EU regulator sets October deadline to rule on Sony’s EMI takeover September 25, 2018 Sony will find out by 26 October if its $2.3bn (£1.8bn) takeover of EMI Music Publishing will win approval from antitrust authorities. The European Commission set the provisional deadline after being formally notified of the deal on Friday. Sony is already a major shareholder in EMI, having bought 30 per cent of the firm [...]
Next nudges up profit guidance after blistering summer despite ‘volatile’ market September 25, 2018 British fashion retailer Next nudged up its full-year outlook this morning, after the firm’s strong summer performance unexpectedly carried on into August and September. Next posted half-year pre-tax profits of £311.1m compared with £309m in the same period last year, raising its full year guidance by £10m to £727m. The better-than-expected forecasts have largely been [...]
West End retailers ‘hit by staff shortages’ as property boss urges action on visa rules September 24, 2018 London’s renowned West End retail economy is under threat from staff shortages, according to the boss of one of the area’s largest investment firms. Shaftesbury Group’s chief executive Brian Bickell, whose £3.86bn FTSE 250 property company represents nearly 600 West End businesses, told City A.M. that a combination of tight visa restrictions and uncertainty around EU [...]
Brockmans Gin doubles UK sales as supermarket expansion pays off September 24, 2018 High-end spirit producer Brockmans Gin nearly doubled UK revenues in the first six months of the year, and grew by a third globally. First-half revenue increased 35 per cent to £4.73m from £3.5m in the same period of 2017, while the company’s UK sales climbed 90 per cent, outstripping market growth of 38 per cent. The Surrey-based [...]
Debenhams looks to shore up investor panic with unveiling of its ‘store of the future’ September 24, 2018 Debenhams is gearing up for the unveiling of its “store of the future” later today, as the beleaguered retail giant looks to reassure both shoppers and investors after a challenging summer. The department store chain is also expected to reveal more details of its turnaround plans at the event in Watford today, having denied [...]
French supermarket Carrefour denies making an offer for rival Casino September 24, 2018 French supermarket Casino has claimed it has rejected an offer from rival Carrefour, though Carrefour has denied ever making a bid for the firm. Casino released a statement last night that said its board had unanimously rejected an approach from the retail giant due to potential conflicts over employment and competition. Read more: Tesco reveals budget supermarket chain, Jack's Carrefour, which is [...]
Versace set to walk the runway with rumoured sale ‘within hours’ September 24, 2018 Shares in fashion brand Michael Kors are down more than eight per cent on rumours that it is in talks to buy Versace. Fashion kingpin Versace is rumoured to be “within hours” of being sold, according to Italian news reports which emerged early this morning. Newspaper Corriere della Sera, which has cited unnamed sources, [...]
Thomas Cook share price dives after summer heatwave hits profits September 24, 2018 Thomas Cook's share price crashed more than 20 per cent in early morning trading, after the firm was forced to slash its profit forecasts in the wake of a blistering summer heatwave. The UK travel giant said it expected core earnings (Ebit) would be roughly £280m for the 12 months to the end of September, [...]
Shareholders urged to revolt against Joules founder September 23, 2018 The founder of eponymous London-listed fashion brand Joules is set to face a fresh challenge at the company’s annual general meeting on Thursday, over a board proposal that could increase his own stake in the retailer. Independent shareholder advisory firm ISS encouraged investors in a report ahead of the meeting to vote against the board's [...]
Online retail to be Next’s summertime saviour as hot weather boosts sales September 23, 2018 Fast fashion stalwart Next is preparing to reveal its half year results to investors on Tuesday, with many eager to see whether its online sales uptick continued throughout the UK’s extended hot summer. The retailer had previously warned earlier this year that it was facing its toughest trading conditions in 25 years as customers [...]