Author: Scott Dylan

Richemont has confirmed the sale of its Yoox Net-a-Porter division to MyTheresa, a transaction poised to reshape the digital luxury space.MyTheresa will acquire full ownership of YNAP, with the deal scheduled to finalise in early 2025.The acquisition includes a cash position of £463m and a £83m revolving credit facility provided by Richemont.MyTheresa aims to integrate YNAP into a singular group with distinct storefronts for better efficiency.Richemont’s divestment of YNAP, once valued at €5.3bn, comes amidst a €3.4bn asset write-down.Luxury conglomerate Richemont has reached an agreement to sell its Yoox Net-a-Porter (YNAP) business to the German e-commerce platform, MyTheresa. This strategic…

In a series of unexpected moves, Frasers Group has increased its investment in Mulberry, the luxury retailer, marking a new chapter in its acquisition efforts.Frasers Group purchased an additional 3.93 million shares in Mulberry, following a rejected £83m takeover attempt.Mulberry’s fundraising plans were criticised by Frasers Group for a lack of engagement prior to the announcement.Ong Beng Seng, Mulberry’s majority owner, faces legal issues in Singapore, adding complexity to the situation.Mulberry founder Roger Saul believes LVMH might be a more suitable match for the brand.In a bid to further its acquisition attempts, Frasers Group has acquired an additional 3.93 million…

Mulberry, the iconic British brand, is at a crossroads following a rejected takeover bid from Frasers Group.Founder Roger Saul suggests Mulberry would align better with luxury giant LVMH.The company’s reliance on handbags is seen as a limitation by its founder.Frasers Group’s offer was deemed insufficient by Mulberry’s board.The situation highlights the competitive nature of the luxury retail market.Mulberry, a distinguished name in British luxury fashion, has recently faced a significant business decision after turning down a takeover proposal from Mike Ashley’s Frasers Group. The offer, valued at £83 million, equated to 130p per share, presenting a 30% premium over Mulberry’s…

Santander’s latest report calls for UK government action to enhance skills in leadership, digital technology, and sustainability, aiming to boost productivity.The report identifies three societal shifts impacting the workforce: changing work attitudes, AI advancements, and the push towards Net Zero.It highlights a 20% decline in time devoted to training by UK workers compared to a decade ago, despite a recognised need for skill upgrades.Barriers such as costs and time constraints prevent sufficient worker training, contributing to stagnant productivity levels.Santander has introduced an adult education programme targeting skill development in key areas as a response to these challenges.Santander has released a…

In a significant legal development, the High Court has instructed the partner of a deceased solicitor from Birmingham to retract social media accusations against his executors, following her public allegations of misconduct.Following the death of Brendan Fleming, a prominent solicitor in Birmingham, at the end of 2023, the High Court has intervened to address actions taken by his partner, Sophie Fleming. Judge Tindal has mandated the removal of her social media posts, which accused the executors, including a director of Brendan Fleming Limited (BFL), of misconduct. The judge highlighted her ‘frustrations and misunderstandings’ as motivations behind what he termed as…

A circuit judge’s conduct towards a junior female staff member has recently come under scrutiny as he received formal advice for misconduct.The Judicial Conduct Investigations Office (JCIO) reviewed a series of allegations made by a court staff member concerning inappropriate and overfamiliar comments from the judge, His Honour Judge Martin Davis. Despite denying the allegations and suggesting that the complainant misunderstood his intentions, Judge Davis acknowledged the need for greater caution in his communication, particularly given his authoritative role.The investigation, led by an independent judge assigned by the JCIO, did not uphold most of the allegations but did find that…

Over 70 retail CEOs advocate for a reduction in business rates.Retail industry leaders urge the government to lower rates to match the sector’s economic contribution.The proposed “Retail Rates Corrector” aims to reduce business rate bills by 20%.Chief executives from major brands support the initiative to prevent shop closures and boost investment.The Labour government’s manifesto acknowledges a need for a fairer rates system.In a significant move, over 70 retail Chief Executive Officers have united to call for a reduction in business rates, which significantly impact the retail industry. These leaders have signed an open letter to Rachel Reeves, Chancellor of the…

A planned overhaul of Ellesmere Port Market is deferred to ensure festive trading remains undisturbed.The renewal project will start in early 2025 as part of a £13 million government fund.Market stalls will be temporarily relocated to facilitate ongoing trading and construction.Residents are invited to propose new names for the revamped Flea Market area.The Flea Market’s next event, Comic Con, is scheduled for October 26.A significant refurbishment of the Ellesmere Port Market has been postponed until early 2025. Cheshire West and Chester Council aim to allow stallholders to continue trading without interruption during the busy festive period. The decision ensures that…

Ocado has launched a ‘Buy Women Built’ initiative to promote female-founded brands.The initiative highlights over 1,000 products from women entrepreneurs.Sahar Hashemi, founder of Coffee Republic, leads the campaign to support female entrepreneurship.This move follows a similar campaign aimed at promoting British-grown products.Ocado aims to address the gender gap in entrepreneurship within the UK.Ocado, a notable player in the online grocery market, has initiated a campaign titled ‘Buy Women Built’, which is designed to put a spotlight on products created and developed by female entrepreneurs. This campaign will be featured prominently across Ocado’s digital platforms including its app, website, and through…

Ocado has unveiled a new online section promoting female-owned brands through its ‘Buy Women Built’ initiative.More than 1,000 products from female entrepreneurs will be featured on Ocado’s platform.The campaign was initiated by Sahar Hashemi, founder of Coffee Republic, to enhance sales for women-led businesses.130 brands, including both recognised and emerging names, are part of this initiative.The drive aligns with previous efforts to encourage buying locally, such as the ‘Buy British’ campaign.Ocado has introduced a novel approach to retail with its ‘Buy Women Built’ initiative, spotlighting products from female entrepreneurs. This strategic move enriches its platform by adding over 1,000 diverse…