Hush Puppies owner Wolverine Worldwide snaps up Sweaty Betty for $410m August 3, 2021 Footwear giant Wolverine Worldwide has added the UK activewear brand Swear Betty into its portfolio after sealing a deal of $410m overnight. Wolverine Worldwide, behind footwear brands like Merrell, Saucony, Sperry and Hush Puppies, bought Swear Betty from consumer-focused private equity firm L Catterton. The deal was funded by cash and the company’s revolving line of credit. “Sweaty [...]
Historic IPO: India’s first woman-led unicorn could stoke a $4bn valuation August 3, 2021 Upcoming unicorn and beauty e-commerce startup Nykaa could be looking at a $4bn valuation once it makes the final touches to its initial public offering. The Mumbai-headquartered startup hitting a billion-dollar valuation would make it India’s first-ever woman-led unicorn. The country’s woman-led unicorn has emerged from former investment banker Falguni Nayar, who has bagged the [...]
Domino’s profits rocket as ‘Freedom Day’ ushers in more consumer cash August 3, 2021 Domino’s has seen its sales and profits rocket in the past six months, as the end of restrictions in the UK ushered in greater consumer spending power. The pizza group’s profits after tax pulled in £41.3m in the six months to 27 June, surging 117.4 per cent from its just £19m profit in 2020. Sales [...]
Chapel Down boss to step down after 20 years at helm August 2, 2021 England’s biggest winemaker Chapel Down is preparing for a leadership shift as it announced today chief executive Frazer Thompson will retire next month. Andrew Carter, currently managing director at Chase Distillery, a vodka and gin producer set up by the owner of Tyrrells crisps, will succeed Thompson on 13 September. The designated CEO said he [...]
Morrisons counterbid set to come from another US private equity giant August 1, 2021 American private equity firm Clayton, Dubilier & Rice (CD&R) is reportedly preparing to submit a counterbid for British supermarket chain Morrisons, after a £6.3bn bid from a rival. US buyout giant Fortress had a £6.3bn bid for Morrisons provisionally accepted last month, after weeks of takeover rumours. The Sunday Times reports today that CD&R are [...]
Sports Direct owner Frasers Group set for ‘upbeat’ update after reopening stores July 30, 2021 An “upbeat” trading update is reportedly expected from Mike Ashley’s Frasers Group, which owns Sports Direct, in the hope that the reopening of high street stores have pushed up sales The retail giant was more cautious in its outlook in April despite the reopening of retailers across the UK. It warned it could take a [...]
Soggy pizza? Delivery shifts soar as drivers ‘boomerang’ back to old jobs July 30, 2021 The number of temporary delivery drivers ready to pick up shifts has tumbled by over a quarter, new data has found, with many leaving flexible working behind. Thousands have returned to their pre-pandemic professions in hospitality and retail, according to Indeed Flex, the job sites flexible working division. In London, the number of available drivers [...]
Microsoft in talks to back pandemic bruised Indian hotel chain Oyo July 30, 2021 Microsoft is in late-stage talks to invest in Indian budget hotel chain Oyo, according to reports, after a bruising 18 months for the business. The backing would value the startup at around $9bn, sources said, although the investment figure is not yet known. The deal may close as soon as Friday, one source said. The [...]
Deliveroo set to pull out of Spain following gig economy law changes July 30, 2021 Deliveroo is set to shut down its operations in Spain, months after the government announced changes to the legal status of gig economy workers. The British company, which listed in London earlier this year, said it would consult on pulling out of the market due to the high levels of investment needed and uncertainty over [...]
London Shepherd Neame pubs pull 60 per cent of revenue on pre-pandemic levels July 30, 2021 Shepherd Neame pubs in London have pulled 60 per cent of their revenue and total sales from 2019 levels before pandemic restrictions eased fully in July. The British brewery, which operates some 310 pubs across the Southeast, found that pubs outside London fared slightly better – raking in 84 per cent of revenue and total [...]