Mike Ashley survives Sports Direct AGM showdown as shareholders approve re-election September 12, 2018 Sports Direct owner Mike Ashley has survived a potential shareholder backlash in the retailer’s annual general meeting (AGM) today. Roughly ten per cent of investors voted against the re-election of billionaire Ashley, who reportedly did attend the AGM after previously saying he was too busy to take part. However, Sports Direct chairman Keith Hellawell resigned hours [...]
Sports Direct AGM: Board ‘mulled Debenhams and House of Fraser merger’ September 12, 2018 Merger plans for department store chains House of Fraser and Debenhams have been discussed by the Sports Direct board a director revealed today. Talks about combining the two major high street retailers come a month after Mike Ashley, who owns nearly 30 per cent of Debenhams, snapped up House of Fraser, announcing that he wanted to turn the [...]
Plus-size retailer N Brown Group announces departure of chief executive Angela Spindler September 12, 2018 Digital fashion retailer N Brown Group has announced chief executive Angela Spindler will step down at the end of the month. Current chief executive officer of the financial business, Steve Johnson, will step into the job until a permanent replacement is found. The online outlet, which stocks plus-size brands such as Simply Be and Jacamo, [...]
Sports Direct chair Keith Hellawell to step down from board following pressure from City adviser September 12, 2018 Chairman of Sports Direct Keith Hellawell is to step down from the board after the company's annual meeting later on today after facing pressure from an influential City advisory group. Hellawell has served as chair since November 2009, David Daly, a non-exec director will take on the role of chairman after the meeting with shareholders later today. [...]
Superdry hires former Tommy Hilfiger exec to push brand presence September 12, 2018 Superdry has hired former Tommy Hilfiger executive Brigitte Danielmeyer as it looks to expand its brand digitally and develop new ranges. Danielmeyer was global head of womenswear at Tommy Hilfiger for four years to 2016 and has also held executive roles at Esprit and most recently Liebeskind Berlin. The new role of chief product officer [...]
Hermes posts huge profit spike as China demand pushes it to new heights September 12, 2018 Hermes delivered a record operating margin for the first half of 2018 today, as well as posting a 17 per cent jump in profit to reach €708m (£631m). The French luxury handbag maker saw group revenue rise by five per cent year on year to €2.9bn for the six months ending 30 June, with its [...]
Mike Ashley proclaims House of Fraser strategy will be a ‘game changer’ ahead of Sports Direct annual meeting September 12, 2018 Sports Direct boss Mike Ashley today said his strategy for newly acquired House of Fraser would be a "game-changer" ahead of his company's annual meeting today. "Our strategy to transform House of Fraser into the 'Harrods of the High Street' will be a game changer," he said. In a statement to the market ahead of [...]
Zara owner Inditex sales creep up as it expects profits to boom in second half September 12, 2018 The Spanish owner of high street store Zara Inditex today reported a steady increase in sales in the first half of the year. The figures The world's biggest clothing retail group said sales rose three per cent in the first six months of 2018, just surpassing €12bn (£10.7bn) for the first time. Net profit beat first half records, [...]
Dunelm to simplify after profits drop in ‘difficult and disappointing’ year September 12, 2018 Homeware retailer Dunelm has said it will simplify the business following a “difficult and disappointing” year, which saw profits fall nearly seven per cent. Read more: Mike Ashley proclaims House of Fraser strategy will be a 'game changer' The figures The company said revenue for the year ending 30 June was £1.05bn – 10 per cent [...]
Judge tells Sports Direct to hand over documents in audit watchdog investigation September 11, 2018 A London judge today ruled that Mike Ashley's Sports Direct must hand documents to the accounting regulator to assist with an investigation into its 2016 financial results. Shares in the retailer fell as much as 9 per cent and closed five per cent down following the court judgement. The Financial Reporting Council (FRC) is investigating [...]