Year: 2019

Clarks calls in advisors to review business

Shoe retailer Clarks has called in management consulting firm McKinsey & Co to review its business. A spokesperson told Retail Sector that the company is “unable to share any specific details” of its new strategy, but did confirm that it is “transforming” the brand to “reconnect” with its consumers by…

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Louis Vuitton buys Tiffany for $16bn

Louis Vuitton (LVMH) has announced a “definitive” agreement with Tiffany and Co., whereby it will acquire the luxury jewellers for $16bn (£12.5bn), or $135 (£105) per share in cash. This is higher than the original offer, which proposed that each share was bought for $120 (£93), valuing Tiffany’s overall business…

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Intu sells Sprucefield Retail Park in £40m deal to NewRiver

Shopping centre owner Intu has announced the sale of its Sprucefield Retail Park to real estate investment trust NewRiver in a £40m deal. The retail park is located in Lisburn, Northern Ireland and comprises of 231,000 sq ft of retail space in five units, and features stores such as Sainsbury’s…

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M&S appoints CEO of Tesco’s F&F clothing as new managing director

Marks and Spencer has appointed current CEO of F&F Clothing, Tesco, Richard Price as managing director of clothing and home. Price will join Marks and Spencer next year, with his start date to be confirmed in “due course.” The announcement comes after M&S announced a 17% drop in profits to…

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Hays Travel creates 1,500 new jobs following Thomas Cook acquisition

Independent travel agent, Hays Travel, has announced a further 1,500 new jobs and apprenticeships following its acquisition of Thomas Cook in October. The roles, which are available now, include 200 new posts at the company’s head office in Sunderland, northeast England, and 500 jobs handling foreign currency in each of…

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Skopes receives £6m investment to fund 15-store expansion drive

Leeds-based menswear retailer, Skopes, is set to “significantly expand” its national high street presence with 15 new stores, after securing a £6m funding package. The brand, which celebrated its 70th anniversary last year, plans to open the 15 stores across the UK over the next two to three years. The…

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The Hut Group secures £510m debt facility to boost beauty investment

The Hut Group has secured a £510m of debt issuance with a seven-year maturity to help boost its digital and beauty offerings.  The process has been underwritten by Barclays, HSBC, Citi and Santander. The transaction is set to be a “step change” within the beauty and wellness capital structure. The…

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Landsec appoints new CEO

Land Securities Group (Landsec) has appointed Mark Allan as new CEO, the retail property group announced today.  His role will come into effect no later than June 2020.  News of the appointment follows Landsec’s announcement that it suffered a half-year loss with plunging profits. In its trading update published last…

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Marie Kondo launches controversial online store

Tidying guru Marie Kondo launched a new online store this week, with the move sparking mass confusion online due to its ironic offering. Kondo, who rose to popularity through her Netflix show ‘Tidying Up with Marie Kondo’, said she was “thrilled” to introduce the shop, and noted that the new…

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Why electric car charging is a problem retailers must solve in 2020

“Will there be parking?” was the problem which out-of-town shopping solved for customers in the 1990s and 2000s.  “Will there be charging?” is the problem which retailers need to solve in the 2020s – because the consumer of the future drives, if not necessarily owns, an electric car.  If you…

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