Today’s news in brief-25/6/24
Shein has confidentially filed for an IPO in London, valued at £50bn, despite concerns over its portrayal in the UK which has caused some anxiety among Chinese officials. The fast-fashion retailer, which needs approval from both the China Securities Regulatory Commission (CSRC) and the Financial Conduct Authority (FCA), had previously considered listing in New York but faced regulatory challenges. The shift to London indicates a strategic move, yet it remains unclear when the IPO will be launched. The retailer, headquartered in Singapore but manufacturing in China, has faced criticism for its labor practices, adding to the complexity of its listing efforts.
THG (The Hut Group) has re-elected Lord Charles Allen as chair despite some shareholder opposition. Kelso Group, a minor shareholder, and other stakeholders voiced concerns about THG’s strategic direction. Despite the dissent, Allen, who joined in 2022 to stabilize the company’s share price, was re-elected with 90.75% approval.
Private equity firms, including Apollo Global Management and Platinum Equity, are interested in acquiring parcel delivery company Evri, valued at around £2bn. The auction, run by German bank Rothschild, follows Advent International’s acquisition of a 75% stake in Evri in 2020, which added over £1bn in debt to the company. Evri is also advancing its sustainability efforts, investing £19m to expand its fleet of electric cargo bikes and vehicles, aiming to become a net-zero company by 2035.
John Lewis Partnership has appointed Andy Mounsey as interim executive director for finance. Mounsey, with 12 years at John Lewis and prior experience at EY, will take over from Bérengère Michel, who announced her departure after 16 years. Mounsey’s appointment is part of a broader transition plan, and the company is actively searching for a permanent finance director.
L’Occitane International reported a 19.1% increase in net sales, reaching €2.5bn for the year ending March 31. The growth was driven by the strong performance of Sol de Janeiro and L’Occitane en Provence, particularly in China. However, operating profit declined by 2.5% due to increased marketing investments. Despite this, Sol de Janeiro saw a 167% growth and became the company’s second-largest brand.
Gear4music announced the appointment of Sharon Daly as a non-executive director, effective July 5, 2024. Daly brings extensive experience from her roles in various AIM-listed companies and will support Gear4music’s growth ambitions. Alongside Daly, Neil Catto, CFO of Revolution Beauty Group, will join the board as senior independent director. This leadership change comes as Ken Ford and Dean Murray step down after nine years.
