Today’s news in brief-15/4/24
Dr. Martens has initiated legal action against online retailer Temu for alleged trademark infringement. Dr. Martens claims that Temu used keywords like “Dr. Martens” and “Airwair” in Google ads to promote its boots, gaining visibility over Dr. Martens’ authentic products. While the lawsuit was filed in the High Court, the specific demands of Dr. Martens remain unclear. Temu’s parent company, PDD Holdings, reported significant revenue growth, attributing it to marketing efforts that boosted transactions.
Dominic Chappell, the former owner of BHS who acquired the company for £1, has been sent back to prison for breaching his licence conditions. He engaged in consultancy work, partnering with chef Marco Pierre White and his son, despite restrictions. Chappell’s involvement in a collapsed restaurant venture led to financial liabilities. His initial jail term stemmed from tax evasion related to the BHS deal, described by the court as a significant example of tax fraud.
Administrators for The Body Shop are negotiating a deal to reduce the company’s tax liabilities if it emerges from administration. This arrangement would preserve £66m in tax benefits and potentially lower future corporation tax. The deal aims to enhance creditor returns, particularly benefiting the private equity owner, Aurelius. Despite recent store closures, creditors might receive dividends reflecting the value of tax assets.
Dr. Hannah Shimko has been appointed as the new managing director of the Gift Card and Voucher Association (GCVA). With a background in managing trade associations and advocating policy changes, Shimko aims to advance the gift card industry’s interests. Her priorities include lobbying for increased tax allowances for trivial benefits and addressing fraud concerns. The GCVA expects her leadership to drive sector growth and promote best practices.
Charles Tyrwhitt experienced a remarkable 45% increase in sales, reaching £269.2m in the fiscal year ending July 2023. This growth was predominantly driven by digital channels, with expansion efforts in the UK and international markets. Strong underlying profits reflect confidence in the brand’s positioning, customer service, and adaptable product range, despite economic uncertainties.
Andrew Cosslett, chair of Kingfisher, will step down after seven years, with Claudia Arney succeeding him. Arney, currently an independent non-executive director, will bring her expertise to steer the company forward. Cosslett’s tenure oversaw strategic transformations and weathered challenges like the pandemic. Arney aims to maintain Kingfisher’s customer-centric approach and drive its ‘Powered by Kingfisher’ strategy, emphasising responsible business practices.
