Today’s news in brief-26/2/24

Frasers Group has announced the appointment of four new directors to its board, signalling a significant restructuring move. Among the appointees are David Al-Mudallal, the current chief operating officer, and Ger Wright, the managing director of Sports, who are elevated to executive director roles due to their notable contributions. Additionally, Helen Wright, the Global CEO of Sergio Rossi, joins as a non-executive director, bringing extensive experience in luxury consumer brands.

Despite lobbying efforts from UK retailers, the prospect of overturning the tourist tax in the upcoming Spring Budget reportedly remains uncertain. Recent data submitted by the Association of International Retail and New West End Company challenges the Treasury’s projections regarding the impact of VAT on overseas shoppers. The AIR argues that reintroducing VAT-free shopping would potentially attract more EU tourists, thereby boosting spending by billions annually.

Amanda Thirsk, a former aide to Prince Andrew, is reportedly playing a pivotal role in JD.com’s potential takeover bid for Currys. Thirsk’s involvement underscores JD.com’s strategic approach to acquisitions, leveraging her expertise in business development. JD.com faces a mid-March deadline to formalise its bid, with Thirsk’s insights potentially influencing the outcome.

John Lewis Partnership has initiated cost-cutting measures, resulting in the redundancy of approximately 200 contractors from its customer service provider, Foundever. The move is part of the partnership’s broader turnaround plans aimed at addressing financial challenges and adapting to evolving market dynamics. Despite the impact on customer service operations, John Lewis remains committed to maintaining service standards and supporting affected employees.

Next has reportedly expressed interest in acquiring assets from The Body Shop following its recent administration. While details of the potential deal remain undisclosed, Next’s proactive stance suggests a strategic opportunity to expand its portfolio. Uncertainties surrounding the auction process and the status of The Body Shop’s assets present challenges in determining the outcome of Next’s pursuit.