Harrods eyes online growth with new partnership February 26, 2019 For generations it has been known for its world famous Knightsbridge department store. But now Harrods is looking to lure in shoppers through its website too, as it becomes the latest high luxury brand taking actions to adapt to the growing consumer shift away from the high street and onto the internet. High end retail [...]
MPs ratchet up the pressure on Sir Philip Green after Karren Brady resignation February 25, 2019 Sir Philip Green’s retail empire is facing the renewed scrutiny of politicians this afternoon after Baroness Karren Brady resigned from her role as chair of Arcadia. Brady, who had vowed weeks ago to stay in her post out of "a real sense of duty", has stepped down as non-executive chairman of Taveta, the holding company [...]
Laura Ashley shares soar despite denial of takeover reports February 25, 2019 Shares in Laura Ashley soared more than 20 per cent this morning after the retailer dismissed reports that that entrepreneur Michael Flacks could be weighing up a bid for the embattled firm. Shares were up 23 per cent to 3.99p this morning, despite Laura Ashley chairman Andrew Khoo’s insistence that the textile design company has [...]
Hammerson announces £500m property disposal programme as it swings to a loss February 25, 2019 Shopping centre owner Hammerson has outlined plans to offload more sites in a bid to raise more than £500m following activist investor pressure. The figures The disposal programme was outlined in Hammerson’s full-year results for 2018, in which the firm announced a £268.1m loss. In the year to 31 December net rental income dropped 6.2 [...]
Karren Brady quits her role as chair of Sir Philip Green’s retail empire February 25, 2019 Baroness Karren Brady has resigned from Sir Philip Green’s retail investment firm just days after saying she owed it to staff to stay at the company. Brady has quit her post of non-executive chairman of Taveta Investments, the company behind Sir Philip’s Arcadia Group, which includes such brands as Topshop, the firm announced this morning. [...]
An appetite for business: Deliveroo doubles down on corporate eating February 25, 2019 Late night dinners around the boardroom table have become something of a staple in modern City life, particularly for those working in demanding sectors. Food delivery startup Deliveroo is readying itself to take full advantage of that, with plans to double staff numbers in its business teams to 200 globally by the end of this year. [...]
Primark boosts revenue with new store openings but warns on like-for-like sales drop February 25, 2019 Primark said today it expects half-year sales to grow four per cent compared to last year, driven by new store openings, but the budget fashion retailer will post a two per cent drop in like-for-like sales. In the UK sales were up two per cent, while Eurozone sales jumped five per cent with strong growth in Spain, France, Italy and Belgium. However, [...]
Hammerson full-year results in tomorrow’s City focus February 24, 2019 City eyes are set to focus in on Hammerson tomorrow morning, when the embattled shopping centre landlord releases a crucial set of profit results that come against a backdrop of activist pressure and industry challenges. The listed property company, which owns flagship shopping centres such as The Bullring in Birmingham, is set to face scrutiny over [...]
Laura Ashley tells investors that it has not received a takeover bid February 24, 2019 Embattled British retailer Laura Ashley confirmed this evening that it has not received any takeover offers, as speculation mounts over a potential bid from entrepreneur Michael Flacks. The textile design company’s chairman said today that the group had no intention of selling its controlling stake following a Sunday Telegraph article which said that Flacks is [...]
Private equity player KKR reportedly circling Asda following Sainsbury’s deal setback February 24, 2019 US private equity house KKR is reportedly mulling a bid for Asda after a ruling last week by the competition regulator that could stymie its proposed tie-up with fellow big four supermarket Sainsbury’s. The Competition and Markets Authority (CMA) said last week that a deal between the two supermarkets could lead to "a substantial lessening [...]