The owner of Monsoon has hit out at Reeves' tax hikes. Credit - Getty

The owner of Monsoon and Accessorize has warned the tax rises introduced by Chancellor Rachel Reeves are forcing it to stop investing in its growth.

Adena Brands, which is owned by Peter Simon, is “focusing on reducing our cost base over investing in growth” until it sees signs of strengthening consumer demand.

The business added that’s “something we do not anticipate over the next year given the likely impact of tax increases”.

The Monsoon and Accessorize owner also said it is experienced “continued subdued consumer spending and the impact of cost increases” in its current financial year which started in September.

However, the company said that despite these factors it is “seeing positive results from the investme

See Full Page