JD.com share price falls after CEO’s sexual misconduct arrest September 4, 2018 Chinese retail giant JD.com's share price has fallen more than six per cent in early trading this afternoon, after its chief executive was arrested and released on suspicion of criminal sexual conduct in the US over the weekend. Richard Liu has since returned to China, after being arrested by Minneapolis policy on Friday and later [...]
London luxury goods repair service The Restory among startups picked for Farfetch incubator September 4, 2018 A London-based start-up which repairs luxury fashion items is among the businesses selected for Farfetch's retail technology incubator. The Restory, which restores designer items, is one of 11 start-ups selected for the 12-week Dream Assembly programme. Farfetch plans to support fashion tech start-ups with talks, mentoring and networking opportunities. "The companies we have selected for the first Dream [...]
AccorHotels scoops up Movenpick Hotels September 4, 2018 Ibis and Mercure owner AccorHotels announced today that it has completed its £430m takeover of Movenpick Hotels and Resorts, adding to its collection of recent luxury acquisitions. The French hotel giant paid €482m (£434m) for the 84 hotels which began life as an offshoot of the famous ice cream brand during the 1970s. It will enhance Accor's presence [...]
Pret a Manger unveils £100m sales growth as coffee war heats up September 4, 2018 Sales at Pret a Manger grew by more than £100m in 2017 as the chain expanded globally and opened its 500th shop. Revenue soared by 13.2 per cent to £878.5m, driven by expansion into 58 new stores as well as strong like-for-like growth of 3.2 per cent. Read more: Coca-Cola moves for Costa coffee brand in £4bn [...]
Bricking it: Lego sales and profits fall on weaker dollar September 4, 2018 Lego was impacted by the weaker US dollar in the first half of 2018, reporting lower sales and profits today. The Danish toy company said it was pleased with performance given the challenges of the toy industry, and is now focused on stabilising the business. The figures Global consumer sales grew one per cent in [...]
Gaming retailer Green Man prepares for £100m float as it targets ‘aggressive’ international expansion September 4, 2018 Online video game retailer Green Man Gaming has announced plans to float on the London Stock Exchange in order to “aggressively” expand into international markets. The company, which sells games for a number of consoles, including Sony PlayStation and Nintendo Switch, plans to list on the Alternative Investment Market (AIM) later this month with a [...]
McColl’s sales still impacted by Palmer & Harvey collapse September 4, 2018 Sales at convenience retailer McColl's have struggled to pick up for another quarter as the company still grapples with the collapse of wholesaler Palmer & Harvey. The figures Total revenue in the 13 weeks to 26 August was up 0.6 per cent, but like-for-like sales slipped 0.9 per cent due to continued supply chain disruption. [...]
Halfords sales speed up as servicing business benefits from drop in car sales September 4, 2018 Halfords Group reported sales growth this morning against a tough backdrop, but profits are still expected to remain flat on last year. The update came ahead of new chief executive Graham Stapleton's strategy update at the end of this month, though analysts do not expect any radical changes at the business. The figures Total revenue in [...]
Hot weather and high fuel prices drive consumer spending up in August September 4, 2018 Consumers spent an extra 4.5 per cent year-on-year in August, driven by hot weather and high food and fuel prices. Spending on petrol climbed to 10.9 per cent, while there was a five per cent increase in supermarket spending. Brits also flocked to pubs to enjoy the last of summer, spending 11.9 per cent more [...]
Influential advisory group slams Sports Direct and Webuyanycar.com owner ahead of investor meetings September 3, 2018 Shareholder advisory group Pirc has published reports recommending investors vote against key proposals at the annual general meetings (AGM) of retailers Sports Direct and Webuyanycar.com owner BCA Marketplace. Pirc came out strongly against Sports Direct chief executive and 61 per cent shareholder Mike Ashley, recommending that investors vote against his re-appointment. Read more: Sports Direct [...]