Matalan boosts revenue despite ‘tough retail climate’ June 3, 2019 Budget fashion brand Matalan boosted profits and revenue last year despite a “tough” retail climate which has seen other retailers forced to launch store closure programmes. The figures Revenue was £1.1bn in the year to 23 February 2019, up from £1.06bn in the previous year driven by a 31 per cent rise in online sales. [...]
‘Part-time pensions penalty’ slashes women’s retirement pots July 11, 2019 Women are on average £106,000 worse off in retirement than men, partly because such a high proportion work part-time, according to research. By their 60s, women typically have £51,100 in their pension – just one third of an average man’s £156,500 pot, the Pensions Policy Institute has calculated. Read more: Without action, a crisis over [...]
Sir Philip Green ‘grabbed breasts’ of female workers, Labour peer claims May 23, 2019 Topshop tycoon Sir Philip Green repeatedly groped his female employees, a Labour peer has claimed. Lord Hain used parliamentary privilege to reveal a list of accusations of inappropriate behaviour by the retail magnate, who has strongly denied allegations of harassment. Read more: Sir Philip Green loses his billionaire status It is the second time Hain [...]
MPs call for Sir Philip Green to be stripped of his knighthood February 13, 2019 Sir Philip Green faces fresh calls to have his knighthood stripped amid claims he groped a female executive and made a racial slur at an employee. A cross-party group of MPs is exploring ways to strip the Topshop tycoon of the honour and title. Former business minister George Freeman said he would be “formally asking” [...]
Fast fashion: Boohoo bucks high street gloom with soaring revenue June 12, 2019 Fast fashion retailer Boohoo has again defied a gloomy retail sector, reporting 39 per cent sales growth in the last quarter. The firm’s offering, of selling cheap own-brand clothing and accessories online, has chimed with younger consumers in recent years. Boohoo’s rise comes at the same time as high street rivals such as Topshop fight [...]
Patisserie Valerie overstated financial position by £94m, auditors say March 16, 2019 The amount of money missing from Patissserie Valerie's consolidated accounts has grown to more than double a previous estimate to a total of £94m, according to a new report by its administrators, KPMG. The company fell into administration in January and was found to have overstated its financial position by £30m while also failing to disclose £10m of overdrafts. Read [...]
Exclusive: Firebrand MP Frank Field hopes to lock horns with Sir Philip Green over Arcadia sale February 19, 2018 One of Westminster’s most dogged MPs is hoping to lock horns once again with retail tycoon Sir Philip Green following reports that the former BHS owner is looking to sell his retail empire to a Chinese textiles conglomerate. City A.M. understands Frank Field, the Labour MP who spearheaded the parliamentary investigation into Green’s doomed sale [...]
Short-sellers smell blood at embattled shopping centre firm Intu May 12, 2019 Short-sellers have been stepping up their bets against Intu in recent months, as they look to cash in on the embattled shopping centre owner’s current retail woes. City punters have been circling the FTSE landlord, which recently appointed Matthew Roberts as its new boss, amid downbeat forecasts that the group’s rental income will slide as [...]
It shouldn’t take someone like Philip Green to reform corporate governance July 5, 2019 No one has done more for corporate governance in the UK than Sir Philip Green. The man formerly known as “the King of the High Street” may not be a beacon of business stewardship, but hear me out. Over recent years, a number of significant developments to the UK’s renowned corporate governance system have come [...]
Beyonce buys out Ivy Park clothing brand from Topshop billionaire Sir Philip Green November 15, 2018 American singer Beyonce has severed ties with embattled Topshop billionaire Sir Philip Green by buying out his share in their fashion label Ivy Park. Beyonce and Sir Philip launched the gymwear venture in 2016 and the label is sold in Topshop, which is owned by Green’s retail empire Arcadia. But the global pop star has withdrawn [...]