Asos sales soar during lockdown as fashion firm looks set to smash forecasts July 15, 2020 Asos has said it expects to smash growth forecasts for the year after group sales hiked 10 per cent during lockdown as customers around the world were forced to shop online. The British retailer said costs cuts and “rigorous” business management helped offset the slump in demand for outerwear and party gear, as customers stayed [...]
Boohoo shares continue downward spiral amid sales slump warnings July 14, 2020 Boohoo shares continued to slump this morning after more than three days of losses, following allegations of poor working conditions in the fast fashion firm’s garment factories that have weighed on analysts’ sales forecasts. Shares slumped 17.7 per cent to 230p yesterday, after hovering around the 410p mark for the majority of June. Investors continued [...]
Boohoo shares plunge as major shareholder dumps stock July 13, 2020 Boohoo shares continued last week’s downturn this morning, slumping as much as 15.4 per cent as the decision by one of the fast fashion retailer’s biggest shareholders to dump the majority of its stock continued to spook investors. Standard Life Aberdeen (SLA), the UK’s largest listed asset manager, on Friday sold off shares in the [...]
AIM high: At 25, the junior index is coming of age July 7, 2020 In June, AIM turned 25 years old. The index has passed its somewhat risky youth and maturity is treating it well. With stripped-down regulatory and governance requirements, the junior exchange has, over the past 25 years, offered companies an easier platform to raise capital. As the London Stock Exchange puts it, “AIM helps founders and [...]
Boohoo shares dive following Leicester factory allegations July 6, 2020 Shares in fast fashion retailer Boohoo slumped more than 18 per cent today following allegations of illegally low wages at the firm’s factory in Leicester. Boohoo shares fell 23 per cent during trading today, after the Sunday Times yesterday reported that workers making clothes for the firm’s Nasty Gal brand were paid as little as [...]
Exclusive: Elixirr seeks London IPO to end coronavirus drought June 19, 2020 Management consultancy firm Elixirr, whose clients have included Barclays, O2 and RBS, is seeking a London IPO, ending a two-month drought in flotations on the London Stock Exchange. Elixirr will seek a listing on London’s junior AIM exchange this summer, City A.M. can reveal. The company, founded in 2009, plans to go on an equity-funded [...]
CoinCorner launches UK ‘Bitcoin cashback’ initiative June 8, 2020 One of the UK’s leading Bitcoin exchanges, CoinCorner, has launched a new ‘Bitcoin cashback’ service to reward customers when they shop online. CoinCorner has partnered with more than 400 top retailers to launch the first-of-its-kind service in the UK. Some of those who have partnered with the exchange include household names such as Burtn, Twinings, [...]
Restarting and building a resilient recovery June 2, 2020 COVID-19 continues to create a unique set of challenges for business and society. I think it’s important, as we wrestle with those challenges, that we continue to acknowledge that we’re all experiencing this crisis in different ways and on different timelines. The way EY has been advising businesses to manage and respond to COVID-19 is [...]
Cath Kidston closes all stores as part of rescue deal April 21, 2020 Cath Kidston will permanently close all 60 of its stores in the UK under a rescue deal with its Hong Kong-based owner Baring Private Equity Asia (BPEA). The fashion label confirmed that parts of its business had been transferred by administrators following an independent sale process to CK Acquisitions, a company owned by BPEA. Under [...]
City grandees demand cash calls accommodate private investors April 20, 2020 Senior City figures are calling for listed companies seeking equity capital to accommodate private investors, amid a fundraising rush. In an open letter to chief executives of UK plc, City stakeholders said they fear rules giving existing stockholders first refusal on new shares will mean private investors will lose out. The letter, first reported in [...]