Nintendo profits soar as home gaming booms in 2020 February 1, 2021 Video game giant Nintendo saw its profit almost double in 2020 as the world played games at home during the pandemic. The Japanese company said its April to December profit surged to 376.6bn yen ($3.6bn) from 196bn yen in 2019. It reported more than a 10 per cent rise in its Switch games console sales [...]
Asos buys Arcadia’s Topshop and Miss Selfridge in £330m deal, leaving thousands jobless February 1, 2021 Arcadia’s Topshop, Topman, Miss Selfridge and HIIT brands have been sold to online retailer Asos in a £330m deal. Arcadia’s administrator Deloitte this morning confirmed Asos would buy the brands for £295m, and would also take on certain liabilities for forward committed stock orders. Asos paid around £265m for the brands, some £30m for the [...]
JD Sports buys American sportswear brand DTLR Villa February 1, 2021 JD Sports will buy American sportswear brand DTLR Villa, in a deal worth $495m. Based in Baltimore, Maryland, and currently majority owned by BRS & Co. and Goode Capital, DTLR was established in 1982 and is an athletic footwear and apparel streetwear retailer. Originally named Downtown Locker Room, the company later re-branded as DTLR and, [...]
Sir Philip Green’s family set to make £50m from Topshop sale January 30, 2021 Sir Philip Green’s family is reportedly set to receive £50m from the sale of Topshop. The troubled retail group collapsed at the end of last year and its flagship brands Topshop and Topman reportedly failed with gross liabilities of more than £550m. The groups’ demise launched 13,000 jobs into uncertainty and became the biggest casualty [...]
Pub chain Marston’s shares fizz on takeover bid January 29, 2021 Shares in Martson’s jumped this morning after the pub chain confirmed it had received a takeover offer from a US private equity firm. In a statement this morning the British brewer said it had received an “unsolicited non-binding proposal” from Platinum Equity Advisors over a potential cash bid. Shares in Marston’s rose as much as [...]
Takeover talk mounts as Chinese tycoon ups stake in Cineworld January 29, 2021 A secretive Chinese tycoon has increased his stake in Cineworld, fuelling speculation of a possible takeover offer for the UK’s largest cinema chain. Liu Zaiwang’s Jangho Group has built its holding in Cineworld to 13.3 per cent, according to stock market filings published yesterday. The Chinese magnate, whose net worth is valued at $760m (£556m) [...]
Dr Martens valued at more than £3.7bn in London IPO January 29, 2021 British bootmaker Dr Martens started its London IPO in style on Friday, attracting bumper demand in a sale valuing the company at £3.7bn. Dr Martens’ shares were up 19 per cent in their market debut after the company priced the deal at 370p a share, raising nearly £1.3bn. Known for its chunky boots, Dr Martens [...]
Boohoo confirms talks with Philip Green’s Arcadia over high street retail deal January 29, 2021 Boohoo has confirmed this morning it is in exclusive talks with Philip Green’s Arcadia group over the acquisition of Dorothy Perkins, Wallis and Burton. Topshop owner Arcadia collapsed at the beginning of December, launching 13,000 jobs into uncertainty and becoming the biggest retail casualty of a harsh year on the high street. Boohoo said in [...]
Reading resurgence leads Bloomsbury to hike guidance January 29, 2021 Bloomsbury said that its revenue and profit would both be ahead of forecasts for the full year due to the surge in reading over lockdown. In a trading update, the publisher said that strong trading in its consumer division would leave profit “well ahead” of expectations of £12.1m. Current revenue forecasts for the year, which [...]
Junk food ad ban could harm Covid recovery, warns hospitality chief January 28, 2021 Plans to roll out a total ban on junk food advertising could hamper the hospitality industry’s recovery from the pandemic, a top industry boss has warned. Kate Nicholls, chief executive of UK Hospitality, described the government’s decision to press on with consultations during lockdown as “tin-eared” and warned any new laws would deal a fresh [...]