Fast fashion: Shein raising funds at £100bn after IPO plans delayed amid Russia conflict April 3, 2022 Chinese fast fashion retailer Shein is reportedly eyeing a funding round at a valuation of some $100bn. The Gen Z e-commerce giant is in talks with potential investors to raise around $1bn, according to a report from Bloomberg, citing people familiar with the matter. Bosses are still mulling over the plans, with potential for details [...]
Carnival shareholders told to oppose $15m pay bonanza for cruise boss April 3, 2022 Cruise ship operator Carnival has scrapped its pay rules to dish out a bonus worth $15m (£11.4m) to its chief executive, in a move set to infurirate shareholders. The owner of P&O Cruises granted a $6m bonus to Arnold Donald, despite standard performance criteria not being met, The Sunday Times reported. The cruise boss was [...]
Pop-up firm Sook tops £1m sales as Instagram businesses dabble with bricks-and-mortar retail April 1, 2022 Pop-up retail company Sook has hit £1m sales, with CEO John Hoyle telling CityA.M. an “explosion” of social media brands are looking for flexible spaces. Speaking to CityA.M., Hoyle said small businesses who use TikTok and Instagram are increasingly keen to venture into physical retail on a flexible basis. The company has seven spaces in [...]
BNP Paribas bags majority stake in Dutch asset manager April 1, 2022 BNP Paribas Asset Management has acquired a majority stake in Dutch asset manager and specialist lender Dynamic Credit Group. The deal brings the total assets under management to €20bn for BNP AM’s private debt and real assets investment division. BNPP’s David Bouchoucha said the deal “marks an important step” in the development of the French [...]
Fashion chain Quiz anticipates profit for first time in three years April 1, 2022 High street clothes-seller Quiz said it anticipates the first year of profit since 2019, after heavy pandemic losses. The beleagured chain forecast a profit before tax of some £500,000 in the year to the end of March. It last made a profit of £600,000 in the year ending March 2019. Total full year group revenue [...]
Minor wins bid for The Wolseley after battle between Corbin & King and Thai stakeholder April 1, 2022 The Wolseley restaurant’s majority shareholder has taken full control of the chain following a row with its co-founder. Corbin & King’s co-founders have previously said the London restaurant business was “under siege” from its shareholder. Thai hotel chain Minor International already held a 74 per cent stake in the company and said it now has [...]
Peel Hunt revenue surpasses expectations despite market slowdown amid war in Ukraine April 1, 2022 Investment bank Peel Hunt has traded ahead of analyst expectations despite a slowdown in activity after Russia’s invasion of Ukraine. Its execution and trading business marked a strong end to the year while its investment banking division marked record revenues. Revenue for the full year is anticipated to stand at around £131m, the City firm [...]
Mitie snaps up telecoms tower design house P2ML amid competition probe April 1, 2022 Mitie has snapped up a telecoms tower design house for £2.1m. It has acquired P2ML, which provides construction and maintenance services for cellular telecoms infrastructure. The strategic outsourcing firm is being probed by the competition watchdog for its reported relationship with US company PAE, in trying to get contracts for immigration removal centres (IRC). The [...]
After an explosion of apps and billion dollar valuations, is the ultra-fast bubble about to burst? April 1, 2022 Any Londoner on a stroll down a main road in the city is bound to encounter a handful of instant grocery delivery riders zipping past. With Getir, Gorillas and Gopuff among other players on the scene, the category has exploded over the past couple of years with some receiving billion-dollar valuations. The pandemic saw many [...]
Buyers set hearts on Balham as stock gap hits unseen levels April 1, 2022 South London’s Balham has seen the biggest surge in buyer competition out of London boroughs this year. Buyer demand has soared 113 per cent over the past year, with home movers keen to snap up homes with space and gardens, Rightmove said. With Wandsworth and Tooting Bec commons around the corner, buyers are keen to [...]
