Tesco mulls sale of Thailand and Malaysia operations December 8, 2019 Tesco is mulling the sale of its business in Thailand and Malaysia, the supermarket giant confirmed today. The grocer said it had launched a review of the strategic options for the two Asian divisions, where it operates under the Tesco Lotus brand, “including an evaluation of a possible sale”. Read more: Tesco chief resigns after [...]
Ted Baker hires headhunters to replace chairman December 8, 2019 Embattled retailer Ted Baker has appointed headhunters to find a replacement for chairman David Bernstein, as it seeks to reshuffle its senior management team following a challenging year for the upmarket brand. The retailer has hired consulting firm Korn Ferry to appoint a successor for Bernstein, who became chairman in 2013 and took on executive [...]
Stonegate takeover of pub chain Ei Group ‘may raise prices’ at local boozers December 6, 2019 A £1.3bn merger between Slug and Lettuce owner Stonegate and pub chain Ei Group may lead to higher prices in some local areas, the competition watchdog has warned. The Competition and Markets Authority (CMA) today said that the deal, which would create the country’s largest pub group, did not raise competition concerns on a UK-wide [...]
Primark set to drive another year of growth for ABF December 6, 2019 Associated British Foods (ABF), the British multinational which owns Primark, reiterated its outlook for the new financial year ahead of this morning’s AGM. The new financial year will see Primark expand its selling space, with the most new stores being added in France and Spain. Read more: Primark bounce helps offset sugar slump at ABF [...]
High street sales plunge week before Black Friday December 6, 2019 High street sales plunged the week before Black Friday as shoppers held out for bargains, according to the latest data. Like-for-like sales fell 17.14 per cent before Black Friday, in one of the worst weekly drops seen since the Beast from the East decimated sales in March 2018. Read more: Inside Amazon’s Black Friday operations [...]
Packaging giant DS Smith cites ‘difficult’ conditions as e-commerce boom loses momentum December 5, 2019 Packaging giant DS Smith has suffered from weak paper prices and worse-than-expected volumes over the last six months, amid “difficult” market conditions. It comes as analysts projected that the industry’s momentous growth on the back of online shopping in recent years appears to be losing steam. Shares in DS Smith fell 7.1 per cent today. [...]
Moncler shares jump on reports of Kering takeover bid December 5, 2019 Shares in high-end coat retailer Moncler jumped this afternoon following reports that Gucci-owner Kering is mulling a takeover bid, despite Moncler boss Remo Ruffini’s instance that there is no “concrete” deal in the works. The luxury group, which also owns Yves Saint Laurent, has reportedly held early-stage talks with Moncler about a potential deal, which [...]
Tiffany & Co earnings dive as Hong Kong protests hurt sales December 5, 2019 Luxury jewellery maker Tiffany & Co reported a sharp drop in earnings in the third quarter after disruption caused by protests in Hong Kong hit sales, ahead of the company’s acquisition by Louis Vuitton owner LVMH. The company posted net earnings of $78m in the three months to 31 October, down 17 per cent on [...]
Dunelm share price surges on strong sales and new website December 5, 2019 Dunelm shares rocketed in early trading today after it predicted higher full year profits thanks in part to a good customer response to a crucial new website. The furnishings retailer said it maintained strong sales growth online and in stores during a “critical” transition to a new website platform that it hopes will improve its [...]
Boohoo co-founders sell off £143m of shares December 5, 2019 Boohoo’s Boohoo’s co-founders have sold a whopping £142.5m of shares in their company, it emerged today, sending the online retailer’s stock down in early trading. Co-founder and executive director Carol Kane sold a third of her stake in the fashion brand – 15m shares – for 285p each to slash her stake to 2.7 per [...]