Nike to score sales increase on digital fitness demand in lockdown December 18, 2020 Sportswear giant, Nike are expected to report a 2.2 per cent increase in second-quarter sales profiting from the change in consumer habits during the pandemic.
Next mulls bid for Sir Philip Green’s collapsed retail empire Arcadia December 18, 2020 Next is reportedly weighing up a bid for Sir Philip Green’s collapsed retail empire Arcadia with US investment firm Davidson Kempner Capital Management. The high street retailer is holding detailed discussions with Davidson Kempner about a combined offer for Arcadia, the owner of Topshop, Dorothy Perkins and Miss Selfridge, after it fell into administration last [...]
Boohoo exits 64 Leicester factories over code of conduct breaches following supplier scandal December 16, 2020 Boohoo terminated relationships with more than 60 Leicester suppliers following an investigation into working conditions at garment factories in the city. The fast fashion firm has exited 64 factories following a scandal that found some clothing suppliers in the city were paying workers less than minimum wage. Boohoo’s director of responsible sourcing and product operations [...]
Covid-19 brings Arcadia into administration, but Topshop’s brand has struggled for years December 2, 2020 Retail group Arcadia, owner of British high street giants Topshop and Dorothy Perkins, hired administrators this week after the coronavirus pandemic “severely impacted” sales. The retail empire, which is owned by controversial businessman Sir Philip Green, failed to secure extra funding to pay its debts despite the Black Friday sales period. While the pandemic created [...]
Topshop owner Arcadia collapses putting 13,000 jobs at risk December 1, 2020 Sir Philip Green’s retail empire Arcadia, the owner of Topshop and Dorothy Perkins, has collapsed into administration, putting more than 13,000 jobs at risk. The company, which has become the biggest retail casualty of the coronavirus crisis, announced this evening that it has appointed Deloitte as administrator. More than 13,000 jobs are at risk following [...]
Topshop collapse: What went wrong for Sir Philip Green’s Arcadia retail empire? November 30, 2020 Topshop was a beloved high street brand, had secured lucrative partnerships with Kate Moss and Beyonce, and boasted star-studded front rows at its London Fashion Week shows. Now, it's facing collapse.
To qualify or not to qualify? Auditors move to ditch risky clients November 30, 2020 Qualifying an audit could lead to unhappy clients and litigation risks, so it is safer to ditch clients instead, an expert has told City A.M., after several auditors dropped clients in October. Last month three separate auditors terminated contracts with clients in compromising circumstances. At the time the reputational risk of being associated with the [...]
Sir Philip Green’s Arcadia facing collapse within hours November 30, 2020 Sir Philip Green’s retail empire Arcadia, which owns high street brands Topshop and Dorothy Perkins, is reportedly on the brink of collapse this morning. The retail group could become the latest casualty of the coronavirus pandemic and appoint administrators as soon as this afternoon, City A.M. understands, which would put 13,000 jobs at risk. Mike [...]
Boohoo hires retired judge Leveson to oversee supply chain revamp November 26, 2020 Boohoo has appointed retired judge Brian Leveson, who handled the Leveson inquiry, to independently check its drive to improve its supply chain and business practices. In September an independent review found several failings in the online fashion retailer’s supply chain in England, after allegations about working conditions and low pay. The review then set out [...]
Forter valuation soars to $1.3bn after raising $125m in Series E round November 19, 2020 E-commerce fraud prevention platform Forter has raised $125m in a Series E round bringing its valuation to over $1.3bn. The round was led by Bessemer Venture Partners and Itai Tsiddon with participation from Felix Capital and Sequoia Capital among others. Forter said it would use the investment to expand its network, which has doubled in [...]