Today’s news in brief-24/6/24
Shein’s plans for a £50bn flotation in London are under threat due to mounting concerns from Chinese officials over negative portrayals of the company in the UK. The British Fashion Council has expressed significant reservations about Shein’s business practices, particularly around labor exploitation. Although the company is based in Singapore, its Chinese manufacturing links necessitate Beijing’s approval for a London listing. Initially considering a New York IPO, Shein shifted focus to London due to US regulatory obstacles. The uncertainty over its potential London IPO follows a series of reports highlighting the company’s ongoing adjustments to secure a viable listing venue.
Getir, a food delivery app, is undergoing a major restructuring following its exit from the UK market. Shareholders have approved a split into two independent entities: one focusing on Turkish food and grocery delivery under the majority control of Abu Dhabi’s Mubadala, and the other, comprising Getir Drive and BiTaksi, led by founder Nazim Salur. This division is part of a broader strategy supported by a $250m investment from Mubadala to wind down European operations and bolster Turkish activities.
Under Armour has agreed to a $434m settlement in a 2017 shareholder lawsuit alleging securities fraud. The suit accused the company of manipulating financial results to hide declining product demand, leading to a significant drop in stock prices. Despite denying wrongdoing, Under Armour decided to settle to avoid the high costs and risks of litigation. The agreement includes governance changes and resolves all claims against the company, marking a significant legal conclusion ahead of a planned jury trial.
Frasers Group has entered a multi-year partnership with THG, acquiring THG’s luxury brands business and integrating the Frasers Plus credit offer into THG’s Ingenuity platform. This collaboration extends to using THG’s courier management services to enhance Frasers’ logistics operations in Australia. The partnership will also see Myprotein products sold in Sports Direct stores, including the new Hyrox x Myprotein range.
Iceland Foods has launched its first-ever supermarket manifesto, “Frozen Out,” ahead of the upcoming general election. Based on input from over 6,500 customers and listening panels, the manifesto highlights widespread dissatisfaction with the cost-of-living crisis and public services. The document, intended to give a voice to underrepresented customers, reveals deep frustrations with the political system and aims to influence political discourse.
John Lewis has unveiled a new 20-piece circular design collection focusing on sustainability and longevity. The range includes nightwear, babywear, men’s cashmere, and filled bedding, featuring high-quality materials and increased recycled content. Developed in collaboration with the University of Exeter and WRAP, the collection aims to reduce waste and promote sustainable consumer choices.
