Private equity firm Elliott joins £500m takeover race for Reiss June 21, 2023 US private equity firm Elliott Advisors has reportedly joined the race to takeover upmarket fashion brand Reiss from its current stakeholders Next and Warburg Pincus. Elliott has expressed interest in buying the fashion brand for upwards of £500m, Sky News has reported. Up to three parties are also keen to buy the brand, which is [...]
Next share price up as it thanks sunny spells for raised profit guidance June 19, 2023 Next share price increased over four per cent this afternoon as the retailer raised its sales and profit guidance. The high-street favourite made the surprise announcement after it was bolstered by the arrival of warm weather – but warned that it does not expect the momentum to continue for the rest of the year. In [...]
Next chairman survives shareholder vote – but ‘significant’ revolt proves cause for concern May 18, 2023 Shareholders dealt a series of blows against Next and its board on Thursday as large numbers voted to kick out its chairman and against the company’s pay plans. The business said chairman Michael Roney received less than four in five (79.2 per cent) of the votes cast at its annual shareholder meeting. Meanwhile around one [...]
Wolfson does it again? Next beats revenue expectations despite recession fears May 4, 2023 Next remained confident in front of investors this morning with better than expected sales in the first three months of the year.
Are jobs on the line at Joules after Next takeover? April 25, 2023 Joules has launched consultations over potential job losses after the firm said its new owner Next said it is accelerating transition plans. Next snapped up the troubled fashion brand late last year after Joules fell into administration. The deal saw Next secure the future of 1,450 workers at Joules and 100 stores, although 19 stores [...]
FTSE 100 close: Ocado delivers bumper gains while Next zips lower March 29, 2023 London’s FTSE 100 was hoisted higher by the UK’s largest retailers surging today, except high street bellwether Next, which stumbled badly. The capital’s premier index bumped more than one per cent to 7,564.28 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, surged 1.28 per [...]
Next boss Lord Wolfson: London’s High Streets had ‘more to worry about’ four years ago despite loss of brands like Topshop January 5, 2023 Next boss Lord Wolfson has “less reason to worry about the high street” compared to a few years ago, on the tail of a slew of household names shuttering. Physical retail was in a less concerning position than in recent years, when a switch to online shopping signalled a death knell for many staple retailers, [...]
Next: Prices to rise in the spring – but boss hopeful inflation will ease in second half January 5, 2023 Next has warned it will lift prices further in the spring as the retailer’s chief said he was optimistic that inflation would let up in the second-half of the year. The fashion firm hiked its full-year profit guidance after seeing better than expected sales over the Christmas shopping period. The high street staple lifted its [...]
Next steps: Gap builds on UK return with re-introduction of Banana Republic and Athleta brands November 21, 2022 Gap has added a pair of apparel brands to its joint venture with Next, after the fashion firm left the high street amid the pandemic. The e-commerce retailer said it will re-introduce Banana Republic and Athleta products to the UK via Next’s Total platform. The US retailer shut its 81 stores in the UK and [...]
Next boss laments not getting ‘Brexit I wanted’ and calls for migration changes to fill staff shortages November 10, 2022 The CEO of Next has implored ministers to ease rules for overseas workers wanting to come to the UK and said he did not get “the Brexit I wanted.” Lord Simon Wolfson reiterated previous pleas for the government to make it easier for workers to move to the UK to plug staff shortages across the [...]