News-In-Brief

Today’s news in brief-22/10/24

Mulberry’s board has backed Challice, the majority shareholder, in rejecting Frasers Group’s increased £111m takeover bid. Challice made it clear last week that it has no intention of selling its shares or offering any commitment to Frasers. Mulberry’s board emphasised its unanimous decision to reject the offer, focusing instead on…

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Today’s news in brief-21/10/24

Frasers Group has agreed to sell its 20.3% stake in N Brown for £191m to Falcon 24 Topco Limited, owned by Joshua Alliance. Despite divesting from N Brown, Frasers looks forward to a strategic relationship with Alliance. Concurrently, Frasers is pursuing the acquisition of luxury brand Mulberry, raising its offer…

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Today’s news in brief-18/10/24

Boohoo’s CEO, John Lyttle, is stepping down after five years, as the company embarks on a strategic review and secures a £222m debt refinancing deal. The retailer’s new debt facility includes a £125m revolving credit line and a £97m term loan, aimed at supporting future development. The announcement follows a…

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Today’s news in brief-17/10/24

N Brown has agreed to a £191m takeover by Falcon 24 Topco, a company led by Joshua Alliance, a member of the founding Alliance family. Joshua, who already holds a 6.6% stake, will acquire the fashion retailer at 40p per share. Other family members, including former chair Lord David Alliance,…

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Today’s news in brief-16/10/24

Inflation in the UK has dropped to 1.7% in September, marking its lowest level in over three years, down from 2.2% in August. This decline, driven largely by falling airfares and petrol prices, is below the Bank of England’s 2% target, which may result in pressure to lower interest rates.…

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Today’s news in brief-15/10/24

Victorian Plumbing announced the closure of Victoria Plum due to a £2m loss since acquisition, aiming to complete operations by year-end. Despite this, Victorian Plumbing reported a 4% revenue increase in FY24, with strong consumer demand and enhanced market share. CEO Mark Radcliffe highlighted growth in own-brand sales and improved…

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Today’s news in brief-14/10/24

Mulberry’s majority shareholder has rejected an increased bid from Frasers Group, which had offered £111m to take control of the luxury fashion brand. Frasers, already owning 37% of Mulberry, raised its offer to 150p per share after a previous £83m bid was turned down. However, Mulberry’s majority shareholder, Challice, expressed…

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Today’s news in brief-11/10/24

Ikea reported a 5.3% decline in retail sales to €45.1bn (£37.7bn) after implementing significant price reductions across 63 markets. Despite the sales decrease, the strategy led to a 4.5% increase in store visits and a notable 21% rise in online traffic, driven by heightened consumer demand. This period also saw…

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Today’s news in brief-10/10/24

Asos has finalised the sale of Topshop and Topman to Heartland, a joint venture led by Bestseller, with Heartland acquiring a 75% stake for £135m while Asos retains 25%. This move follows Asos’ September decision to divest these brands amidst a business refinancing. Asos will retain design and distribution rights…

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Today’s news in brief-9/10/24

Shein’s UK arm reported robust financial results for 2023, with revenues climbing 38% to £1.55bn and pre-tax profits doubling to £24.4m. These figures surpass rival Boohoo’s latest annual revenues. The company also announced plans for an IPO in London, pending regulatory approval, to capitalise on its growth momentum and expand…

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