Today’s news in brief-11/3/24

Doug Putman, the owner of HMV, is reportedly contemplating a bid to acquire The Body Shop from its administrators. The Body Shop has encountered financial difficulties, including filing for bankruptcy in the US and Canada. This move follows the closure of numerous stores and job losses. Private equity firm Aurelius is also considering acquiring The Body Shop.

Elliott Management has decided against pursuing its bid to acquire Currys after facing rejections from Currys’ board. Despite multiple attempts to engage, Currys deemed Elliott’s offers as undervaluing the company. Currys’ largest shareholder supported the rejection, asserting the company’s worth was higher. Currys’ share prices have faced a decline despite forecasted profit increases.

Currys has appointed Octavia Morley as a non-executive director effective from April 1, 2024. She brings extensive retail experience, having served in leadership roles in various companies. Additionally, Tony DeNunzio will step down from the board after eight years of service. Morley’s appointment aims to strengthen Currys’ strategic direction and governance.

Leading retail companies, including Unilever, Tesco Bank, and Dunnhumby, have collaborated with Code First Girls to recruit more women into coding roles. This initiative aims to address the gender gap in technology professions. Women will receive free coding education, empowering them to pursue careers in tech fields such as AI and machine learning.

Matalan has appointed five new leaders to its leadership team as part of its business transformation efforts. These appointments include directors for online, strategy, womenswear buying, design, and marketing. The hires bring diverse retail experience to Matalan, enhancing its capabilities in areas crucial for sustainable growth and customer service improvement.

Italian shoe brand Golden Goose has seen an 18% rise in net revenues for the year ending December 2023, attributing the growth to its direct-to-consumer channel. The company’s adjusted EBITDA also increased by 19% compared to the previous year. Golden Goose’s expansion efforts include opening new stores globally, with an IPO expected in Milan, valuing the brand at around £2.5bn.