Today’s news in brief-6/6/24
Andrew Fisher, a long-serving director at Marks & Spencer (M&S), is resigning following the company’s hiring of Alison Dolan, CFO of Rightmove. Fisher, who has been chairman of Rightmove since 2020, felt blindsided by M&S’s decision, learning of it late in the recruitment process. He has been with M&S since 2015, nearing the end of his nine-year term for independence under Britain’s corporate governance code. Sources indicate his position became untenable after Dolan’s recruitment. Fisher will step down early next month and will not seek re-election at the annual shareholder meeting. Dolan will succeed interim CFO Jeremy Townsend, whose tenure will continue until May 2025.
Tesco has launched an online marketplace, allowing customers to shop thousands of products from its brand partners alongside groceries. This follows a trial phase where Tesco colleagues tested the platform. Initially, the marketplace offers around 9,000 products across various categories such as garden, DIY, home accessories, and toys. Tesco plans to expand the range of products over the coming months. The marketplace aims to enhance customer convenience, aligning with Tesco’s strategy of being the UK’s leading online grocer, with over 22 million Clubcard members and 1.2 million weekly orders.
N Brown has returned to profit, posting a pre-tax profit of £5.3m for the year ending March 2024, up from a loss of £71.1m the previous year. However, the company’s revenue fell by 9.8% to £600.9m, with product revenue down 10.6% to £381.2m and financial services revenue dropping to £219.7m.
Authentic Brands Group (ABG) has signed an agreement to acquire the Champion Athleticwear brand from HanesBrands. This strategic acquisition aligns with ABG’s goal to expand its portfolio of sports, lifestyle, entertainment, and media brands, potentially increasing its annual retail sales to over $32bn worldwide. Champion, which operates in more than 90 countries with over 40% of its business outside North America, will transition to a licensed model under ABG’s ownership. ABG plans to collaborate with existing and potential operators to manage Champion’s manufacturing, retail, e-commerce, and wholesale operations. The acquisition, subject to regulatory approval, is expected to finalise in the second half of 2024.
