way, rivalling Marks & Spencer’s Simply Food stores.
• Vegans across the country this week rejoiced at the news that fast food chain KFC has entered the vegan food market by launching its first vegan chicken burger. ‘The Imposter’ burger is made from Quorn and will be trialled at selected restaurants in the UK this summer.
• Mexican restaurant chain Wahaca will no longer charge its waiters when customers leave without paying. The controversial policy caused outrage but the restaurant’s headquarters said that there had been an “internal communications issue” when a tweet circulated this week from a former Camden Council Labour leader who had witnessed a walk-out and been told by the waiter he would be forced to foot the bill.
• Monzo – the online banking app popular with millennials in the UK – has said that it is planning to launch in the US. Founded in 2015, the app has over 2 million users in the UK and is valued at nearly $1.3 billion. It will face challenges in the States, with potentially stricter regulations and approvals needed to be gained state by state.

Be sure to check the News every Thursday for this weekly commercial news round-up. Follow @LawCareersNetUK on Twitter and like us on Facebook for instant business news updates.