Shakespeare: Boohoo buys Debenhams brand to broaden its customer base January 27, 2021 Online fashion giant Boohoo has bought the Debenhams brand and website for £55 million, meaning its remaining stores will be forced to close. Boohoo already purchased the Karen Millen and Coast brands in 2019, however this is the first time the e-tailer has stepped out of the fashion category, with Debenhams enabling entry to the [...]
It’s a myth to say sustainable and ethical clothing can’t be affordable April 8, 2021 Forced labour. Environmental hazard. A race to the bottom. It is no secret that the fashion industry is broken. Clothes are the second highest products at risk of slavery and produce around 10 per cent of global greenhouse gas emissions – that’s more than planes. With labour supply across the global supply chain exceeding demand, fashion [...]
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 [...]
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 [...]
SPACs: The blank cheque vehicles loved by Richard Branson, Tidjane Thiam and Wilbur Ross February 4, 2021 With backing from the likes of Richard Branson, former US commerce secretary Wilbur Ross, City grandee Martin Gilbert and even the boss of the LSE, the vehicles known as special acquisition companies (SPACs) provide a quick and easy way for private companies to go public.
Government to double coronavirus testing with two new ‘megalabs’ November 16, 2020 The government has announced it will open two new “megalabs” to process a total of 600,000 coronavirus tests a day as part of plans to return Britain to normality next year. The sites, in Leamington Spa and Scotland, will double the UK’s current testing capacity when they open in early 2021. The government last month [...]
AO World revenue surges as customers continue online shopping post-lockdown August 20, 2020 Online electrical retailer AO World said today its revenue surged in the months during and after the easing of coronavirus lockdowns as demand for its products and services was sustained even after its rivals reopened stores in July. The company said year-on-year revenue in the UK jumped 58.9 per cent to £401.3m and 91.5 per [...]
Online retailer Asos confident on full-year target despite sales dipping below growth forecast March 19, 2019 Asos was bullish on hitting its downgraded full-year targets today as it revealed double digit sales growth for the three months to the end of February. Read more: Asos bosses snap up cheap shares after day of horror The online retailer saw revenue rise 13 per cent year on year over the quarter, it revealed in [...]
City Moves: Who’s switching jobs in the Square Mile this week? June 16, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. CBRE board bags ex-BlackRock real estate lead A former head of global real estate at investment heavyweight BlackRock is set to join real estate services firm CBRE in June. Marcus Sperber [...]
Klarna restricts lending rules during lockdown July 20, 2020 Fintech lender Klarna said it has tightened its lending criteria during the coronavirus pandemic. Its vice president Luke Griffiths said Klarna is only accepting new customers that it believes will repay on time, and is increasing the frequency with which it reviews its acceptance criteria. “[Klarna’s] default rate is less than one per cent and [...]