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 [...]
Deliveroo appoints Next boss Simon Wolfson to board January 19, 2021 Deliveroo has appointed Next chief executive Lord Simon Wolfson to its board as a non-executive director. Wolfson, who has led the high street fashion chain since 2001, took up the role this week. It comes as the food delivery platform gears up for what could be the largest initial public offering of the year. Deliveroo [...]
Next confirms consortium bid for Topshop-owner Arcadia January 5, 2021 Next has confirmed that it is part of a consortium bidding for Arcadia brands, but said it was not seeking majority ownership of Sir Philip Green’s collapsed business empire. It was reported last month that the high street retailer was holding detailed discussions with Davidson Kempner about a combined offer for Arcadia, the owner of [...]
Next shares soar following strong online Christmas sales January 5, 2021 British fashion giant Next today reported a surge in online sales over the Christmas period that looks set to boost profit beyond expectations for the year and help offset high street losses. Full-price sales fell 1.1 per cent in 2020 compared to the year before, beating its central guidance of an eight per cent annual [...]
This Week: PMIs, Morrisons, Next, US unemployment, Fed, M&S January 4, 2021 City A.M. looks at the first business week of 2021 with Michael Hewson, chief market analyst at CMC Markets UK. Monday: UK PMIs for December Flash numbers in the middle of December were surprisingly encouraging, with manufacturing rising to 57.3. “No doubt due to some pre-Brexit stockpiling. services also managed to rebound a touch, coming [...]
Next hikes profit forecast after stronger than expected sales October 28, 2020 Next has hiked its profit forecast for the year after sales in the third quarter were stronger than expected. The high street retailer said full-year profit before tax is now expected to be £365m, £65m higher than the forecast given in September. Full price sales in the three months ended 24 October increased 2.8 per [...]
Next boss warns thousands of retail jobs set to become ‘unviable’ September 25, 2020 The boss of fashion retailer Next has warned that hundreds of thousands of retail jobs could become “unviable” due to a more permanent shift to online shopping caused by coronavirus. Lord Wolfson, who heads up the British high street chain, said there were tough times ahead for the sector, following the Chancellor’s announcement of the [...]
Next and M&S show that consumer behaviour isn’t set in stone July 1, 2020 Non-essential shops reopened on 15 June and most leisure attractions are due to reopen on 4 July, indicating a return to some resemblance of normality. There were long queues when high street favourites like Primark reopened, but have 12 weeks of lockdown changed the shopping habits of the British people? New YouGov data suggests that [...]
Next warns sales could drop 40 per cent this year after steeper decline than expected April 29, 2020 High street retailer Next warned this morning that full-year sales could dive as much as 40 per cent after the impact of coronavirus on trading was “faster and steeper” than expected. Next’s share price dropped as much as four per cent after the retailer said total full price sales including interest income were down 38 [...]