Prada revenue up despite banning end-of-season sales August 1, 2019 Prada reported a slight increase in revenue today boosted by its wholesale business and full price sales after the luxury retailer banned end-of-season discounting. The designer brand posted net revenue of €1.57bn (£1.43bn), an increase of two per cent on last year, as full price sales growth offset the decision to stop seasonal markdowns. Read [...]
Laterooms collapses after failure to sell business August 1, 2019 Holiday bookings site Laterooms has collapsed into insolvency after its parent company Malvern Group ran out of cash before it could secure a sale. Last month Malvern appointed KPMG to undertake an accelerated sales process after Cox & Kings India, which owned a 49 per cent stake in Malvern, defaulted on loan repayments. The default [...]
Watchdog fines Casio millions for blocking discounts August 1, 2019 The UK’s competition watchdog has fined Casio £3.7m after the electronics company admitted to illegally preventing online retailers from selling discounted musical instruments. Casio put pressure on retailers to sell digital pianos and keyboards online at or above a certain price, using new software to monitor online prices in real time. Read more: Competition regulator [...]
Westfield owner suffers income drop as UK retailers shut shops and cut rents August 1, 2019 Retail landlord Unibail-Rodamco-Westfield (URW) suffered a drop in UK rental income in the first six months of the year as the property giant’s two London sites were hit by store closures and leasing delays. Like-for-like net rental income was down 3.1 per cent compared to the previous year as tenants – struggling in a challenging [...]
Intu share price fall continues after dividend cancellation August 1, 2019 Shares in retail landlord Intu continued to fall this morning after the Trafford Centre owner yesterday cancelled its dividend as it fell to a £900m loss. Intu’s share price was down as much as 6.7 per cent at 44.6p this morning before recovering slightly to 45.45p. Read more: Intu share price crashes at it cancels [...]
E-cigarette demand boosts sales for British American Tobacco August 1, 2019 Demand for e-cigarettes boosted first half sales for British American Tobacco (BAT), mitigating the decline in demand for traditional smoking products. The figures Revenue in the first half rose 4.6 per cent to £12.17bn. Read more: Dividend star British American Tobacco gets cheaper The Lucky Strike and Pall Mall owner said profit from operations slumped [...]
Lego Movie 2 fails to deliver for Merlin Entertainments August 1, 2019 Theme park operator Merlin Entertainments reported weaker trading at Legoland in the first half of the year due to poor weather and a lack of visitor momentum from the latest Lego film release. Read more: Merlin Entertainments accepts £4.8bn takeover offer The figures Revenue rose in the 26 weeks to 29 June to £763m – [...]
US private equity giant Carlyle abandons partnership structure July 31, 2019 US private equity giant Carlyle is abandoning its publicly-traded partnership structure to become a corporation in a move to improve its share price and attract new investors. The transition will spark an increase in the group’s tax bill, as under the partnership model it was exempt from paying corporate tax on some of its revenue. [...]
Body found in search for Indian coffee tycoon VG Siddhartha July 31, 2019 The body of missing Indian coffee tycoon VG Siddhartha has been found near a river on the outskirts of the city of Mangalore. Siddhartha – the founder of Starbucks rival Cafe Coffee Day – disappeared on Monday after reportedly walking away from his car and driver. Read more: Cafe Coffee Day founder goes missing The [...]
McDonald’s trials Fleet Street takeaway store for City workers July 31, 2019 McDonalds has today launched a trial takeaway-only store in Fleet Street targeting City workers on the move. The new “grab-and-go” format marks the fast food giant’s attempt to adapt to the needs of different customers during a difficult time for the restaurant sector. Read more: McDonald’s revenue and income falls The Fleet Street McDonald’s to [...]
