Next to run Gap’s UK operation in joint venture September 17, 2021 Next will manage Gap’s online business in the UK and Ireland as a franchise partner, after the companies finalised an agreement. The fashion companies announced they will form a joint venture with Next owning 51 per cent and Gap owning 49 per cent. Next will operate Gap’s e-commerce business across the Next Total Platform, host [...]
City Moves: Who’s switching jobs in the Square Mile this week? September 1, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Pictet Wealth Management poaches Goldman Sachs veteran as new CEO Pictet Wealth Management has appointed a Goldman Sachs veteran as its new CEO, following the departure of its long-standing lead Heinrich Adami. Joining next week, Robert [...]
Next boss calls for UK immigration shakeup amid lorry driver shortage September 1, 2021 Lamenting the national lorry driver shortage, Next boss Lord Simon Wolfson has called on the Home Office to shape up its immigration rules to allow overseas hauliers into the UK. The trickling supply of HGV drivers has led to 94 per cent of hospitality businesses reporting problems with the delivery of products, according to trade [...]
‘Death by PowerPoint’: Next boss on Zoom and the future of remote work September 1, 2021 Next boss Lord Simon Wolfson has said endless video meetings risk “death by PowerPoint” as firms begin to feel the benefit of workers returning to the office. The retail chief, the longest serving chief executive across the FTSE 100, earlier this year likened Zoom calls to lectures – and yesterday warned digital conferences can become [...]
Next ups full-year forecasts as heatwave spurs Brits to summer shop July 21, 2021 British retailer Next is upping its full-year financial forecasts as consumers have flocked to stores in recent weeks to get their hands on clothing fit for the UK’s heatwave. The rosy outlook stoked confidence in investors as its shares rocketed in its early trading and held up highs of 8.2 per cent in the afternoon, [...]
Weekend Read: Foreign investors flee Myanmar as regime strengthens grip May 16, 2021 Businesses have continued to bow out of Myanmar after the bloody coup has killed more than 750 people and seen over 5,000 arrested for protesting the military’s forced reign. Companies began to flee Myanmar in March, like Japanese beverage group Kirin which had a $1.7bn stake in Myanmar Economic Holdings Public Company Limited, a company [...]
Next raises profit outlook on strong winter sales May 6, 2021 Next has raised its profit outlook for the second time in two months as the high street retailer reported stronger than expected sales for the winter period. The group raised its pre-tax profit guidance for the year to £720m, up from £700m forecast in April. Shares jumped 0.9 per cent to 8,200p at market open. [...]
Next CEO Lord Simon Wolfson’s pay jumps 28 per cent despite profit plunge, shut stores and furloughed staff April 20, 2021 Next boss Lord Simon Wolfson's pay jumps 28 per cent despite profit slump, closed stores and furloughed staff
Next pauses Myanmar production after year of strong online sales April 1, 2021 Next has paused its production orders from Myanmar, it’s boss said today, as the military coup grows more deadly. “We’re not placing any more orders at the moment, that is a big step,” CEO Simon Wolfson told Reuters. “Most of the stock that we were sourcing from Myanmar…we have alternatives in place already for that [...]
Next snaps up stake in womenswear brand Reiss for £33m March 10, 2021 High street giant Next has acquired a stake in womenswear retailer Reiss for £33m. The fashion firms this morning announced that Next will purchase a 25 per cent equity stake in Reiss. Warburg Pincus, Reiss’s private equity owner, said the deal values the company at around £200m. As part of the strategic partnership, Reiss will [...]