Today’s news in brief-29/11/23

José Neves, the owner of luxury fashion site Farfetch, is reportedly in talks to take the company private, just five years after its IPO on the New York Stock Exchange. Farfetch has seen over 90% of its value wiped out since its listing in 2018. Neves, who holds a 15% stake but 77% of voting rights, is working with advisers and major shareholders, including Richemont and Alibaba, for the potential privatisation. The move comes as Farfetch delays its Q3 results release, and the company's value has dropped to $581m from the initial $6.3bn in 2018. Shareholders and analysts have expressed concerns about the company's strategy shift and increasing costs. Canada Goose has acquired the operating assets of Paola Confectii Manufacturing, a knitwear manufacturer based in Romania. The undisclosed deal expands Canada Goose's network and marks its first European facility, supporting its strategic growth plan. Paola Confectii has been a trusted partner for Canada Goose since 2017, producing luxury knitwear, including the HyBridge Knit Jacket. The partnership aims to enhance product margins, supply control, and in-house product expertise. Canada Goose emphasises that its products will still be made in Canada, with apparel production concentrated in "best-in-class" European facilities. Paola Confectii will continue to operate independently, led by its current management. The UK's Competition and Markets Authority (CMA) reports that several branded grocery product suppliers raised prices faster than cost increases, contributing to higher food price inflation. While overall inflation is largely driven by rising input costs, evidence suggests that around three-quarters of branded suppliers in certain categories increased unit profitability, leading to higher food prices. Despite a 25% price increase over the past two years, consumers have shifted from branded to own-label alternatives in most categories, except for baby formula. The CMA expresses concerns about parents' information to make informed choices and suppliers' incentives for competitive pricing. The CMA will further investigate and consider regulatory changes to ensure competitive prices. Halfords has reported a 3.3% increase in profit before tax to £19.3m for the 26 weeks ended September 29. The company's overall revenue rose by 13.9% to £873.5m, with retail business contributing £516.6m and autocentre business seeing a 33.9% revenue increase. B2B sales grew by 37%, now representing a third of the group's revenue. Halfords also posted an underlying profit before tax of £21.3m, a 15.8% increase from the previous year. Despite economic uncertainty, the company expresses optimism and plans to accelerate capital investment in garage services and customer experience. Halfords expects full-year underlying profit before tax between £48m and £53m.

Today’s news in brief-29/11/23

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