Menswear styling tech startup Thread raises $22m October 16, 2018 Fast fashion startup Thread will today announce the close of its series B funding round at $22m (£16.7m), which includes backing from Balderton Capital, Beringea and H&M’s investment arm H&M Co:Lab. The round will also be complemented by a crowdfunding raise on Crowdcube later this year, providing everyday investors access to shares in Thread on [...]
Yes Icahn: Activist investor moves to block Dell’s route to a listing October 15, 2018 Activist investor Carl Icahn will try to block a plan by computer company Dell to buy back tracker shares in its subsidiary VMware, saying it is offering knock-down prices. The investor, who opposed the move to take Dell private five years ago, said he had bought 8.3 per cent of the shares which track Dell’s [...]
Cake Box leaves a sweet taste in wake of upbeat projection October 15, 2018 Cake Box's shares climbed today after the firm posted an upbeat outlook on its sales and profits. Shares in the cream cake specialist jumped more than eight per cent in morning trading, amid the news that it was expecting profits for the full year to be ahead of current market forecasts. The retailer is projecting revenue [...]
Best foot forward: Shoe Zone reports boosted profits and revenues driven by out-of-town store expansion October 15, 2018 Shoe Zone has reported boosted profits and revenue driven by the expansion of the budget footwear retailer's 'big box' store format. The brand said it expects to report a revenue rise of 1.8 per cent to £161m and profit before tax of £11m in its full year results to 29 September. Read more: Claire's weighing up store [...]
Superdry shares plunge on profit warning blamed on hot weather and foreign exchange October 15, 2018 Shares in Superdry plunged this morning after the fashion retailer announced a £23m profit warning, which it blamed on hot weather and foreign exchange problems. The Cheltenham-based company saw shares drop as much as 20 per cent to 788p following the trading update, published ahead of its half-year results next month. Read more: Superdry hires former Tommy [...]
Embattled Patisserie Valerie boss steps down from The Restaurant Group amid financial fiasco October 15, 2018 Patisserie Valerie’s boss has resigned from his role on the board of The Restaurant Group (TRG) “with immediate effect”, as he vies to keep the cake firm afloat in the wake of an accounting scandal. Paul May has stood down from his position at the group, which owns brands such as Frankie & Benny's and [...]
Sears caves to bankruptcy as widespread store closures loom October 15, 2018 It was once the world’s largest retailer. Now, US department store chain Sears has filed for bankruptcy, losing a fight for survival in a fresh sign of the tough retail conditions hitting high street giants. The 125-year-old company said this morning that it plans to close 142 of its 500 stores, having just recently closed [...]
Claire’s weighing up store closures amid retail woes October 15, 2018 Fashion accessory retailer Claire’s has tonight strongly denied reports that it is mulling store closures as part of a turnaround bid to revive the firm. The high street retailer’s boss said this evening that there were no plans to trigger an insolvency process – known as a company voluntary arrangement (CVA) – despite earlier reports that [...]
Why technology won’t transform every brand’s Fashion Week October 15, 2018 Now that this year’s Fashion Weeks in London, Milan, New York, and Paris have all come to a close, many people are questioning the role of a runway show in today’s age, and whether it could be brought into the twenty-first century. Some brands are embracing the latest technology to satisfy modern consumer demands by making [...]
‘Waitrose of the north’ posts £2.2m sales loss amid trading pressures October 15, 2018 Booths, the Lancashire-based supermarket chain dubbed “the Waitrose of the north” for its focus on high-quality food, posted a £2.2m loss on sales but cut its overall losses in half, its latest results revealed. The family-owned-and-operated supermarket, which has 28 stores across Lancashire, Yorkshire, Cumbria, Cheshire and Greater Manchester, saw its losses before taxation fall [...]