Today’s news in brief-2/4/24
Superdry CEO Julian Dunkerton’s plans for a takeover have fallen through, leading to an extension of a £20m funding facility with Hilco. Dunkerton, while remaining committed to the business, does not intend to make an offer, according to a statement on the London Stock Exchange. Talks of a possible equity raise are underway, but Superdry cautions that such a move may not yield favourable outcomes for shareholders.
Frasers Group, led by founder Mike Ashley, has named David Al-Mudallal to its board, reportedly due to his relationship with Ashley’s daughter, Matilda. Al-Mudallal, aged 31, has ascended to become one of the youngest directors of a FTSE 100 company. His connection to the Ashley family extends further, as CEO Michael Murray is married to Anna Ashley. Separately, Frasers acquired Matilda’s beauty business, Double Take, without informing shareholders last October.
Shein has witnessed its profits exceeding $2bn while preparing for its IPO, potentially in London or New York. Chancellor Jeremy Hunt has urged Shein to choose London for its listing, where it could become the second-largest IPO in the London Stock Exchange’s history. Regulatory hurdles have delayed its US IPO plans, prompting consideration for other markets.
Shop price inflation in March plummeted to its lowest level since December 2021, driven by a significant drop in food inflation. The British Retail Consortium attributes the decline to intense competition among retailers, resulting in lower prices for consumers. However, impending cost pressures such as business rate hikes and new border checks pose challenges to sustaining this downward trend.
Rodrigo Maza assumes the role of CEO at Naked Wines, following his tenure as UK managing director. With extensive experience in the alcohol beverage industry, Maza is tasked with leading the company’s turnaround strategy. Additionally, Paul Calandrella joins as general manager for Naked Wines USA, aiming to bolster the brand’s presence in the American market.
FatFace announced leadership changes to facilitate growth following its acquisition by Next. Jo Wilson and Karen Johnston are appointed to new roles of people director and stores director, respectively. This restructuring aligns with the retailer’s plans for a more cohesive approach across markets. Chief Operating Officer Mark Wright will depart later this year, with responsibilities distributed among existing and new board members. Keely Stocker assumes extended responsibilities as marketing and ecommerce director, while Amy Lynch transitions into the role of finance director permanently.
