About time: Richemont appoints new chief exec after leaving position empty for two years September 10, 2018 Swiss luxury goods firm Richemont has appointed a chief executive after leaving the position unfilled for almost two years. The owner of brands like Cartier and Montblanc said its chief operating officer Jérôme Lambert would step in as boss. It marks a u-turn by chairman and controlling shareholder Johann Rupert, who got rid of the chief executive role [...]
Retail footfall figures dropped in August due to heatwave and inflation September 10, 2018 The summer heatwave and food price inflation halted three months of retail footfall growth on the high street in August. Overall retail footfall dropped by 1.6 per cent on the previous year, with the sharper decline due to rising food inflation, which left shoppers with less money for non-essential items, the British Retail Consortium (BRC) revealed [...]
Sweet relief: Primark boosts revenue to alleviate owner ABF’s sugar woes September 10, 2018 Despite a gloomy outlook for retailers, Primark expects to increase revenue by 1.5 per cent to boost profits this financial year, offsetting a fall in sugar prices in Europe for owner Associated British Foods (ABF). Strong first and second half sales are expected to help the budget clothes brand to post the increase, with UK [...]
John Lewis could face profit hit after heavy discounting September 9, 2018 Retailer the John Lewis Partnership may take a £50m hit to profits after slashing prices this summer in the wake of the collapse of House of Fraser. The Waitrose-owner was forced to cut prices after department chain House of Fraser collapsed into administration leading to mass stock clearance. Read more: Changing tastes shows retail’s centre [...]
Debenhams calls in top auditors to weigh up potential insolvency September 9, 2018 Embattled department store chain Debenhams has called in Big Four accountancy firm KPMG to help carry out desperate restructuring measures which could include a controversial insolvency process. Among the contingency options currently being weighed up by KPMG is a company voluntary arrangement (CVA), which is an insolvency option that can be used to close stores [...]
Supplier joins growing calls for investigation into House of Fraser collapse September 9, 2018 Mike Ashley’s calls for an insolvency investigation into House of Fraser’s former directors were backed by one of the department store’s major suppliers today. Tea Terrace boss Ehab Shouly told the Sunday Times that House of Fraser’s erstwhile bosses withheld vital information about the company prior to its collapse last month. One source close to [...]
Waterstones acquires Foyles bookshops as it squares up to Amazon September 7, 2018 Waterstones has announced the acquisition of the Foyles bookshops, saying the combined business will be stronger in the face of Amazon's "siren call". The 115-year old Foyles has seven shops including four in London, one of which is its large flagship on Charing Cross Road. Waterstones managing director James Daunt said he looked forward to "joining forces" [...]
Shoppers ditch high street in one of the worst Augusts on record for retail September 7, 2018 Shoppers ditched the high street in August, making it one of the worst months on record, new figures have shown. Sales dropped at their steepest rate for three years, accountancy and business advisory firm BDO said in its latest high street tracker, released today. The 2.7 per cent year-on-year decline also marked the seventh month in [...]
English whisky maker The Lakes Distillery considers IPO on London’s junior market September 7, 2018 English whisky maker The Lakes Distillery is mulling a listing on London's junior market, it revealed this morning. The company has appointed N+1 Singer as its nominated adviser and broker and convened a meeting to gain shareholder approval later this month. Lakes Distillery, which was founded in 2011, would look to raised up to £15m [...]
Greene King gets a World Cup boost as it presses ahead with pub sales September 7, 2018 Pub group Greene King sold 3.7m pints of beer during the World Cup, helping it to post solid growth figures ahead of its AGM today. But the company is to press ahead with cost-saving measures and making its estate smaller through the disposal of around 100 pubs this year. The figures In the 18 weeks to 3 [...]
