Kingfisher Q1 sales plummet
Home improvements retailer Kingfisher Plc announced a drop in same-store sales in the first quarter. Meanwhile trading in its key French and UK markets remains difficult. Last month the company warned waning consumer demand would affect its quarterly reports. It reported a like-for-like sales drop of 5.6 per cent. Retail profits fell 15.6 per cent to GBP125.9 million.
Chief Executive Gerry Murphy said in a statement: "With the key summer season still to come, it is too early to judge the outlook for the full year. However, trading in the first three weeks of the second quarter continues to be challenging in the UK and France."
Speaking about expectations for the year 2005, Finance Director Duncan Tatton-Brown told reporters: "We haven't provided guidance on the year, we're only three months into it and we've got a decent period of seasonal sales to come. We'll be much clearer towards the end of the second quarter."
www.kingfisher.co.uk
26 May 2005
New president La Perla Fashions
The Italian fashion house La Perla has appointed Giulio Salvi President of its New York subsidiary La Perla Fashions Inc. Salvi will be responsible for all wholesale and retail operations of La Perla Fashions in the US and the Caribean.
Before this appointment Salvi was President and CEO of the US operations of Italian textile group Gft SpA, where he oversaw the Armani, Valentino and Ungaro brands.
www.laperla.com
19 May 2005
Boots CFO quits
Boots Chief Financial Officer Howard Dodd has quit the company, the health and beauty retailer confirmed on Wednesday. The Group said that group financial controller Jim Smart would act as CFO until a replacement for Dodd was appointed.
www.boots.com
18 May 2005
Retail directors sell own-company shares
The Sunday Telegraph has reported that the directors of listed retail groups sold £44m worth of their own companies' shares in the three months to the end of April. The high figure, almost seven times the £6.5m worth of shares sold by senior executives at listed retailers in the final three months of last year, suggests that even the executives charged with running the UK's retail chains have lost faith in spending on the high street.
15 May 2005
April trading down
Fears that disappointing retail sales could herald a high street crisis dealt a blow to Tony Blair's claims about the nation's economic stability this week. Retailers suffered the worst April since 1998 as the number of shoppers fell by 5.3 per cent on last year.
Economists said people were trimming their spending amid uncertainty over their finances. The statistics were released as the Prime Minister and ChancellorGordon Brown hailed their economic record as the 'central issue' of the election.
6 May 2005
Playtex profit rise
Playtex Products, the US skin care, feminine and infant care company, has reported a first quarter profit rise. Net income for the quarter ending 2 April was $15 million (GBP 8.5 million), compared with a net income of $8.4 million the year before.
President and CEO, Neil P. DeFeo said, "Overall, we are pleased with our first quarter 2005 results as we continue to strengthen our operations and marketing programs in line with our new strategy announced in early April. We've made progress toward every major area of our new strategy including improving our core category focus, reducing costs, improving our compensation and employee development plans, accelerating new product development, and paying down debt."
Playtex Products expects net sales growth in 2005 to be in the low single digits. Operating income, excluding estimated additional realignment charges of between $6 to $8 million, should amount to $105 million to $115 million.
www.playtexproductsinc.com
3 May 2005
Asprey sales rise
Conjecture that Asprey has run into trouble has not appeared to distress Lawrence Stroll too much. Speaking to WWD last week, he said: "This is an endurance race, not a sprint. Will we win the endurance race? I don't know. But we certainly haven't entered the sprint race."
Stroll is partners with Silas Chou, Edgar Bronfman Jr, Morgan Stanley Capital and the TAG Group. He firmly stated that he and they are "absolutely committed" to the A&G business and are very supportive of Garrard designer Jade Jagger.
He did admit that although the Asprey flagship store on Bond Street was doing well, the New York branch was not enjoying the sames success. "New York was a marketing experience, and not necessarily a pleasant one. We opened a store that was larger than the business required. In hindsight, would we do it again? I don't know. But we're now expanding all over the world, and sales at A&G are up 59 per cent," said Stroll.
A&G Group owns both the Asprey and Garrard brands. The group announced a sales increase of 59 per cent to GBP 26.7 million during the year ending 31 March.
www.a-ggroup.com
25 April 2005
Diptyque bought by Manzanita Capital
Manzanita Capital, the London-based private equity fund, has purchased the privately owned French scent and candle company Diptyque for an undisclosed sum. Manzanita said in a statement last Friday it planned to build Diptyque through its existing points of sale and fortify the infrastructure of the business.
The statement said Diptyque's founders, Yves Coueslant and Christiane Gautrot, would remain closely involved in the company, along with chief executive Mohamed Lataoui, who will become chairman of the supervisory board.
"We felt that Manzanita, as a family-run fund, had the right blend of vision and expertise to take the business forward, as well as the commitment to develop the business," said Coueslant. William Fisher, Manzanita's co-founder, said he was attracted by Diptyque's "purity and integrity."
The company declined to release sales figures, but, in the U.S. alone, Diptyque is reportedly a $10 million business.
14 April 2005
Isabella Oliver sales rise
The British maternity clothing label Isabella Oliver has reported an increase in sales of over GBP 1.5 million in its first year of business.
The company was founded by the former head designer at Victoria's Secret, Vanessa Knox-Brien and by Baujken de Swaan, a marketeer in de consumer goods sector. The firm started trading in 2003 and sells 70 per cent of its stock over the Internet.
Isabella Oliver, named for the founders' children, has recently launched three maternity collections - Essentials, Sleepwear and Loungewear - and has received a great deal of support from the fashion industry and business community. Customers can purchase items via Internet, telephone or mail order.
www.isabellaoliver.co.uk
12 April 2005
Easter not retail success
Retailers suffered a terrible Easter weekend providing fresh evidence that slowing consumer spending has not yet bottomed out. Stores were prompted to try ever more ingenious ways of winning customers.
John Lewis's nationwide group and its online business saw a slump of 18-19 per cent on the Saturday, while Debenhams was last week telephoning at home 'valued customers' in the Birmingham area to tell them about special preview promotional evenings. Many retailers open on Good Friday and Easter Sunday made losses on the day, only staying open to conform to high street etiquette.
5 April 2005
Job losses in Ireland
A string of recent closures of factories in Ireland has the Irish textile industry anxious and looking to the government for intervention.
Recent closures include Ulster Weavers, The Armagh facotryand Elastic Knitting at Galgrom in Northern Ireland. 65 jobs were lost at Elastic Knitting, which makes lingerie and sportswear. Ulster, which had to close two of the four plants, suffered 80 job losses. Meanwhile the Armagh factory's closure will cause 38 job losses.
Ballymena DUP councillor Jim Alexander was "saddened" by the latest job losses. "I am angry that the once thriving textile industry has all but evaporated and that little effort was made by the government to retain it," he said.
Ulster Weavers expect futher job cuts at the company's head office near Banbridge in County Down. The closures reflect the inability or unwillingness to fight the competition from outside. People are now calling for the government and private sector to step up to the plate.
29 March 2005
Merchant Retails sold Joplings department stores
Merchant Retail has sold all Joplings departments stores in a move to complete its exit from department store retailing. The decision to exit the department store business in order to focus on its more profitable Perfume Store chain was taken last year. The group also operates the de Gruchy Department Store in Jersey.
The group sold department stores in Sunderland and Hexham to Liverpool-based Owen Owen. The closed Woodwards department store in Leamington Spa was sold to a property developer, while Tesco acquired the Tynedale Park retail development for £17m.
Merchant Retail said that receipts from the sale of all four stores in its Joplings division total £29.3m before costs. The Group has retained the £4.3m loan book of JFS, Joplings store card business, which will continue to operate until at least September 1. Merchant Retail has been developing plans to take the Perfume Shop format into Australia, with the the first store openings expected this
24 March 2005
New Trade Show
A new streetwear trade show is to launch in London on 3-4 July 2005 at The Barbican. The fair, called Upfront, aims to provide a platform for the most creative, inspirational and sought-after global street and sports brands. It will open ahead of other UK shows.
The organisers of the fair have revealed that the event is already being sponsored by a increasing amount of retailers and brands. They intend to fill the gap that was left by 40 degrees and to attract international buyers and businesses back to London.
28 February 2005
New CEO for Ferre
The Italian couture house Gianfranco Ferre SpA has announced the appointment of Massimo Macchi as CEO. He replaces Tonino Perna, founder and chairman of the Italian luxury clothes and accessories group IT Holding SpA, which is owned by Ferre.
Macchi previously worked at the Italian footwear and leather accessories fashion retailer A. Testoni, where he was deputy president, in charge of merchandising, sales and design.
www.ferre.it
22 February 2005
B&L buys T&L
The British textile company, Bulmer & Lumb Group, based in Bradford, has aquired Huddersfield-based fine worsted manufacturer Taylor & Lodge. The deal will allow Bulmer & Lumb to expand its export business and to further conquer the domestic market.
Taylor & Lodge is known for its state of the art weaving and finishing. Its plant produces fabric for luxury menswear brands like Italian Ermenegildo Zegna, German Hugo Boss and British Alfred Dunhill. With this acquisition, Bulmer & Lumb hope to increase their fabric sales by up to 50% of their turnover.
www.bulmerandlumb.co.uk
1 February 2005
Marchpole sales increase
British clothing and accessories group, Marchpole Holdings Plc, reported a sales increase of 31% to GBP 6.2 million for the third quarter. Sales for the nine-month period ending 1 January rose by 72% to GBP 21.8 million. The company announced that it was confident regarding its full-year sales estimates.
Marchpole Holdings sells luxury brands such as Yves Saint Laurent, Emanuel Ungaro, Jean-Charles de Castelbaljac and Boateng.
www.marchpole.co.uk
11 January 2005
Christmas shopping decline on last year
The first full day of the post-Christmas sales saw a drop in shoppers compared
with last year despite many centres reporting huge crowds, analysts said. The
firm FootFall noted a 5.9% decrease in shopping visits to UK centres on Monday
compared with December 27 last year.
But these figures come as many major retail centre reported vast numbers of
shoppers flocking through their FootFall marketing manager Natasha Burton said:
"The year-on-year decrease for this first full day of sales when compared
with the first full day of sales in 2003 is a little disappointing after early
anecdotal evidence suggested that this could have been a recording breaking
day.
"Unless they were serious bargain hunters, some potential shoppers may have been dissuaded from going to the shops fearing extra traffic and crowds, preferring to spend the time with their families, or enjoying the presents they had "Although shopper volumes are lower, final retail trading figures will reveal whether these sales day shoppers were seriously out to spend instead of just browsing," she concludes.
FootFall Limited measures more than 100 million shopper visits per month in
more than 135 shopping centres covering more than 8,000 retail outlets.
On Monday, many centres reported shopper numbers reaching almost record numbers
28 December 2004
Hardy Amies IPO
The British fashion house Hardy Amies is set to float on the London Stock Exchange at the end of the month, the company revealed this week.
The company raised GBP2.5 million before the float, which will be used to continue to build the brand. Further to this, the company has announced that it has signed the licensing agreement with Stuncroft Brands Ltd to produce and manufacture a men's ready-to-wear line. The company is also considering doing the same for women.
Chairman and CEO Tim Maltin told Women's Wear Daily, "We are, on the one hand, a couture house, and on the other, an intelligent licensing operation. And these deals lie at the heart of our expansion strategy."
www.hardyamies.co.uk
22 December 2004
Sixty appoints manager Asia
The Italy-based fashion retail group has appointed Markus Capone as general manager of its Asian businesses. He has resigned from his position as general manager of Sixty Germany. Joerg Korghage will take his place, joining the company from the German textile retailer Engelhorn.
Sixty was established in 1989 and is based in Chieti, in the northern Italian region of Brescia. The company produces brands like Miss Sixty, Murphy and NYE.
www.sixty.it
20 December 2004
Slimma reports disappointing results
The British clothing manufacturer Slimma has reported a drop in turnover for the year ending 1 October by 9.1% to GBP25.9 million. The results were especially disappointing after an outstanding first half. Pre-tax profit increased from GBP 390,000 to GBP950,000. The company, which included a mail order business, currently exports 21% of production as opposed to 16% in the previous year.
The Slimma brand was established in 1935, derived from the term "slim-mothers". In 1970 the company split in two. One half devoted all its production to retailer Marks & Spencer, whereas the other business continued to focus on all non-Marks & Spencer related activities. In 1977 Slimma was purchased by Tootal Group Limited, but continued to operate independently within the Group. In 1991 the Group was taken over by Viyella Plc and the divisions were renamed Slimma Contract and Slimma Fashion. The company finally went public in 1994.
www.slimma.com
16 December 2004
EU to drop punitive tariffs
Officials of the European Union have revealed that they plan to drop $4 billion (GBP2.2 billion) in penalizing tariffs on a number of textile- and apparel exports to the US. The decisions were made as a reprisal against so-called illegal subsidies, they said. The sanctions are expected to be revoked from 1 January 2005.
In March, the punitive tariffs had been started at 5% with a monthly increase to the current 12%. Although they had only a small impact on exports of apparel and home furnishings, yarn exports did suffer as a result.
8 December 2004
Hobbs to bid for LK Bennett
Hobbs, the upmarket high street fashion and footwear group, will make an indicative offer for LK Bennett, the fashion chain put up for sale last month by founder Linda Bennett. BDO Stoy Hayward, the accountancy firm conducting the auction, expects initial bids for the business by December 15. Bennett, the former design student dubbed "queen of the kitten heel", is then expected to review a range of proposals.
7 December 2004
La Senza reports 3Q results
The Canadian lingerie retailer La Senza Corp reported a net loss of CAD 906,000 (GBP 435,200) for the third quarter ending 30 October. This result is down from CAD 1.2 million in the same period last year.
The group generated a net profit of CAD1.9 million, which does not include the effects of the weak US dollar and delayed deliveries. Sales increased by 4.6% from CAD80.6 million to CAD 84.3 million.
La Senza's Chairman and CEO, Irving Teitelbaum, told reporters that the third-quarter results had been influenced by the weak US dollar, the "overheating of the Chinese economy and its infrastructure caused delays in receipts of new merchandise in the third quarter." At the end of the third quarter, La Senza owned 296 stores.
www.lasenza.com
27 November 2004
Chistmas Crisis
High street retailers are bracing themselves for a 'crisis Christmas' amid fears several of the UK's biggest chains will be forced to issue new year profit warnings. Ecomomist and analysts believe a combination of uncertain weather, bargain-hunting consumers and economic gloom could lead to the worst festive traidng period for at least three years, with speculation centering on Boots, Dixons, Marks & Spencer and WH Smith as the retailers most likely to suffer.
28 November 2004
Far East rules the roost
A study by US investment bank Merrill Lynch has shown that China and Japan will dominate more than half of the luxury fashion market in ten years' time. Thereby the two Far East superpowers will surpass Europe and the US.
The Merrill Lynch report was unveiled at the "Milano Fashion Global Summit" in Milan last week. It revealed that China currently has an 11% stake in the EUR82 billion luxury fashion market. By the time 2014 rolls around this market will have grown to EUR133 billion, and China will have a 30% stake in it. This will leave Japan in second place with 21%, with Europe and the US following in third and fourth place with 20% and 17% respectively. Russia will come in fifth with 6%, which is the position it currently holds as well.
Chairman of the fashion association Camera Nazionale della Moda, Mario Boselli, urged the fashion industry to prepare "adequate strategies for the new markets and adopt similarly sophisticated policies there as in Europe or Japan." He added that China would not merely be a big outlet for selling everything.
24 November 2004
Hacket To Expand Abroad
Hackett, the UK-based upmarket menswear retailer, is drawing up plans for a major expansion into the US, Japan and Germany. The store group, which is owned by Richemont, the Swiss luxury goods company, is in talks with potential retail, wholesale and licensing partners about opening stores or striking distribution deals in the three countries.
1 November 2004
Boots To Sell Sex Accessories
Boots may soon be selling a range of adult sex accessories through in its high street stores. Boots has said it is in the early stage of discussions with SSL, manufacturer of the Surex condom brand. The range could be in stores in time for Christmas.
The market for sex toys and adult novelties has fundamentally changed over the past decade, from its roots in licensed sex shops to the mainstream of retail.
22 October 2004
New shares Hardy Amies
The British couture house Hardy Amies is emitting up to 24 million new shares in order to raise GBP 2 million. The proceeds are to fund the launch of fragrances, footwear, home products and a ready-to-wear collection.
www.fibre2fashion.com
13 October 2004
Takeover Deal In Store For Hobbs
The management of upmarket fashion chain Hobbs is this week due to meet prospective buyers sizing up a GBP100m takeover deal. Baugur and private equity firms 3i and PPM Ventures are among those interested in acquiring Hobbs from its 80 per cent owner Barclays Private Equity.
20 September 2004
FTSE4Good Index Removes Brands
The results of the latest review of the FTSE4Good Index were released on Monday, with 79 companies due to be added and 23 removed.
12 companies from the UK are to be removed from the index because they no longer meet the socially responsible investment criteria. Among them are UK retailers House of Fraser and Mothercare, as well as international brand Benetton.
15 September 2004
River Island To Dress Up Profit
High street fashion chain River Island has been going back to the future this year with 50s glamour styles and a vintage denim look. The company hopes to bring a new gloss to its profit figures after enjoying a huge sales boost for very little return. Accounts filed by the family-owned Lewis Trust Group showed retail turnover up 7.3 per cent at GBP406m, but pre-tax profits were fractionally reduced at GBP55.7m in the year to December.
13 September 2004
Marchpole Signs Ungaro
UK-based distributor Marchpole Holdings has signed a licensing deal with Emmanual Ungaro. The deal, which excludes America, will run until 2012 and covers both the tailored Emanuel Ungaro and more casual Ungaro labels. The first collections will be for autumn/winter 2005/6.
Savile Row Tailor To Conquer Japan
London Savile Row tailoring firm Gieves & Hawkes has signed an agreement with Daidoh to establish Gieves & Hawkes Japan, which will promote and sell its products in Japan, mainly through stores and concessions.
The new unit will sell bespoke and personally tailored suits as well as the classically styles Gieves & Hawkes ready-to-wear collection from Autumn 2005. The new, more contemporary Gieves range will also be represented by Daidoh.
7 September 2004
Byblos Enters Hotel Business
Byblos owner Swinger is the latest luxury fashion name to enter the high-end hotel business with plans for a resort in Valpolicella in rural Verona. The 10,000 sq m hotel will open in April in the historic Villa Amista, owned by Swinger's controlling Facchini family.
6 September 2004
Shopping Numbers Down
Record rainfall, higher interest rates and fears over house price falls all conspired to dampen enthusiasm for shopping in the UK last month. A Confederation of British Industry survey said the second successive marked slowdown in retail sales showed that July's slowing trend was not a temporary blip.
The CBI's monthly distributive trades survey showed 34 per cent of companies said sales rose on the year while re per cent said they were down. Sales of clothing, hurt by the weather conditions, were flat.
2 September 2004
Church Bans Religious Attire
The Russian Orthodox Church has criticized a French law banning public school
students from wearing religious attire, including headscarves, a measure that
led to the abduction of two French journalists in Iraq.
"At the very beginning, when this law was being drafted, we voiced our
concern over this ban on expressing one's religious sentiments," Father
Mikhail Dudko, spokesman for the Moscow Patriarchate, told Interfax on Monday.
Apart from headscarves, the law forbids school students from wearing any conspicuous signs showing their religious affiliation, including large Christian crosses.
1 September 2004
Londoncentral To Host Catwalk Show
Londonedge, Londoncentral and Front Cover will host its first fashion show. Themes will include Vampire Ballet, Rebel Rider and Cirque Du Nuit. The three exhibitions, now in their 10th season, will occupy the ground floor and level one of Olympia.
The shows take place from September 5 - 7.
27 July 2004
Belstaff Sold To Clothing Company
Leather and biker brand Belstaff has been sold to Clothing Company, an Italian manufacturer, for GBP10 million. Clothing Company is planning two flagship stores for Belstaff in London and Milan and will further begin to roll out the brand in the US, Australia and South America. Belstaff is producing an 80th anniversary collection for next season, to include vintage pieces from its archive.
26 July 2004
Abound Launching New Sizing System
Fashion and homeware catalogue retailer Abound is launching a new sizing system which aims to revolutionise the clothing market for 'real women' in the UK.
Called ONE2SEVEN, the range redefines the 16-26 size bracket, creating seven new size increments. A pilot of the scheme has increased the accuracy of clothing fit by 30 per cent, enabling more women to feel confident about their clothes.
ONE2SEVEN sizing will feature in the autumn edition of the Abound catalogue, which will be available in September. It will initially comprise a range of around 120 clothing lines and accessories over 16 pages.
A special ONE2SEVEN tape measure can be requested, to help women to discover their new, more accurate size, or they can refer to a sizing chart in the back of the catalogue.
www.abound.co.uk
22 July 2004
Modest Profits For Kurt Geiger
Kurt Geiger, the footwear retailer, recorded modest profits with a rise of 3.7 per cent for the year to 31 January of GBP101.6 million. The group, whose standalone stores stock own label in addition to designer brands, further operates concession in Harrods and Selfridges.
19 July 2004
Mothercare Sees Sales Increase
Mothercare has continued to see sales increase across its new financial year as it programme of new product ranges and store revamps pays off.
Chairman Ian Peacock told shareholders: "Current trading so far in the financial year to March 26 2005 continues in line with expectations, with UK like for like sales for the first 15 weeks to July 9 up 4.8 per cent on the same period last year. Gross margin continues to be satisfactory with five weeks remaining of our summer sale.
"Our turnaround programme is proceeding to plan. In particular, our high street refit programme has made further progress and we now have 63 stores refitted out of 162 stores on the high street." Mothercare, which earlier this year described its recovery under chief executive Ben Gordon as 'extraordinary', saw UK like-for-like UK store sales increase by 5.9 per cent across the year to March 27.
16 July 2004
Men's Fashion Calendar
The men's fashion calendar for spring / summer 05 is about to commence, starting with Pitti Uomo in Florence later this month. The Paris and Milan's men's shows are the one's to watch this season, with designers such as Viktor & Rolf, Dries van Noten and Missoni showing strong collections and good sales.
Jun 24-27 Pitti Uomo, Florence
Jul 2-5 Paris Men's Collections Mode Masculine
July 16-18 Bread & Butter, Berlin
22 June 2004
Management Buys Emma Somerset & French Dressing
UK fashion chain Emma Somerset and French Dressing, which comprises of 18 stores,
has been sold to its management team in a multi-million pound deal.
The upmarket retailer, founded in Manchester in 1969 by Angela and Geoffrey Cantor, has sold the business to former sales director David Barker and finance director Roger Newton, who now take up positions as joint managing directors.
Barker said: "Emma Somerset and French Dressing has a unique market position in providing a very special and personal service to its customers. It is a strong brand with tremendous potential.
17 June 2004
Roots UK Launch
Canadian retailer Roots is to open its first UK store off London's Carnaby Street. The casualwear sportsbrand has been signed up to provide kit for the Great Britain Olympic team, as well as official parade outfits for the opening and closing ceremonies.
11 June 2004
Small Fashion Businesses Grow
Growth at smaller fashion retailers outpaced the clothing market as a whole last year, according to Verdict research. Small chains, such as Jigsaw and French Connection averaged growth of 16.1 per cent, versus 3.6 per cent for the whole market.
2 June 2004
Hunter Acquires Clothing Chain USC
Scottish entrepreneur Tom Hunter has expanded his retail empire with a GBP45 million swoop for clothing chain USC. The multi-millionaire majority owner of Qube, Birthdays, Gadgetshop and d2 bought the Livingston-based firm through investment vehicle West Coast Capital. It will continue to be run by the existing management team.
The entrepreneurs, who created the 40-store business 15 years ago, said they were "very proud" to have made the sale. They gave no indication as to what they will do with the cash. USC's biggest shareholder, Bridgepoint, said it had decided to exit the company seven years after its initial cash injection. It is believed to have trebled its money.
A Bridgepoint spokesman said it had not formally put USC up for sale, but had been unable to resist the tabled offer. He added: "Usually we hold on to investments for three to five years, so the time was right."
USC has eight stores in Scotland, one in Belfast and 31 in England. It employs 1,500 staff. A spokesman for Hunter said that the group's current store opening rate of two to three a year showed the potential for future growth.
Co-manager Stephen Craig said: "We're delighted to take control of the firm. We have a plan in place and it will be business as usual."
But a big-name acquisition still eludes Hunter. He lost out in swoops for Allders and House of Fraser in late 2002, while a GBP540m bid for Selfridges was trumped by Canadian billionaire Galen Weston.
28 May 2004
Wholesaler Musgrave Offers Londis To Stakeholders
Irish wholesaler Musgrave has posted details of its GBP60m offer for Londis to shareholders in the UK symbol retail group.
Details of the offer have been posted to the 1,900-plus independent retailers who each own a stake in the buying group. Each will receive a payment of around GBP31,000, with Musgrave needing the support of 75 per cent of shareholders at an EGM set for June 22.
One rival bid, backed by Icelandic bank Kaupthing and led by two former directors of c-store chain T&S Stores, now owned by Tesco, has already been tabled. That bid would see Londis shareholders get a lower cash payment but retain ownership of 60 per cent of the business, an option some have campaigned for.
Under Musgrave, which already owns the Budgens chain in the UK, Londis retailers would retain their independence but benefit from the greater buying power of the combined business.
26 May 2004
It's A Hoody Call
Think baseball, think urban, think oversized. Hoody's are the perfect staple for summer and can be worn over tee-shirts, under jackets or teamed with your favourite skirt.
Go for soft or neutral colours in lightweight cashmere. Zip-ups are best if you are worried about messing your coiffe. For something a little more conceptual try the hoody's by Ann-Sofie Back (available at Pineal Eye, London W1) or Martin Margiele (Bruton Place, London W1).
24 May 2004
UK Manufacturer Coats To Cut 150 Jobs
Thread and zip manufacturer Coats UK is to cut 150 jobs at its site at Newton Mearns in Scotland.
The company's thread manufacturing business is to merge with the zip production plant in County Durham by the end of the year. This will reduce the company's workforce to 550.
The company has blamed competitive pressure from overseas textile producers for the move.
19 May 2004
Vietnam New Centre For London Fashion
The UK's only Independent Fashion College, the London Centre for Fashion Studies, is opening a sister College in Hanoi, Vietnam. British Lecturers will teach the Fashion Design programmes that have successfully been taught for over 13 years on the London site with UK equipment and books to enhance the subjects.
With his knowledge of the Vietnamese fashion Industry, Dr Martin Shoben, Director of Studies has subtly redesigned the programmes to fully meet the requirements of the Vietnamese people.
The fulltime course starts Sept 20th with various short Summer courses from
June to August.
For more information contact the London Centre for Fashion Studies
Bradley Close, White Lion Street, Islington, London N1 9PF 020 7713 1991
7 May 2004
Linda Bennett Business Woman Of The Year
Linda Bennett, founder of the fashion chain LK Bennett, has been named Veuve
Cliquot Business Woman of the Year. She set up her first shop in suburban Wimbledon
in 1990, before moving into central London in 1994.
Now she has 400 employees and a chain of 44 outlets across Britain selling shoes, for which she is renowned, clothes and accessories, many designed by her, all pitched in that lucrative niche between mainstream high street and expensive designerwear. This year, she says, the LK Bennett group will turn over close to £40m.
4 May 2004
Cosmetics Guru Estee Lauder Dies At 97
Estée Lauder, the last great independent titan of the cosmetics industry, who convinced generations of women that her beauty creams were "jars of hope" in their quest for the eternal look of youth, died Saturday at her home in Manhattan at the age of 97.
26 April 2004
Abercrombie To Target Counterfeiters
American retailer Abercrombie & Fitch today announced it would be launching an aggressive anti-counterfeiting campaign designed to eliminate all counterfeit goods from the UK market. The effort will include legal action as authorized by British Law. The anti- counterfeiting campaign will target both manufacturers and sellers of counterfeit Abercrombie and Hollister merchandise.
The Company is working closely with UK customs agents to intercept and inspect shipments headed to businesses identified as selling counterfeit merchandise.
www.abercrombie.com
23 April 2004
500 Manufacturers Jobs May Be Lost
Five hundred clothing workers at Castleblair plants in Dunfermline and Glenrothes
are bracing themselves for the closure of Scotland's last major textile manufacturer
Union Leaders will meet management today at the end of a consultation period,
amid fears most of the jobs will be transferred abroad.
1 April 2004