Ethical clothing move by Asos aligns with views of eco-conscious June 26, 2019 Fast fashion is an increasingly hot topic as consumers become more environmentally aware, conscious about the impact of their shopping habits and look to reduce waste. Despite this, environmentally positive changes have been slow or non-existent, such as the recent rejection of the 1p fast fashion tax by government that would have raised money for [...]
Sir Philip Green’s family set to make £50m from Topshop sale January 30, 2021 Sir Philip Green’s family is reportedly set to receive £50m from the sale of Topshop. The troubled retail group collapsed at the end of last year and its flagship brands Topshop and Topman reportedly failed with gross liabilities of more than £550m. The groups’ demise launched 13,000 jobs into uncertainty and became the biggest casualty [...]
Back to basics: Three ‘Rs’ can revive the High Street February 9, 2021 The news this week that Asos has bought Topshop, Topman and Miss Selfridge from the failed Arcadia group is the latest evidence of the rapidly increasing dominance of younger online retailers over the traditional bricks-and-mortar fashion stores. The deal comes hot on the heels of Boohoo agreeing to pay £55m for the Debenhams brand last week. And [...]
Lookers set to beat profit forecasts after ‘resilient’ lockdown performance April 8, 2021 Car dealership Lookers today said that full year profit would come in “materially ahead” of the £22.6m predicted by analysts after a better than expected performance in the first quarter. The announcement sent shares into overdrive this morning, with the company’s stock up 13.3 per cent as markets opened. The FTSE 250 firm, which has [...]
Growing pains: Asos share price plunges after fresh profit warning July 18, 2019 Online fashion giant Asos suffered a double-digit drop in its share price this morning after warning that profits will be lower than expected this year, citing new troubles in its international warehouse facilities. In its second profit warning in just over six months, the firm said today that it was reducing its forecasts as it [...]
Rishi Sunak to rally US to agree to G7 tax on tech giants March 7, 2021 Rishi Sunak will call on his US counterpart Janet Yellen to help coordinate an international tax on tech giants like Amazon at the upcoming G7 summit. Sunak has already said that one of his priorities at the G7 summit, which will be held in Cornwall this year, will be to get the ball rolling on [...]
City watchdog to crack down on ‘buy now pay later’ firms February 1, 2021 The City watchdog is preparing to move in on so-called buy now pay later firms such as Klarna following a review of the unsecured credit market. The Financial Conduct Authority (FCA) will this morning publish a report by interim chief executive Chris Woolard recommending that the sector be brought under the regulator’s remit, Sky News [...]
The City View: Victoria Scholar on rising prices, unemployment and retail sales data; and XR cause Lloyd’s of London HQ shutdown April 12, 2022 Today Andy Silvester talks to Victoria Scholar, Head of Investment at Interactive Investor. They go through some of the week’s economics data on GDP, unemployment, retail sales, and talk trading updates. They discuss the latest from ASOS, Deliveroo, and EasyJet: ASOS is facing a raft of headwinds, as investors lose confidence in the online retailer; [...]
Asos profit warning: Three factors behind online retailer’s fall from grace July 18, 2019 Shares in fast fashion retailer Asos plummeted this morning as the online marketplace warned that profits will be lower than expected this year. The company blamed this morning’s profit warning – its second in just over six months – on operational issues at new warehouse facilities in Europe and the US. Operational issues plague retail [...]
As accounting firms prep for busy period, non-Big Four players spot new opportunities May 26, 2021 The majority of 2020 was a slow year for the UK’s deals market, with mergers and acquisitions depressed by the Coronavirus pandemic and its subsequent lockdown restrictions. This trend, however, now seems to be in reverse with a number a big deal in the private sector, including Virgin Media and O2’s £31bn mega merger, and [...]