Online sales tax gets canned for its ‘complexity’ November 17, 2022 Jeremy Hunt has scrapped the online sales tax, moving away from plans to better support the high street. Following a consultation, the Chancellor decided to dump the tax, reflecting the concerns about the complexity of the move, as well as “creating unintended distortion or unfair outcomes between different business models”. The levy was designed to [...]
Awful day for Ocado drags FTSE 100 into the red November 15, 2022 London’s FTSE 100 today was dragged down by investors souring on middle-class favourite and online supermarket Ocado. The capital’s premier index fell 0.21 per cent to 7,369.44 points, while the domestically-focused mid-cap FTSE 250 index dropped 0.85 per cent to 19,455.88 points. Ocado’s shares plummeted to the bottom of the FTSE 100 today, taking the [...]
Mike Ashley’s Frasers in late stage talks for Gieves & Hawkes takeover November 14, 2022 Frasers Group is reportedly in late stage talks to seal a deal for Gieves & Hawkes, a beleaguered tailor which previously dressed Sir Winston Churchill and Queen Elizabeth II. Mike Ashley’s empire is swooping in for the Savile Row retailer after its Hong Kong-based owner fell into administration, Sky News first reported. The popularity of [...]
Asos eyes cutting 100 jobs as part of turnaround plan for fashion retailer October 31, 2022 Asos is looking to slash 100 jobs as the fashion retailer tries to rebuild after hemograhing losses. The London-listed company confirmed it was launching a consultation on a number of roles across the firm, after it was first reported in RetailWeek. The retailer, which currently employs around 3,300 people, will begin mulling which roles to [...]
Frasers Group increases Hugo Boss stake to £840m October 24, 2022 Frasers Group revealed it had snapped up a further chunk of shares from fashion firm Hugo Boss today taking its stake in the firm to £840m.
Zara enters resale market with in-house swap and mend service October 21, 2022 In a bid to reduce its environmental impact, Zara has said it will help UK shoppers resell, repair or donate clothing bought from its stores. The new ‘Pre-owned service’ will allow shoppers to book repairs and donate unwanted clothes. It will also reduce the environmental impact of deliveries by allow people to post packages of [...]
Asos new CEO vows to rebuild ‘inefficient’ model as fashion seller posts £32m loss October 19, 2022 The new CEO of Asos has said he will refresh the fashion marketplace’s commercial model after the online retailer swung to a loss. In results for the year to 31 August 2022, Asos said gross margins had been impacted by a supply chain “inefficient in the face of supply chain disruption and macroeconomic challenges”. After [...]
Dealmaker’s Spotlight: Evercore October 17, 2022 Datasite recently spoke with Alexander Asher, Vice President, Consumer-Retail Team at Evercore, to hear his thoughts and insights on market conditions, trends, and technology. Evercore is a premier global independent investment advisory firm. Founded in 1995, the firm has advised on over US$4.7 trn M&A and restructuring transactions. Headquartered in New York, it has 17 advisory [...]
Asos confirms £350m credit facility as shoppers dial back spending October 15, 2022 Troubled fashion retailer Asos has today confirmed it is in the final stages of arranging a £350m credit facility with financial backers, as consumers dial back spending during the cost of living crisis. In a statement today, Asos said the credit facility, which matures in July 2024, would “significantly” boost its financial flexibility against the [...]
Gymshark names former Asos chief Mat Dunn as new CFO September 27, 2022 Gymshark has announced former Asos interim chief Mat Dunn as its new chief financial officer, as the e-commerce sportswear retailer gears up to open its first physical store. Dunn, whose departure was announced from the fast fashion brand a month ago, will join Gymshark in early 2023. His CV boasts a four year stint as [...]