Breakfast briefing: Next, Scottish retail sales and more

Next reduces boss’ pay amid declining profits

Next has reduced the pay package of its management teams following the first profit decline in eight years, the BBC reported.

Next’s chief executive Lord Wolfson's total pay has been reduced from £4.3m to £1.8m, resulting in a pay cut of 55%.

None of the top management bosses or non-executive directors received a bonus.

Operations director Michael Law and sales and marketing director Jane Shields received a 1% increase in basic pay to £416,000.

Head of the remuneration committee Caroline Goodall said: "It has been a challenging year for Next and the remuneration outcomes for the directors have reflected this".

Scottish retail sales decline

Scottish retail has recorded a 1% decline in like-for-like sales, The Times reported.

Total sales, including the effect of new stores and expansions, decreased 2.1% last month.

According to the Scottish Retail Consortium, total sales declined 1.3%, with non-food category and online sales declining 5.2% and 4.1% respectively.

The grocery sector reported 1.8% increase in the total food sales.

Zimmermann to launch store in London

Zimmermann, the Australian fashion brand, is set to open its first store in Mayfair, London before the end of 2017, the London Evening Standard reported.

Shoppers in the UK could only buy goods from concessions in shops such as Harrods, or online.

The store will be opening on Bruton Street.

Zimmermann declined to comment.