George Davies, the former owner of Per Una fashion, is said to be considering using some of the money he made from the sale of the label to former employer Marks and Spencer to set up a fashion retailer, according to the Financial Times. There has been talk that Davies may start his fourth retailing business after Next, George at Asda and Per Una. He could fund the opening of as many as 12 flagship stores with his own money. These stores would complement the e-tailing business that he set up in the belief that ecommerce is the way of the future for retailing.

Davies would call the new chain G1V-e. However, before working on the start-up, Davies is expected to complete his 12-month contract with M&S. Davies resigned from M&S last week amidst happier news of a slight financial recovery. The timing could not have come at a worse time for chief executive Stuart Rose. It is possible that more of the 140 Per Una staff will quit following Davies' resignation. His associates and his daughter Melanie also resigned last week.