Latest articles in Business

Nordstrom to go private, namesake family receives board approval to acquire retailer

A deal that could see US department store giant Nordstrom go private has been approved by the board of directors, potentially allowing for the company’s namesake family to acquire all outstanding shares of the firm. The Nordstrom family, consisting of Erik, Pete, Jamie and other members, will come together with Mexican real estate company El...

Business

Lids reportedly set to exit the UK

US sportswear retailer Lids is believed to be on the verge of exiting the UK market just three years after opening its first stores there. It has been reported by Drapers that the company is currently in negotiations with landlords to end its leases, with all UK stores from the brand expected to close upon agreements. Lids debuted in the UK in...

Business

Walmart says it won’t hit ESG targets in latest report

US department store giant Walmart has said it is no longer expecting to hit some of its ESG targets despite making slight progress elsewhere. In its latest climate change report, the company said that while it continued to work towards the “aspirational goal of zero emissions by 2040, progress will not be linear”. Walmart cited its “trajectory...

Business

L’Oréal snaps up Korean skincare brand, Dr.G

Beauty conglomerate L’Oréal has acquired a subsidiary of Swiss retail group Migros, which includes Korean skincare brand, Dr.G. The deal involves all assets under Migros’ Gowoonsesang Cosmetics Co, Ltd. subsidiary, and will see Dr.G ultimately added to L’Oréal Groupe’s Consumer Products Division (CPD). This category intends to meet the rising...

Business

Frasers to put forward new candidate for Boohoo representation

In the aftermath of Boohoo’s general meeting on December 20, when proposed candidates were declined a seat on the retailer’s board, Frasers Group has now released a statement noting the decision, yet reaffirming that it would continue pursuing representation. In a regulatory filing, the Sports Direct owner said it “respects the view of the...

Business

BRC forecasts January ‘spending squeeze’ as consumer confidence declines

New data collated by the British Retail Consortium (BRC) and Opinium has pointed to concerning forecasts for the coming January, when the council’s chief executive, Helen Dickinson, said retailers should expect a “spending squeeze”. Personal financial situations remained at -3 in December, the same as November, while the state of the economy...

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A look into the turnaround plan of Nike’s new CEO

On December 19, Elliot Hill, the new chief executive officer of Nike, had his first opportunity to address investors and, with this, release the company’s earnings for the second quarter. Despite an 8 percent drop in revenue for the period, Hill remained upbeat in the meeting, in which he revealed stages of a new turnaround plan as part of...

Business

Tory Burch posts sales and profit growth in UK and Germany

American lifestyle brand Tory Burch’s UK arm has reported a revenue increase of 16.4 percent to 28.44 million pounds for the year to December 30, 2023. The company attributed the increase in annual sales to strong ecommerce operations and increased sales in the group’s retail stores. The company operates three stores in the UK and two retail...

Business

Inspecs executive chair to step down to director role, launches review of ‘composition’

Eyewear distributor and manufacturer Inspecs Group has announced that Robin Totterman, its executive chair of the board, is due to step down from his position upon the conclusion of its forthcoming annual general meeting in 2025. Totterman, who Inspecs said remained “critical to the future success” of the business, will continue to perform his...

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Quiz proposes AIM delisting amid ‘challenging market conditions’

Fast fashion retailer Quiz has proposed voluntary cancellation of its shares on the Alternative Investment Market (AIM), a sub-market of the London Stock Exchange, amid a "challenging financial market” and specified burdens associated with trading. It is now pursuing a re-registration as a private limited company. The company said it had...

Business

Boohoo sells London office, appoints Dan Finley director

On the back of its public spat with majority shareholder Frasers Group, Boohoo has assumed business as usual on Monday, announcing the official appointment of CEO Dan Finley as director, as well as the sale of its London office. Finley, who was appointed to the helm in November, has formally been made director of the company and a member of the...

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Tracing the Boohoo, Frasers debacle: A look at the ‘war of words’ between fast fashion’s biggest players

On Friday, December 20, the boardroom battle between the UK’s biggest fast fashion players, Boohoo Group and Frasers Group, came to a head. Boohoo shareholders agreed that Frasers would not, at this time, get board representation. The result came after what essentially developed into a public spat between the two groups, unfolding in...