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 [...]
Competition watchdog urged to review parcel delivery sector December 5, 2019 The UK competition watchdog has been urged to review the delivery sector after research found consumers have lost £85m due to parcel problems over the last year. According to new research, more than half – 59 per cent – of online shoppers faced issues with parcel deliveries including packages being left in insecure locations, delivery [...]
Expedia bosses quit after clashes over strategy December 4, 2019 Expedia chief executive Mark Okerstrom and finance boss Alan Pickerill have quit following disagreements with the board over the travel group’s strategy. Chairman Barry Diller said he will oversee the company’s executive leadership team with vice chairman Peter Kern. Chief strategy officer Eric Hart will serve as acting chief finance officer. The pair’s exit, which [...]
Clintons secures rescue deal saving 2,500 jobs December 4, 2019 High street card retailer Clintons has secured a pre-pack administration deal to allow it to continue trading through the crucial Christmas trading period. Clintons has been bought out of administration by Esquire retail, a new vehicle that has been established by the Weiss family, which has owned the card retailer since 2012. Read more: Clintons [...]
Edinburgh Woollen Mill posts strong profits ahead of potential Bonmarche deal December 4, 2019 Philip Day’s Edinburgh Woollen Mill Group reported strong profits in its latest financial update as the billionaire businessman eyes potential acquisitions for his high street empire. The group, which includes brands such as Peacocks, Jaeger and Austin Reed, reported profit after tax of £23.4m in the 27 weeks to 2 March, on revenue of £327.14m. [...]
Stock Spirits shares up as Polish vodka demand drives revenue growth December 4, 2019 Shares in Stock Spirits rose more than five per cent this morning after the drinks company served up a strong rise in revenue and profit for the full year. The London-listed firm posted a nine per cent rise in revenue to €312.4m (£264.7m) in the year to the end of September, while pre-tax profit jumped [...]
DEBATE: Are there any signs that UK retailers could be in for a merry Christmas this year? December 4, 2019 Are there any signs that UK retailers could be in for a merry Christmas this year? YES, says Nicholas Mazzei, a corporate social responsibility adviser. There has been much lamentation of the declining retail sector as a mark of our age, but this Christmas is looking to be very merry for retailers. Black Friday was [...]
Peloton’s ‘sexist’ advert was so bad it sent shares crashing December 4, 2019 Exercise bike firm Peloton is facing a fierce backlash over a Christmas advert that has been widely mocked as “sexist” and “dystopian”. The 30-second campaign shows a woman receiving a Peloton bike – which costs roughly £2,000 – from her husband. Read more: What the cluck? Watchdog bans offensive KFC advert over swear word reference [...]
Quiz swings to £7m loss as it blames ‘very challenging’ UK high street December 4, 2019 Fast fashion brand Quiz has plunged into a loss due to expensive shop leases and a lack of footfall in the first half of its financial year, it revealed today. Shares sank 16 per cent in response to leave the embattled retailer’s stock valued at just 14.05p per share. Read more: Quiz has already issued [...]
Loungers shares rise as it cuts losses amid new restaurant openings December 4, 2019 Shares in Loungers rose as much as four per cent this morning after the bar and restaurant group slashed its loss and boosted revenue after opening a string of new sites. Read more: Loungers revenue soars following restaurant expansion Revenue rose 22 per cent to £79.8m in the 24 weeks to 6 October, while the [...]