Today’s news in brief-17/6/24
Superdry’s shareholders have approved a restructuring plan to rescue the company from financial difficulties. This plan, following the approval of creditors, includes a £10m equity raise and delisting from the stock market. Founder Julian Dunkerton will underwrite the equity raise, which the company believes will provide sufficient liquidity for its turnaround efforts. The High Court is set to sanction the plan today, June 17, 2024. This restructuring follows Dunkerton’s failed attempt to take the company private earlier this year.
Yoox-Net-A-Porter (YNAP) is closing its operations in China, focusing on more profitable markets. This decision is part of a broader strategy by owner Richemont to streamline investments. YNAP, a joint venture with Alibaba, has been in China since 2013. Richemont has been trying to sell its majority stake in YNAP for years, with a deal with Farfetch collapsing last year. Discussions with potential buyers are ongoing, and Richemont expects to provide more information later this year.
International spending in the UK during August has returned to pre-pandemic levels, according to the Office for National Statistics (ONS) and Visa. The highest concentrations of seasonal spending by international tourists were found in South West England, western Wales, and the Scottish Highlands and Islands. The USA, Republic of Ireland, and China were the top contributors, with spending from the USA showing significant recovery and increase in per-card expenditure from £72.43 in 2019 to £83.60 in 2023. In contrast, spending by cardholders from the Republic of Ireland and China decreased slightly during the same period.
Morrisons’ interim chief customer officer, Darren Blackhurst, has stepped down after just three months. His role was anticipated to become permanent, but terms of his departure are currently being negotiated. Blackhurst was appointed by CEO Rami Baitiéh in February. Additionally, logistics director Craig Taylor has also recently left, amid several senior management changes since Baitiéh’s arrival in November. Morrisons has not commented on these departures.
Kingfisher, owner of B&Q, has appointed Bhavesh Mistry as its new chief financial officer, succeeding Bernard Bot, who is retiring. Mistry, currently CFO of British Land, will bring extensive finance and retail experience from his previous roles at Tesco, Whitbread, Virgin Media, and Anheuser-Busch InBev.
Marks & Spencer (M&S) has named Marsha Smith as the new stores director for its West division. Smith, who has spent 20 years with Ikea in various roles, including as president of Ikea Canada, will join M&S in September. She has been instrumental in Ikea’s retail transformation and expansion. M&S is focusing on modernising and expanding its stores, particularly in London, with a £30m investment.
