Prada sales up in Asian market boom May 24, 2010 ITALIAN fashion house Prada posted a 26 per cent rise in first-quarter revenue yesterday – boosted by a storming performance in Asia. Prada, which also owns the Miu Miu label and Church’s shoes, said revenue in the quarter to the end of April grew above the group’s expectations to €366m (£314m). A 36 per cent [...]
Mulberry opens new flagship May 24, 2010 MULBERRY has secured a deal to move into a new flagship store in Mayfair in another sign that the luxury goods market is seeing a bounce back after the recession. The company has signed a 25-year lease for 50 New Bond Street on a rent of £1.4m a year. The company’s handbags, sported by the [...]
Aussie wine sees profit drying up in recession May 24, 2010 CHEAP Australian wine could become a thing of the past after hundreds of growers quit the business in the face of dwindling profits. Grape prices plunged by more than 30 per cent this year and an oversupply has led to 95m cases of wine sitting undrunk in warehouses. The strong Australian dollar has also meant [...]
Albemarle & Bond to open more new stores as pawnbroking forges ahead May 24, 2010 PAWNBROKER Albemarle & Bond is planning to open 15 new stores this financial year. Albemarle, which makes loans against gold jewellery and diamonds, said the group’s pledge book is growing at around ten per cent a year, as recession-hit customers trade in their possessions. Pawnbrokers have lately enjoyed record profits on the back of soaring [...]
Cineworld scores with revamped Wembley deal May 24, 2010 CINEWORLD is to open a cinema next to Wembley arena, it was announced yesterday. The UK’s only quoted cinema chain has signed an agreement with Quintain, which owns Wembley City, to open a 1,800 capacity cinema. Cineworld has signed a 25-year lease of the nine-screen cinema, next to the stadium and Wembley Arena, which is [...]
Cranswick raises dividend May 24, 2010 Pork supplier Cranswick increased its dividend yesterday after posting a 21 per cent rise in annual pre-tax profits, to a record £43.8m. Increased demand from supermarkets, particularly for higher-end products, is credited for better than expected growth. The company, which has supply contracts with Sainsbury’s Taste the Difference and Tesco, raised its divided more than [...]
Flower firm sold for £2.95m May 24, 2010 Flying Brands has acquired one of the UK’s top flower delivery companies – Flowers Direct Online – for £2.95m in cash and loan notes. The company was in administration and its assets include Flowers Direct’s websites and a database of around 300,000 customers. Flying Brands says the deal will strengthen its gifts division. The Flowers [...]
BAA scraps plans to add new runways May 24, 2010 BAA, the UK airports operator, scrapped controversial plans to add extra runways at Stansted and Heathrow yesterday, after the new government said it would not back expansion. The operator withdrew its planning application for a second runway at Stansted and cancelled work on a planning application for a third runway at Heathrow in reaction to [...]
BA strike gives rivals a boost May 24, 2010 BRITISH Airways (BA) faced the first day of a mammoth cabin crew strike action yesterday, while rival easyJet reported a spike in bookings from new passengers. BA said yesterday that it flew at least one flight to all of the short haul destinations it serves, while 85 per cent of long-haul destinations were served. Gatwick [...]
CFTC: We may never know the cause of the flash crash May 24, 2010 US regulators may never know what caused the market to plunge nearly 700 points on 6 May despite an exhaustive probe by securities and futures officials, according to two commissioners at the Commodity Futures Trading Commission. “I think that it’s possible that we may never know what happened on that day”, said CFTC Commissioner Jill [...]
