Ray-Ban owner Luxottica’s share price slumps as second chief exec Enrico Cavatorta quits October 13, 2014 Luxottica shares slumped nine per cent yesterday after the world’s largest eyewear company stunned investors with the resignation of its second chief executive in just over a month. The Ray-Ban owner said Enrico Cavatorta has handed in his notice just six weeks after the surprise exit of his predecessor Andrea Guerra following a decade at [...]
Sky Sports wins rights to biggest events in cricket October 13, 2014 Sky Sports has beaten off competition from other broadcasting rivals after winning the rights to show some of international cricket’s biggest events over the next eight years. The International Cricket Council (ICC) said yesterday it has sold the rights to 18 cricket tournaments to Star Group, which is also part of Rupert Murdoch’s media empire [...]
Tesco woes mount as two more senior executives head for exit October 13, 2014 TESCO is set for further upheaval after the supermarket giant confirmed the resignation of company secretary Jonathan Lloyd yesterday. Lloyd – who advises the board on legal and governance issues – resigned last month before the discovery of the £250m overstatement in profits that stunned investors and has cost billions of pounds in market value. [...]
Paperchase sent greetings from potential buyers October 12, 2014 HIGH street stationery chain Paperchase has brought in advisers to help with a potential £150m sale of the business after receiving approaches from several suitors. Paperchase is owned by private equity firm Primary Capital, which acquired the business four years ago in a management buyout from the now defunct US book chain Borders. The retailer [...]
Argos to launch online workshops October 12, 2014 ARGOS has pledged to help some of the 9.5m Britons who still lack basic online skills by offering training courses at over 120 of its UK stores. In a statement released today, Argos said around 10,000 people will be able to sign up to workshops across the UK designed to teach the basic skills such [...]
N Brown warns on profits after Indian Summer October 9, 2014 SHARES in N Brown slumped 13 per cent yesterday after the company was forced to cut its full-year profit forecast just three weeks after saying it was on track to meet expectations. Chief executive Angela Spindler said the company, which targets older and plus-sized shoppers with brands such as Jacamo and Simply Be, had been [...]
Analyst Views: What was your reaction to N Brown’s profit warning? October 9, 2014 JOHN STEVENSON | PEEL HUNT When I look at N Brown the strategy is right. But my concern is we are three weeks on from the second-quarter trading update when they were happy to commit to a 10 per cent profit rise and now we’re looking at a 15 per cent drop… The strategy day [...]
Mothercare plans turnaround with £100m fundraise to stem UK losses October 9, 2014 Mothercare shareholders yesterday approved plans for a £100m rights issue to help fund another raft of store closures and revamps, as it steps up efforts to stem losses at its UK business. Despite having a profitable overseas business, Mothercare has been struggling with fierce competition in its home market from supermarkets and online players such [...]
Jimmy Choo’s full order book October 8, 2014 ORDER books are fully covered on luxury shoe company Jimmy Choo’s London listing which could see it valued at £700m. The private-equity owned brand, which began marketing to institutional investors at the beginning of the week, has attracted enough demand for the amount on offer, including its over allotment option, and within its price range [...]
Dixons Carphone expects to hit £80m cost savings faster October 8, 2014 High Street giant Dixons Carphone said yesterday it expected to reach its cost savings target earlier than previously forecast, following the £4bn merger of Dixons Retail and Carphone Warehouse two months ago. The FTSE 100 retailer said at the time of the merger it would save around £80m in annual costs from 2016–17. Speaking to [...]
