Upmarket fashion retailer Hugo Boss has “achieved goals for 2017” following strong sales in its final quarter, as it pushes on with its turnaround strategy. Sales for the final quarter grew by five per cent to €735 million (£652 million), lifting its full year sales by three per cent to €2.7 billion (£2.4 billion), according to preliminary results released yesterday.
Steinhoff’s UK companies have announced that they have secured a new two-year independent loan which will relieve their reliance on their embattled parent company. Pepkor, which is chaired by Steinhoff’s former temporary chief executive Christo Wiese, has announced a two-year independent loan of £180 million from US investment management firm Davidson Kempner. Although Pepkor falls under Steinhoff’s umbrella, this loan will reportedly replace the planned investment from Steinhoff at Poundland, Harveys and Bensons for Beds in full
Video games retailer Game has drafted Dimitri Goulandris to join the company’s board as a senior independent director. He will replace non-executive director Caspar Woolley as chair of the Game’s remuneration committee and will also become a member of the company’s nomination committee and audit and risk committee.
Jim Cramer broke down the week ahead, in which data from Europe and company earnings could push stocks even higher.
Your ultimate goal at Kurt Geiger is to transform the physical stores into digital stores when it comes to data insight.
Cross-border trade is forecast to increase by 57 per cent in the UK this festive period, indicating that more overseas shoppers are turning to British retailers than ever before for their Christmas shopping. According to new research from VoucherCodes and the Centre for Retail Research, sales from international trade is expected to hit £1.42 billion in the UK this Christmas, compared to the £905 million recorded this time last year. In addition, foreign citizens purchasing from stores based in the UK will make up one-third of total European sales from overseas retailers this Christmas, due to the language being widely spoken and currency depreciation resulting in merchandise becoming cheaper than previous years
Pending regulatory approval, Europe's largest commercial property company will acquire the mall operator, whose top execs are all slated to retire.
Westfield is set to be bought by Paris-based Unibail Rodamco in a deal that will create a combined global estate of £54 billion. The shopping centre giant which owns some of the largest retail site in the UK, is to be sold to Unibail Rodamco for £18.5 billion, paying Westfield Corporation’s Australian owners £5.66 a share at a 17.8 per cent premium. Unibail Rodamco is the largest commercial real estate company in Europe and will own 104 properties across the world when the acquisition is complete, reportedly resulting in cost savings of $100 million a year.
VF Corporation, the parent company of high street brands Lee, Vans, The North Face and Timberland, has announced a number of senior leadership changes within its Europe, Middle East and Africa jeanswear division. Johan De Niel has been promoted to vice president of Wrangler EMEA, while Peter Kats has been promoted to vice president of Lee EMEA. Both will lead the design, product, merchandising and marketing teams of their respective brands
AO World’s losses has widened by almost £10 million, as the electricals retailer increased UK brand expenditure and investment in Europe. For the six month period to the end of September, AO World’s total operating losses stood at £12 million, compared to the £2.8 million recorded during the same time last year.