Michael Kors renamed Capri Holdings after $2bn Versace acquisition January 2, 2019 Michael Kors has completed the $2bn (£1.58bn) acquisition of Italian designer Versace, the US fashion brand confirmed today. Following the acquisition, Michael Kors Holdings has been renamed Capri Holdings and will trade on the New York Stock Exchange as CPRI. John Idol, chairman and chief executive of Capri Holdings, said: “Versace has long been recognised as [...]
Debenhams share price plunges as investors fear disappointing Christmas trading January 2, 2019 Shares in Debenhams plunged almost nine per cent this morning amid fears of poor trading over the festive period. The department store chain saw its share price tumble to 4.68p on the first day of trading in 2019, ahead of an update due on 10 January. The sliding shares suggest investors have low expectations for [...]
Iceland to fight £21m claim that it pays staff less than the national minimum wage January 2, 2019 Iceland could be hit with a £21m fine after HM Revenue and Customs ruled that its Christmas savings scheme technically results in staff being paid less than the national minimum wage. The supermarket disputes the finding, which relates to a scheme whereby the company allows employees to voluntarily set aside money from their weekly wages over [...]
Luxury slippers brand Mahabis falls into administration January 2, 2019 Upmarket footwear brand Mahabis has entered administration after four years of trading, the company has confirmed. The luxury slippers maker called in administrators KRE on 27 December, despite selling almost 1m pairs of slippers in more than 100 countries. Mahabis described itself as “desperately disappointed” at the news. The online retailer – which targeted millenials [...]
Music retailer HMV appoints KPMG as administrators after entering administration for second time since 2013 December 29, 2018 KPMG has been appointed administrator of music shop HMV after the retailer announced it would enter administration for the second time since 2013. At least 2,200 jobs are at risk if the 97-year-old entertainment store, which has 128 shops across the country, collapses. The administrators will continue to operate all stores while they explore business [...]
Music retailer HMV on the verge of second administration since 2013, reports December 28, 2018 HMV is set to go into administration for the second time in six years, putting 2,200 jobs at risk, according to reports. The company reportedly filed a notice of intention to appoint administrators last week as it held last minute talks with suppliers, Sky News reported this morning. The company was bailed out in a [...]
Superdry up as board faces potential battle with founder Dunkerton December 27, 2018 Superdry gained eight per cent today as a battle is brewing for the future of the company. The shares rose by 34p to 460p by early afternoon, making the company the fastest riser on the London Stock Exchange today. The rise on the markets comes after it was reported at the weekend that Julian Dunkerton [...]
Snap lunchtime statistics suggest Boxing Day footfall down 4.2 per cent December 26, 2018 Footfall on the morning of the Boxing Day sales dropped 4.2 per cent on last year, according to initial figures, in yet another portentous signal for high street retailers. In snap statistics from the morning’s trading, footfall dropped for the third consecutive year on 26 December, a traditional shopping day as shops reopen offering post-Christmas [...]
Local councils to bid for share of £675m funding boost to Britain’s high streets December 26, 2018 Local councils are being urged to bid for a share of a £675m fund in a bid to give Britain’s hard-pressed high streets a shot in the arm. The so-called Future High Streets fund, announced in Philip Hammond’s October budget, opened on Boxing Day, and is aimed at helping councils improve transport and access to [...]
High street hopes for Boxing Day boost as spending expected to hit £4.75bn December 26, 2018 High street retailers will have their fingers crossed for a festive boost as shoppers take to the streets for the Boxing Day sales, while online sales are expected to rise 20 per cent year-on-year. British consumers are set to spend £4.75bn today, with £3.71bn of that expected to come from physical sales, according to research [...]