Today’s news in brief-06/10/23

Pandora has raised its revenue guidance for the year to DKK 34-36bn (£4.2-4.5bn) following a surge in store sales. As part of its Phoenix strategy, the company plans to increase investments to enhance revenue growth, brand desirability, and expand its store network. This includes positioning itself as an affordable luxury jewellery brand. Additionally, Pandora aims for its EBIT to reach DKK 8.8-9.7bn (£1.1-1.2bn) by 2026. The company is also making strides in sustainability, targeting 100% recycled silver and gold by 2025, and leading in lab-grown diamonds. Potential buyers of The Body Shop are reportedly discouraged by owner Natura and Co’s high valuation of £400-£500m. Private equity firms, including Aurelius Group, Waterstones owner Elliott Advisors, and private equity firm Epiris, are in the race to acquire the health and beauty retailer. It remains uncertain if Bensons for Beds owner Alteri Investors is still interested. Morgan Stanley is overseeing the sales process, aiming for a provisional agreement by the end of October. Sainsbury's has surpassed Waitrose in becoming the priciest supermarket for large grocery purchases, particularly for those not using a loyalty card, according to a recent Which? analysis. Asda remains the cheapest non-discount supermarket, with a significant £33.52 difference from Sainsbury's. Aldi leads as the least expensive option with an average cost of £67.72 for a basket of 39 items. The analysis includes popular brands and own-label products. Sainsbury’s disputed the findings, claiming that the study was selective and excluded certain promotions. Frasers Group, which includes Sports Direct and other retail brands, has submitted plans for a new global HQ campus in Rugby, Warwickshire. If approved, this development is expected to generate 7,500 jobs and bring £300m in GVA to the region. The proposed campus will encompass logistics space, offices, R&D retail, a hotel, and leisure facilities, with public access to amenities like a gym and courts. The fate of the current Shirebrook offices remains undecided. Frasers Group, led by Mike Ashley, has raised its stake in Boohoo to 13.4% as part of its investment strategy in UK fashion retailers. The group, which previously held 10% of Boohoo, now possesses 170,426,000 voting rights in the company. This move aligns with Frasers’ objective of building supportive positions in promising firms. Frasers sees potential synergies with Boohoo, particularly in collaboration with its own brands I Saw It First and Missguided. Boohoo reported a 17% drop in revenues in the first half of the year, with a pre-tax loss of £9.1m. The company aims to implement cost-saving measures in the coming years.

Today’s news in brief-06/10/23

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