How Asos’ post-pandemic debt led it to sell Topshop September 5, 2024 Three years after buying the British high street brands Topshop and Topman from Phillip Green’s collapsed Arcadia empire, Asos has said it will sell 75 per cent of its stake in the brands to a joint venture with Heartland. Asos bought the brands at a buoyant time for the company when its stock was near [...]
ABF: Primark owner powers through footfall slump to deliver solid growth September 5, 2024 Primark owner Associated British Foods (ABF) has reported a “significant improvement in profitability” despite a rainy summer threatening to dampen sales. The London-listed firm, which also owns Twinings Tea and a raft of food businesses, said it expected to see increased sales across its retail, grocery and ingredients divisions during its second half ending September [...]
Currys: AI push drives laptop sales surge as retailer nabs nearly 50 per cent of UK market September 5, 2024 Tech retailer Currys has reported a strong start to the year, crediting its “early adoption” of AI products for taking almost half of the UK’s laptop market. The London-listed company, headquartered in Acton, saw its like for like sales in the UK and Ireland grow by five per cent in the 17 weeks ending August [...]
Asos sells Topshop and Topman into new joint venture with Heartland September 5, 2024 Online clothing retailer Asos has launched a joint venture with Heartland, whereby Heartland will buy the Topshop and Topman brands from the firm. Asos bought the two brands, along with Topman, Miss Selfridge and HIIT, in 2021 from Philip Green’s collapsed Arcadia group for £265m (excluding stock). The joint venture will grant Asos “certain design [...]
Revolut to ‘aggressively’ double down on business accounts after surge in revenue September 4, 2024 The head of Revolut's business-to-business offering has said it is "aggressively doubling down" on the market, after the unit's global revenues exceeded $500m (£380m) this summer.
Pinewood Technologies strikes deal with AI firm to bolster US expansion September 4, 2024 Pinewood Technologies, formerly known as Pendragon, has entered into an advanced subscription agreement with Seez, known for its automotive AI tech, it announced today. Under the terms of the agreement, Pinewood Technologies, which is listed on the London Stock Exchange, said it had agreed to invest $4.2m (£3.2m) as part of a minority investment round. The [...]
Columbia Threadneedle property trust bought out for £673m despite management complaints September 4, 2024 Columbia Threadneedle-run Balanced Commercial Property Trust has reached a deal to be sold for £673.5m, despite objections from its investment manager. The trust has been managed by Columbia Threadneedle since it was created in 2005, and began a strategic review this April after shareholders told it there was “need for change from the status quo”. [...]
What’s On in London in September 2024 September 3, 2024 As summer fades and the crisp breeze of autumn begins to fill the air, London prepares for an exhilarating September packed with cultural and sporting events, festivals, and unique experiences. Whether you’re a local, worker or a visitor, the capital offers an unrivalled array of activities to make the beginning of this autumn unforgettable. From [...]
How retailers like ASOS, H&M and Zara are fighting back against ‘serial’ returns September 3, 2024 ASOS has become the latest retailer to change their returns policy as firms increasingly try to fight back on costly high-frequency takebacks – as well as outright fraud. In an email to its premier and non-premier members, the popular fashion giant shared that it would be updating its Fair Use Policy foe “select customers” in [...]
‘Little luxuries’ and warm weather boost card spending September 3, 2024 The summer heatwave, along with the ‘sweet treat economy’ pushed card spending to return to growth in August, although it remained below consumer inflation. Card spending grew by one per cent in August, below the CPIH inflation rate of 3.1 per cent. Almost half of consumers said they continued to spend on small, luxury purchases [...]