Dunelm, a homewares retailer, experienced moderate sales growth in challenging market conditions.Sales rose by 3.5% to £403 million for the quarter ending 28 September.Digital sales grew, accounting for 37% of total sales, as online offerings improved.Despite stiff competition, market share increased, with a new store opening in Westfield London.Dunelm plans to expand by opening five to ten new superstores annually.Dunelm, a notable player in the homewares sector, successfully navigated volatile trading conditions to achieve a 3.5% increase in sales, reaching £403 million for the quarter ending 28 September. These results reflect the company’s ability to deliver robust growth despite operating…
Author: Dave Antrobus
Frasers Group has proposed Mike Ashley as the new CEO for Boohoo, aiming to resolve the company’s leadership crisis.John Lyttle’s recent resignation as CEO has prompted Boohoo to seek a capable replacement swiftly.Frasers Group criticises Boohoo’s recent financial performance, highlighting a significant need for robust leadership.The letter from Frasers outlines concerns over Boohoo’s management and financial strategies.Boohoo’s board is currently reviewing the proposal to appoint Mike Ashley, with further announcements expected.Frasers Group has made a substantial move by suggesting Mike Ashley for the CEO position at Boohoo, following John Lyttle’s abrupt departure amid financial turbulence. The group believes Ashley possesses…
The Very Group reports a notable increase in profits, highlighting effective cost control and strategic initiatives.EBITDA rose by 8.4% to reach £267.6 million, showcasing financial resilience.Despite an overall sales decline, UK market performance showed a slight increase.Strategic efforts include a shift to the Skyscape platform and a new brand campaign.The company pursued a takeover of N Brown, signalling expansion ambitions.In the latest annual financial report, The Very Group has announced a significant rise in profits, underscoring the effectiveness of its careful cost management strategy. EBITDA for the year ending 29 June increased by 8.4%, reaching £267.6 million. Pre-exceptional operating profit…
Frasers Group has abandoned its £111m takeover bid for Mulberry, seeking a board appointment instead.The decision follows Mulberry’s rejection of an improved offer and a lack of engagement from its board.Frasers owns 37% of Mulberry and insists on more substantial involvement and governance improvements.Mulberry’s shares have fallen 7% amid a global downturn in luxury markets due to inflation.Frasers criticises Mulberry’s reliance on Challice, the major shareholder, for key decisions.Frasers Group, led by prominent businessman Mike Ashley, has decided to discontinue its £111 million takeover proposal for luxury brand Mulberry, after the latter’s board declined the latest enhanced offer and failed…
Mike Ashley, with a significant 27% stake, urges Boohoo to appoint him as CEO.Frasers Group, under Ashley, pushes for an immediate leadership change amid Boohoo’s current crisis.Boohoo’s outgoing CEO John Lyttle leaves behind declining sales and a falling share price.Frasers criticises Boohoo’s recent refinancing deal, citing unfavourable terms and outcomes.Boohoo is exploring business restructuring as it reviews Frasers’ demands and suggestions.Mike Ashley, a major shareholder with a 27% stake in Boohoo, has firmly requested to be made the CEO of the fashion brand. His demand comes in the form of an open letter addressed to Boohoo’s board.Under the control of…
Mike Ashley, owning 27% of Boohoo, urges to be made CEO amidst leadership turmoil.The retail giant Frasers demands Ashley’s immediate appointment as Boohoo’s CEO and a board director.Frasers criticises Boohoo’s management and financial performance, citing sales and share price drops.A controversial £222m debt refinancing deal at Boohoo is criticised as detrimental to its future by Frasers.Boohoo is considering business restructuring, but Frasers insists on major shareholder consultations first.Mike Ashley, a major stakeholder of Boohoo with 27% shares, has publicly insisted on taking the helm as CEO at Boohoo, a move outlined in an open letter to the company’s board. Frasers…
Represent is set to unveil its first UK store in Manchester, marking a significant expansion milestone.The store spans 5,419 sq ft in Manchester City Centre, embodying the brand’s rapid growth.One entire floor of the store will focus on Represent’s performance wear line, 247, anticipated to boost the brand’s business share.Represent, founded in Manchester, has rapidly evolved from a small business to a major retail player.With an ambitious financial target, Represent aims for a record turnover and continued expansion in the coming years.Represent, a renowned streetwear brand, is poised to open its inaugural UK store in Manchester, a city central to…
Conveyancers face significant financial burdens due to errors in HM Land Registry applications, costing up to £3.6 million annually, according to recent estimates.The issue arises from conveyancers failing to correctly enter names and other details in applications to HM Land Registry (HMLR), resulting in costly corrections. Requisitions, which are requests to amend the register when applications are incomplete or incorrect, have been identified as a major factor. These requisitions could be costing the legal profession as much as £19 million overall.Ilia Bowles, HMLR’s Head of Directorate Planning, indicated that 22% of the over 4.4 million applications received last year required…
Cult Mia has successfully raised its seed funding to £4.5m, strengthening its position in the luxury retail market.The UK-based platform closed its initial seed funding at £2.5m in November 2023 and has now completed an extension round.Cult Mia was founded by Nina Briance, a former investment banker, in 2019, and it stocks 1,440 brands from 42 countries.Investors in this round include H&M Group Ventures, Morgan Stanley, Fuel Ventures, and David Wertheimer.The additional capital will support Cult Mia’s expansion plans, especially in high-growth markets like the US and Middle East.Cult Mia, an award-winning online marketplace for independent luxury fashion, has announced…
Usdaw encourages further retail closures on Boxing Day, with Poundland committing to the cause.Several major retailers, including John Lewis and Waitrose, have already announced closures for 26 December.The decision aims to provide retail employees with a much-needed break during the festive season.Poundland has confirmed it will close over 800 stores on both Boxing Day and New Year’s Day.The call for closures comes after extensive advocacy for extended holiday breaks for workers.Usdaw, a prominent trade union, has appealed to more retailers to consider shutting their doors on Boxing Day. This encouragement comes as Poundland decides to join the ranks of John…